Parkland USA’s adjusted EBITDA was $15.4 million (U.S.) in first-quarter 2023, down 55% from first-quarter 2022. Compliance obligations accounted for in the current period, commodity price fluctuations in 2022 and severe winter weather across certain markets negatively affected the results , the company said in its 2023 first-quarter results, released Wednesday.
Overall, Parkland Corp., Calgary, Alberta, had an adjusted EBITDA of $289.9 million (U.S.) for first-quarter 2023, consistent with first-quarter 2022 with contributions from acquisitions and organic growth offsetting the effect of the scheduled turnaround completed at the Burnaby Refinery in first-quarter 2023.
- Parkland USA is No. 37 on the 2023 Top 40 update of CSP’s 2022 Top 202 list ranking of U.S. convenience-store chains by store count.
Net earnings were up 40% from first-quarter 2022 to $56.5 million (U.S.) while adjusted earnings were down 16% from first-quarter 2022.
“The company’s disciplined focus on delivering shareholder value continues to guide us and we are on track for a successful year,” said Bob Espey, president and CEO. “Our performance this quarter demonstrates our ability to execute on our strategy, capture synergies and deliver organic growth throughout our retail and commercial businesses. I am confident Parkland will deliver its $2 billion Adjusted EBITDA ambition by 2025 without additional acquisitions, while reducing leverage and improving shareholder returns.”
Parkland also continued to expand its On the Run convenience brand to about 670 locations across the United States and Canada and grew its Journie rewards loyalty program to 4.5 million members in Canada.
Parkland Corp., Calgary, Alberta, is the parent company of Parkland USA, Charleston, South Carolina, which has c-stores under several brands, including On the Run.
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