The following is a summary of the Parkland Corporation (PKIUF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Parkland reported a Q1 adjusted EBITDA of $327 million, 17% lower than last year. However, the Canadian and USA segments saw a rise in adjusted EBITDA by 14% and 57% respectively.
The company generated an available cash flow of $770 million in the past 12 months, a 20% increase from Q1 2023.
Parkland incurred a loss of $32 million in the Refining segment, $70 million lower than last year.
Parkland raised its per-share cash flow to $4.38; a 16% increase.
Business Progress:
Parkland is executing several supply optimization initiatives to counter impacts of an unplanned shutdown of the Burnaby Refinery.
The company maintains its annual adjusted EBITDA guidance at $1.95 billion to $2.05 billion for 2024.
Parkland is focusing on portfolio optimization and has identified over $400 million of non-core assets for disposition and putting the capital gained to better yielding businesses.
Their retail business grew by 13%, proving the efficiency of their organic growth investments.
Finally, Parkland aims to reach $100 million in run rate savings by the end of the year and targets $8.50 of available cash flow per share by 2028.
More details: PARKLAND CORPORATION IR
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