Murphy USA Inc. Reports Third Quarter 2024 Results
Murphy USA (NYSE: MUSA) reported Q3 2024 financial results with net income of $149.2 million, or $7.20 per diluted share, compared to $167.7 million, or $7.69 per diluted share in Q3 2023. Total fuel contribution decreased to 32.6 cpg from 34.5 cpg year-over-year. Merchandise contribution increased 2.4% to $216.8 million. The company repurchased 244.4 thousand shares for $126.4 million and increased its quarterly dividend by 6.7% to $0.48 per share. The company updated its capital expenditure guidance to $500-525 million and revised SG&A guidance to $240-250 million.
Murphy USA (NYSE: MUSA) ha riportato i risultati finanziari del terzo trimestre 2024, con un reddito netto di 149,2 milioni di dollari, ovvero 7,20 dollari per azione diluita, rispetto ai 167,7 milioni di dollari, pari a 7,69 dollari per azione diluita nel terzo trimestre 2023. Il contributo totale del carburante è diminuito a 32,6 cpg rispetto ai 34,5 cpg dell'anno precedente. Il contributo della merce è aumentato del 2,4% a 216,8 milioni di dollari. L'azienda ha riacquistato 244,4 mila azioni per 126,4 milioni di dollari e ha aumentato il suo dividendo trimestrale del 6,7% a 0,48 dollari per azione. L'azienda ha aggiornato le sue previsioni di spesa in conto capitale a 500-525 milioni e ha rivisto le previsioni di SG&A a 240-250 milioni.
Murphy USA (NYSE: MUSA) reportó los resultados financieros del tercer trimestre de 2024, con un ingreso neto de 149,2 millones de dólares, o 7,20 dólares por acción diluida, en comparación con 167,7 millones de dólares, o 7,69 dólares por acción diluida en el tercer trimestre de 2023. La contribución total de combustible disminuyó a 32,6 cpg desde 34,5 cpg en comparación con el año anterior. La contribución de mercancías aumentó un 2,4% a 216,8 millones de dólares. La empresa recompró 244,4 mil acciones por 126,4 millones de dólares y aumentó su dividendo trimestral en un 6,7% a 0,48 dólares por acción. La empresa actualizó su guía de gastos de capital a 500-525 millones y revisó la guía de SG&A a 240-250 millones.
머피 USA (NYSE: MUSA)는 2024년 3분기 재무 결과를 발표했으며, 순이익은 1억 4,920만 달러, 즉 희석 주당 7.20달러로, 2023년 3분기의 1억 6,770만 달러, 즉 희석 주당 7.69달러와 비교되었습니다. 총 연료 기여금은 전년 대비 34.5 cpg에서 32.6 cpg로 감소했습니다. 상품 기여금은 2.4% 증가하여 2억 1,680만 달러에 달했습니다. 회사는 124,400주를 1억 2,640만 달러에 재매입했으며, 분기 배당금을 6.7% 증가시켜 주당 0.48달러로 조정했습니다. 회사는 자본 지출 가이드를 5억-5억 2,500만 달러로 업데이트했으며, SG&A 가이드를 2억 4,000만-2억 5,000만 달러로 수정했습니다.
Murphy USA (NYSE: MUSA) a communiqué ses résultats financiers pour le troisième trimestre 2024, avec un revenu net de 149,2 millions de dollars, soit 7,20 dollars par action diluée, contre 167,7 millions de dollars, soit 7,69 dollars par action diluée au troisième trimestre 2023. La contribution totale des combustibles a diminué à 32,6 cpg contre 34,5 cpg d'une année sur l'autre. La contribution des marchandises a augmenté de 2,4% pour atteindre 216,8 millions de dollars. L'entreprise a racheté 244 400 actions pour 126,4 millions de dollars et a augmenté son dividende trimestriel de 6,7% à 0,48 dollar par action. Elle a mis à jour sa prévision de dépenses en capital à 500-525 millions de dollars et a révisé ses prévisions SG&A à 240-250 millions de dollars.
