Parkland reports Q3 profit up from year ago as it prepares to close Sunoco deal
Parkland Corp. reported a third-quarter profit of $129 million, up from $91 million a year ago, as it prepared to complete its deal to be acquired by U.S. company Sunoco.
The Calgary-based company says its profit amounted to 73 cents per diluted share for the quarter ended Sept. 30, up from 52 cents per diluted share a year earlier.
On an adjusted basis, Parkland says it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 60 cents per diluted share in the same quarter last year.
Sales and operating revenue totalled $7.35 billion, up from $7.13 billion a year earlier.
Other highlights from its third-quarter filings included an Adjusted EBITDA of $540 million, up from $431 million in Q3 2024, primarily driven by strong operations and margins at the Burnaby Refinery and robust performance in the Canada and International segments. These were partially offset by softness in the U.S. segment due to continued macroeconomic pressures and competition.
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"Parkland delivered another strong quarter, reflecting the strength of its diversified business, and clearly demonstrating our ability to deliver 2025 Adjusted EBITDA guidance," said Bob Espey, president and chief executive officer in a release upon the announcement of the results. "As we approach this important milestone, I am incredibly proud and grateful of the Parkland team and the industry leading business we have built together. I am excited about Parkland's next phase of growth with Sunoco, the power of the combined platform, and have confidence in the Company's ability to deliver significant synergies and long-term value for its stakeholders."
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region's domestically supplied gasoline and jet fuel.
The company says it expects to close its deal with Sunoco on Friday, subject to the satisfaction or waiver of customary closing conditions.
With files from Parkland Corporation.
