
Convenience store chain Murphy USA of El Dorado (NYSE: MUSA) announced fourth-quarter net income of $142 million on Wednesday, results that exceeded Wall Street projections.
The profit and revenue of $4.71 billion were both down a bit from the year before, but the $6.96 per-share earnings number easily surpassed an average analysts’ forecast of $6.43 per share. Fourth-quarter revenue in 2023 was $150 million in the fourth quarter.
President and CEO Andrew Clyde said in the announcement that the company’s “strong performance in 2024 demonstrates the resilience, durability and effectiveness of our advantaged business model.”
Murphy stock rose about 1% to $515.95 on Wednesday in anticipation of the results. Shares dipped slightly to $513.53 Thursday morning. The stock’s high point for 2024 came in November, when it hit $555.48 per share.
Full-year profit for 2024 was $502.5 million, or $24.11 per diluted share. That figure was down from 2023’s $556.8 million, or $25.49 per share.
Fuel sales contribution to the bottom line was 32.5 cents per gallon in the fourth quarter, exactly what it had been the year before. Full-year fuel contribution was 30.5 cents per gallon, compared to 31.4 cents for all of 2023. Cigarette sales were also strong.
“Strength in our core areas, particularly our fuel and nicotine categories, continued to drive significant value, with retail fuel margins up 50 basis points year-over-year, despite lower volatility and a flatter price profile,” Clyde said.
“Total merchandise margin dollars increased nearly 4% year-over-year, despite challenges in our Northeast market especially for food retailers,” he added.
The company completed 32 stores new to the industry and added 47 raze-and rebuild projects.
The retailer paid a third-quarter cash dividend of 48 cents per share to stockholders on Dec. 2.
The company expects an increased growth trajectory in 2025 and 2026 “as we focus on long-term growth opportunities,” Clyde said.