Strong fourth quarter for Murphy USA leads to $556 million full year profit

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by Roby Brock ([email protected]) February 7, 2024 4:10 pm 696 views 

Murphy USA reported Wednesday (Feb. 7) strong fourth quarter numbers, but year-end profits, while healthy, were down from the previous year.

The El Dorado-based convenience store chain posted fourth quarter net income of $150 million on revenue of $5.07 billion. One year ago, Murphy USA posted net income of $117.7 million on revenue of $5.37 billion.

Diluted earnings per share for the fourth quarter were $7 compared to $5.21 a year ago.

For the full year, Murphy USA recorded net income of $556.8 million on revenue of $21.53 billion. A year ago, the company showed net income of $672.9 million on revenue of $23.45 billion. Diluted earnings per share for the full year were $25.49 versus $28.10 a year earlier.

“2023 financial results and operational performance are a testament to the strong foundations we have built at Murphy USA over the last decade, successfully executing against our strategy, and widening our advantage in the marketplace,” said Murphy USA President and CEO Andrew Clyde.

“Our strategic focus remains firmly rooted in new store growth and continuous improvement efforts to generate higher returns from our network of existing and new stores, meaning we are investing in people, technology, and innovation to drive in-store performance,” he added.

Other financial highlights include:

  • Total merchandise contribution increased $8.7 million, or 4.6%, to $197.7 million in Q4 2023 compared to the prior-year quarter and increased $36.3 million to $803.4 million for the full year 2023, due primarily to higher merchandise sales.
  • During Q4 2023, the Company repurchased approximately 442.2 thousand common shares for $162.0 million at an average price of $366.42 per share.
  • For the year 2023, the Company repurchased slightly more than 1 million shares for a total of $336.2 million at an average of $327.55 per share.

Share of Murphy USA (NYSE: MUSA) closed trading on Wednesday at $367.63. The company’s stock has traded between a low of $231.65 and a high of $384.25 over the past 52 weeks.