CALGARY — Parkland Corp. says its net earnings surged to $76 million during the third quarter despite a 24 per cent decrease in revenues.
The Calgary-based fuelling company says 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 ended Sept. 30 were $3.5 billion, down from $4.6 billion in the third quarter of 2019.
Parkland says 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 per cent increase in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) from the prior year to $128 million.
Fuel volume decreased seven per cent to 2.3 billion litres due to the impact of COVID-19. Convenience store same-store sales were 10.7 per cent, with strength of its rebranded On the Run sites.
This report by The Canadian Press was first published Nov. 3, 2020.
Companies in this story: (TSX:PKI)
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