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DALLAS -- Alon USA Energy is eyeing a third-quarter completion for the rebranding of its 302 FINA locations to the ALON brand. The finish line comes into sight just months after the company revealed it had converted its first convenience store in Midland, Texas.
"We are very pleased with the reception we have received for the brand," CEO and President Paul Eisman said during the company's first-quarter earnings call this morning. "We expect to complete the rebranding in the third quarter."
The chief executive was also pleased with Alon's first-quarter results, which benefited from an improvement in refining margins, Eisman said.
In the company's retail and branded marketing segment, Alon reported net sales of $368.4 million, compared to $316.1 million in the same quarter last year. This was also an uptick from the nearly $354 million in net sales the business segment posted in the last quarter of 2011.
Within the segment, retail fuel increased 13 percent over the same period last year, while fuel margins were 10.8 cents per gallon. Merchandise sales also registered an increase over the same period last year, growing 8 percent at a 32-percent margin, he detailed. Merchandise sales reached $73.4 million, up from $68 million from the same quarter in 2011.
Retail fuel sales volume increased 12.8 percent from 36.7 million gallons in the first quarter of 2011 to 41.3 million gallons in the first quarter of 2012. Branded fuel sales volume increased by 9.3 percent from 85.6 million gallons during the same period last year to 93.5 million this quarter, according to the company.
Companywide, Alon USA Energy reported a net loss of $29.4 million for the first quarter, compared to a net income of $13.1 million for the same period last year. Excluding special items, Alon recorded net income of $8.4 million this quarter vs. net income of $18.7 million for the same period last year.