Parkland’s first quarter results for 2025 come amidst the announcement that it is to be acquired by Sunoco LP
Parkland Corporation announced its full financial and operating results for the three months ended March 31, 2025.
“Our first quarter of 2025 saw a recovery from 2024 as the refinery offset a slow start to the year and a one-time $53 million impact due to a decision to exit the California compliance market" said Bob Espey, president and chief executive officer. "It is still early in the year, and as we assess performance across our business, we are encouraged by several positive developments. Our International segment continues to deliver strong growth, refining margins have been stronger than anticipated, and we expect a robust driving season in Canada. While the macroeconomic and regulatory environment remains volatile, these tailwinds highlight the resilience of our portfolio and reinforce my confidence in the foundation we have built at Parkland."
For the first quarter of this year, Parkland announced an Adjusted EBITDA of $375 million, an increase of $48 million as compared to the same time last year, primarily driven by the 11-week unplanned shutdown of the Burnaby Refinery in the comparative period and strong performance in the international business.
READ: U.S.-based Sunoco signs deal to purchase Parkland Corp.
Net earnings were reported at $64 million ($0.37 per share, basic), as compared to net loss of $5 million ($0.03 per share, basic) in the first quarter of 2024, and Adjusted earnings of $65 million ($0.37 per share, basic3), as compared to $43 million ($0.25 per share, basic) at the same time last year.
Parkland said that Canada delivered Adjusted EBITDA of $110 million, as compared to $186 million in the first quarter of 2024. That decrease was driven by the commercial decision to wind down its California compliance market positions, resulting in realized losses of $53 million, and the sale of the commercial propane business in Q4 2024.
The operations in the United States delivered an Adjusted EBITDA of $16 million, as compared to $31 million in Q1 2024. According to Parkland, this decrease was driven by macroeconomic pressures continuing to impact fuel and convenience demand, as well as regulatory developments that also impacted Parkland's ability to capture supply optimization opportunities associated with moving refined product between Canada and the U.S.
Following the announcement yesterday of Parkland’s definitive agreement to be acquired by Sunoco LP, the normally scheduled analyst conference call to be held today to review the results and answer questions from the media has been cancelled.
