Murphy USA Inc. announced its financial results for the three months ended March 31.
— Net income was $152.4 million, or $6.08 per diluted share, in the first quarter of 2022, compared to net income of $55.3 million, or $2.01 per diluted share, in first quarter 2021. Current year results include three months of QuickChek versus two months in the prior year period.
— Total fuel contribution (retail fuel margin plus product supply and wholesale (“PS&W”) results, including RINs) for the first quarter of 2022 was 34, 0 cpg, compared to 22.5 cpg in the first quarter of 2021
— Total retail gallons increased 7.8% to 1.1 billion gallons in Q1 2022 compared to Q1 2021, while volumes on a same store sales basis (“SSS ”) increased by 3.8%
— Q1 2022 commodity contribution dollars increased 18.4% to $175.7 million on average unit margins of 19.7%, compared to year-quarter contribution dollars of $148.4 million on unit margins of 17.8%
— Food and beverage contribution margin increased to 14.6% of total dollar commodity contribution in Q1 2022 from 11.5% in the prior year period
— During the first quarter of 2022, the Company opened 6 new Murphy Express stores and 1 QuickChek store, bringing the number of stores at the end of the quarter to 1,686. There are 17 new Murphy Express stores, 2 new QuickChek stores and 17 razed and rebuilt Murphy USA stores currently under construction.
— Common shares repurchased during the first quarter of 2022 were approximately 0.8 million for $151.8 million at an average price of $181.36 per share
The company paid a quarterly cash dividend of 29 cents per share, or $1.16 per share on an annualized basis, on March 3, 2022, for a total cash payout of $7.2 million.
“Our first quarter results continue to highlight the benefits of Murphy USA’s advantageous and resilient business model, affordable everyday low prices, and incredibly committed associates who go the extra mile for their customers,” said President and CEO. management Andrew Clyde. “Through competitive pricing and promotions that resonate with our value-driven customers, we are profitably gaining market share in both established and emerging categories as spending by existing customers remains strong and new customers seek greater value in today’s environment. This enduring advantage is critical to the virtuous circle through which all Murphy USA stakeholders win.”