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Dec 31, 2024
Murphy USA Q4 2024 Earnings Report
Murphy USA reported its financial results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Murphy USA Inc. reported a slight decrease in net income for Q4 2024 compared to Q4 2023, primarily due to higher operating expenses and depreciation. However, merchandise contribution dollars increased, and the company continued its strategic growth initiatives, including new store additions and raze-and-rebuilds.
Net income for Q4 2024 was $142.5 million, a decrease from $150.0 million in Q4 2023.
Total fuel contribution remained flat at 32.5 cpg in Q4 2024 compared to Q4 2023.
Merchandise contribution dollars increased 5.6% to $208.8 million in Q4 2024.
The company repurchased approximately 239.7 thousand common shares for $126.2 million in Q4 2024.
Revenue by Segment
Forward Guidance
Murphy USA's 2025 guidance reflects continued organic growth, with an emphasis on new store additions and raze-and-rebuilds, sustained fuel contribution, and increased merchandise contribution, while managing corporate costs and capital expenditures.
Positive Outlook
- Expected increase in new store additions, with up to 50 new stores planned for 2025.
- Merchandise contribution projected to increase to $855 million to $875 million in 2025.
- Retail fuel volume per store expected to remain flat to slightly higher, ranging from 240 to 245 K gallons APSM.
- SG&A costs are expected to be managed within a range of $245 million to $255 million, reflecting continued investments in productivity initiatives.
- Effective tax rate is expected to be in a favorable range of 23% to 25%.
Challenges Ahead
- Raze-and-rebuilds are expected to decrease to up to 30 in 2025.
- Store OPEX excluding payment fees and rent is projected to increase to $36.5K to $37.0K APSM.
- Capital expenditures are expected to be between $450 million and $500 million, reflecting significant investment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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