Murphy’s earnings set record of $150M

A new Murphy USA store can be seen with many patrons fueling up. (Joshua Turner/Banner News)
A new Murphy USA store can be seen with many patrons fueling up. (Joshua Turner/Banner News)


Murphy USA Inc. posted the highest fourth-quarter income in the company's history when it released its quarterly and year-end earnings on Wednesday.

The El Dorado-based convenience store and gas station chain reported net income of $150 million, or $7 per share, for the quarter that ended Dec. 31, compared to net income of $117.7 million, or $5.21 per share, for the same period in 2022.

Murphy USA's earnings beat analysts' average forecast of $6.31 per share.

Despite its record income, Murphy USA's revenue fell about 5% to $5.07 billion from $5.35 billion in last year's fourth quarter.

The company released the report after the stock market closed.

Murphy USA's gallons of fuel sold in the quarter remained at 1.2 billion from the third quarter. However, volumes on a same-store basis slipped 2%.

Same-store sales, or sales at stores open at least a year, are considered a key indicator of a retailer's health.

The chain's total merchandise sales grew 4.6% to $197.7 million.

Andrew Clyde, Murphy USA's president and chief executive officer, said the record income is giving the company "a lot of momentum" coming into 2024.

That gives Murphy USA more opportunities to drive shareholder value creation, Clyde said.

"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," Clyde said, "meaning we are investing in people, technology and innovation to drive in-store performance."

For the full year, the company reported net income of $556.8 million, or $25.49 per share, compared to net income of $672.9 million, or $28.10 per share, in 2022.

Its 2023 revenue dropped 8.2% to $21.53 billion.

Murphy USA repurchased slightly more than 1 million shares during the year at an average of $327.55 per share, for a total of $336.2 million.

Murphy USA's shares rose $7.74, or 2.15%, to close Wednesday at $367.63 on the New York Stock Exchange. Its shares have traded between $281.65 and $384.25 in the past year.

Murphy USA opened 10 stores in the quarter, bringing its total to 1,733. Most of its stores are near a Walmart Inc. Supercenter.

Company executives will discuss the results in a telephone conference call at 10 a.m. today at (888) 330-2384. The conference ID number is 6680883.

The call may also be accessed through a live webcast on the company's investor site at http://ir.corporate.murphyusa.com.

The webcast will be available for replay one hour after the call ends, and a transcript will be released shortly afterward.


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