A man prepares to pump gas in Toronto, on April 1, 2019. THE CANADIAN PRESS/Christopher Katsarov
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
- 0098 SASPO-2874_Self Serve Campaign_New Connects_Youtube_v30098 SASPO-2874_Self Serve Campaign_New Connects_Youtube_v3
- 0100 Turnbull Project Manager0100 Turnbull Project Manager
- 0099 Mryglod Steel 1080p0099 Mryglod Steel 1080p
- 0097 Eagle Sky Ventures LTD0097 Eagle Sky Ventures LTD
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0053 Kingston Midstream Westspur Alameda Click Before You Dig0053 Kingston Midstream Westspur Alameda Click Before You Dig
- 0092 Turnbull projects big and small0092 Turnbull projects big and small
- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0087 Lori Carr Coal Expansion0087 Lori Carr Coal Expansion
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0076 Latus only0076 Latus only
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001