Murphy USA (NYSE: MUSA) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Nettogewinn von 149,2 Millionen Dollar, bzw. 7,20 Dollar pro verwässerter Aktie, im Vergleich zu 167,7 Millionen Dollar, bzw. 7,69 Dollar pro verwässerter Aktie im 3. Quartal 2023. Der gesamte Kraftstoffbeitrag ging im Jahresvergleich von 34,5 cpg auf 32,6 cpg zurück. Der Warenbeitrag stieg um 2,4% auf 216,8 Millionen Dollar. Das Unternehmen hat 244.400 Aktien für 126,4 Millionen Dollar zurückgekauft und seine quartalsweise Dividende um 6,7% auf 0,48 Dollar pro Aktie erhöht. Das Unternehmen hat seine Prognose für Investitionsausgaben auf 500-525 Millionen Dollar aktualisiert und die SG&A-Prognose auf 240-250 Millionen Dollar überarbeitet.
- Merchandise contribution increased 2.4% to $216.8 million
- Retail fuel volumes increased 2.0% year-over-year
- Company announced 6.7% increase in quarterly dividend to $0.48 per share
- Strong share repurchase program with $126.4 million spent in Q3
- Retail fuel margins improved 11.2% to 31.9 cpg versus prior year
- Net income declined to $149.2 million from $167.7 million in Q3 2023
- Total fuel contribution decreased 3.5% to $404.2 million
- Store operating expenses increased by $10.5 million year-over-year
- PS&W contribution including RINs decreased $61.9 million compared to Q3 2023
Insights
Murphy USA's Q3 2024 results showcase mixed performance with notable headwinds. Net income decreased to
Key positives include retail fuel margins improving to
However, investors should note increased operating expenses and reduced PS&W contribution including RINs, which fell
Key Highlights:
-
Net income was
$149.2 million $7.20 $167.7 million $7.69
- Total fuel contribution for Q3 2024 was 32.6 cpg, compared to 34.5 cpg in Q3 2023
-
Total retail gallons increased
2.0% , and volumes on a same store sales ("SSS") basis increased0.5% , in Q3 2024 compared to Q3 2023
-
Merchandise contribution dollars for Q3 2024 increased
2.4% to$216.8 million 20.0% , compared to Q3 2023 contribution dollars of$211.8 million 20.1%
-
During Q3 2024, the Company repurchased approximately 244.4 thousand common shares for
$126.4 million $517.17
-
The Company paid a quarterly cash dividend of
$0.45 $1.80 2.3% increase from June of 2024, for a total cash payment of$9.2 million
-
On October 24, 2024, the Company announced a quarterly cash dividend of
$0.48 $1.92 6.7% increase from the prior quarter. The dividend is payable on December 2, 2024, to stockholders of record as of November 4, 2024
“Strength in our core categories continued to drive Murphy USA’s advantaged business model in the third quarter,” said President and CEO Andrew Clyde. “Retail fuel margins were over 3 cpg higher than 2023, and per store volumes grew
Consolidated Results
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income (loss) ($ Millions) |
|
$ |
149.2 |
|
$ |
167.7 |
|
$ |
360.0 |
|
$ |
406.8 |
Earnings per share (diluted) |
|
$ |
7.20 |
|
$ |
7.69 |
|
$ |
17.17 |
|
$ |
18.47 |
Adjusted EBITDA ($ Millions) |
|
$ |
285.6 |
|
$ |
306.0 |
|
$ |
728.5 |
|
$ |
783.3 |
Net income and Adjusted EBITDA for Q3 2024 declined versus the prior-year quarter, due primarily to lower total fuel contribution and higher store operating expenses, which were partially offset by higher retail fuel volumes and higher overall merchandise contribution.
