RT Bloomberg em Português (@BBGEmPortugues)Ataque ao crime nos combustíveis amplia fatia de distribuidoras https://t.co/XAftZHyOkx ...

A sweeping crackdown on organized crime in Brazil’s energy sector is helping the country’s fuel distributors claw back business from illegal operators, sending their stock prices soaring https://t.co/TRcMvuO3Q2 ...

Core Insights - Sunoco LP (NYSE:SUN) is recognized as one of the 15 Extreme Dividend Stocks to Buy According to Hedge Funds [1] - Citi initiated coverage on Sunoco with a Buy rating and a price target of $65, highlighting the company's ability to triple its EBITDA despite declining gasoline demand since 2018 [2] Financial Performance - In Q3 2025, Sunoco reported revenue of $6.03 billion, a nearly 5% increase year-over-year, exceeding analysts' estimates by $284 million [4] - The company completed a $9 billion acquisition of Parkland Corporation, creating the largest independent fuel distributor in the Americas, with a pro forma adjusted EBITDA of over $3 billion in the past year [3] - The acquisition is expected to deliver over $250 million in synergies by 2028 and result in more than 10% accretion [3] - Sunoco raised its quarterly distribution by 1.25% and aims for at least 5% distribution growth in 2025 [4] Business Operations - Sunoco operates as a major energy infrastructure and fuel distribution master limited partnership, serving 32 countries and territories across North America, the Greater Caribbean, and Europe [5]

Group 1: Skillsoft Corp. (SKIL) - Skillsoft is an instructor-led training services company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 240.9% over the last 60 days [1] - Skillsoft has a PEG ratio of 0.36 compared to the industry average of 0.98, and it possesses a Growth Score of B [1] Group 2: Micron Technology, Inc. (MU) - Micron Technology is a memory and storage products company with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has increased by 24.4% over the last 60 days [2] - Micron has a PEG ratio of 0.51 compared to the industry average of 1.45, and it possesses a Growth Score of A [2] Group 3: Ultrapar Participaçoes S.A. (UGP) - Ultrapar is a distributor of liquefied petroleum gas, gasoline, ethanol, diesel, fuel oil, and kerosene with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 51.9% over the last 60 days [3] - Ultrapar has a PEG ratio of 1.96 compared to the industry average of 2.44, and it possesses a Growth Score of A [3]

Financial Performance - Net income increased by 27% from $10708 thousand in Q3 2024 to $13588 thousand in Q3 2025[9] - Adjusted EBITDA decreased by 6% from $43938 thousand in Q3 2024 to $41309 thousand in Q3 2025[9] - Distributable Cash Flow increased by 2% from $27140 thousand in Q3 2024 to $27773 thousand in Q3 2025[9] - Distribution coverage (paid basis current quarter) increased by 2% from 136x in Q3 2024 to 139x in Q3 2025[9] - Distribution paid per LP Unit remained the same at $05250[9] Retail Segment - Retail gross profit decreased by 4% from $83587 thousand to $79985 thousand[7] - Retail operating income decreased by 6% from $31363 thousand to $29345 thousand[7] - Motor fuel gross profit decreased by 11% from $45759 thousand to $40732 thousand[7] - Merchandise gross profit increased by 5% from $30494 thousand to $31981 thousand[7] - Volume of gallons sold decreased by 4% from 148380 thousand to 141806 thousand[7] Wholesale Segment - Wholesale gross profit decreased by 10% from $27639 thousand to $24785 thousand[7] - Wholesale operating income decreased by 6% from $19097 thousand to $17884 thousand[7] - Motor Fuel Gross Profit decreased by 7% from $16870 thousand to $15718 thousand[7] - Volume of Gallons Distributed decreased by 5% from 186946 thousand to 177662 thousand[7] Capital & Debt - Third quarter 2025 capital expenditures were $67 million, including $48 million of growth capex[13] - Credit facility balance at 09/30/25 was $7055 million[13] - Leverage ratio was 356x at 09/30/25[13]

