Murphy USA Inc. Reports Second Quarter 2024 Results
Murphy USA (NYSE: MUSA) announced its Q2 2024 results. Key highlights:
Net income was $144.8 million, or $6.92 per diluted share, up from $132.8 million, or $6.02 per diluted share, in Q2 2023. Total fuel contribution increased to 31.7 cpg from 29.5 cpg. However, retail gallons decreased by 0.6%. Merchandise contribution rose by 4.7% to $216.5 million on 20.0% margins.
Murphy USA repurchased 238.4K shares for $107.1 million and paid a quarterly dividend of $0.44 per share, totaling $9.1 million. The effective tax rate was 25.1%, up from 24.4%.
Updated FY2024 guidance revises merchandise contribution to $830-$840 million from $860-$880 million due to weak consumer demand in the Northeast. Raze-and-rebuild sites guidance increased to over 40 from the range of 35-40.
EPS and Adjusted EBITDA increased, driven by higher fuel and merchandise contributions, partially offset by higher operating expenses.
Murphy USA (NYSE: MUSA) ha annunciato i risultati del secondo trimestre 2024. Ecco i principali punti salienti:
Il reddito netto è stato di 144,8 milioni di dollari, ovvero 6,92 dollari per azione diluita, in aumento rispetto ai 132,8 milioni di dollari, o 6,02 dollari per azione diluita, del secondo trimestre 2023. Il contributo totale sul carburante è aumentato a 31,7 cpg rispetto ai 29,5 cpg. Tuttavia, i galloni al dettaglio sono diminuiti dello 0,6%. Il contributo della merce è salito del 4,7% a 216,5 milioni di dollari con margini del 20,0%.
Murphy USA ha riacquistato 238,4 mila azioni per 107,1 milioni di dollari e ha pagato un dividendo trimestrale di 0,44 dollari per azione, per un totale di 9,1 milioni di dollari. Il tasso d’imposta effettivo è stato del 25,1%, in aumento rispetto al 24,4%.
Le stime aggiornate per l'anno fiscale 2024 rivedono il contributo della merce a 830-840 milioni di dollari dai 860-880 milioni di dollari a causa della debole domanda dei consumatori nel Nord-Est. Le previsioni per i siti di demolizione e ricostruzione sono aumentate a oltre 40 rispetto alla gamma di 35-40.
EPS e EBITDA regolato sono aumentati, sostenuti da maggiori contributi da carburante e merce, parzialmente compensati da maggiori costi operativi.
Murphy USA (NYSE: MUSA) anunció sus resultados del segundo trimestre de 2024. A continuación, los puntos clave:
Los ingresos netos fueron de 144,8 millones de dólares, o 6,92 dólares por acción diluida, un aumento respecto a los 132,8 millones de dólares, o 6,02 dólares por acción diluida, del segundo trimestre de 2023. La contribución total de combustible aumentó a 31,7 cpg desde 29,5 cpg. Sin embargo, los galones minoristas disminuyeron en un 0,6%. La contribución de mercancías aumentó en un 4,7% a 216,5 millones de dólares con márgenes del 20,0%.
Murphy USA recompró 238,4 mil acciones por 107,1 millones de dólares y pagó un dividendo trimestral de 0,44 dólares por acción, totalizando 9,1 millones de dólares. La tasa impositiva efectiva fue del 25,1%, un aumento respecto al 24,4%.
Las proyecciones actualizadas para el año fiscal 2024 revisan la contribución de mercancías a 830-840 millones de dólares, desde 860-880 millones de dólares debido a la débil demanda de los consumidores en el noreste. La guía para los sitios de demolición y reconstrucción se incrementó a más de 40 desde el rango de 35-40.
EPS y EBITDA ajustado aumentaron, impulsados por mayores contribuciones de combustible y mercancías, parcialmente compensados por mayores gastos operativos.
머피 USA (NYSE: MUSA)는 2024년 2분기 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
순이익은 1억 4480만 달러, 즉 희석 주당 6.92달러로 2023년 2분기 1억 3280만 달러, 희석 주당 6.02달러에서 증가했습니다. 총 연료 기여도는 29.5 cpg에서 31.7 cpg로 증가했습니다. 그러나 소매 갤런 수는 0.6% 감소했습니다. 상품 기여도는 4.7% 증가한 2억 1650만 달러로, 20.0%의 마진을 기록했습니다.
머피 USA는 238.4천 주를 1억 710만 달러에 재매입했으며, 주당 0.44달러의 분기 배당금을 지급하여 총 910만 달러에 달했습니다. 유효 세율은 25.1%로, 24.4%에서 증가했습니다.
2024 회계연도 업데이트된 가이드는 북동부의 약한 소비자 수요로 인해 상품 기여도를 8억 3000만~8억 4000만 달러에서 8억 6000만~8억 8000만 달러로 수정했습니다. 해체 후 재건축 사이트 가이드는 35-40에서 40개 이상으로 증가했습니다.
EPS와 조정된 EBITDA는 연료 및 상품 기여도가 증가하면서 증가했으나, 운영비 증가로 일부 상쇄되었습니다.
