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Calgary-based fuel retailer Parkland Corp. lowers 2024 earnings forecast as consumer demand falls

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Energy,Oil And Gas,Parkland Corp

The company revised its guidance for adjusted earnings before interest, taxes, depreciation and amortization for the year to $1.9 billion, down from $2 billion.

A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021.lowered its earnings forecast for the year Thursday due to what it said are” ongoing weaknesses” in consumer demand that could continue through the end of 2024.

Part of the lower forecast is due to impacts from the unplanned shutdown of Parkland’s Burnaby, B.C. refinery during the first quarter, the company said. In Canada, the company’s food and convenience store gross profit decreased two per cent year-over-year, while its fuel volumes declined four per cent.In the U.S., Parkland’s fuel volumes were down 13 per cent year-over-year, though its food and convenience store gross profit increased.Teunissen added retail fuel volume demand was weaker particularly in June as the start of the driving season was slowed by cool weather.

 

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Fuel retailer Parkland Corp. lowers 2024 earnings forecast as consumer demand fallsCALGARY — Fuel retailer and convenience store operator Parkland Corp. lowered its earnings forecast for the year Thursday due to what it said are' ongoing weaknesses' in consumer demand that could continue through the end of 2024.
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