Murphy USA reported higher quarterly and annual net profit as the El Dorado-based gasoline retailer saw improved fuel and merchandise margins. The company’s acquisition and integration of QuickChek, which Murphy USA officials said would produce greater synergies, contributed to the gains.
For the fourth quarter, Murphy USA reported net income of $108.8 million on revenue of $4.767 billion. For the full year, the company reported net income of $396.9 million on revenue of $16.758 billion. A year ago, Murphy USA made an annual profit of $386.1 million on sales of $10.706 billion.
Diluted earnings per share for the full year were $4.23 versus $2.16 a year ago.
“We are proud to report a second consecutive year of record EBITDA and earnings, as our advantageous business model at everyday low prices allows us to grow our market share in the current environment,” said President and CEO. of management Andrew Clyde. “We reached new milestones as the fuels business generated more than $1 billion in margin and merchandise sales and the margin exceeded $3 billion and $700 million, respectively.”
“These results were partially driven by QuickChek, where we exceeded our one-year target for achieving synergies, even as we uncover additional potential beyond our $28 million of targeted synergies,” said he added.
Same-store sales for motor fuel increased 3% for the year. Same-store merchandise sales increased 52.7% for the year. The acquisition of QuickChek explains this growth.
During the fourth quarter of 2021, the company opened 10 new Murphy Express stores and two QuickChek stores. It reopened nine shaves and rebuilds and closed two QuickChek stores. The number of stores at the end of the year was 1,679.
There are 13 new Murphy Express sites, one new QuickChek site, and three razed and rebuilt Murphy USA sites currently under construction.
Shares of Murphy USA (NYSE: MUSA) closed trading Wednesday at $197.03. Shares of the company have traded between a low of $121.00 per share and a high of $202.20 per share over the past 52 weeks.