Fuel
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Total retail fuel contribution ($ Millions) |
|
$ |
395.7 |
|
|
$ |
348.6 |
|
|
$ |
1,010.9 |
|
|
$ |
948.0 |
|
Total PS&W contribution ($ Millions) |
|
|
(24.2 |
) |
|
|
(11.4 |
) |
|
|
(21.3 |
) |
|
|
(114.5 |
) |
RINs (included in Other operating revenues on Consolidated Income Statement) ($ Millions) |
|
32.7 |
|
|
|
81.8 |
|
|
|
91.0 |
|
|
|
281.2 |
|
|
Total fuel contribution ($ Millions) |
|
$ |
404.2 |
|
|
$ |
419.0 |
|
|
$ |
1,080.6 |
|
|
$ |
1,114.7 |
|
Retail fuel volume - chain (Million gal) |
|
|
1,239.3 |
|
|
|
1,214.9 |
|
|
|
3,624.0 |
|
|
|
3,595.4 |
|
Retail fuel volume - per store (K gal APSM)1 |
|
|
248.4 |
|
|
|
245.8 |
|
|
|
241.9 |
|
|
|
241.8 |
|
Retail fuel volume - per store (K gal SSS)2 |
|
|
245.2 |
|
|
|
241.7 |
|
|
|
238.7 |
|
|
|
237.7 |
|
Total fuel contribution (cpg) |
|
|
32.6 |
|
|
|
34.5 |
|
|
|
29.8 |
|
|
|
31.0 |
|
Retail fuel margin (cpg) |
|
|
31.9 |
|
|
|
28.7 |
|
|
|
27.9 |
|
|
|
26.4 |
|
PS&W including RINs contribution (cpg) |
|
|
0.7 |
|
|
|
5.8 |
|
|
|
1.9 |
|
|
|
4.6 |
|
|
||||||||||||||||
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
|
|
Nine Months Ended
|
||||||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Total merchandise contribution ($ Millions) |
|
$ |
216.8 |
|
|
$ |
211.8 |
|
|
$ |
624.9 |
|
|
$ |
605.7 |
|
Total merchandise sales ($ Millions) |
|
$ |
1,082.4 |
|
|
$ |
1,055.6 |
|
|
$ |
3,163.5 |
|
|
$ |
3,070.8 |
|
Total merchandise sales ($K SSS)1,2 |
|
$ |
211.4 |
|
|
$ |
206.8 |
|
|
$ |
206.1 |
|
|
$ |
200.1 |
|
Merchandise unit margin (%) |
|
|
20.0 |
% |
|
|
20.1 |
% |
|
|
19.8 |
% |
|
|
19.7 |
% |
Nicotine contribution ($K SSS)1,2 |
|
$ |
19.8 |
|
|
$ |
19.0 |
|
|
$ |
19.4 |
|
|
$ |
18.2 |
|
Non-nicotine contribution ($K SSS)1,2 |
|
$ |
22.9 |
|
|
$ |
22.9 |
|
|
$ |
21.8 |
|
|
$ |
21.6 |
|
Total merchandise contribution ($K SSS)1,2 |
|
$ |
42.7 |
|
|
$ |
41.9 |
|
|
$ |
41.2 |
|
|
$ |
39.8 |
|
|
||||||||||||||||
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
|
|
Nine Months Ended
|
||||||||
Key Operating Metrics |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Total store and other operating expenses ($ Millions) |
$ |
276.1 |
|
$ |
265.6 |
|
$ |
798.1 |
|
$ |
760.6 |
|
Store OPEX excluding payment fees and rent
|
$ |
36.1 |
|
$ |
34.7 |
|
$ |
35.0 |
|
$ |
33.1 |
|
Total SG&A cost ($ Millions) |
|
$ |
60.0 |
|
$ |
60.0 |
|
$ |
181.2 |
|
$ |
178.4 |
Total store and other operating expenses were
Store Openings
The tables below reflect changes in our store portfolio in Q3 2024:
Net Change in Q3 2024 |
|
Murphy
|
|
QuickChek |
|
Total |
||
New-to-industry ("NTI") |
|
4 |
|
— |
|
|
4 |
|
Closed |
|
— |
|
— |
|
|
— |
|
Net change |
|
4 |
|
— |
|
|
4 |
|
|
|
|
|
|
|
|
||
Raze-and-rebuilds reopened in Q3* |
|
16 |
|
— |
|
|
16 |
|
|
|
|
|
|
|
|
||
Under Construction at End of Q3 |
|
|
|
|
|
|
||
NTI |
|
27 |
|
3 |
|
|
30 |
|
Raze-and-rebuilds* |
|
20 |
|
— |
|
|
20 |
|
Total under construction at end of Q3 |
|
47 |
|
