Parkland Fuels Q4 profit more than doubles

RED DEER — Parkland Fuel Corp. says fourth-quarter profits more than doubled as the independent North American distributor of fuels and lubricants saw revenue rise 60 per cent.

RED DEER — Parkland Fuel Corp. says fourth-quarter profits more than doubled as the independent North American distributor of fuels and lubricants saw revenue rise 60 per cent.

Parkland says net profits improved to $22 million or 30 cents per diluted share in the final three months of 2013, up from $9.6 million or 14 cents in the same 2012 period.

Revenue totalled almost $1.6 billion, up from $998.4 million in the same year-earlier period.

For the full year, the Red Deer-based company said net profits were $92 million or $1.26 per diluted share on revenue of $5.66 billion, up from $84.9 million or $1.22 per share on revenue of $4.13 billion.

“2013 was another strong year for Parkland, increasing adjusted EBITDA by approximately $7 million over the record we set in 2012,” president and CEO Bob Espey said in an earnings report issued Tuesday after markets closed.

“We continued to strengthen our earnings potential through the closing of the Elbow River Marketing acquisition, the successful completion of two additional tuck-in acquisitions, and the strong performance of our supply group.”

“Subsequent to year end we also entered the northern tier of the United States by acquiring North Dakota-based SPF Energy Inc., which became effective in early January.”

Parkland provides businesses, wholesale customers and motorists and other consumers with gasoline, diesel, propane, lubricants, heating oil and other products through locations across North America run by community-based operators.

On the Toronto Stock Exchange, Parkland shares closed up 12 cents at $19.77 on Tuesday.

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