TravelCenters reports Q1 EPS (32c), consensus (39c)
Reports Q1 revenue $1.43B, consensus $1.47B. Andrew J. Rebholz, TA's CEO, made the following statement regarding the 2019 first quarter results: "We believe our operating results for the first quarter of 2019 demonstrated that the business initiatives and plans we outlined earlier this year are continuing to succeed. During the 2019 first quarter both fuel sales volume and nonfuel revenues showed solid growth, improving by 3.0% and 4.0%, respectively, in total and by 2.0% and 2.7%, respectively, on a same site basis as compared to the prior year quarter. These improvements were aided by our introduction of our revamped UltraONE 2.0 loyalty program that customers are embracing. Designed to incentivize and reward customers for their loyalty while providing the TA full service array of redemption offers to suit customers' varying needs, this program attracted approximately 30,000 new and reactivated members in the first quarter. In addition, we kept our site level operating expense in line with our nonfuel revenue increases, experiencing only a slight 20 basis point increase in the ratio of those expenses to nonfuel revenues that is due in part to increased staffing in advance of increased business in our truck service programs."