Murphy USA Inc., based in El Dorado, on Wednesday reported a profit of $69.2 million for the third quarter, up from the $45 million profit for the same quarter a year ago.
Earnings per share were $2.18 for the quarter, up from $1.38 a year ago. Total revenue for the quarter was $3.7 billion, down about $100,000 from the third quarter of 2018.
The report beat analysts' expectations.
The retailer of fuel and convenience merchandise has 1,479 stores, consisting of 1,160 Murphy USA sites and 319 Murphy Express sites.
"New stores are also outperforming the network, which gives us a high level of confidence ahead of an increase in our organic growth over the next several years," Andrew Clyde, the company's president and chief executive officer, said in a statement accompanying the report. The report was released after the stock market closed.
Total sale of retail fuel gallons increased by 5.3% and same-store sales increased 2.7%, the company said. Retail fuel margins of 18 cents per gallon were up 29.6% from the third quarter.
Merchandise sales grew 6.4%, to $112 million, with average unit margins of 16.3%, the company said. There were higher sales across the chain, with strong performances by newer stores, according to the report.
Operating expenses increased 1.7%, primarily because of higher employee-related costs, the company said.
The company also repurchased 1.2 million common shares for $109 million. A refinanced balance sheet accelerated the company's previously announced plan to repurchase $400 million in shares, according to the report.
Murphy USA said 21 sites are under construction, with all but three expected to be in operation by the end of the year. Eleven are new stores. Ten are kiosks that are being razed and rebuilt into 1,400-square-foot stores.
Murphy USA shares rose $1.24, or 1.32%, to close Wednesday at $94.84.
Murphy USA will hold a conference call at 10 a.m. today to discuss the results. The conference call number is (844) 613-1037, and the conference number is 8783359.
Business on 10/31/2019