Murphy USA (NYSE: MUSA) a annoncé ses résultats pour le deuxième trimestre 2024. Voici les moments forts :
Le revenu net s'élevait à 144,8 millions de dollars, soit 6,92 dollars par action diluée, en hausse par rapport à 132,8 millions de dollars, soit 6,02 dollars par action diluée, au deuxième trimestre 2023. La contribution totale des carburants a augmenté à 31,7 cpg contre 29,5 cpg. Cependant, les gallons de détail ont diminué de 0,6%. La contribution des marchandises a augmenté de 4,7% pour atteindre 216,5 millions de dollars avec des marges de 20,0%.
Murphy USA a racheté 238,4 milliers d'actions pour 107,1 millions de dollars et a versé un dividende trimestriel de 0,44 dollars par action, totalisant 9,1 millions de dollars. Le taux d'imposition effectif était de 25,1%, en hausse par rapport à 24,4%.
Les prévisions mises à jour pour l'exercice 2024 révisent la contribution des marchandises à 830-840 millions de dollars contre 860-880 millions de dollars en raison d'une faiblesse de la demande des consommateurs dans le Nord-Est. La prévision pour les sites de démolition et de reconstruction a été révisée à plus de 40, contre une fourchette de 35 à 40.
EPS et EBITDA ajusté ont augmenté, soutenus par des contributions plus élevées des carburants et des marchandises, partiellement compensées par des coûts d'exploitation plus élevés.
Murphy USA (NYSE: MUSA) hat seine Ergebnisse für das 2. Quartal 2024 bekannt gegeben. Die wichtigsten Highlights:
Der Nettoertrag betrug 144,8 Millionen Dollar bzw. 6,92 Dollar pro verwässerter Aktie, ein Anstieg von 132,8 Millionen Dollar bzw. 6,02 Dollar pro verwässerter Aktie im 2. Quartal 2023. Der gesamte Kraftstoffbeitrag stieg von 29,5 cpg auf 31,7 cpg. Die Einzelhandelsgelder gingen jedoch um 0,6% zurück. Der Merchandise-Beitrag stieg um 4,7% auf 216,5 Millionen Dollar mit einer Marge von 20,0%.
Murphy USA kaufte 238,4 Tausend Aktien für 107,1 Millionen Dollar zurück und zahlte eine vierteljährliche Dividende von 0,44 Dollar pro Aktie, insgesamt 9,1 Millionen Dollar. Der effektive Steuersatz betrug 25,1%, ein Anstieg von 24,4%.
Die aktualisierte Prognose für das Geschäftsjahr 2024 revidiert den Merchandise-Beitrag auf 830-840 Millionen Dollar von 860-880 Millionen Dollar aufgrund der schwachen Verbrauchernachfrage im Nordosten. Die Prognose für Abriss- und Neubauprojekte wurde auf über 40 von 35-40 erhöht.
EPS und bereinigtes EBITDA stiegen, angetrieben durch höhere Beiträge aus Kraftstoff und Merchandise, die teilweise durch gestiegene Betriebskosten ausgeglichen wurden.
- Net income increased to $144.8 million, up from $132.8 million.
- EPS increased to $6.92 per diluted share from $6.02.
- Total fuel contribution rose to 31.7 cpg from 29.5 cpg.
- Merchandise contribution increased by 4.7% to $216.5 million.
- Repurchased 238.4K shares for $107.1 million.
- Paid a quarterly dividend of $0.44 per share, totaling $9.1 million.
- Updated guidance for raze-and-rebuild sites to over 40.
- Retail gallons decreased by 0.6%.
- Revised merchandise contribution guidance to $830-$840 million, down from $860-$880 million.
- Higher operating expenses by $13.2 million.
Insights
Murphy USA's Q2 2024 results demonstrate resilience in a challenging economic environment. The company reported net income of
Key financial highlights include:
- Total fuel contribution increased to
$390.3 million , up6.7% from Q2 2023 - Merchandise contribution rose to
$216.5 million , a4.7% increase year-over-year - Adjusted EBITDA grew to
$278.6 million , up from$257.1 million in Q2 2023
The company's focus on non-discretionary categories like fuel and tobacco has paid off, with retail fuel margins improving to 29.7 cpg, a
Murphy USA's strong cash position (
While the company faces headwinds in some areas, its core business remains robust and the accelerated new store openings planned for the second half of 2024 and into 2025 could drive future growth.
Murphy USA's Q2 2024 results reveal interesting consumer trends in the convenience store sector. The company's performance in non-discretionary categories, particularly fuel and tobacco, remains strong. However, the revised merchandise contribution guidance suggests a shift in consumer behavior, especially in the Northeast.
Key observations:
- Total merchandise sales increased to
$1.08 billion , up3.0% from Q2 2023 - Tobacco contribution on a same-store sales basis grew by
9.9% , while non-tobacco contribution increased by only1.3% - Store operating expenses excluding payment fees and rent rose by
6.0% on an average per store month basis
The disparity between tobacco and non-tobacco sales growth indicates that consumers are prioritizing essential purchases while cutting back on discretionary items. This trend is particularly evident in the Northeast, where inflation and other factors are impacting traffic at QuickChek stores.
