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Canada-based Parkland Corp. on Thursday said it reached its key financial targets in the third-quarter, but the first question it faced in a call with analysts was about electric vehicle charging.
Demand for EVs has slowed, and Ford Motor Co. and General Motors have cut back production, an analyst pointed out in the call. Parkland is considered an industry pioneer in EV charging, and the analyst asked whether its EV charger rollout was happening too fast.
“That doesn’t change our plans,” Chief Executive Officer Bob Espey said. “We do see EVs continuing to penetrate markets. It happens at different paces in different markets.”
The refiner and fuel marketer said it has 63 chargers at 33 sites and is “on track” to meet its target of having 50 charging sites by early 2024.
But Espey also told analysts Parkland is still investing in fossil fuel and providing consumers with the “cheap energy they are used to getting from us.”
Parkland reported EBITDA of $585 million, up 78% year to year. Net earnings were $230 million, more than double those in Q3 2022.
The company also lowered its leverage ratio to 2.9 times, down from 3.3 times in the second quarter, bringing them within Parkland’s target range of 2 to 3 times.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
–Reporting by Donna Harris, [email protected]; Editing by Jeff Barber, [email protected]
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