Parkland Q3 Profit Climbs, Maintains FY25 Adj. EBITDA Outlook; Sunoco Deal To Close On Oct. 31
Parkland Corp. reported a Q3 profit increase, with net earnings rising to C$129 million from C$91 million year-over-year. The company is on track to meet its fiscal 2025 Adjusted EBITDA Guidance of C$1.8 billion to C$2.1 billion. Parkland's acquisition by Sunoco LP is set to close on October 31, leading to its delisting from the Toronto Stock Exchange. The new entity, SUNCorp, LLC, will trade on the NYSE starting November 3 under the ticker "SUNC."
Parkland Corp. (PKIUF,PKI.TO), a fuel distributor, Monday reported higher earnings for the third quarter compared to last year with growth in revenues.
Further, the company said it is on track to meet the midpoint of fiscal 2025 Adjusted EBITDA Guidance of C$1.8 billion to C$2.1 billion.
Regarding its acquisition by Sunoco LP (SUN), Parkland said the transaction is expected to close on October 31 subject to the satisfaction or waiver of customary closing conditions. Upon the completion, Parkland's shares will be delisted from the Toronto Stock Exchange.
The new limited liability company named SUNCorp, LLC will begin trading on the New York Stock Exchange on November 3 under the ticker symbol "SUNC".
In the third quarter, Parkland's net earnings rose to C$129 million from C$91 million in the prior year. For the three-month period, earnings per share were C$0.73, compared to C$0.52 a year ago.
The company's adjusted earnings per share were C$1.02, compared to C$0.60 a year ago.
For the latest quarter, adjusted EBITDA was C$540 million, an improvement from last year's C$431 million.
Parkland's sales and operating revenue were C$7.35 billion, higher than C$7.13 billion in the prior year quarter.
On the Toronto Stock Exchange, the stock closed Friday's regular trading 0.37 percent higher at C$40.80.
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