The
Murphy USA's accelerated new store openings and raze-and-rebuild program (now expected to exceed 40 sites in 2024) indicate a strategic focus on modernizing and expanding its retail footprint. This approach could help the company capture market share and adapt to evolving consumer preferences in the convenience store sector.
Overall, these results highlight the resilience of non-discretionary categories in the face of economic pressures and underscore the importance of adapting to regional variations in consumer behavior.
Key Highlights:
-
Net income was
$144.8 million $6.92 $132.8 million $6.02 - Total fuel contribution for Q2 2024 was 31.7 cpg, compared to 29.5 cpg in Q2 2023.
-
Total retail gallons decreased
0.6% in Q2 2024 compared to Q2 2023, while volumes on a same store sales ("SSS") basis declined1.3% in Q2 2024 compared to Q2 2023. -
Merchandise contribution dollars for Q2 2024 increased
4.7% to$216.5 million 20.0% , compared to Q2 2023 contribution dollars of$206.8 million 19.7% . -
During Q2 2024, the Company repurchased approximately 238.4 thousand common shares for
$107.1 million $449.30 -
The Company paid a quarterly cash dividend of
$0.44 $1.76 4.8% increase from March of 2024, for a total cash payment of$9.1 million
“Murphy USA’s advantaged business model delivered strong second quarter results led by continued outperformance in the core non-discretionary fuel and tobacco categories,” said President and CEO Andrew Clyde. “Record second quarter retail fuel contribution dollars helped make up for a slow start in the first quarter and clearly demonstrated that structural margin dynamics remain intact, despite limited volatility versus prior years. Nicotine continues to gain share, while center-of-store results remain mixed, particularly in the Northeast where inflation and other drivers are impacting traffic at QuickChek, more than offsetting the benefits of our initiatives to drive further value in the business. Given these trends remain below our high expectations into the third quarter, we are revising our full-year merchandise margin guidance. Despite these headwinds, customer spend on non-discretionary categories remains robust in our core footprint, creating sustainable value as our NTI activity accelerates in the second half of 2024 and into 2025.”
Consolidated Results
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income (loss) ($ Millions) |
|
$ |
144.8 |
|
$ |
132.8 |
|
$ |
210.8 |
|
$ |
239.1 |
Earnings per share (diluted) |
|
$ |
6.92 |
|
$ |
6.02 |
|
$ |
10.02 |
|
$ |
10.82 |
Adjusted EBITDA ($ Millions) |
|
$ |
278.6 |
|
$ |
257.1 |
|
$ |
442.9 |
|
$ |
477.3 |
Net income and Adjusted EBITDA for Q2 2024 were higher versus the prior-year quarter, due primarily to higher total fuel contribution and higher overall merchandise contribution, which were partially offset by higher store operating expenses.
Fuel
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||
Key Operating Metrics |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Total retail fuel contribution ($ Millions) |
|
$ |
365.2 |
|
|
$ |
334.7 |
|
|
$ |
615.2 |
|
$ |
599.4 |
|
Total PS&W contribution ($ Millions) |
|
|
(3.8 |
) |
|
|
(53.0 |
) |
|
|
2.9 |
|
|
(103.1 |
) |
RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions) |
|
28.9 |
|
|
|
84.1 |
|
|
|
58.3 |
|
|
199.4 |
|
|
Total fuel contribution ($ Millions) |
|
$ |
390.3 |
|
|
$ |
365.8 |
|
|
$ |
676.4 |
|
$ |
695.7 |
|
Retail fuel volume - chain (Million gal) |
|
|
1,231.6 |
|
|
|
1,238.8 |
|
|
|
2,384.7 |
|
|
2,380.5 |
|
Retail fuel volume - per store (K gal APSM)1 |
|
|
247.2 |
|
|
|
249.3 |
|
|
|
238.6 |
|
|
239.8 |
|
Retail fuel volume - per store (K gal SSS)2 |
|
|
244.3 |
|
|
|
245.2 |
|
|
|
235.7 |
|
|
236.2 |
|
Total fuel contribution (cpg) |
|
|
31.7 |
|
|
|
29.5 |
|
|
|
28.4 |
|
|
29.2 |
|
Retail fuel margin (cpg) |
|
|
29.7 |
|
|
|
27.0 |
|
|
|
25.8 |
|
|
25.2 |
|
PS&W including RINs contribution (cpg) |
|
|
2.0 |
|
|
|
2.5 |
|
|
|
2.6 |
|
|
4.0 |
|
|
|||||||||||||||
1Average Per Store Month ("APSM") metric includes all stores open through the date of calculation |
|||||||||||||||