3 |
|
|
50 |
|
|
|
|
|
|
|
|
||
Net Change YTD in 2024 |
|
|
|
|
|
|
||
NTI |
|
9 |
|
1 |
|
|
10 |
|
Closed |
|
— |
|
(3 |
) |
|
(3 |
) |
Net change |
|
9 |
|
(2 |
) |
|
7 |
|
|
|
|
|
|
|
|
||
Raze-and-rebuilds reopened YTD* |
|
27 |
|
— |
|
|
27 |
|
|
|
|
|
|
|
|
||
Store count at September 30, 2024* |
|
1,586 |
|
154 |
|
|
1,740 |
|
|
|
|
|
|
|
|
||
*Store counts include raze-and-rebuild stores |
||||||||
Financial Resources
|
|
As of September 30, |
||||
Key Financial Metrics |
|
2024 |
|
2023 |
||
Cash and cash equivalents ($ Millions) |
|
$ |
52.5 |
|
$ |
124.8 |
Marketable securities, current ($ Millions) |
|
$ |
1.5 |
|
$ |
8.5 |
Marketable securities, non-current ($ Millions) |
|
$ |
— |
|
$ |
7.4 |
Long-term debt, including finance lease obligations ($ Millions) |
$ |
1,820.0 |
|
$ |
1,786.4 |
|
Cash balances as of September 30, 2024 totaled
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
Key Financial Metric |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Average shares outstanding (diluted) (in thousands) |
20,735 |
|
21,790 |
|
20,969 |
|
22,020 |
|
At September 30, 2024, the Company had common shares outstanding of 20,249,099. Common shares repurchased during the quarter were approximately 244.4 thousand shares for
The effective income tax rate was approximately
The Company paid a quarterly cash dividend on September 5, 2024 of
2024 Guidance Update
Concurrent with the earnings release, the Company is also updating our full-year capital expenditure expectations to a range of
In addition, we are revising our guidance for our full-year SG&A expenses to a range of
All other previously issued guidance metrics remain unchanged.
Earnings Call Information
The Company will host a conference call on October 31, 2024 at 10:00 a.m. Central Time to discuss third quarter 2024 results. The call can be accessed via webcast through the Investor Relations section of the Murphy USA website at http://ir.corporate.murphyusa.com. If you are unable to attend via webcast, 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 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. |
||||||||||||||||
Consolidated Statements of Income |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Millions of dollars, except share and per share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Petroleum product sales1 |
|
$ |
4,121.4 |
|
|
$ |
4,658.8 |
|
|
$ |
12,273.6 |
|
|
$ |
13,103.6 |
|
Merchandise sales |
|
|
1,082.4 |
|
|
|
1,055.6 |
|
|
|
3,163.5 |
|
|
|
3,070.8 |
|
Other operating revenues |
|
|
34.7 |
|
|
|
83.5 |
|
|
|
96.8 |
|
|
|
286.1 |
|
Total operating revenues |
|
|
5,238.5 |
|
|
|
5,797.9 |
|
|
|
15,533.9 |
|
|
|
16,460.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Expenses |
|
|
|
|
|
|
|
|
||||||||
Petroleum product cost of goods sold1 |
|
|
3,751.2 |
|
|
|
4,322.5 |
|
|
|
11,287.5 |
|
|
|
12,273.1 |
|
Merchandise cost of goods sold |
|
|
865.6 |
|
|
|
843.8 |
|
|
|
2,538.6 |
|
|
|
2,465.1 |
|
Store and other operating expenses |
|
|
