Murphy

Murphy USA Inc. of El Dorado has announced financial results for the three and six months ended June 30.

HIGHLIGHTS

-- Net income was $128.8 million, or $4.79 per diluted share, in Q2 2021 compared to net income of $168.9 million, or $5.73 per diluted share, in Q2 2020.

-- Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results including RINs) for Q2 2021 was 28.2 cpg, compared to 38.3 cpg in Q2 2020.

-- Total retail gallons increased 32.6% in Q2 2021 compared to Q2 2020, while volumes on a same store sales ("SSS") basis increased 22.4%.

-- Merchandise contribution dollars increased 55.8% to $184.5 million compared to the prior-year quarter, on average unit margins of 19.2% in the current quarter, enhanced by the QuickChek acquisition.

-- Food and beverage contribution margin increased significantly to 15.2% of total merchandise contribution dollars compared to 0.8% in the prior year period due to the inclusion of QuickChek in the current period.

-- During Q2 2021, the company opened 3 new Murphy Express stores and closed 1 QuickChek store. There are 9 new Murphy Express sites, 6 new QuickChek sites, and 14 raze-and-rebuild Murphy USA sites currently under construction.

-- Common shares repurchased during Q2 2021 were approximately 1.1 million for $148.3 million at an average price of $136.58 per share.

“We delivered strong second quarter results, despite an operating environment that was the most challenging in our company's history," said President and CEO Andrew Clyde.

“Supply chain issues, labor shortages, and Colonial pipeline interruptions were just a few of the challenges around which our teams were forced to navigate and overcome. Nevertheless, results were resilient despite these challenges and underpinned by strong fundamentals, including a recovery in attached merchandise categories as customer transactions and fuel volumes trended higher in June, coupled with robust all-in fuel margins despite another quarter of rising product prices. Second quarter results were also noteworthy against the strength of the prior year comparison, and highlight the advantage of our low-cost, high volume business model, which differentiates our performance potential and better positions Murphy USA to compete and win in a challenging environment."

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