22023 amounts not revised for 2024 raze-and-rebuild activity |
|||||||||||||||
Total fuel contribution dollars of
Merchandise
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Key Operating Metrics |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Total merchandise contribution ($ Millions) |
|
$ |
216.5 |
|
|
$ |
206.8 |
|
|
$ |
408.1 |
|
|
$ |
393.9 |
|
Total merchandise sales ($ Millions) |
|
$ |
1,080.4 |
|
|
$ |
1,049.0 |
|
|
$ |
2,081.1 |
|
|
$ |
2,015.2 |
|
Total merchandise sales ($K SSS)1,2 |
|
$ |
211.3 |
|
|
$ |
204.7 |
|
|
$ |
203.2 |
|
|
$ |
197.0 |
|
Merchandise unit margin (%) |
|
|
20.0 |
% |
|
|
19.7 |
% |
|
|
19.6 |
% |
|
|
19.6 |
% |
Tobacco contribution ($K SSS)1,2 |
|
$ |
20.0 |
|
|
$ |
18.2 |
|
|
$ |
19.2 |
|
|
$ |
17.8 |
|
Non-tobacco contribution ($K SSS)1,2 |
|
$ |
22.8 |
|
|
$ |
22.5 |
|
|
$ |
21.1 |
|
|
$ |
21.1 |
|
Total merchandise contribution ($K SSS)1,2 |
|
$ |
42.8 |
|
|
$ |
40.7 |
|
|
$ |
40.3 |
|
|
$ |
38.9 |
|
|
||||||||||||||||
12023 amounts not revised for 2024 raze-and-rebuild activity |
||||||||||||||||
2Includes store-level discounts for Murphy Drive Reward ("MDR") redemptions and excludes change in value of unredeemed MDR points |
||||||||||||||||
Total merchandise contribution increased
Other Areas
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Total store and other operating expenses ($ Millions) |
$ |
269.9 |
|
$ |
256.7 |
|
$ |
522.0 |
|
$ |
495.0 |
|
Store OPEX excluding payment fees and rent ($K APSM) |
$ |
35.5 |
|
$ |
33.5 |
|
$ |
34.4 |
|
$ |
32.3 |
|
Total SG&A cost ($ Millions) |
|
$ |
59.1 |
|
$ |
59.4 |
|
$ |
121.2 |
|
$ |
118.4 |
Total store and other operating expenses were
Store Openings
The tables below reflect changes in our store portfolio in Q2 2024:
Net Change in Q2 2024 |
|
Murphy
|
|
QuickChek |
|
Total |
|||
New-to-industry ("NTI") |
|
3 |
|
|
— |
|
|
3 |
|
Closed |
|
— |
|
|
— |
|
|
— |
|
Net change |
|
3 |
|
|
— |
|
|
3 |
|
|
|
|
|
|
|
|
|||
Raze-and-rebuilds reopened in Q2* |
|
9 |
|
|
— |
|
|
9 |
|
|
|
|
|
|
|
|
|||
Under Construction at End of Q2 |
|
|
|
|
|
|
|||
NTI |
|
15 |
|
|
3 |
|
|
18 |
|
Raze-and-rebuilds* |
|
26 |
|
|
— |
|
|
26 |
|
Total under construction at end of Q2 |
|
41 |
|
|
3 |
|
|
44 |
|
|
|
|
|
|
|
|
|||
Net Change YTD in 2024 |
|
|
|
|
|
|
|||
NTI |
|
5 |
|
|
1 |
|
|
6 |
|
Closed |
|
— |
|
|
(3 |
) |
|
(3 |
) |
Net change |
|
5 |
|
|
(2 |
) |
|
3 |
|
|
|
|
|
|
|
|
|||
Raze-and-rebuilds reopened YTD* |
|
11 |
|
|
— |
|
|
11 |
|
|
|
|
|
|
|
|
|||
Store count at June 30, 2024* |
|
1,582 |
|
154 |
|
|
1,736 |
|
|
|
|
|
|
|
|
|
|||
*Store counts include raze-and-rebuild stores |
|||||||||
Financial Resources
|
|
As of June 30, |
||||
Key Financial Metrics |
|
2024 |
|
2023 |
||
Cash and cash equivalents ($ Millions) |
|
$ |
79.8 |
|
$ |
92.9 |
Marketable securities, current ($ Millions) |
|
$ |
4.5 |
|
$ |
13.0 |
Marketable securities, non-current ($ Millions) |
|
$ |
3.0 |
|
$ |
7.4 |
Long-term debt, including finance lease obligations ($ Millions) |
$ |
1,781.4 |
|
$ |
1,787.3 |
|
Cash balances as of June 30, 2024 totaled
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
Key Financial Metric |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Average shares outstanding (diluted) (in thousands) |
20,922 |
|
22,051 |
|
21,043 |
|
22,092 |
|
At June 30, 2024, the Company had common shares outstanding of 20,492,205. Common shares repurchased during the quarter were approximately 238.4 thousand shares for
The effective income tax rate for Q2 2024 was
The Company paid a quarterly cash dividend on June 3, 2024 of
2024 Guidance Update
Concurrent with the earnings release, the Company is also updating our full-year merchandise contribution results to a range of
In addition, we are revising our guidance for raze-and-rebuild sites to more than 40, up from the originally guided range of 35 to 40, due primarily to the successful efforts of our team to pull forward some future projects into the current year.
All other previously issued guidance metrics remain unchanged. More details on the guidance updates will be shared in the earnings conference call noted below.
