Parkland Corp. reached a record adjusted EBITDA in 2023 and made several changes to its board of directors. The Calgary, Alberta-based fuel marketer and convenience-store retailer, with On the Run c-stores in the United States and Canada, on Tuesday highlighted this and more in its fourth-quarter 2023 and year-end 2023 results.
Record adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was about $1.41 billion in 2023, up 18% from 2022.
“I want to congratulate the Parkland team on an excellent year,” said Bob Espey, Parkland president and CEO. “We delivered approximately [U.S. $221.42 million] of incremental adjusted EBITDA in 2023 compared to 2022 and have accelerated our [U.S. 1.48 billion] of adjusted EBITDA guidance to 2024, with significantly less invested capital than expected.”
The company also announced on Tuesday that Mariame McIntosh Robinson, president of fintech with global financial technology company Qenta Inc., Houston, will stand for election to its board of directors at its annual meeting on March 28.
“Parkland continues to progress its board renewal process,” Espey said. “I would like to welcome Michael Jennings and James Neate to the Parkland Board of Directors and am pleased with the recent nomination of Mariame McIntosh Robinson. Each brings substantial expertise across many areas to Parkland, and their knowledge and insights will be invaluable.”
Parkland USA delivered adjusted EBITDA of $28.83 million in fourth-quarter 2023, down 15% from fourth-quarter 2022. The decrease was primarily driven by lower fuel unit margins in Parkland’s commercial business, partially offset by strong c-store margins and reduced operating costs.
- Parkland USA is No. 37 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by company-owned store count.
Parkland USA operates more than 200 c-stores in 13 western states. Parkland Corp. is a major independent supplier and marketer of fuel and petroleum products in Canada, the United States, the Caribbean and the Americas through retail, commercial and wholesale channels. It is the second-largest c-store operator in Canada, with 650 retail outlets and more than 1,830 dealer sites.
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