Parkland sees earnings rise 40 per cent in first quarter of 2023

CALGARY – Parkland Corp. says it earned $77 million in the first quarter of 2023, up 40 per centfrom $55 million a year earlier.

The Calgary-based convenience store operator and fuel retailer says sales and operating revenue for the quarter ended March 31 were $8.2 billion, up 7.2 per cent from $7.6 billion during the first quarter of 2022.

Diluted earnings per share were 43 cents, up 23 per centfrom 35 cents a year ago.

Adjusted earnings before interest, taxes, depreciation and amortization in Canada were down 12.6 per cent to $167 million,while international adjusted EBITDA more than doubled, to $183 million.

The company says unseasonably warm weather lowered commercial volumes in Canada, while the international market saw a boost from a variety of factors including additional volumes.

Parkland president and CEO Bob Espey said in a press release that he’s confident the company will achieve its goal of $2 billion in adjusted EBITDA by the end of 2025 without additional acquisitions.

This report by The Canadian Press was first published May 3, 2023.

Companies in this story: (TSX:PKI)