Earnings Call Information
The Company will host a conference call on August 1, 2024 at 10:00 a.m. Central Time to discuss second quarter 2024 results. The conference call number is 1 (888) 330-2384 and the conference ID number is 6680883. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (http://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.
Source: Murphy USA Inc. (NYSE: MUSA)
Forward-Looking Statements
Certain statements in this news release contains certain statements or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings and associated capital expenditures, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: our ability to successfully expand our food and beverage offerings; our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, manage disruptions in our supply chain and our ability to control costs; geopolitical events, such as
Murphy USA Inc. |
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Consolidated Statements of Income |
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(Unaudited) |
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Three Months Ended
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Six Months Ended
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(Millions of dollars, except share and per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Petroleum product sales1 |
|
$ |
4,340.5 |
|
|
$ |
4,450.6 |
|
|
$ |
8,152.2 |
|
|
$ |
8,444.8 |
|
Merchandise sales |
|
|
1,080.4 |
|
|
|
1,049.0 |
|
|
|
2,081.1 |
|
|
|
2,015.2 |
|
Other operating revenues |
|
|
30.8 |
|
|
|
85.8 |
|
|
|
62.1 |
|
|
|
202.6 |
|
Total operating revenues |
|
|
5,451.7 |
|
|
|
5,585.4 |
|
|
|
10,295.4 |
|
|
|
10,662.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses |
|
|
|
|
|
|
|
|
||||||||
Petroleum product cost of goods sold1 |
|
|
3,980.2 |
|
|
|
4,170.0 |
|
|
|
7,536.3 |
|
|
|
7,950.6 |
|
Merchandise cost of goods sold |
|
|
863.9 |
|
|
|
842.2 |
|
|
|
1,673.0 |
|
|
|
1,621.3 |
|
Store and other operating expenses |
|
|
269.9 |
|
|
|
256.7 |
|
|
|
522.0 |
|
|
|
495.0 |
|
Depreciation and amortization |
|
|
59.3 |
|
|
|
57.8 |
|
|
|
118.0 |
|
|
|
114.2 |
|
Selling, general and administrative |
|
|
59.1 |
|
|
|
59.4 |
|
|
|
121.2 |
|
|
|
118.4 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
1.6 |
|
|
|
1.5 |
|
Total operating expenses |
|
|
5,233.2 |
|
|
|
5,386.8 |
|
|
|
9,972.1 |
|
|
|
10,301.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on sale of assets |
|
|
(1.4 |
) |
|
|
0.1 |
|
|
|
(1.0 |
) |
|
|
(0.1 |
) |
Income (loss) from operations |
|
|
217.1 |
|
|
|
198.7 |
|
|
|
322.3 |
|
|
|
361.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Investment income |
|
|
0.9 |
|
|
|
1.8 |
|
|
|
2.1 |
|
|
|
2.6 |
|
Interest expense |
|
|
(24.9 |
) |
|
|
(25.0 |
) |
|
|
(49.8 |
) |
|
|
(49.9 |
) |
Other nonoperating income (expense) |
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.5 |
|
|
|
0.5 |
|
Total other income (expense) |
|
|
(23.9 |
) |
|
|
(23.0 |
) |
|
|
(47.2 |
) |
|
|
(46.8 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
193.2 |
|
|
|
175.7 |
|
|
|
275.1 |
|
|
|
314.7 |
|
Income tax expense (benefit) |
|
|
48.4 |
|
|
|
42.9 |
|
|
|
64.3 |
|
|
|
75.6 |
|
Net Income |
|
$ |
144.8 |
|
|
$ |
132.8 |
|
|
$ |
210.8 |
|
|
$ |
239.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Earnings Per Common Share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
7.02 |
|
|
$ |
6.12 |
|
|
$ |
10.17 |
|
|
$ |
11.01 |
|
Diluted |
|
$ |
6.92 |
|
|
$ |
6.02 |
|
|
$ |
10.02 |
|
|
$ |
10.82 |
|
Weighted-average Common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
20,643 |
|
|
|
21,686 |
|
|
|
20,728 |
|
|
|
21,712 |
|
Diluted |
|
|
20,922 |
|
|
|
22,051 |
|
|
|
21,043 |
|
|
|
22,092 |
|
Supplemental information: |
|
|
|
|
|
|
|
|
||||||||
1Includes excise taxes of: |
|
$ |
597.5 |
|
|
$ |
594.2 |
|
|
$ |
1,156.3 |
|
|
$ |
1,139.0 |
|
Murphy USA Inc. |
||||||||||||||||
