Murphy USA Inc. released results for the first quarter of 2022 on Tuesday. Highlights include:
- Net income was $152.4 million, or $6.08 per diluted share, in Q1 2022 compared to net income of $55.3 million, or $2.01 per diluted share, in Q1 2021. Current year results include three months of QuickChek versus two months in the prior year period.
- Total fuel contribution (retail fuel margin plus product supply and wholesale (“PS&W”) results including RINs) for Q1 2022 was 34.0 cpg, compared to 22.5 cpg in Q1 2021
- Total retail gallons increased 7.8 percent to 1.1 billion gallons in Q1 2022 compared to Q1 2021, while volumes on a same store sales (“SSS”) basis increased 3.8 percent
- Merchandise contribution dollars for Q1 2022 increased 18.4 percent to $175.7 million on average unit margins of 19.7 percent, compared to the prior-year quarter contribution dollars of $148.4 million on unit margins of 17.8 percent
- Food and beverage contribution margin increased to 14.6% of total merchandise contribution dollars in Q1 2022 compared to 11.5 percent in the prior year period
- During Q1 2022, the Company opened 6 new Murphy Express stores and 1 QuickChek store which increased the quarter-end store count to 1,686. There are 17 new Murphy Express stores, 2 new QuickChek stores, and 17 raze-and-rebuild Murphy USA stores currently under construction
- Common shares repurchased during Q1 2022 were approximately 0.8 million for $151.8 million at an average price of $181.36 per share
- The Company paid a quarterly cash dividend of $0.29 per share, or $1.16 per share on an annualized basis, on March 3, 2022, for a total cash payment of $7.2 million
“Our Q1 results continue to highlight the benefits of Murphy USA’s advantaged and resilient low-cost business model, affordable every-day-low-prices, and incredibly engaged associates who go the extra mile for their customers,” said Murphy USA President and CEO Andrew Clyde. “Through competitive pricing and promotions that resonate with our value-driven customers, we are profitably gaining share in established and emerging categories, as existing customer spending remains strong and new customers seek greater value in the current environment. This enduring advantage is key to the virtuous cycle through which all Murphy USA stakeholders win.”
Full Murphy USA Earnings Release Report for the 1st Quarter 2022 is available here.
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