Murphy USA Inc. reported a net income of $502.5 million, or $24.11 per diluted share, for the fiscal year ending December 31, 2024, a decrease from the previous year's net income of $556.8 million, or $25.49 per diluted share. Total revenue for 2024 was $20.2 billion, down from $21.5 billion in 2023, primarily due to a 5.8% decline in average retail fuel sales prices and lower product supply and wholesale revenues. The company's total fuel contribution decreased to 30.5 cents per gallon from 31.4 cents in the prior year, reflecting the impact of market conditions on fuel margins.
In terms of operational metrics, Murphy USA's retail network expanded to 1,757 stores across 27 states by the end of 2024, up from 1,733 stores in 2023. The company sold approximately 4.8 billion gallons of motor fuel during the year, with retail fuel volumes per store averaging 240.6 thousand gallons per month. Merchandise sales increased by 3.1% to $4.2 billion, driven by higher retail prices and an expanded store footprint. The merchandise contribution also rose to $833.7 million, reflecting a merchandise margin of 19.8%.
Strategically, Murphy USA continued to focus on its growth initiatives, including the integration of QuickChek, which it acquired in January 2021. The company plans to open up to 50 new stores and undertake 30 raze-and-rebuild projects in 2025, targeting high-traffic areas, particularly near Walmart locations. The company has also emphasized enhancing its food and beverage offerings, leveraging QuickChek's capabilities to diversify its merchandise mix.
Financially, Murphy USA maintained a strong balance sheet with $1.3 billion in senior notes and a $386 million term loan outstanding as of December 31, 2024. The company reported cash and cash equivalents of $47 million, down from $117.8 million in 2023. Operating cash flow increased to $847.6 million, up 8.1% from the previous year, indicating improved cash generation despite lower net income. The company also executed a share repurchase program, buying back 938,528 shares for approximately $446.6 million during 2024, and raised its quarterly dividend to $0.48 per share, reflecting a commitment to returning capital to shareholders.
Looking ahead, Murphy USA anticipates continued growth driven by its strategic initiatives and operational efficiencies. The company expects to navigate market volatility effectively, leveraging its low-cost operating model and strong supply chain capabilities. Management remains focused on maintaining a disciplined capital expenditure program while enhancing shareholder value through dividends and share repurchases.
About Murphy USA Inc.
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