276.1 |
|
|
|
265.6 |
|
|
|
798.1 |
|
|
|
760.6 |
|
Depreciation and amortization |
|
|
62.8 |
|
|
|
57.5 |
|
|
|
180.8 |
|
|
|
171.7 |
|
Selling, general and administrative |
|
|
60.0 |
|
|
|
60.0 |
|
|
|
181.2 |
|
|
|
178.4 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
2.4 |
|
|
|
2.2 |
|
Total operating expenses |
|
|
5,016.5 |
|
|
|
5,550.1 |
|
|
|
14,988.6 |
|
|
|
15,851.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on sale of assets |
|
|
(0.4 |
) |
|
|
(0.5 |
) |
|
|
(1.4 |
) |
|
|
(0.6 |
) |
Income (loss) from operations |
|
|
221.6 |
|
|
|
247.3 |
|
|
|
543.9 |
|
|
|
608.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Investment income |
|
|
1.0 |
|
|
|
2.1 |
|
|
|
3.1 |
|
|
|
4.7 |
|
Interest expense |
|
|
(24.4 |
) |
|
|
(24.6 |
) |
|
|
(74.2 |
) |
|
|
(74.5 |
) |
Other nonoperating income (expense) |
|
|
0.5 |
|
|
|
(1.4 |
) |
|
|
1.0 |
|
|
|
(0.9 |
) |
Total other income (expense) |
|
|
(22.9 |
) |
|
|
(23.9 |
) |
|
|
(70.1 |
) |
|
|
(70.7 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
198.7 |
|
|
|
223.4 |
|
|
|
473.8 |
|
|
|
538.1 |
|
Income tax expense (benefit) |
|
|
49.5 |
|
|
|
55.7 |
|
|
|
113.8 |
|
|
|
131.3 |
|
Net Income |
|
$ |
149.2 |
|
|
$ |
167.7 |
|
|
$ |
360.0 |
|
|
$ |
406.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Earnings Per Common Share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
7.30 |
|
|
$ |
7.83 |
|
|
$ |
17.43 |
|
|
$ |
18.80 |
|
Diluted |
|
$ |
7.20 |
|
|
$ |
7.69 |
|
|
$ |
17.17 |
|
|
$ |
18.47 |
|
Weighted-average Common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
20,440 |
|
|
|
21,401 |
|
|
|
20,659 |
|
|
|
21,635 |
|
Diluted |
|
|
20,735 |
|
|
|
21,790 |
|
|
|
20,969 |
|
|
|
22,020 |
|
Supplemental information: |
|
|
|
|
|
|
|
|
||||||||
1Includes excise taxes of: |
|
$ |
601.1 |
|
|
$ |
582.1 |
|
|
$ |
1,757.4 |
|
|
$ |
1,721.0 |
|
Murphy USA Inc. |
||||||||||||||||
Segment Operating Results |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
(Millions of dollars, except revenue per same store sales (in thousands) and store counts) |
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
Marketing Segment |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Petroleum product sales |
|
$ |
4,121.4 |
|
|
$ |
4,658.8 |
|
|
$ |
12,273.6 |
|
|
$ |
13,103.6 |
|
Merchandise sales |
|
|
1,082.4 |
|
|
|
1,055.6 |
|
|
|
3,163.5 |
|
|
|
3,070.8 |
|
Other operating revenues |
|
|
34.6 |
|
|
|
83.4 |
|
|
|
96.6 |
|
|
|
285.9 |
|
Total operating revenues |
|
|
5,238.4 |
|
|
|
5,797.8 |
|
|
|
15,533.7 |
|
|
|
16,460.3 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Petroleum products cost of goods sold |
|
|
3,751.2 |
|
|
|
4,322.5 |
|
|
|
11,287.5 |
|
|
|
12,273.1 |
|
Merchandise cost of goods sold |
|
|
865.6 |
|
|
|
843.8 |
|
|
|
2,538.6 |
|
|
|
2,465.1 |
|
Store and other operating expenses |
|
|
276.1 |
|
|
|
265.5 |
|
|
|
798.0 |
|
|
|
760.5 |
|
Depreciation and amortization |
|
|
58.5 |
|
|
|
53.3 |
|
|
|
169.1 |
|
|
|
158.9 |
|
Selling, general and administrative |
