05/05/2014 07:47 EDT | Updated 07/05/2014 05:59 EDT

Parkland Fuel Q1 net earnings drop to $22.4M; revenue soars to $2.02B

RED DEER, Alta. - Parkland Fuel Corp. (TSX:PKI) saw its net earnings fall 27 per cent in the first quarter despite a 67 per cent increase in revenue.

The Red Deer, Alta.,-based distributor and marketer of fuel and lubricants reported after markets closed Monday that net income declined to $22.4 million or 30 cents per diluted share in the three months ended March 31.

That compared with $30.5 million or 42 cents per diluted share in the same year-earlier period.

Revenue soared to $2.02 billion from $1.21 billion.

Parkland blamed the year-over-year decrease in net earnings on a $5.7-million increase in amortization and depreciation and a $1 million increase in unrealized loss from the change in fair value of forward contracts, future contracts and U.S. dollar forward exchange contracts.

On the Toronto Stock Exchange, Parkland Fuel shares closed down four cents at $20.08 on Monday.