Company News

Murphy USA 2nd-Quarter Earnings Rise

Results affirm brand's value, CEO says
Murphy USA store
Photograph: Shutterstock

EL DORADO, Ark. —Murphy USA Inc. reported net income of $183.3 million for second-quarter 2022, up from the net income of $128.8 million from the quarter the year prior.

“With inflation above its 40-year high, consumers need affordable everyday low prices on goods and services now more than ever. [Second-quarter] results affirm that Murphy USA is one of the top value brands that consumers trust to meet their needs,” Andrew Clyde, the El Dorado, Ark.-based chain’s president and CEO, said in announcing the results for the three months ended June 30.

“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. “Momentum accelerated into July as customers benefit from falling fuel prices while employee engagement is supported by a special summer incentive program.”

Total retail gallons of fuel increased 7.8% to 1.2 billion gallons in the quarter, compared to 1.1 billion gallons in second-quarter 2021, while volumes on a same-store sales basis increased 4.8%

Merchandise contribution dollars for the quarter increased 6.6% to $196.7 million on average unit margins of 19.8%, compared to the prior-year quarter contribution dollars of $184.5 million on unit margins of 19.2%. Food and beverage contribution margin increased 5% in the quarter over the prior-year period and sales dollars improved 10.5%

The chain grew, too. In second-quarter 2022, the company opened nine new Murphy Express convenience stores, bringing the total store count to 1,695. So far this year, the company has opened 15 new Murphy Express stores, one QuickChek store and 12 raze-and-rebuild Murphy USA locations.

Seventeen new Murphy Express stores, six new QuickChek stores and 15 raze-and-rebuild Murphy USA stores are currently under construction.

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