|
|
60.0 |
|
|
|
60.0 |
|
|
|
181.2 |
|
|
|
178.4 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
2.4 |
|
|
|
2.2 |
|
Total operating expenses |
|
|
5,012.2 |
|
|
|
5,545.8 |
|
|
|
14,976.8 |
|
|
|
15,838.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on sale of assets |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(1.4 |
) |
|
|
(0.5 |
) |
Income (loss) from operations |
|
|
225.9 |
|
|
|
251.6 |
|
|
|
555.5 |
|
|
|
621.6 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(2.0 |
) |
|
|
(2.2 |
) |
|
|
(6.2 |
) |
|
|
(6.7 |
) |
Other nonoperating income (expense) |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
Total other income (expense) |
|
|
(2.0 |
) |
|
|
(2.1 |
) |
|
|
(6.2 |
) |
|
|
(6.6 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes |
|
|
223.9 |
|
|
|
249.5 |
|
|
|
549.3 |
|
|
|
615.0 |
|
Income tax expense (benefit) |
|
|
55.9 |
|
|
|
62.3 |
|
|
|
132.0 |
|
|
|
150.2 |
|
Net income (loss) from operations |
|
$ |
168.0 |
|
|
$ |
187.2 |
|
|
$ |
417.3 |
|
|
$ |
464.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total nicotine sales revenue same store sales1,2 |
|
$ |
135.8 |
|
|
$ |
132.1 |
|
|
$ |
132.3 |
|
|
$ |
126.6 |
|
Total non-nicotine sales revenue same store sales1,2 |
|
75.6 |
|
|
|
74.7 |
|
|
|
73.8 |
|
|
|
73.5 |
|
|
Total merchandise sales revenue same store sales1,2 |
$ |
211.4 |
|
|
$ |
206.8 |
|
|
$ |
206.1 |
|
|
$ |
200.1 |
|
|
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 |
|
|
1,740 |
|
|
|
1,724 |
|
|
|
1,740 |
|
|
|
1,724 |
|
Total store months during the period |
|
|
5,138 |
|
|
|
5,110 |
|
|
|
15,435 |
|
|
|
15,400 |
|
Same store sales information compared to APSM metrics
|
|
Variance from prior year period |
||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||
|
|
September 30, 2024 |
|
September 30, 2024 |
||||||||
|
|
SSS1 |
|
APSM2 |
|
SSS1 |
|
APSM2 |
||||
Retail fuel volume per month |
|
0.5 |
% |
|
1.1 |
% |
|
(0.6 |
%) |
|
— |
% |
|
|
|
|
|
|
|
|
|
||||
Merchandise sales |
|
1.6 |
% |
|
2.0 |
% |
|
2.6 |
% |
|
2.8 |
% |
Nicotine sales |
|
3.3 |
% |
|
3.1 |
% |
|
5.2 |
% |
|
4.6 |
% |
Non-nicotine sales |
|
(1.4 |
)% |
|
0.1 |
% |
|
(1.7 |
%) |
|
(0.3 |
%) |
|
|
|
|
|
|
|
|
|
||||
Merchandise margin |
|
1.2 |
% |
|
1.8 |
% |
|
2.8 |
% |
|
2.9 |
% |
Nicotine margin |
|
6.1 |
% |
|
4.8 |
% |
|
8.2 |
% |
|
6.5 |
% |
Non-nicotine margin |
|
(2.7 |
)% |
|
(0.6 |
)% |
|
(1.5 |
%) |
|
0.1 |
% |
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 Q3 2024 covers the period June 29, 2024 to September 27, 2024 and for the 2024 year-to-date period December 30, 2023 to September 27, 2024. The QuickChek results for Q3 2023 covers the period July 1, 2023 to September 29, 2023 and the 2023 year-to-date period December 31, 2022 to September 29, 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) |
|
September 30,
|
|
December 31,
|
||||
|
|
(unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
52.5 |
|
|
$ |
117.8 |
|
Marketable securities, current |
|
|
1.5 |
|
|
