record third quarter results CALGARY, AB, Nov. 2, 2021 /PRNewswire/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI) today announced its financial and operating results for the three and nine months ended September 30, 2021. Highlights for the three months ended September 30, 2021 ("Q3 2021") include1:
- Record Adjusted EBITDA attributable to Parkland ("Adjusted EBITDA") of $364 million, up 8 percent year-over-year, underpinned by record Adjusted EBITDA in our International and U.S. segments that reflect accretive acquisitions and realized synergies, record co-processing volumes at the Burnaby refinery, consistent execution, and ongoing post-COVID economic recovery.
- Net earnings attributable to Parkland of $115 million, or $0.76 per share, basic, an increase of approximately 50 percent relative to the prior year, and record Adjusted earnings attributable to Parkland ("Adjusted earnings") of $107 million, or $0.70 per share, basic, up approximately 15 percent year-over-year.
- Trailing twelve-month distributable cash flow per share of $4.72, an increase of approximately 44 percent relative to prior year of $3.28.
- Co-processed a record 33 million litres (2,300 barrels per day) of bio-feedstock at the Burnaby Refinery, helping our customers decarbonize their operations and placing us on track to achieve our target of 100 million litres, which is equivalent to taking over 80,000 passenger vehicles off the road in 2021.
"I want to congratulate the entire Parkland team for delivering the strongest quarterly and year-to-date results in Parkland's history," said Bob Espey, President and Chief Executive Officer. "Underpinned by our quality brands and consistent ability to anticipate and meet the evolving needs of our customers, including meeting a growing need for low-carbon fuels, we delivered $1 billion of Adjusted EBITDA during the first nine months of the year, demonstrating the strength and growth trajectory of our company."
"Each segment of our business performed strongly," added Espey. "From record results in our USA and International segments, ongoing post-COVID economic recovery in Canada and record co-processing volumes in Burnaby, our teams have set us up for a strong finish to the year. We remain focused on maintaining our financial strength and have high confidence in achieving the upper end of our full-year Adjusted EBITDA guidance and longer-term growth ambition."