Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor
fuel products and convenience merchandise, today announced
financial results for the three months and twelve months ended
December 31, 2024.
Key Highlights:
- Net income was $142.5 million, or $6.96 per diluted share, in
Q4 2024 compared to net income of $150.0 million, or $7.00 per
diluted share, in Q4 2023. For the full year 2024, net income was
$502.5 million, or $24.11 per diluted share, compared to 2023 net
income of $556.8 million, or $25.49 per diluted share.
- Total fuel contribution was 32.5 cpg for both the current and
prior year quarter. For the year 2024, total fuel contribution was
30.5 cpg, compared to 31.4 cpg in 2023.
- Total retail gallons decreased 1.0%, and volumes on a same
store sales ("SSS") basis declined 2.8%, in Q4 2024 compared to Q4
2023. Total retail gallons were 4.8 billion gallons for both the
full year 2024 and 2023, and volumes on a SSS basis for the full
year 2024 decreased 1.1% compared to the prior-year period.
- Merchandise contribution dollars for Q4 2024 increased 5.6% to
$208.8 million on average unit margins of 19.9%, compared to Q4
2023 contribution dollars of $197.7 million on unit margins of
19.4%. For the full year 2024, merchandise contribution dollars
increased 3.8% to $833.7 million and average unit margins were
19.8% and 19.7% in 2024 and 2023, respectively.
- During Q4 2024, the Company repurchased approximately 239.7
thousand common shares for $126.2 million at an average price of
$526.61 per share. For the year 2024, the Company repurchased
slightly more than 938.5 thousand shares for a total of $446.6
million at an average of $475.86 per share.
“Murphy USA’s strong performance in 2024 demonstrates the
resilience, durability, and effectiveness of our advantaged
business model,” said President and CEO Andrew Clyde. “Strength in
our core areas, particularly our fuel and nicotine categories,
continued to drive significant value, with retail fuel margins up
50 basis points year-over-year, despite lower volatility and a
flatter price profile. Total merchandise margin dollars increased
nearly 4% year-over-year, despite challenges in our Northeast
market especially for food retailers. We accelerated our new-store
activity in 2024, completing 32 new-to-industry (NTI) stores and 47
raze and rebuilds, while increasing our growth trajectory in 2025
and 2026 as we focus on long-term growth opportunities. Looking
ahead, we remain committed to organic growth in attractive markets,
leveraging our strengths and capabilities to take share, and
investing in innovation to deliver exceptional value to our
customers. With our balanced capital allocation strategy, we expect
to grow our advantaged position while continuing to deliver on our
track record of exceptional shareholder returns.”
Consolidated Results
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Key Operating Metrics
2024
2023
2024
2023
Net income (loss) ($ Millions)
$
142.5
$
150.0
$
502.5
$
556.8
Earnings per share (diluted)
$
6.96
$
7.00
$
24.11
$
25.49
Adjusted EBITDA ($ Millions)
$
278.3
$
275.2
$
1,006.8
$
1,058.5
Net income for Q4 2024 was lower versus the prior-year quarter
due primarily to higher store operating expenses, higher
depreciation and amortization, an impairment charge and higher loss
on disposal of assets. These negative variances were partially
offset by positive variances from higher overall merchandise
contribution and lower income tax and general and administrative
expenses. Adjusted EBITDA was higher in the current year quarter by
$3.1 million.
Net income and Adjusted EBITDA for the year 2024 were lower than
the prior-year period, due primarily to lower total fuel
contribution and higher store operating expenses and higher
depreciation and amortization, which were partially offset by
higher overall merchandise contribution and lower income tax and
general and administrative expenses.
