Parkland Corp. Q3 Financial Targets Met; Questions Arise on EV Charging

by webmaster

Canada-based Parkland Corp. announced on Thursday that it successfully achieved its key financial targets in the third quarter. However, during a call with analysts, the first question raised was regarding the company’s electric vehicle (EV) charging initiatives.

An analyst pointed out that there has been a slowdown in demand for EVs, with Ford Motor Co. and General Motors reducing their production. Considering that Parkland has been recognized as an industry pioneer in EV charging, the analyst inquired whether the company’s rollout of EV chargers was happening too quickly.

Despite the observations made, Chief Executive Officer Bob Espey emphasized, “That doesn’t change our plans.” He further expressed confidence in the continued penetration of EVs in various markets, albeit at different paces.

Currently, Parkland has already installed 63 chargers at 33 different sites and is progressing “on track” to achieve its objective of having 50 charging sites by early 2024.

Espey acknowledged Parkland’s ongoing investments in fossil fuel resources and assured consumers that they would continue receiving “affordable energy” from the company, which they are accustomed to.

Parkland reported a significant year-to-year increase of 78% in EBITDA, amounting to $585 million. Furthermore, net earnings for Q3 2022 more than doubled compared to the previous year.

The company successfully lowered its leverage ratio to 2.9 times, down from 3.3 times in the second quarter. This reduction aligns with Parkland’s target range of 2 to 3 times.

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