Parkland Corp T.PKI

Alternate Symbol(s): PKIUF

Energy Oil & Gas Refining & Marketing

Parkland Corporation is an international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas. The Company’s segments include Canada, International, USA and Refining. Its retail network meets the fuel and convenience needs of everyday consumers. It also provides a range of choices to help them lower their environmental impact. These include renewable fuel sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast electric vehicle charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, it has developed supply, distribution and trading capabilities. Its commercial business provides commercial, industrial and residential customers with the essential fuels, propane, lubricants and services they need. Its Burnaby Refinery plays a critical role in supplying its customers in British Columbia with conventional and low-carbon fuels.

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Parkland Corp

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Post by Mrlongpantson Mar 03, 2023 10:08am

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GLTALongs.

Today

Parkland's Q4 Earnings Jump YOY, Adjusted EBITDA Hits Record High, from 3 hours ago by MT Newswires

3 hours ago by MT Newswires

06:10 AM EST, 03/03/2023 (MT Newswires) -- Parkland Corp. (PKI.TO), an international fuel distributor and retailer, overnight Thursday reported fourth-quarter 2022 adjusted earnings of $117 million, or $0.67 per share, an increase from $55 million, or $0.0.36 per share, in the year-ago quarter.

The results missed the S&P Capital IQ consensus normalized EPS estimate of $0.73 for the quarter.

The company also posted record adjusted EBITDA of $455 million in the fourth quarter of 2022, up from $260 million in the same quarter a year ago.

Net earnings attributable to Parkland was $69 million, or $0.29 per share, in the fourth quarter of 2022, rising from $22 million, or $0.15 per share, in the prior-year period.

Fourth-quarter 2022 fuel and petroleum product volume came in at 6.6 million liters, up from 6.4 million liters a year ago.

Parkland also said it will not be proceeding with plans to build a stand-alone renewable diesel complex at the Burnaby Refinery, citing rising project costs, lack of market certainty around emerging renewable fuels and the US Inflation Reduction Act of 2022, which advantages US producers.

The company raised its quarterly dividend to $0.340 per common share, effective with the quarterly dividend payable on April 14 to shareholders of record at the close of business on March 22.