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55 minutes ago by MT Newswires
07:10 AM EDT, 11/03/2022 (MT Newswires) -- National Bank of Canada noted on Thursday that Parkland Corp. (PKI.TO), an international fuel distributor and retailer, overnight Wednesday reported Q3 results that were in line with expectations.
The bank noted that Parkland recorded adjusted EBITDA of $328 million for the quarter ended Sept. 30. This matched the bank's forecast of $327 million but was below the consensus at $353 million and down from $364 million a year earlier.
Parkland's Canada EBITDA was $140 million versus its forecast of $128 million and last year's $134 million. Refining EBITDA was $135 million versus its estimate of $134 million and last year's $126 million. USA EBITDA was at a negative $18 million versus the bank's forecast of a negative $13 million and last year's positive $43 million. International EBITDA was $104 million versus the bank's $106 million forecast and last year's $83 million.
For 2022, management reiterated adjusted EBITDA guidance of $1.6 billion to $1.7 billion. National Bank said it currently reflects EBITDA of $1.627 billion and consensus is at $1.642 billion. Parkland maintained its 2022 capex guidance at the lower end of the previously reduced guidance range of $425 million to $525 million, the bank noted.
National Bank noted that Parkland suspended its enhanced dividend reinvestment plan for common shares, and suggested it will achieve a balance between reducing leverage, enhancing shareholder distributions and delivering growth. It said it supports a strategy that achieves the goals of debt reduction, share repurchases, growth and improvement in return on invested capital. It would also support an approach that reduced capital expenditure while selling non-core assets, the bank said.
National Bank maintained its Outperform rating on Parkland and the price target of $38.00.
55 minutes ago by MT Newswires
07:10 AM EDT, 11/03/2022 (MT Newswires) -- National Bank of Canada noted on Thursday that Parkland Corp. (PKI.TO), an international fuel distributor and retailer, overnight Wednesday reported Q3 results that were in line with expectations.
The bank noted that Parkland recorded adjusted EBITDA of $328 million for the quarter ended Sept. 30. This matched the bank's forecast of $327 million but was below the consensus at $353 million and down from $364 million a year earlier.
Parkland's Canada EBITDA was $140 million versus its forecast of $128 million and last year's $134 million. Refining EBITDA was $135 million versus its estimate of $134 million and last year's $126 million. USA EBITDA was at a negative $18 million versus the bank's forecast of a negative $13 million and last year's positive $43 million. International EBITDA was $104 million versus the bank's $106 million forecast and last year's $83 million.
For 2022, management reiterated adjusted EBITDA guidance of $1.6 billion to $1.7 billion. National Bank said it currently reflects EBITDA of $1.627 billion and consensus is at $1.642 billion. Parkland maintained its 2022 capex guidance at the lower end of the previously reduced guidance range of $425 million to $525 million, the bank noted.
National Bank noted that Parkland suspended its enhanced dividend reinvestment plan for common shares, and suggested it will achieve a balance between reducing leverage, enhancing shareholder distributions and delivering growth. It said it supports a strategy that achieves the goals of debt reduction, share repurchases, growth and improvement in return on invested capital. It would also support an approach that reduced capital expenditure while selling non-core assets, the bank said.
National Bank maintained its Outperform rating on Parkland and the price target of $38.00.