Parkland Corporation (TSE:PKI) has released an update.
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Parkland Corporation reported a first-quarter Adjusted EBITDA of $327 million, a 17% decrease from the previous year due to an unplanned shutdown at the Burnaby Refinery, but has since returned to normal operations. The company has made significant progress towards its target of disposing $500 million in non-core assets, with over $400 million already identified, and maintains a confident outlook on meeting its 2024 financial guidance. Despite a net loss, Parkland has seen a 23% increase in year-over-year available cash flow and continues to reward shareholders with a raised dividend.
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