Fuel
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Key Operating Metrics
2024
2023
2024
2023
Total retail fuel contribution ($
Millions)
$
345.8
$
376.0
$
1,356.7
$
1,324.0
Total PS&W contribution ($
Millions)
4.7
(30.4
)
(16.6
)
(144.9
)
RINs (included in Other operating revenues
on Consolidated Income Statement) ($ Millions)
38.6
47.4
129.6
328.6
Total fuel contribution ($ Millions)
$
389.1
$
393.0
$
1,469.7
$
1,507.7
Retail fuel volume - chain (Million
gal)
1,196.8
1,208.4
4,820.8
4,803.7
Retail fuel volume - per store (K gal
APSM)1
237.0
242.8
240.6
242.0
Retail fuel volume - per store (K gal
SSS)2
233.6
237.9
237.6
237.8
Total fuel contribution (cpg)
32.5
32.5
30.5
31.4
Retail fuel margin (cpg)
28.9
31.1
28.1
27.6
PS&W including RINs contribution
(cpg)
3.6
1.4
2.4
3.8
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 $389.1 million decreased $3.9
million, or 1.0%, in Q4 2024 compared to Q4 2023 due to lower
retail volumes sold and flat total fuel contribution margins during
the quarter. Retail fuel contribution dollars decreased $30.2
million, or 8.0%, to $345.8 million compared to Q4 2023 due to
lower retail fuel margins combined with lower volumes sold. For Q4
2024, retail fuel margins were 28.9 cpg, a 7.1% decrease versus the
prior-year quarter, and overall retail volumes were 1.0% lower
compared to the prior-year quarter. PS&W contribution including
RINs increased $26.3 million when compared to Q4 2023, primarily
due to positive impacts from the timing of inventory movements,
partially offset by lower unbranded margins.
For the full year 2024, total fuel contribution dollars
decreased $38.0 million, or 2.5%, due to lower total fuel
contribution margins, partially offset by higher retail volumes.
Retail fuel contribution dollars increased $32.7 million, or 2.5%,
for the year 2024, due to higher retail fuel margins and higher
volumes sold. For the full year 2024, retail fuel margins were 28.1
cpg, a 1.8% increase versus the prior-year period, and overall
retail volumes were 0.4% higher for the year 2024 compared to the
prior-year period. PS&W contribution including RINs decreased
by $70.7 million for the full year, primarily due to timing and
pricing impacts related to market conditions.
Merchandise
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Key Operating Metrics
2024
2023
2024
2023
Total merchandise contribution ($
Millions)
$
208.8
$
197.7
$
833.7
$
803.4
Total merchandise sales ($ Millions)
$
1,051.3
$
1,018.5
$
4,214.8
$
4,089.3
Total merchandise sales ($K SSS)1,2
$
203.3
$
198.8
$
205.6
$
199.8
Merchandise unit margin (%)
19.9
%
19.4
%
19.8
%
19.7
%
Nicotine contribution ($K SSS)1,2
$
19.4
$
18.8
$
19.4
$
18.4
Non-nicotine contribution ($K SSS)1,2
$
21.0
$
20.4
$
21.6
$
21.3
Total merchandise contribution ($K
SSS)1,2
$
40.4
$
39.2
$
41.0
$
39.7
12023 amounts not revised for 2024
raze-and-rebuild activity
2Includes store-level discounts for
redemptions and excludes changes in value of unredeemed points
associated with our loyalty program(s)
Total merchandise contribution increased $11.1 million, or 5.6%,
to $208.8 million in Q4 2024 compared to the prior-year quarter,
and increased $30.3 million, or 3.8%, to $833.7 million for the
full year 2024, due primarily to higher merchandise sales. Total
nicotine contribution dollars increased 6.1% and non-nicotine
contribution dollars increased 4.4% in Q4 2024 compared to Q4 2023.
For the full year 2024, nicotine contribution dollars increased
6.6% and non-nicotine contribution dollars increased 1.3% compared
to prior year. Total merchandise contribution increased 2.4% on a
SSS basis in Q4 2024 compared to the prior-year quarter, and
increased 2.7% on a SSS basis for the full year 2024 compared to
prior year.
Other Areas
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Key Operating Metrics
2024
2023
2024
2023
Total store and other operating expenses
($ Millions)
$
266.5
$
254.2
$
1,064.6
$
1,014.8
Store OPEX excluding payment fees and rent
($K APSM)
$
34.9
$
33.5
$
35.0
$
33.2
Total SG&A cost ($ Millions)
$
54.2
$
62.1
$
235.4
$
240.5
Total store and other operating expenses were $12.3 million
higher in Q4 2024 versus Q4 2023, and were $49.8 million higher for
the year 2024 versus 2023, mainly due to higher employee related
expenses and maintenance costs at existing stores combined with
increases in net new store operating expenses. Store OPEX excluding
payment fees and rent on an APSM basis were 4.2% higher versus Q4
2023, and 5.4% higher for the year 2024, primarily attributable to
increased employee related expenses and maintenance costs.
