Murphy USA Profit Rises 42% in Q2

Andrew Clyde

Murphy USA Inc. of El Dorado (NYSE: MUSA) on Wednesday reported second-quarter net income of $183.3 million, up 42.3% from $128.8 million in the same quarter a year ago.

On a per-share basis, the company reported earnings of $7.53 per share, up from $4.79.

The company said income was higher primarily due to improved margins from both fuel and merchandise, partially offset by higher payment fees, higher store operating expenses, and increased general and administrative expenses.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $5.35 per share.

The gasoline station operator posted revenue of $6.77 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $6.38 billion.

President and CEO Andrew Clyde said that with inflation at a 40-year high, the quarterly results show that Murphy USA is one of the “top value brands” for consumers. 

“With our advantaged business model, we continued to profitably take share on non-discretionary fuel purchases while growing per-store sales and contribution across categories,” he said in a news release. “Notably, momentum accelerated into July as customers benefit from falling fuel prices while employee engagement is supported by a special summer incentive program.”

The company opened nine new Murphy Express stores during the quarter, increasing the total to 1,695. Year-to-date, the company has opened nine new Murphy Express stores and one new QuickCheck store.

Arkansas Business will update this story.

The Associated Press contributed to this report.