10.11.2014 18:19:50

TravelCenters Profit Misses Estimate; Stock Down - Update

(RTTNews) - TravelCenters of America LLC (TA) on Monday reported a decline in third-quarter profit, hurt by a marginal drop in revenues and higher income tax expense, with both earnings and revenues short of Wall Street estimates.

Following the announcement, TravelCenters stock plunged about 10 percent on the New York Stock Exchange.

TravelCenters, based in Westlake, Ohio, posted quarterly net income of $12.8 million or $0.34 per share, compared with $15.8 million or $0.53 per share last year.

On average, four analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter were $2.01 billion, compared with $2.06 billion a year ago. Analysts expected revenues of $2.14 billion for the quarter.

Fuel revenues for the quarter dropped to $1.58 billion from $1.67 billion a year ago.

Income tax expense for the quarter increased to $9.44 million from $1.07 million last year, as a result of the company having reversed most of its valuation allowance against deferred tax assets in the 2013 fourth quarter.

TravelCenters of America operates and franchises travel centers mostly along the United States interstate highway system. The company offers diesel fuel and gasoline, and as well operates full service restaurants under the Iron Skillet and Country Pride brand.

At September 30, TravelCenters' business included 250 travel centers and 34 convenience stores.

TA is trading at $9.23, down $0.98 or 9.60%, on a volume of 479k shares.

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