Murphy USA posts lower revenue, net income

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by Talk Business & Politics staff ([email protected]) May 1, 2024 6:00 pm 254 views 

Murphy USA reported Wednesday (May 1) lower first quarter revenue and income compared to a year ago in part due to rising expenses related to employees and store maintenance.

The El Dorado-based convenience store chain posted net income of $66 million on revenue of $4.843 billion. One year ago, Murphy USA reported net income of $106.3 million on revenue of $5.077 billion.

Diluted earnings per share were $3.12 versus $4.80 in last year’s first quarter.

“First quarter results showed the resilience of Murphy USA’s core fuel and tobacco categories, as these remain non-discretionary purchases to a growing base of customers who continued to trade down for value and stocked up around severe weather events throughout the quarter,” said President and CEO Andrew Clyde.

“Strong year-over-year and two-year fuel volume performance at comparable Q1 retail margins further demonstrate structural industry dynamics remain intact and favor Murphy USA in the most recent rising price and lower volatility environment. Our major innovation, growth and productivity initiatives remain on track, with results largely weighted to the second half of the year. As such, we continue to be well positioned to execute against our long-term value creation strategy,” Clyde added.

Other financial highlights during the quarter include:

  • Total fuel contribution for Q1 2024 was 24.8 cpg, compared to 28.9 cpg in Q1 2023.
  • Total retail gallons increased 1% in Q1 2024 compared to Q1 2023, while volumes on a same store sales basis declined 0.9% in Q1 2024 compared to Q1 2023.
  • Merchandise contribution dollars for Q1 2024 increased 2.4% to $191.6 million on average unit margins of 19.2%, compared to Q1 2023 contribution dollars of $187.1 million on unit margins of 19.4%.
  • During Q1 2024, the company repurchased approximately 216.0 thousand common shares for $86.9 million at an average price of $402.14 per share.

Murphy USA (NYSE: MUSA) shares closed trading Wednesday at $411.80. The company’s stock has traded between a low of $268.69 per share and a high of $430.83 per share over the past year.