Total SG&A costs for Q4 2024 were $7.9 million lower than Q4
2023, primarily due to lower incentive costs and a reduction in
technology fees related to business improvement initiatives in the
current year quarter. For the year 2024, SG&A costs were $5.1
million lower compared to the prior year, primarily due to lower
incentive costs, partially offset by higher wages and employee
related costs.
Store Openings
The tables below reflect changes in our store portfolio in Q4
2024:
Net Change in Q4 2024
Murphy USA /
Express
QuickChek
Total
New-to-industry ("NTI")
19
3
22
Closed
(4
)
(1
)
(5
)
Net change
15
2
17
Raze-and-rebuilds reopened in Q4*
20
—
20
Under Construction at End of Q4
NTI
17
1
18
Raze-and-rebuilds*
—
—
—
Total under construction at end of Q4
17
1
18
Net Change YTD in 2024
NTI
28
4
32
Closed
(4
)
(4
)
(8
)
Net change
24
—
24
Raze-and-rebuilds reopened YTD*
47
—
47
Store count at December 31, 2024*
1,601
156
1,757
*Store counts include raze-and-rebuild
stores
Financial Resources
As of December 31,
Key Financial Metrics
2024
2023
Cash and cash equivalents ($ Millions)
$
47.0
$
117.8
Marketable securities, current ($
Millions)
$
—
$
7.1
Marketable securities, non-current ($
Millions)
$
—
$
4.4
Long-term debt, including finance lease
obligations ($ Millions)
$
1,832.7
$
1,784.7
Cash balances as of December 31, 2024 totaled $47.0 million.
Long-term debt consisted of approximately $298.8 million in
carrying value of 5.625% senior notes due in 2027, $496.5 million
in carrying value of 4.75% senior notes due in 2029, $495.3 million
in carrying value of 3.75% senior notes due in 2031, and $378.1
million of term debt, combined with approximately $108.0 million in
long-term finance leases. In addition, long-term debt included
$56.0 million in outstanding borrowings on our revolving credit
facility as of December 31, 2024.
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Key Financial Metric
2024
2023
2024
2023
Average shares outstanding (diluted) (in
thousands)
20,458
21,425
20,842
21,843
At December 31, 2024, the Company had common shares outstanding
of 20,016,318. Common shares repurchased during the quarter were
approximately 239.7 thousand shares for $126.2 million. Common
shares purchased during the twelve months ended December 31, 2024,
were approximately 938.5 thousand shares for a total of $446.6
million. As of December 31, 2024, approximately $937.8 million
remained available under the existing $1.5 billion 2023
authorization.
The effective income tax rate was approximately 19.9% for Q4
2024 compared to 23.6% in Q4 2023. The rate for the quarter is
lower due to a discrete state tax benefit received in the quarter.
For the year 2024, the effective income tax rate was approximately
22.9% compared to 24.2% in 2023.
The Company paid a quarterly cash dividend on December 2, 2024
of $0.48 per share, or $1.92 per share on an annualized basis, a
6.7% increase from the previous quarter, for a total cash payment
of $9.7 million. The total amount paid in dividends year-to-date is
$36.8 million, or $1.79 per share.
