Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
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Posted: July 25th, 2013
United Refining’s profit slides in latest quarterly report

Lower gas prices meant lower profits for United Refining Co., which owns the region’s Kwik Fill and Country Fair convenience stores and which operates a refinery in Warren. The company recently reported lower quarterly earnings, citing lower petroleum prices during the three months ending May 31. During that period, northwestern Pennsylvania maintained generally lower fuel costs than other parts of the state.
The company reported earnings before interest, taxes, depreciation and amortization of $90 million for the quarter, a decrease of $42.4 million
from $132.4 million for the three months ended May 31, 2012.
Those earnings reflect a decline in net sales for the fiscal quarter of $52.3 million, or 5.6%, to $883.5 million from $935.8 million for the
quarter ended May 31, 2012.
The decrease in net sales was primarily due to lower petroleum selling prices, the company said.

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