Murphy USA Reports Big Quarter, $6.2B in Revenue

Andrew Clyde

Murphy USA of El Dorado (NYSE: MUSA) beat revenue estimates with its third-quarter results announced Wednesday afternoon, reporting net income of nearly $220 million and revenue of $6.2 billion, up from $4.6 billion in the same quarter last year.

The income figure, $9.28 per diluted share of stock, was more than double last year’s $104 million, or $3.98 per diluted share, and the revenue figure for the national gasoline and convenience chain beat Wall Street analysts’ expectations by about $200 million.

Gasoline sales led the surge, contributing 37.6 cents per gallon sold, compared with 26.6 cents per gallon in the third quarter of 2021. Total retail gallons sold were also up by 13.2%. Merchandise sales were also up by 9.8%.

During the quarter, the company opened seven new Murphy Express stores, giving the chain a total of 1,700 stores. The company also repurchased about 800,000 shares of stock for $211.5 million, an average price of $275.85 per share

“Third quarter results showcased the resiliency and attractiveness of our everyday low price model, which translated into strong fuel volume growth and same-store merchandise growth,” Murphy USA President and CEO Andrew Clyde said in a statement.

“Murphy USA continues to provide value to our customers and they are rewarding us with their loyalty, resulting in more frequent trips and larger baskets,” Clyde continued. “Performance in categories attached to fuel trips has maintained strength, as October per-store volumes are running about 10% higher than the prior year. We remain committed to our mission of providing affordable gas, convenience products, and food and beverage offers to customers across our growing network, and expect our advantaged business model to continue generating strong results into 2023.”

Shares of the company were flat in after-hours trading Wednesday. For the year to date, shares were up 46%.