2024 Guidance Range, 2024 Actual Results, and 2025 Guidance
Range
2024
2024
2025
Guidance Range
Actual Results
Guidance Range
Organic Growth
New Stores
30 - 35
32
Up to 50
Raze-and-Rebuilds
More than 40
47
Up to 30
Fuel Contribution
Retail fuel volume per store (K gallons
APSM)
240 to 245
241
240 to 245
Store Profitability
Merchandise contribution ($ Millions)
$830 to $840
$834
$855 to $875
Store OPEX excluding payment fees and rent
($K, APSM)
$35.0 to $35.5
$35.0
$36.5 to $37.0
Corporate Costs
SG&A ($ Millions)
$240 to $250
$235
$245 to $255
Effective Tax Rate
24% to 26%
22.9%
23% to 25%
Capital Allocation
Capital expenditures ($ Millions)
$500 to $525
$503
$450 to $500
Management's annual guidance for 2025 reflects the Company's
economic and market environment assessment, business improvement
initiatives and known potential headwinds. Key 2025 guidance ranges
include the following assumptions and are subject to the
uncertainties noted below:
Organic Growth:
- New store additions and investments in raze-and-rebuild sites
reflect our expectation of being able to sustain a higher level of
growth into 2025 and beyond. Our disciplined capital approach
combined with a more robust NTI pipeline will allow us to
prioritize NTI construction while managing a similar number of
total projects
Fuel Contribution:
- The company's low-price offering continues to resonate with our
customers, retaining recent year market share gains which we expect
to persist in 2025, resulting in flat to slightly higher per store
volumes
Store Profitability:
- Merchandise contribution growth of 3% to 5% is based on
expected impact from new stores, raze and rebuilds, and ongoing
promotional and center-of-store focused initiatives
- Growth in store operating expenses per site, before payment
fees and rent, will likely be modestly higher in 2025 as we build
larger new stores, raze and rebuild existing stores, and invest in
people and technology, coupled with normal cost inflation in this
area
Corporate Costs:
- SG&A costs reflect continued investments in productivity
initiatives that will improve the company's ability to better serve
customers through consistent execution and improved efficiencies
creating a more engaging customer experience over the
long-term
- The effective tax rate in 2025 is expected to be in a range of
23% to 25% and moves slightly lower consistent with recent
performance
Capital Allocation:
- Capital expenditures primarily reflect a higher expected level
of new store growth, raze-and-rebuild activity, store remodels, as
well as corporate infrastructure projects and back office
technology investments
The Company does not provide a projected range of all-in fuel
margin, Adjusted EBITDA, or Net Income. However, for modeling
purposes only, using all-in fuel margins of between 30.5 cpg and
32.5 cpg, combined with the mid-point of the official guided ranges
above, management would expect the business to generate Net Income
between $474 million and $551 million in 2025, respectively, which
would translate to expected Adjusted EBITDA between $1 billion and
$1.12 billion. A reconciliation of the Adjusted EBITDA to Net
Income is provided as the final page of this release.
* * * * *
Earnings Call Information
The Company will host a conference call on February 6, 2025 at
10:00 a.m. Central Time to discuss fourth quarter 2024 results. The
call can be accessed via webcast through the Investor Relations
section of the Murphy USA website at
https://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
(https://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 the conflicts in the Middle East, that impact the
supply and demand and price of crude oil; the impact of severe
weather events, such as hurricanes, floods and earthquakes; the
impact of a global health pandemic and any governmental response
thereto; the impact of any systems failures, cybersecurity and/or
security breaches of the company or its vendor partners, including
any security breach that results in theft, transfer or unauthorized
disclosure of customer, employee or company information or our
compliance with information security and privacy laws and
regulations in the event of such an incident; successful execution
of our information technology strategy; reduced demand for our
products due to the implementation of more stringent fuel economy
and greenhouse gas reduction requirements, or increasingly
widespread adoption of electric vehicle technology; future nicotine
or e-cigarette legislation and any other efforts that make
purchasing nicotine products more costly or difficult could hurt
our revenues and impact gross margins; our ability to successfully
expand our food and beverage offerings; efficient and proper
allocation of our capital resources, including the timing,
declaration, amount and payment of any future dividends or levels
of the Company's share repurchases, or management of operating
cash; the market price of the Company's stock prevailing from time
to time, the nature of other investment opportunities presented to
the Company from time to time, the Company's cash flows from
operations, and general economic conditions; compliance with debt
covenants; availability and cost of credit; and changes in interest
rates. Our SEC reports, including our most recent annual Report on
Form 10-K and quarterly report on Form 10-Q, contain other
information on these and other factors that could affect our
financial results and cause actual results to differ materially
from any forward-looking information we may provide. The Company
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events, new information or future
circumstances.
