fiscal 2018 results update - making good progress
Diluted net earnings per share were $2.95 compared with $2.12 for fiscal 2017, an increase of 39.2%, while adjusted diluted net earnings per share were $2.60 1 compared with $2.21 1 for fiscal 2017, an increase of 17.6%. The Corporation estimates that adjusted net earnings per share, based on an equivalent number of weeks would have been $2.64 , an increase of 19.5%.
U.S. fuel margins were 19.39¢ for fiscal year 2018, up 4.5% compared to fiscal year 2017.
Addition of more than 2,100 stores through new openings and acquisitions.
Return on equity and return on capital employed at 24.8% and 12.0%, respectively, on a pro-forma basis.
Quarter 4 update
Net earnings attributable to shareholders of the Corporation ("net earnings") of $392.7 million ( $0.70 per share on a diluted basis) for the fourth quarter of fiscal 2018 compared with $277.6 million ( $0.49 per share on a diluted basis) for the fourth quarter of fiscal 2017. Excluding certain items for both comparable periods, net earnings for the quarter would have been approximately $336.0 million 1 or $0.59 per share on a diluted basis, compared with $0.52 per share on a diluted basis1 for the fourth quarter of fiscal 2017, an increase of 13.5%. The Corporation estimates that adjusted net earnings and adjusted net earnings per share, based on an equivalent number of weeks would have been approximately $360.0 million and $0.64 , respectively, an increase of 20.9% and 23.1% respectively.
Total merchandise and service revenues of $3.2 billion , an increase of 25.0%. Same-store merchandise revenues increased by 1.8% in the U.S., by 4.3% in Europe and by 3.6% in Canada . For the first quarter since the acquisition, CST sites same-store merchandise revenues grew both in the U.S and in Canada .
Merchandise and service gross margin increased by 0.3% in the U.S., to 33.6%, it remained stable in Europe at 44.0% and, in Canada , it decreased by 0.3%, to 34.4%, as a result of the conversion of some of the Esso sites to company-operated stores.
Total road transportation fuel volumes grew by 33.8%. Same-store road transportation fuel volumes decreased by 0.1% in the U.S. and by 2.9% in Canada , while same-store volumes increased by 0.1% in Europe .
Road transportation fuel gross margin increased by US 1.82¢ per gallon in the U.S. to US 17.29¢ per gallon, by US 0.89¢ per litre in Europe , to US 8.72¢ per litre and by CA 1.39¢ per litre in Canada , to CA 9.44¢ per litre.
Current annual synergies run rate related to the CST integration reached approximately $153.0 million .
Adjusted leverage ratio improved to 3.13:1.
Increase of CA 1.0¢ of the quarterly dividend, a growth of 11.1%.
Circle K rebranding project for all Statoil sites in Europe is now completed. The project was launched in Ireland while roll out continues in North America . More than 3,350 stores in North America and more than 1,650 stores in Europe now display the new Circle K global brand.
