Fuel retailer Parkland Corp. says its third-quarter earnings more than doubled in 2023 thanks to favourable market conditions and the company’s ongoing efforts to optimize its Burnaby refinery.
The Calgary-based company reported net earnings of $230 million, or $1.31 per share, for the three months ended Sept. 30, up from $105 million in the same period of 2022.
On an adjusted basis, Parkland earned $231 million, nearly five times its third-quarter 2022 adjusted earnings.
The company reported sales and operating revenue of $8.9 billion, down from $9.4 billion in the third quarter of last year.
Parkland’s Burnaby refinery delivered adjusted earnings of $188 million, up more than 39 per cent from the prior year’s quarter in part due to record refinery utilization and record co-processing volumes.
Parkland says it now expects to exceed its previously announced 2023 adjusted earnings guidance range of $1.8 to $1.85 billion, thanks to favourable refinery margins and strong utilization, as well as strength in its international business.