Murphy USA Inc.
Consolidated Statements of
Income
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(Millions of dollars, except share and per
share amounts)
2024
2023
2024
2023
Operating Revenues
Petroleum product sales1
$
3,618.2
$
4,000.8
$
15,891.8
$
17,104.4
Merchandise sales
1,051.3
1,018.5
4,214.8
4,089.3
Other operating revenues
40.9
49.6
137.7
335.7
Total operating revenues
4,710.4
5,068.9
20,244.3
21,529.4
Operating Expenses
Petroleum product cost of goods sold1
3,268.9
3,656.6
14,556.4
15,929.7
Merchandise cost of goods sold
842.5
820.8
3,381.1
3,285.9
Store and other operating expenses
266.5
254.2
1,064.6
1,014.8
Depreciation and amortization
67.2
57.0
248.0
228.7
Impairment of properties
8.2
—
8.2
—
Selling, general and administrative
54.2
62.1
235.4
240.5
Accretion of asset retirement
obligations
0.8
0.8
3.2
3.0
Total operating expenses
4,508.3
4,851.5
19,496.9
20,702.6
Gain (loss) on sale of assets
(3.1
)
(0.2
)
(4.5
)
(0.8
)
Income (loss) from operations
199.0
217.2
742.9
826.0
Other income (expense)
Investment income
3.3
2.2
6.4
6.9
Interest expense
(22.9
)
(24.0
)
(97.1
)
(98.5
)
Other nonoperating income (expense)
(1.6
)
0.9
(0.6
)
—
Total other income (expense)
(21.2
)
(20.9
)
(91.3
)
(91.6
)
Income before income taxes
177.8
196.3
651.6
734.4
Income tax expense (benefit)
35.3
46.3
149.1
177.6
Net Income
$
142.5
$
150.0
$
502.5
$
556.8
Basic and Diluted Earnings Per Common
Share
Basic
$
7.07
$
7.12
$
24.47
$
25.91
Diluted
$
6.96
$
7.00
$
24.11
$
25.49
Weighted-average Common shares outstanding
(in thousands):
Basic
20,159
21,072
20,533
21,493
Diluted
20,458
21,425
20,842
21,843
Supplemental information:
1Includes excise taxes of:
$
577.5
$
570.1
$
2,334.9
$
2,291.2
Murphy USA Inc.
Segment Operating
Results
(Unaudited)
(Millions of dollars, except revenue per
same store sales (in thousands) and store counts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Marketing Segment
2024
2023
2024
2023
Operating Revenues
Petroleum product sales
$
3,618.2
$
4,000.8
$
15,891.8
$
17,104.4
Merchandise sales
1,051.3
1,018.5
4,214.8
4,089.3
Other operating revenues
40.5
49.3
137.1
335.2
Total operating revenues
4,710.0
5,068.6
20,243.7
21,528.9
Operating expenses
Petroleum products cost of goods sold
3,268.9
3,656.6
14,556.4
15,929.7
Merchandise cost of goods sold
842.5
820.8
3,381.1
3,285.9
Store and other operating expenses
266.4
254.1
1,064.4
1,014.6
Depreciation and amortization
60.7
53.0
229.8
211.9
Impairment of properties
8.2
—
8.2
—
Selling, general and administrative
54.2
62.1
235.4
240.5
Accretion of asset retirement
obligations
0.8
0.8
3.2
3.0
Total operating expenses
4,501.7
4,847.4
19,478.5
20,685.6
Gain (loss) on sale of assets
(3.2
)
(0.2
)
(4.6
)
(0.7
)
Income (loss) from operations
205.1
221.0
760.6
842.6
Other income (expense)
Interest expense
(2.2
)
(2.2
)
(8.4
)
(8.9
)
Other nonoperating income (expense)
—
0.1
—
0.2
Total other income (expense)
(2.2
)
(2.1
)
(8.4
)
(8.7
)
Income (loss) before income taxes
202.9
218.9
752.2
833.9
Income tax expense (benefit)
40.0
52.8
172.0
203.0
Net income (loss) from operations
$
162.9
$
166.1
$
580.2
$
630.9
Total nicotine sales revenue same store
sales1,2
$
130.6
$
128.8
$
132.0
$
127.2
Total non-nicotine sales revenue same
