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Mar 31, 2025
Murphy USA Q1 2025 Earnings Report
Murphy USA reported lower earnings in Q1 2025 compared to the same period last year, despite improved fuel margins and merchandise contributions.
Key Takeaways
Murphy USA posted a net income of $53.2 million in Q1 2025, down from $66.0 million in Q1 2024, due to higher store operating costs and interest expenses, which offset gains in fuel margins and merchandise contributions.
Net income fell to $53.2 million, impacted by increased operating and interest expenses.
Retail fuel contribution rose 7.1% to $267.7 million due to stronger margins despite lower volumes.
Merchandise contribution increased 2.3% to $195.9 million, supported by improved unit margins.
Total revenue for the quarter was $4.53 billion, down from $4.84 billion in Q1 2024.
Revenue by Segment
Forward Guidance
Murphy USA expects continued strength in nicotine and center store categories to support earnings growth, but remains cautious about fuel supply market volatility.
Positive Outlook
- Retail fuel margins remain strong amid a flatter price environment.
- Share gains in nicotine, beverages, candy, and general merchandise categories.
- Lower general and administrative costs indicate disciplined cost management.
- Successful refinancing to enhance long-term liquidity.
- Ongoing focus on capital allocation strategy including new store growth.
Challenges Ahead
- Supply margins were lower than internal expectations due to oversupplied markets.
- Total retail fuel volumes declined 1.9% year over year.
- Same store sales volumes fell 4.2%, affecting top-line growth.
- Higher depreciation and amortization expense weighed on profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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