Parkland revenues, earnings higher despite warm weather

Parkland Fuel Corp. (TSX: PKI) posted higher year-over-year revenues and earnings for the three months ended March 31, despite lost sales due to unseasonably warm weather and a one-time $4.3-million expense.

Parkland Fuel Corp. (TSX: PKI) posted higher year-over-year revenues and earnings for the three months ended March 31, despite lost sales due to unseasonably warm weather and a one-time $4.3-million expense.

The Red Deer-based company, which is Canada’s largest independent marketer and distributor of fuels and lubricants, reported on Tuesday that it had sales and operating revenues of $1.064 billion for the quarter, up 11 per cent from $955.1 million for the same period last year. Parkland’s net earnings were $17.5 million, up seven per cent from $16.3 million — which translated into net earnings per basic share of 27 cents, down 10 per cent from 30 cents a year earlier.

Parkland said in a release that the higher earnings were achieved as a result of lower finance costs and lower depreciation and amortization. However, the company also experienced lower earnings before income, taxes, depreciation and amortization (EBITDA), as well as increased losses on the sale of property, plant and equipment, and higher income taxes.

“Improvements across our business allowed us to manage through an estimated $5-million reduction in EBITDA due to warm weather to deliver solid results this quarter,” said Bob Espey, Parkland’s president and CEO.

Parkland invested $4.3 million in put option contracts to help protect future supply profits. These relate to the refiners margins that Parkland shares in, and which are currently at high levels.

Parkland’s total fuel volume for the quarter was 1.085 billion litres, up four per cent from the 1.044 billion recorded during the same period last year.

Parkland’s brands include Fas Gas Plus, Race Trac Gas, Bluewave Energy, Columbia Fuels, Great Northern Oil, Neufeld Petroleum & Propane, United Petroleum Products and Island Petroleum.

Just Posted

Alberta hiring more paramedics and buying new ambulances, none for Red Deer

Red Deer Mayor Tara Veer is not concerned the provincial government didn’t… Continue reading

‘My nightmare began again’: Close call as bus carrying Humboldt crash survivor rear-ended

CALGARY — A terrifying ordeal for Humboldt Broncos survivor Ryan Straschnitzki this… Continue reading

Halifax airport operations normalize after Boeing 747 runway overshoot

HALIFAX — The Halifax Stanfield International Airport has resumed normal operations a… Continue reading

Bentley family left without a home grateful for community support

Central Albertans are coming together to support a Bentley family left homeless… Continue reading

Red Deer RCMP ready for new mandatory alcohol screening law

Red Deer RCMP are ready to enforce a new law intended to… Continue reading

WATCH: Red Deer and District Kennel Club Dog Show at Westerner Park

The Red Deer and District Kennel Club is holding a dog show… Continue reading

Pence aide out of running to be Trump’s next chief of staff

WASHINGTON — President Donald Trump’s top pick to replace chief of staff… Continue reading

Swath of South faces wintry mess: Snow, sleet, freezing rain

CHARLOTTE, N.C. — A massive storm brought snow, sleet, and freezing rain… Continue reading

‘I killed my best friend’: Opioids’ fatal grip on mayor, pal

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

Brothers, 20, face second-degree murder charge in death of teen: police

MISSISSAUGA, Ont. — Police west of Toronto say two brothers have been… Continue reading

A young mayor, his friend, and a fatal attraction to opioids

MOUNT CARBON, Pa. — Janel Firestone found her son — the 24-year-old,… Continue reading

GM fights to retain key tax credit amid plant closing plans

WASHINGTON — General Motors is fighting to retain a valuable tax credit… Continue reading

TTC union asks provincial government to step in on transition to Presto

TORONTO — The union representing transit workers in Canada’s most populous city… Continue reading

Small pot growers find roadblocks on path to microcultivation licences

Yan Boissonneault’s daughter was turning blue. Without warning, his baby had stopped… Continue reading

Most Read