Parkland Corporation earns $91 million in third quarter, down from a year earlier

CALGARY 鈥� Parkland Corp. says it earned $91 million in the third quarter, down from $230 million during the same quarter a year earlier. Revenues for the quarter ended Sept. 30 were $7.1 billion, down from $8.7 billion.

Canadian Press Oct 30, 2024 2:23 PM Oct 30, 2024 2:35 PM

b1603a9a0eea7b13854e74c7295a4cd2081e1a0c1bfdac4824523979509dae64 — A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on April 17, 2021. THE CANADIAN PRESS/Darryl Dyck

CALGARY — Parkland Corp. says it earned $91 million in the third quarter, down from $230 million during the same quarter a year earlier.

Revenues for the quarter ended Sept. 30 were $7.1 billion, down from $8.7 billion.

Net earnings per diluted share were 52 cents, from $1.28 during the same quarter last year.

President and CEO Bob Espey says the results fell short of expectations primarily due to a "challenging refining margin environment."

He says the company continues to increase its market share amid softer economic conditions.

Parkland further revised its adjusted earnings guidance for the year lower, due to unfavourable market conditions and the unplanned shutdown of its Burnaby Refinery earlier in the year.

This report by The Canadian Press was first published Oct. 30, 2024.

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