Murphy USA logs profits in 4Q, year

Murphy USA on Wednesday reported a fourth-quarter profit of $47.6 million, or $1.54 per share.

That’s down from $77.5 million, or $2.38 per share, a year before, primarily because of lower fuel sales, the El Dorado-based retail fuel and merchandise chain said.

For all of 2019, net income was $154.8 million, or $4.86 per share.

The company reported net income of $213.6 million, or $6.48 per share, in 2018.

“Our Q4 results rounded out an exceptional 2019, where Murphy USA’s strategic initiatives drove higher per store fuel volumes, record merchandise contribution and better new store performance while maintaining our cost leadership position,” Andrew Clyde, president and chief executive officer, said in statement that accompanied the earnings report released after markets closed.

Total revenue for the quarter was $3.4 billion, compared with $3.5 billion for the same quarter of 2018.

“We expect earnings growth and other share price drivers that we control to continue as we enter 2020 with momentum along with a strong balance sheet and leadership team,” Clyde said.

The company noted that its 2018 income included $50.4 million, before taxes, in a settlement of damages from the 2010 Deepwater Horizon oil spill.

The total fuel contribution decreased $35 million in the fourth quarter compared with the same period a year before, “due primarily to lower retail results reflecting a rising fuel price environment, which typically

compresses retail margins,” the company said.

For the year, however, the sale of retail gallons of fuel increased 3.4%.

Total merchandise sales were reported at $674 million for the quarter, up nearly $60 million from the same quarter of 2018.

Total station and other operating expenses decreased $1.9 million for the quarter compared with the same period the previous year, according to the earnings report.

Murphy USA opened 10 new retail locations in the quarter and reopened 10 raze-and-rebuild locations, bringing the year-end store count to 1,489. That total consists of 1,161 Murphy USA sites and 328 Murphy Express sites.

For the year, 17 new stores were opened and 27 raze-and-rebuild sites were reopened.

Shares of Murphy USA fell 65 cents Wednesday to close at $113.02.

The company will host a conference call at 10 a.m. today to discuss the fourthquarter and 2019 results. The conference call number is (844) 613-1037, and the passcode number is 5672799.