Core Insights - CrossAmerica Partners LP reported solid operating results for Q3 2025, with increases in retail same-store sales and merchandise margin percentage, despite a decline in retail same-store fuel volumes [3][4] - The company completed approximately $22 million in asset sales during the quarter, which helped reduce debt and lower operating expenses [3][4] - Net income for Q3 2025 was $13.6 million, up from $10.7 million in Q3 2024, primarily due to gains from asset sales and reduced interest expenses [4][5] Financial Performance - Q3 2025 consolidated results showed: - Net Income: $13.6 million (up from $10.7 million in Q3 2024) - Adjusted EBITDA: $41.3 million (down from $43.9 million in Q3 2024) - Distributable Cash Flow: $27.8 million (up from $27.1 million in Q3 2024) - Distribution Coverage Ratio: 1.39x (compared to 1.36x in Q3 2024) [4][5][6] - Operating expenses decreased by 5% from $60.8 million in Q3 2024 to $57.5 million in Q3 2025 [5][6] Retail Segment Performance - Retail segment gross profit for Q3 2025 was $80.0 million, down from $83.6 million in Q3 2024, with motor fuel gross profit declining by $5.0 million or 11% [7][8] - Same-store motor fuel gallons distributed decreased by 4%, totaling 132.6 million gallons in Q3 2025 compared to 137.9 million gallons in Q3 2024 [7][8] - Merchandise gross profit increased by 5% year-over-year, with a gross profit percentage rising from 27.9% to 28.9% [9][10] Wholesale Segment Performance - Wholesale segment gross profit decreased by 10% to $24.8 million in Q3 2025, driven by a decline in motor fuel and rent gross profit [11][12] - Motor fuel gallons distributed in the wholesale segment fell to 177.7 million in Q3 2025 from 186.9 million in Q3 2024 [11][12] Asset Sales and Debt Management - CrossAmerica sold 29 properties for $21.9 million in proceeds during Q3 2025, resulting in a net gain of $7.4 million [12] - As of September 30, 2025, leverage was 3.56 times, down from 4.36 times at the end of 2024 [13] Distribution Information - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q3 2025, to be paid on November 13, 2025 [14]

Core Insights - Sunoco LP (NYSE:SUN) is recognized as one of the best high-yield energy stocks to invest in currently [1] - The company has received an upgrade from Wells Fargo, reflecting positive market sentiment and growth potential [2][3] Financial Performance and Valuation - Wells Fargo analyst Ned Baramov upgraded Sunoco's stock rating from Equal Weight to Overweight and raised the price target from $61 to $65, citing compelling pro-forma valuation and expected improvements in free cash flow post-merger [3] - Sunoco announced a 1.3% increase in its dividend to $0.9202 per share, resulting in an annual dividend yield of 7.05% [5] Strategic Developments - The Canadian government approved Sunoco's proposed acquisition of Parkland, valued at approximately $9.1 billion, which is expected to enhance the company's market presence in Canada and strengthen its position in North America's fuel distribution sector [4] - The transaction is anticipated to close on October 31, pending customary closing conditions [4]

Group 1 - Sunoco completed its $9.1 billion acquisition of Parkland Corp. on October 31, creating a combined entity with an enterprise value of approximately $25.5 billion, making it the largest independent fuel distributor in the Americas [9] - The acquisition includes Parkland's 3,600-plus retail sites across North America, with 699 locations in the U.S., of which 122 are company-owned and operated [9] - Sunoco plans to terminate the executive officers of Parkland who remain with the company, and Parkland's President and CEO Bob Espey will resign after 14 years [9] Group 2 - Sunoco sold many of its convenience store assets to 7-Eleven in 2024 but retained about 76 company-operated c-stores as of early 2024 [3] - Sunoco's President and CEO Joseph Kim indicated that the company will focus on integrating Parkland's assets before exploring further market opportunities [4] - Parkland has faced operational struggles in the U.S., leading to staff cuts and a decline in full-year revenue from $186 million in 2023 to $168 million in 2024 due to unfavorable market conditions [6]