|
7.1 |
|
Accounts receivable—trade, less allowance for doubtful
accounts of |
|
|
262.6 |
|
|
|
336.7 |
|
Inventories, at lower of cost or market |
|
|
341.2 |
|
|
|
341.2 |
|
Prepaid expenses and other current assets |
|
|
31.3 |
|
|
|
23.7 |
|
Total current assets |
|
|
689.1 |
|
|
|
826.5 |
|
Marketable securities, non-current |
|
|
— |
|
|
|
4.4 |
|
Property, plant and equipment, at cost less accumulated depreciation and amortization of |
|
|
2,739.9 |
|
|
|
2,571.8 |
|
Operating lease right of use assets, net |
|
|
484.8 |
|
|
|
452.1 |
|
Intangible assets, net of amortization |
|
|
139.6 |
|
|
|
139.8 |
|
Goodwill |
|
|
328.0 |
|
|
|
328.0 |
|
Other assets |
|
|
21.0 |
|
|
|
17.5 |
|
Total assets |
|
$ |
4,402.4 |
|
|
$ |
4,340.1 |
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
15.7 |
|
|
$ |
15.0 |
|
Trade accounts payable and accrued liabilities |
|
|
780.3 |
|
|
|
834.7 |
|
Income taxes payable |
|
|
62.8 |
|
|
|
23.1 |
|
Total current liabilities |
|
|
858.8 |
|
|
|
872.8 |
|
|
|
|
|
|
||||
Long-term debt, including capitalized lease obligations |
|
|
1,820.0 |
|
|
|
1,784.7 |
|
Deferred income taxes |
|
|
325.5 |
|
|
|
329.5 |
|
Asset retirement obligations |
|
|
47.4 |
|
|
|
46.1 |
|
Non-current operating lease liabilities |
|
|
487.7 |
|
|
|
450.3 |
|
Deferred credits and other liabilities |
|
|
32.9 |
|
|
|
27.8 |
|
Total liabilities |
|
|
3,572.3 |
|
|
|
3,511.2 |
|
Stockholders' Equity |
|
|
|
|
||||
Preferred Stock, par |
|
|
|
|
||||
none outstanding) |
|
|
— |
|
|
|
— |
|
Common Stock, par |
|
|
|
|
||||
46,767,164 shares issued at 2024 and 2023, respectively) |
|
|
0.5 |
|
|
|
0.5 |
|
Treasury stock (26,518,065 and 25,929,836 shares held at |
|
|
|
|
||||
2024 and 2023, respectively) |
|
|
(3,265.9 |
) |
|
|
(2,957.8 |
) |
Additional paid in capital (APIC) |
|
|
484.7 |
|
|
|
508.1 |
|
Retained earnings |
|
|
3,610.8 |
|
|
|
3,278.1 |
|
Total stockholders' equity |
|
|
830.1 |
|
|
|
828.9 |
|
Total liabilities and stockholders' equity |
|
$ |
4,402.4 |
|
|
$ |
4,340.1 |
|
Murphy USA Inc. |
||||||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Millions of dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating Activities |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
149.2 |
|
|
$ |
167.7 |
|
|
$ |
360.0 |
|
|
$ |
406.8 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
62.8 |
|
|
|
57.5 |
|
|
|
180.8 |
|
|
|
171.7 |
|
Deferred and noncurrent income tax charges (benefits) |
|
|
2.5 |
|
|
|
(9.3 |
) |
|
|
(4.0 |
) |
|
|
0.1 |
|
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
|
2.4 |
|
|
|
2.2 |
|
Amortization of discount on marketable securities |
|
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
(Gains) losses from sale of assets |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
1.4 |
|
|
|
0.6 |
|
Net (increase) decrease in noncash operating working capital |
|
|
(23.8 |
) |
|
|
(35.6 |
) |
|
|
32.0 |
|
|
|
(97.2 |
) |
Other operating activities - net |
|
|
10.2 |
|
|
|
8.5 |
|
|
|
26.4 |
|
