Parkland Corporation announced that a strong performance has resulted in higher 2023 Adjusted EBITDA Guidance of $1.8 billion to $1.85 billion and accelerated the delivery of its $2 billion Adjusted EBITDA ambition to 2024, one year earlier than anticipated.
The 2024 Adjusted EBITDA Guidance results, according to Parkland, “reflects ongoing synergy capture, realization of our previously disclosed $100 million MG&A cost efficiencies, organic growth across our retail and commercial lines of business, and optimized supply advantage.”
Parkland will host an Investor Day on November 14, 2023 to provide an update on the execution of its strategy, capital allocation framework, and financial outlook. Parkland will host the event at the Fairmont Royal York in Toronto and simultaneously webcast with video the event for those unable to attend in person.
“At our 2021 Investor Day, we shared the ambitious goal of doubling our Adjusted EBITDA to $2 billion by 2025,” says Bob Espey, president and chief executive officer. “By integrating acquired companies, capturing synergies, and driving organic growth and cost efficiencies, we now expect to accomplish this goal without further acquisitions, one year early.”
“We have built a strong platform for continued growth,” continues Espey. “The operational improvements we have made are enabling us to reduce leverage, increase cash flow, and enhance returns. We look forward to sharing more on our future growth plans and capital allocation priorities at our upcoming Investor Day.”