CST Brands Inc.’s profits tumbled 28 percent in the fourth quarter as it nears the completion of a merger with the Canadian parent company of Circle K.
The San Antonio-based convenience store operator, which runs the Corner Store brand of stores, reported $18 million in net income, or 23 cents per share, during the three-month period ending Dec. 31 — less than the $25 million, or 34 cents a share, in net income the company made during the same period last year.
CST attributed the decline in profit to a 25 percent decrease in motor fuel gross profits at its U.S. stores, the company said Monday.
Analysts had projected CST would make about $27.9 million in net income, or 36 cents a share, during the fourth quarter.
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