Parkland Corp., Calgary, Alberta, reported an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $364 million for the second quarter of 2024, up 7% from second-quarter 2023, the company reported Wednesday. Net earnings for the latest quarter were $50.6 million, a decrease of 10% from second-quarter 2023, the company said.
Parkland USA delivered adjusted EBITDA of $35.4 million, down 34% from second-quarter 2023 ($53.5 million). Results reflect lower diesel and gasoline market demand and lower unit fuel margins due to unfavorable commodity price movements, Parkland said.
- Parkland Corp. is No. 38 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
“I would like to thank the Parkland team for delivering record second quarter results,” said Bob Espey, Parkland Corp. president and CEO. “Our focus remains steadfast on improving returns by investing in our customer and supply advantages and strengthening our robust platform for future growth to deliver long-term shareholder value. I have confidence in the rest of the year and our long-term ambitions.”
Board of Directors Update
Parkland’s board of directors has elected Michael Jennings as chair of the board. He replaces Steven Richardson, who is retiring.
Jennings joined Parkland’s board in February. He has more than three decades of international integrated energy experience, Parkland said.
"I am honored to be elected as chair of the board and I look forward to building on the strong foundation that has been established," Jennings said. “I would like to thank Steve for his leadership and contributions to Parkland’s board. I have the utmost confidence in the Parkland business strategy and the management team, led by Bob Espey. Together, we will work in the interest of all shareholders to deliver sustainable long-term value.”
Richardson said it was a privilege to serve on the board for the past seven years.
“During this time, we have significantly grown the company and implemented a strategic board renewal process, recruiting highly experienced and qualified directors, including bringing in Mike as a successor,” he said. “I would like to thank the board, management and the broader Parkland team for their support; it has been a pleasure working with such a committed and talented group.”
Richardson was appointed the chair of the board in July 2023 following the retirement of Jim Pantelidis.
Parkland is an international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas. It’s the parent company of Parkland USA, which has more than 200 company-owned convenience stores in the United States under brands including On the Run.
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