Core Insights - Parkland Corporation reported a strong third quarter with Adjusted EBITDA of $540 million, an increase from $431 million in Q3 2024, driven by robust operations and margins, particularly at the Burnaby Refinery [8][13] - The company is on track to meet its 2025 Adjusted EBITDA guidance of $1.8 to $2.1 billion, reflecting confidence in its diversified business model and upcoming synergies from the Sunoco acquisition [2][10] - The Sunoco transaction, valued at approximately $9.1 billion, is expected to close on October 31, 2025, with Parkland shares to be delisted from the Toronto Stock Exchange post-transaction [5][10] Financial Performance - Total sales and operating revenue for Q3 2025 was $7,353 million, up from $7,126 million in Q3 2024 [13] - Net earnings for Q3 2025 were $129 million ($0.74 per share), compared to $91 million ($0.52 per share) in Q3 2024 [8][13] - Trailing twelve months (TTM) available cash flow increased to $668 million ($3.83 per share) from $627 million ($3.58 per share) in 2024 [8][16] Segment Performance - Canada segment delivered Adjusted EBITDA of $208 million, up from $196 million in Q3 2024, attributed to stronger fuel unit margins [7][14] - International segment reported Adjusted EBITDA of $161 million, an increase from $150 million in Q3 2024, driven by strong volume growth [14] - USA segment's Adjusted EBITDA decreased to $28 million from $52 million in Q3 2024, impacted by competitive pricing and reduced arbitrage opportunities [14] Transaction Update - The Sunoco acquisition is structured as a court-approved plan of arrangement, with Parkland shareholders having the option to elect cash or SunocoCorp Units as consideration [5][11] - Approximately 94.96 million Parkland shares elected all-cash consideration, while 9.73 million shares opted for all SunocoCorp Unit consideration [15] Operational Metrics - The leverage ratio improved to 3.1 times from 3.6 times in Q4 2024, indicating enhanced financial strength [8][44] - The total recordable injury frequency rate on a TTM basis was 1.07, slightly up from 1.04 in Q3 2024, reflecting ongoing safety performance [8]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated volume was 4.3 billion gallons, down 4% year over year, and consolidated gross profit declined 7% to $250 million [14] - Operating expenses were $181 million, down 7% year over year, primarily due to lower variable costs [19] - Operating cash flow was $116 million, and free cash flow was $102 million, increasing year-to-date operating cash flow to $259 million and free cash flow to $215 million [21][25] Business Line Data and Key Metrics Changes - Aviation volume was 1.8 billion gallons, down 4% year over year, but gross profit increased by 11% to $143 million due to strong results in Europe and government sales [14][15] - Land volumes declined 8% year over year, with gross profit down 20% to $81 million, impacted by unfavorable market conditions and recent business exits [16][17] - Marine volumes increased 3% year over year, but gross profit decreased 32% due to lower profit contributions and market volatility [18] Market Data and Key Metrics Changes - The aviation segment showed resilience with growth in government and business aviation activities, while the land segment faced challenges from market exits and inefficiencies [10][17] - Marine performance was affected by low market volatility and bunker prices, but there are expectations for cash generation when market conditions improve [18][19] Company Strategy and Development Direction - The company is focusing on core businesses and has made leadership changes to enhance growth and returns, with a commitment to talent development [5][6] - A strategic acquisition of Universal Trip Support Services is expected to enhance service offerings and contribute to earnings growth [15][22] - The company is actively reshaping its portfolio by exiting non-core and underperforming businesses to concentrate on profitable activities [12][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leadership team and their ability to navigate challenges, including macroeconomic headwinds and market volatility [6][10] - The company anticipates continued growth in aviation gross profit and is focused on improving land segment performance through operational efficiencies [15][18] - There is optimism about future M&A opportunities as interest rates decline, with a sharper focus on strategic acquisitions [39][40] Other Important Information - The company generated strong operating cash flow, maintaining a net debt to adjusted EBITDA ratio of under one times, which supports a healthy liquidity profile [25] - The company has returned $214 million to shareholders through buybacks and dividends since the beginning of 2024, exceeding its target [26] Q&A Session Summary Question: What is needed to turn around unfavorable market conditions in the land segment? - Management is exploring strategies to improve transportation efficiencies and evaluating long-term viability of certain markets [31][34] Question: How will the earnings accretion from the latest acquisition flow in the first year? - The earnings accretion is expected to be ratable on a monthly basis, with potential increases from synergies in the second year [35][37] Question: How is the company balancing divestitures and potential M&A opportunities? - The company is focused on restructuring the land business while actively looking for M&A opportunities as interest rates decline [38][39] Question: What other areas are expected to see variable cost efficiencies? - Management is looking at various parts of the business for cost-effective operations, including a global finance transformation initiative [41][42]