|
|
26.7 |
|
Net cash provided (required) by operating activities |
|
|
202.1 |
|
|
|
190.0 |
|
|
|
598.9 |
|
|
|
510.9 |
|
Investing Activities |
|
|
|
|
|
|
|
|
||||||||
Property additions |
|
|
(136.9 |
) |
|
|
(79.4 |
) |
|
|
(331.1 |
) |
|
|
(224.6 |
) |
Proceeds from sale of assets |
|
|
0.3 |
|
|
|
0.5 |
|
|
|
1.9 |
|
|
|
2.3 |
|
Investment in marketable securities |
|
|
— |
|
|
|
(2.9 |
) |
|
|
— |
|
|
|
(11.3 |
) |
Redemptions of marketable securities |
|
|
6.0 |
|
|
|
7.5 |
|
|
|
10.0 |
|
|
|
18.0 |
|
Other investing activities - net |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
|
|
(1.7 |
) |
|
|
(1.4 |
) |
Net cash provided (required) by investing activities |
|
|
(131.5 |
) |
|
|
(74.7 |
) |
|
|
(320.9 |
) |
|
|
(217.0 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
||||||||
Purchase of treasury stock |
|
|
(125.2 |
) |
|
|
(64.8 |
) |
|
|
(317.7 |
) |
|
|
(172.7 |
) |
Dividends paid |
|
|
(9.2 |
) |
|
|
(8.4 |
) |
|
|
(27.1 |
) |
|
|
(24.7 |
) |
Borrowings of debt |
|
|
225.0 |
|
|
|
— |
|
|
|
345.0 |
|
|
|
8.0 |
|
Repayments of debt |
|
|
(187.9 |
) |
|
|
(3.9 |
) |
|
|
(315.7 |
) |
|
|
(19.6 |
) |
Amounts related to share-based compensation |
|
|
(0.6 |
) |
|
|
(6.3 |
) |
|
|
(27.8 |
) |
|
|
(20.6 |
) |
Net cash provided (required) by financing activities |
|
|
(97.9 |
) |
|
|
(83.4 |
) |
|
|
(343.3 |
) |
|
|
(229.6 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(27.3 |
) |
|
|
31.9 |
|
|
|
(65.3 |
) |
|
|
64.3 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
79.8 |
|
|
|
92.9 |
|
|
|
117.8 |
|
|
|
60.5 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
52.5 |
|
|
$ |
124.8 |
|
|
$ |
52.5 |
|
|
$ |
124.8 |
|
Supplemental Disclosure Regarding Non-GAAP Financial Information
The following table reconciles EBITDA and Adjusted EBITDA to Net Income for the three and nine months ended September 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
|
|
Nine Months Ended
|
||||||||||
(Millions of dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
|
|
|
|
|
|
|
|
|
||||||
Net income |
|
$ |
149.2 |
|
|
$ |
167.7 |
|
$ |
360.0 |
|
|
$ |
406.8 |
|
|
|
|
|
|
|
|
|
||||||
Income tax expense (benefit) |
|
|
49.5 |
|
|
|
55.7 |
|
|
113.8 |
|
|
|
131.3 |
Interest expense, net of investment income |
|
|
23.4 |
|
|
|
22.5 |
|
|
71.1 |
|
|
|
69.8 |
Depreciation and amortization |
|
|
62.8 |
|
|
|
57.5 |
|
|
180.8 |
|
|
|
171.7 |
EBITDA |
|
$ |
284.9 |
|
|
$ |
303.4 |
|
$ |
725.7 |
|
|
$ |
779.6 |
|
|
|
|
|
|
|
|
|
||||||
Accretion of asset retirement obligations |
|
|
0.8 |
|
|
|
0.7 |
|
|
2.4 |
|
|
|
2.2 |
(Gain) loss on sale of assets |
|
|
0.4 |
|
|
|
0.5 |
|
|
1.4 |
|
|
|
0.6 |
Other nonoperating (income) expense |
|
|
(0.5 |
) |
|
|
1.4 |
|
|
(1.0 |
) |
|
|
0.9 |
Adjusted EBITDA |
|
$ |
285.6 |
|
|
$ |
306.0 |
|
$ |
728.5 |
|
|
$ |
783.3 |
|
|
|
|
|
|
|
|
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030452581/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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