Segment Operating Results |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
(Millions of dollars, except revenue per same store sales (in thousands) and store counts) |
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Marketing Segment |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Petroleum product sales |
|
$ |
4,340.5 |
|
|
$ |
4,450.6 |
|
|
$ |
8,152.2 |
|
|
$ |
8,444.8 |
|
Merchandise sales |
|
|
1,080.4 |
|
|
|
1,049.0 |
|
|
|
2,081.1 |
|
|
|
2,015.2 |
|
Other operating revenues |
|
|
30.8 |
|
|
|
85.8 |
|
|
|
62.0 |
|
|
|
202.5 |
|
Total operating revenues |
|
|
5,451.7 |
|
|
|
5,585.4 |
|
|
|
10,295.3 |
|
|
|
10,662.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Petroleum products cost of goods sold |
|
|
3,980.2 |
|
|
|
4,170.0 |
|
|
|
7,536.3 |
|
|
|
7,950.6 |
|
Merchandise cost of goods sold |
|
|
863.9 |
|
|
|
842.2 |
|
|
|
1,673.0 |
|
|
|
1,621.3 |
|
Store and other operating expenses |
|
|
269.8 |
|
|
|
256.8 |
|
|
|
521.9 |
|
|
|
495.0 |
|
Depreciation and amortization |
|
|
55.7 |
|
|
|
53.2 |
|
|
|
110.6 |
|
|
|
105.6 |
|
Selling, general and administrative |
|
|
59.1 |
|
|
|
59.4 |
|
|
|
121.2 |
|
|
|
118.4 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
1.6 |
|
|
|
1.5 |
|
Total operating expenses |
|
|
5,229.5 |
|
|
|
5,382.3 |
|
|
|
9,964.6 |
|
|
|
10,292.4 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on sale of assets |
|
|
(1.0 |
) |
|
|
0.1 |
|
|
|
(1.1 |
) |
|
|
(0.1 |
) |
Income (loss) from operations |
|
|
221.2 |
|
|
|
203.2 |
|
|
|
329.6 |
|
|
|
370.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(2.1 |
) |
|
|
(2.2 |
) |
|
|
(4.2 |
) |
|
|
(4.5 |
) |
Total other income (expense) |
|
|
(2.1 |
) |
|
|
(2.2 |
) |
|
|
(4.2 |
) |
|
|
(4.5 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
219.1 |
|
|
|
201.0 |
|
|
|
325.4 |
|
|
|
365.5 |
|
Income tax expense (benefit) |
|
|
55.3 |
|
|
|
49.3 |
|
|
|
76.1 |
|
|
|
87.9 |
|
Net income (loss) from operations |
|
$ |
163.8 |
|
|
$ |
151.7 |
|
|
$ |
249.3 |
|
|
$ |
277.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total tobacco sales revenue same store sales1,2 |
|
$ |
135.0 |
|
|
$ |
128.5 |
|
|
$ |
130.5 |
|
|
$ |
124.0 |
|
Total non-tobacco sales revenue same store sales1,2 |
|
76.3 |
|
|
|
76.2 |
|
|
|
72.7 |
|
|
|
73.0 |
|
|
Total merchandise sales revenue same store sales1,2 |
$ |
211.3 |
|
|
$ |
204.7 |
|
|
$ |
203.2 |
|
|
$ |
197.0 |
|
|
12023 amounts not revised for 2024 raze-and-rebuild activity |
||||||||||||||||
2Includes store-level discounts for Murphy Drive Reward ("MDR") redemptions and excludes change in value of unredeemed MDR points |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Store count at end of period |
|
|
1,736 |
|
|
|
1,725 |
|
|
|
1,736 |
|
|
|
1,725 |
|
Total store months during the period |
|
|
5,133 |
|
|
|
5,149 |
|
|
|
10,297 |
|
|
|
10,290 |
|
Same store sales information compared to APSM metrics
|
|
Variance from prior year period |
||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||
|
|
June 30, 2024 |
|
June 30, 2024 |
||||||||
|
|
SSS1 |
|
APSM2 |
|
SSS1 |
|
APSM2 |
||||
Retail fuel volume per month |
|
(1.3 |
)% |
|
(0.8 |
)% |
|
(1.1 |
%) |
|
(0.5 |
%) |
|
|
|
|
|
|
|
|
|
||||
Merchandise sales |
|
3.1 |
% |
|
3.3 |
% |
|
3.2 |
% |
|
3.2 |
% |
Tobacco sales |
|
5.9 |
% |
|
5.5 |
% |
|
6.3 |
% |
|
5.5 |
% |
Non tobacco sales |
|
(1.5 |
)% |
|
(0.2 |
)% |
|
(1.9 |
%) |
|
(0.5 |
%) |
|
|
|
|
|
|
|
|
|
||||
Merchandise margin |
|
5.0 |
% |
|
5.0 |
% |
|
3.7 |
% |
|
3.5 |
% |
Tobacco margin |
|
12.1 |
% |
|
10.7 |
% |
|
9.2 |
% |
|
7.4 |
% |
Non tobacco margin |
|
(0.5 |
)% |
|
0.6 |
% |
|
(0.9 |
%) |
|
0.4 |
% |
1Includes store-level discounts for MDR redemptions and excludes change in value of unredeemed MDR points |
||||||||||||
2Includes all MDR activity |
||||||||||||
Notes
Average Per Store Month (APSM) metric includes all stores open through the date of the calculation, including stores acquired during the period.
