Murphy USA Inc. of El Dorado reported challenging fourth-quarter numbers Tuesday but an improved full-year profit of $221.5 million, or $5.59 per diluted share, compared with $176.3 million, or $4.02 per share, in 2015.
The retail fuel and convenience store giant said its net income for the fourth quarter was $43.8 million, or $1.14 per diluted share. Its 2015 fourth-quarter profit was $66.7 million, or $1.58 per share.
Total retail gallons sold were down 0.7 percent in the quarter while volume also fell in what company President and CEO Andrew Clyde described as “the weakest retail fuel margin environment” since 2010.
“We are very pleased with the company’s performance in 2016 despite a challenging fourth-quarter fuel environment,” Clyde said in a statement accompanying Murphy USA’s quarterly financial results. “The transformational changes we made to our business generated $57 million of EBITDA growth versus 2015.”
Those changes included expanding merchandise margins and a 4.1 percent improvement in per-store operating expenses.
The company attributed a 15 percent fourth-quarter decrease in total retail fuel revenue to weak margins caused by increases in wholesale gas prices throughout the quarter, and to a lesser extent “softer volumes per store.”
The chain added 37 stores during the quarter, bringing its total to 1,401 locations at year-end, the report said.
The company plans a conference call on its earnings at 10 a.m. Thursday. Interested parties can participate by dialing 1-877-291-1367 and referencing this conference ID number: 43412076.
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