Parkland Corp.'s third-quarter earnings double on strong refinery performance

CALGARY — Fuel retailer Parkland Corp. says its third-quarter earnings more than doubled in 2023 thanks to favourable market conditions and the company's ongoing efforts to optimize its Burnaby refinery.

The Calgary-based company reported net earnings of $230 million, or $1.31 per share, for the three months ended Sept. 30, up from $105 million in the same period of 2022.

On an adjusted basis, Parkland earned $231 million, nearly five times its third-quarter 2022 adjusted earnings.

The company reported sales and operating revenue of $8.9 billion, down from $9.4 billion in the third quarter of last year.

Parkland's Burnaby refinery delivered adjusted earnings of $188 million, up more than 39 per cent from the prior year's quarter in part due to record refinery utilization and record co-processing volumes.

Parkland says it now expects to exceed its previously announced 2023 adjusted earnings guidance range of $1.8 to $1.85 billion, thanks to favourable refinery margins and strong utilization, as well as strength in its international business.

This report by The Canadian Press was first published Nov. 1, 2023.

Companies in this story: (TSX:PKI)

The Canadian Press