Parkland sees earnings rise 40% in first quarter of 2023

Parkland Corp. says it earned $77 million in the first quarter of 2023, up 40% from $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% from $7.6 billion during the first quarter of 2022.

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

Adjusted earnings before interest, taxes, depreciation and amortization in Canada were down 12.6% 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.