Same store sales (SSS) metric includes aggregated individual store results for all stores open throughout both periods presented. For all periods presented, the store must have been open for the entire calendar year to be included in the comparison. Remodeled stores that remained open or were closed for just a very brief time (less than a month) during the period being compared remain in the same store sales calculation. If a store is replaced either at the same location (raze-and-rebuild) or relocated to a new location, it will be excluded from the calculation during the period it is out of service. Newly constructed stores do not enter the calculation until they are open for each full calendar year for the periods being compared (open by January 1, 2023 for the stores being compared in the 2024 versus 2023 comparison). Acquired stores are not included in the calculation of same store sales for the first 12 months after the acquisition. When prior period same store sales volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds and asset dispositions.
QuickChek uses a weekly retail calendar where each quarter has 13 weeks. The QuickChek results for Q2 2024 covers the period March 30, 2024 to June 28, 2024 and for the 2024 year-to-date period December 30, 2023 to June 28, 2024. The QuickChek results for Q2 2023 covers the period April 1, 2023 to June 30, 2023 and the 2023 year-to-date period December 31, 2022 to June 30, 2023. The difference in the timing of the period ends is immaterial to the overall consolidated results.
Murphy USA Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
|
|
|
|
|
||||
(Millions of dollars, except share amounts) |
|
June 30,
|
|
December 31,
|
||||
|
|
(unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
79.8 |
|
|
$ |
117.8 |
|
Marketable securities, current |
|
|
4.5 |
|
|
|
7.1 |
|
Accounts receivable—trade, less allowance for doubtful accounts of |
|
|
386.5 |
|
|
|
336.7 |
|
Inventories, at lower of cost or market |
|
|
315.9 |
|
|
|
341.2 |
|
Prepaid expenses and other current assets |
|
|
33.4 |
|
|
|
23.7 |
|
Total current assets |
|
|
820.1 |
|
|
|
826.5 |
|
Marketable securities, non-current |
|
|
3.0 |
|
|
|
4.4 |
|
Property, plant and equipment, at cost less accumulated depreciation and amortization of |
|
|
2,655.4 |
|
|
|
2,571.8 |
|
Operating lease right of use assets, net |
|
|
463.5 |
|
|
|
452.1 |
|
Intangible assets, net of amortization |
|
|
139.6 |
|
|
|
139.8 |
|
Goodwill |
|
|
328.0 |
|
|
|
328.0 |
|
Other assets |
|
|
20.3 |
|
|
|
17.5 |
|
Total assets |
|
$ |
4,429.9 |
|
|
$ |
4,340.1 |
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
15.6 |
|
|
$ |
15.0 |
|
Trade accounts payable and accrued liabilities |
|
|
924.0 |
|
|
|
834.7 |
|
Income taxes payable |
|
|
31.1 |
|
|
|
23.1 |
|
Total current liabilities |
|
|
970.7 |
|
|
|
872.8 |
|
|
|
|
|
|
||||
Long-term debt, including capitalized lease obligations |
|
|
1,781.4 |
|
|
|
1,784.7 |
|
Deferred income taxes |
|
|
323.0 |
|
|
|
329.5 |
|
Asset retirement obligations |
|
|
46.3 |
|
|
|
46.1 |
|
Non-current operating lease liabilities |
|
|
464.6 |
|
|
|
450.3 |
|
Deferred credits and other liabilities |
|
|
32.6 |
|
|
|
27.8 |
|
Total liabilities |
|
|
3,618.6 |
|
|
|
3,511.2 |
|
Stockholders' Equity |
|
|
|
|
||||
Preferred Stock, par |
|
|
— |
|
|
|
— |
|
Common Stock, par |
|
|
0.5 |
|
|
|
0.5 |
|
Treasury stock (26,274,959 and 25,929,836 shares held at 2024 and 2023, respectively) |
|
|
(3,139.4 |
) |
|
|
(2,957.8 |
) |
Additional paid in capital (APIC) |
|
|
479.3 |
|
|
|
508.1 |
|
Retained earnings |
|
|
3,470.9 |
|
|
|
3,278.1 |
|
Total stockholders' equity |
|
|
811.3 |
|
|
|
828.9 |
|
Total liabilities and stockholders' equity |
|
$ |
4,429.9 |
|
|
$ |
4,340.1 |
|
Murphy USA Inc. |
||||||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(Millions of dollars) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating Activities |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
144.8 |
|
|
$ |
132.8 |
|
|
$ |
210.8 |
|
|
$ |
239.1 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
59.3 |
|
|
|
57.8 |
|
|
|
118.0 |
|
|
|
114.2 |
|
Deferred and noncurrent income tax charges (benefits) |
|
|
(6.0 |
) |
|
|
2.8 |
|
|
|
(6.5 |
) |
|
|
9.4 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
1.6 |
|
|
|
1.5 |
|
Amortization of discount on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
(Gains) losses from sale of assets |
|
|
1.4 |
|
|
|
(0.1 |
) |
|
|
1.0 |
|
|
|
0.1 |
|
Net (increase) decrease in noncash operating working capital |
|
|