store sales1,2
72.7
70.0
73.6
72.6
Total merchandise sales revenue same store
sales1,2
$
203.3
$
198.8
$
205.6
$
199.8
12023 amounts not revised for 2024
raze-and-rebuild activity
2Includes store-level discounts for
redemptions and excludes changes in value of unredeemed points
associated with our loyalty program(s)
Store count at end of period
1,757
1,733
1,757
1,733
Total store months during the period
5,197
5,134
20,632
20,535
Same store sales information compared to APSM metrics
Variance from prior year
period
Three months ended
Twelve months ended
December 31, 2024
December 31, 2024
SSS1
APSM2
SSS1
APSM2
Retail fuel volume per month
(2.8
)%
(2.4
)%
(1.1
%)
(0.6
%)
Merchandise sales
1.5
%
2.0
%
2.3
%
2.6
%
Nicotine sales
1.6
%
1.4
%
4.3
%
3.8
%
Non-nicotine sales
1.3
%
2.8
%
(1.0
%)
0.4
%
Merchandise margin
2.4
%
4.4
%
2.7
%
3.3
%
Nicotine margin
4.7
%
4.8
%
7.3
%
6.1
%
Non-nicotine margin
0.5
%
3.1
%
(1.0
%)
0.8
%
1Includes store-level discounts for
redemptions and excludes changes in value of unredeemed points
associated with our loyalty program(s)
2Includes all activity associated with our
loyalty program(s)
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 Q4 2024 covers the period
September 28, 2024 to December 27, 2024 and for the 2024
year-to-date period December 30, 2023 to December 27, 2024. The
QuickChek results for Q4 2023 covers the period September 30, 2023
to December 29, 2023 and the 2023 year-to-date period December 31,
2022 to December 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)
December 31,
2024
December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
47.0
$
117.8
Marketable securities, current
—
7.1
Accounts receivable—trade, less allowance
for doubtful accounts of $0.3 and $1.3 at 2024 and 2023,
respectively
268.5
336.7
Inventories, at lower of cost or
market
401.6
341.2
Prepaid expenses and other current
assets
31.0
23.7
Total current assets
748.1
826.5
Marketable securities, non-current
—
4.4
Property, plant and equipment, at cost
less accumulated depreciation and amortization of $1,931.4 and
$1,739.2 at 2024 and 2023, respectively
2,813.2
2,571.8
Operating lease right of use assets,
net
492.9
452.1
Intangible assets, net of amortization
139.5
139.8
Goodwill
328.0
328.0
Other assets
19.9
17.5
Total assets
$
4,541.6
$
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
874.4
834.7
Income taxes payable
57.8
23.1
Total current liabilities
947.9
872.8
Long-term debt, including capitalized
lease obligations
1,832.7
1,784.7
Deferred income taxes
343.4
329.5
Asset retirement obligations
49.1
46.1
Non-current operating lease
liabilities
496.3
450.3
Deferred credits and other liabilities
32.1
27.8
Total liabilities
3,701.5
3,511.2
Stockholders' Equity
Preferred Stock, par $0.01 (authorized
20,000,000 shares, none outstanding)
—
—
Common Stock, par $0.01 (authorized
200,000,000 shares, 46,767,164 shares issued at 2024 and 2023,
respectively)
0.5
0.5
Treasury stock (26,750,846 and 25,929,836
shares held at 2024 and 2023, respectively)
(3,391.3
)
(2,957.8
)
Additional paid in capital (APIC)
487.5
508.1
Retained earnings
3,743.4
3,278.1
Total stockholders' equity
840.1
828.9
Total liabilities and stockholders'
equity
$
4,541.6
$
4,340.1
Murphy USA Inc.
