For the three months ended Dec. 31, 2017, Sunoco LP reported revenue of $3 billion, an increase of 4.8%, compared to $2.8 billion in fourth-quarter 2016. The increase was the result of the average selling price of fuel being 25 cents per gallon higher than last year.
Total gross profit decreased to $277 million, compared to $296 million in fourth-quarter 2016, as a result of lower motor-fuel gross profits.
Net income was $232 million vs. a net loss of $585 million in fourth-quarter 2016.
Adjusted EBITDA totaled $158 million, compared with $154 million in fourth-quarter 2016.
On a weighted-average basis, fuel margin for all gallons sold was 15.3 cents per gallon, compared to 14.3 cents per gallon in fourth-quarter 2016. Sunoco attributed the 1-cent-per-gallon increase to higher wholesale margins.
Net income for the wholesale segment was $47 million compared to $63 million in fourth-quarter 2017. Adjusted EBITDA was $90 million, vs. $78 million in fourth-quarter 2016. Total wholesale gallons sold were 1,346 million, compared to 1,359 million in fourth-quarter 2016, a decrease of 1%. Sunoco earned 11.1 cents per gallon on these volumes, compared to 9 cents per gallon a year earlier.
Net income for the retail segment was $185 million, compared to a net loss of $648 million in fourth-quarter 2016. Adjusted EBITDA was $68 million, versus $76 million in fourth-quarter 2016. Total retail gallons sold were flat compared with a year ago at 626 million gallons. Sunoco earned 24.2 cents per gallon on these volumes, compared to 25.7 cents per gallon in fourth-quarter 2016.
Total merchandise sales increased by 0.5% from fourth-quarter 2016 to $568 million, reflecting an increase in merchandise and restaurant sales across the Texas oil-producing regions. Merchandise sales contributed $173 million of gross profit with a retail merchandise margin of 30.6%, an increase of 0.7 percentage points from fourth-quarter 2016.
Same-store merchandise sales decreased by 0.8%, and same-store gallons decreased by 1.4% during the fourth quarter, reflecting weakness across the East Coast. In the Texas oil-producing regions, same-store merchandise sales increased by 11.2%, and same-store gallons increased 4.8%.