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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.
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