Parkland Corp. announced its financial and operating results for the three and nine months ending Sept. 30, 2020. The company reported that its net earnings rose to $76 million during the third quarter despite a 24% decrease in revenues.
The company said the earnings attributable to Parkland equated to 51 cents per basic share, up from 16 cents per share or $24 million a year earlier.
Revenues for the three months ending Sept. 30 were $3.5 billion, down from $4.6 billion in the third quarter of 2019.
“I would like to congratulate the Parkland team for exceptional financial and operating performance,” said Bob Espey, Parkland president and CEO. “We continue to prove the resilience of our business model and first-rate execution capabilities. These strengths have underpinned our success year-to-date and give us confidence in our ability to manage through challenging market environments, grow the business and add shareholder value. I am especially proud of the way our team has maintained a focus on safety, managed costs, won new business, published our inaugural Sustainability Report and continued to serve our customers and support our communities over the last nine months. In addition, we have maintained strict financial discipline and positioned ourselves to grow our existing business organically and through acquisitions in the current environment.”
Parkland said its fuel and petroleum product volume is continuing to recover from the impact of COVID-19 and was within five per cent of its third quarter 2019 volumes.
In Canada, steady volume recovery, strong fuel margins and convenience store sales drove a 23% increase in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from the prior year to $128 million.
Fuel volume decreased seven per cent to 2.3 billion liters due to the impact of the COVID-19 pandemic. Convenience store same-store sales were 10.7%, with strength of its rebranded On the Run sites.
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the U.S., the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.
Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of its strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across its organization.