51.6 |
|
|
|
(31.2 |
) |
|
|
55.8 |
|
|
|
(61.6 |
) |
Other operating activities - net |
|
|
8.9 |
|
|
|
8.4 |
|
|
|
16.2 |
|
|
|
18.2 |
|
Net cash provided (required) by operating activities |
|
|
260.8 |
|
|
|
171.2 |
|
|
|
396.8 |
|
|
|
320.9 |
|
Investing Activities |
|
|
|
|
|
|
|
|
||||||||
Property additions |
|
|
(118.0 |
) |
|
|
(72.5 |
) |
|
|
(194.2 |
) |
|
|
(145.2 |
) |
Proceeds from sale of assets |
|
|
0.6 |
|
|
|
1.8 |
|
|
|
1.6 |
|
|
|
1.8 |
|
Investment in marketable securities |
|
|
— |
|
|
|
(8.4 |
) |
|
|
— |
|
|
|
(8.4 |
) |
Redemptions of marketable securities |
|
|
3.0 |
|
|
|
6.0 |
|
|
|
4.0 |
|
|
|
10.5 |
|
Other investing activities - net |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.8 |
) |
|
|
(1.0 |
) |
Net cash provided (required) by investing activities |
|
|
(114.5 |
) |
|
|
(73.3 |
) |
|
|
(189.4 |
) |
|
|
(142.3 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
||||||||
Purchase of treasury stock |
|
|
(106.1 |
) |
|
|
(94.2 |
) |
|
|
(192.5 |
) |
|
|
(107.9 |
) |
Dividends paid |
|
|
(9.1 |
) |
|
|
(8.2 |
) |
|
|
(17.9 |
) |
|
|
(16.3 |
) |
Borrowings of debt |
|
|
120.0 |
|
|
|
— |
|
|
|
120.0 |
|
|
|
8.0 |
|
Repayments of debt |
|
|
(123.9 |
) |
|
|
(3.9 |
) |
|
|
(127.8 |
) |
|
|
(15.7 |
) |
Amounts related to share-based compensation |
|
|
(4.1 |
) |
|
|
(0.8 |
) |
|
|
(27.2 |
) |
|
|
(14.3 |
) |
Net cash provided (required) by financing activities |
|
|
(123.2 |
) |
|
|
(107.1 |
) |
|
|
(245.4 |
) |
|
|
(146.2 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
23.1 |
|
|
|
(9.2 |
) |
|
|
(38.0 |
) |
|
|
32.4 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
56.7 |
|
|
|
102.1 |
|
|
|
117.8 |
|
|
|
60.5 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
79.8 |
|
|
$ |
92.9 |
|
|
$ |
79.8 |
|
|
$ |
92.9 |
|
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three and six months ended June 30, 2024 and 2023. EBITDA means net income (loss) plus net interest expense, plus income tax expense, depreciation and amortization, and Adjusted EBITDA adds back (i) other non-cash items (e.g., impairment of properties and accretion of asset retirement obligations) and (ii) other items that management does not consider to be meaningful in assessing our operating performance (e.g., (income) from discontinued operations, net settlement proceeds, (gain) loss on sale of assets, loss on early debt extinguishment, transaction and integration costs related to acquisitions, and other non-operating (income) expense). EBITDA and Adjusted EBITDA are not measures that are prepared in accordance with
We use Adjusted EBITDA in our operational and financial decision-making, believing that the measure is useful to eliminate certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. Adjusted EBITDA is also used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. We believe that the presentation of Adjusted EBITDA provides useful information to investors because it allows understanding of a key measure that we evaluate internally when making operating and strategic decisions, preparing our annual plan, and evaluating our overall performance. However, non-GAAP measures are not a substitute for GAAP disclosures, and EBITDA and Adjusted EBITDA may be prepared differently by us than by other companies using similarly titled non-GAAP measures.
The reconciliation of net income (loss) to EBITDA and Adjusted EBITDA is as follows:
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(Millions of dollars) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
144.8 |
|
|
$ |
132.8 |
|
|
$ |
210.8 |
|
|
$ |
239.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
|
48.4 |
|
|
|
42.9 |
|
|
|
64.3 |
|
|
|
75.6 |
|
Interest expense, net of investment income |
|
|
24.0 |
|
|
|
23.2 |
|
|
|
47.7 |
|
|
|
47.3 |
|
Depreciation and amortization |
|
|
59.3 |
|
|
|
57.8 |
|
|
|
118.0 |
|
|
|
114.2 |
|
EBITDA |
|
$ |
276.5 |
|
|
$ |
256.7 |
|
|
$ |
440.8 |
|
|
$ |
476.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
1.6 |
|
|
|
1.5 |
|
(Gain) loss on sale of assets |
|
|
1.4 |
|
|
|
(0.1 |
) |
|
|
1.0 |
|
|
|
0.1 |
|
Other nonoperating (income) expense |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
Adjusted EBITDA |
|
$ |
278.6 |
|
|
$ |
257.1 |
|
|
$ |
442.9 |
|
|
$ |
477.3 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731046117/en/
Investor Contact:
Christian Pikul
Vice President, Investor Relations and Financial Planning and Analysis
christian.pikul@murphyusa.com
Source: Murphy USA Inc.
FAQ
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