Consolidated Statements of
Cash Flows
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(Millions of dollars)
2024
2023
2024
2023
Operating Activities
Net income
$
142.5
$
150.0
$
502.5
$
556.8
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation and amortization
67.2
57.0
248.0
228.7
Impairment of properties
8.2
—
8.2
—
Deferred and noncurrent income tax charges
(benefits)
18.0
1.9
14.0
2.0
Accretion of asset retirement
obligations
0.8
0.8
3.2
3.0
Amortization of discount on marketable
securities
(0.1
)
(0.4
)
(0.2
)
(0.4
)
(Gains) losses from sale of assets
3.1
0.2
4.5
0.8
Net (increase) decrease in noncash
operating working capital
0.8
55.1
32.8
(42.1
)
Other operating activities - net
8.2
8.5
34.6
35.2
Net cash provided (required) by operating
activities
248.7
273.1
847.6
784.0
Investing Activities
Property additions
(127.0
)
(111.0
)
(458.1
)
(335.6
)
Proceeds from sale of assets
0.1
0.1
2.0
2.4
Investment in marketable securities
—
(1.5
)
—
(12.8
)
Redemptions of marketable securities
1.5
6.0
11.5
24.0
Other investing activities - net
0.5
(0.2
)
(1.2
)
(1.6
)
Net cash provided (required) by investing
activities
(124.9
)
(106.6
)
(445.8
)
(323.6
)
Financing Activities
Purchase of treasury stock
(128.0
)
(160.5
)
(445.7
)
(333.2
)
Dividends paid
(9.7
)
(8.7
)
(36.8
)
(33.4
)
Borrowings of debt
362.0
—
707.0
8.0
Repayments of debt
(351.0
)
(3.8
)
(666.7
)
(23.4
)
Amounts related to share-based
compensation
(2.6
)
(0.5
)
(30.4
)
(21.1
)
Net cash provided (required) by financing
activities
(129.3
)
(173.5
)
(472.6
)
(403.1
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(5.5
)
(7.0
)
(70.8
)
57.3
Cash, cash equivalents and restricted cash
at beginning of period
52.5
124.8
117.8
60.5
Cash, cash equivalents and restricted cash
at end of period
$
47.0
$
117.8
$
47.0
$
117.8
Supplemental Disclosure Regarding Non-GAAP Financial
Information
The following table reconciles EBITDA and Adjusted EBITDA to Net
Income for the three months and twelve months ended December 31,
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 U.S.
generally accepted accounting principles (GAAP).
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
Twelve Months Ended
December 31,
December 31,
(Millions of dollars)
2024
2023
2024
2023
Net income
$
142.5
$
150.0
$
502.5
$
556.8
Income tax expense (benefit)
35.3
46.3
149.1
177.6
Interest expense, net of investment
income
19.6
21.8
90.7
91.6
Depreciation and amortization
67.2
57.0
248.0
228.7
EBITDA
$
264.6
$
275.1
$
990.3
$
1,054.7
Impairment of properties
8.2
—
8.2
—
Accretion of asset retirement
obligations
0.8
0.8
3.2
3.0
(Gain) loss on sale of assets
3.1
0.2
4.5
0.8
Other nonoperating (income) expense
1.6
(0.9
)
0.6
—
Adjusted EBITDA
$
278.3
$
275.2
$
1,006.8
$
1,058.5
Required Non-GAAP Reconciliation
An itemized reconciliation of Adjusted EBITDA to Net Income for
the full year 2025, which is provided for modeling purposes only,
is as follows:
Calendar Year 2025
(Millions of dollars)
Low
High
Net Income
$474
$551
Income taxes
$141
$184
Interest expense, net of investment
income
$105
$105
Depreciation and amortization
$279
$279
Other operating and nonoperating, net
$1
$1
Adjusted EBITDA
$1,000
$1,120
The Company does not provide a projected range of all-in fuel
margin, Adjusted EBITDA, or Net Income. However, for modeling
purposes only, using all-in fuel margins of between 30.5 cpg and
32.5 cpg, combined with the mid-point of the official guided ranges
above, management would expect the business to generate Net Income
between $474 million and $551 million, respectively, which would
translate to expected Adjusted EBITDA of between $1 billion and
$1.12 billion.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250205166186/en/
Investor Contact: Christian Pikul Vice President,
Investor Relations and Financial Planning and Analysis
christian.pikul@murphyusa.com
Murphy USA (NYSE:MUSA)
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Murphy USA (NYSE:MUSA)
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