Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor
fuel products and convenience merchandise, today announced
financial results for the three and nine months ended September 30,
2024.
Key Highlights:
- Net income was $149.2 million, or $7.20 per diluted share, in
Q3 2024 compared to net income of $167.7 million, or $7.69 per
diluted share, in Q3 2023
- Total fuel contribution for Q3 2024 was 32.6 cpg, compared to
34.5 cpg in Q3 2023
- Total retail gallons increased 2.0%, and volumes on a same
store sales ("SSS") basis increased 0.5%, in Q3 2024 compared to Q3
2023
- Merchandise contribution dollars for Q3 2024 increased 2.4% to
$216.8 million on average unit margins of 20.0%, compared to Q3
2023 contribution dollars of $211.8 million on unit margins of
20.1%
- During Q3 2024, the Company repurchased approximately 244.4
thousand common shares for $126.4 million at an average price of
$517.17 per share
- The Company paid a quarterly cash dividend of $0.45 per share,
or $1.80 per share on an annualized basis, on September 5, 2024, a
2.3% increase from June of 2024, for a total cash payment of $9.2
million
- On October 24, 2024, the Company announced a quarterly cash
dividend of $0.48 per share, or $1.92 per share on an annualized
basis, reflecting a 6.7% increase from the prior quarter. The
dividend is payable on December 2, 2024, to stockholders of record
as of November 4, 2024
“Strength in our core categories continued to drive Murphy USA’s
advantaged business model in the third quarter,” said President and
CEO Andrew Clyde. “Retail fuel margins were over 3 cpg higher than
2023, and per store volumes grew 1.1%, as pricing dynamics continue
to reflect higher industry breakeven margins. Within the Murphy
branded stores, total merchandise margin dollars were up 5.9%
reflecting strength in both nicotine and non-nicotine categories
while there were continued headwinds in the Northeast QuickChek
markets. As our innovation and business improvement initiatives
take hold, our network grows, and we continue to take share on key
categories, we are well-positioned to compete and win with our
value-conscious customers. We are accelerating our new-store build
program in 2024 and 2025, which is generating strong returns and
remains the primary growth driver of the business over the next
five to ten years.”
Consolidated Results
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2024
2023
2024
2023
Net income (loss) ($ Millions)
$
149.2
$
167.7
$
360.0
$
406.8
Earnings per share (diluted)
$
7.20
$
7.69
$
17.17
$
18.47
Adjusted EBITDA ($ Millions)
$
285.6
$
306.0
$
728.5
$
783.3
Net income and Adjusted EBITDA for Q3 2024 declined versus the
prior-year quarter, due primarily to lower total fuel contribution
and higher store operating expenses, which were partially offset by
higher retail fuel volumes and higher overall merchandise
contribution.
Fuel
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2024
2023
2024
2023
Total retail fuel contribution ($
Millions)
$
395.7
$
348.6
$
1,010.9
$
948.0
Total PS&W contribution ($
Millions)
(24.2
)
(11.4
)
(21.3
)
(114.5
)
RINs (included in Other operating revenues
on Consolidated Income Statement) ($ Millions)
32.7
81.8
91.0
281.2
Total fuel contribution ($ Millions)
$
404.2
$
419.0
$
1,080.6
$
1,114.7
Retail fuel volume - chain (Million
gal)
1,239.3
1,214.9
3,624.0
3,595.4
Retail fuel volume - per store (K gal
APSM)1
248.4
245.8
241.9
241.8
Retail fuel volume - per store (K gal
SSS)2
245.2
241.7
238.7
237.7
Total fuel contribution (cpg)
32.6
34.5
29.8
31.0
Retail fuel margin (cpg)
31.9
28.7
27.9
26.4
PS&W including RINs contribution
(cpg)
0.7
5.8
1.9
4.6
1Average Per Store Month ("APSM") metric
includes all stores open through the date of calculation
22023 amounts not revised for 2024
raze-and-rebuild activity
Total fuel contribution dollars of $404.2 million decreased
$14.8 million, or 3.5%, in Q3 2024 compared to Q3 2023 due to lower
total fuel contribution margins partially offset by higher retail
volumes sold during the period. Retail fuel contribution dollars
increased $47.1 million, or 13.5%, to $395.7 million compared to Q3
2023 due to higher retail fuel margins combined with higher volumes
sold. For Q3 2024, retail fuel margins were 31.9 cpg, an 11.2%
increase versus the prior-year quarter, and overall retail volumes
were 2.0% higher in Q3 2024 compared to the prior-year quarter.
PS&W contribution including RINs decreased $61.9 million when
compared to Q3 2023, primarily due to negative impacts of timing
and inventory pricing adjustments in a falling market.
Merchandise
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2024
2023
2024
2023
Total merchandise contribution ($
Millions)
$
216.8
$
211.8
$
624.9
$
605.7
Total merchandise sales ($ Millions)
$
1,082.4
$
1,055.6
$
3,163.5
$
3,070.8
Total merchandise sales ($K SSS)1,2
$
211.4
$
206.8
$
206.1
$
200.1
Merchandise unit margin (%)
20.0
%
20.1
%
19.8
%
19.7
%
Nicotine contribution ($K SSS)1,2
$
19.8
$
19.0
$
19.4
$
18.2
Non-nicotine contribution ($K SSS)1,2
$
22.9
$
22.9
$
21.8
$
21.6
Total merchandise contribution ($K
SSS)1,2
$
42.7
$
41.9
$
41.2
$
39.8
12023 amounts not revised for 2024
raze-and-rebuild activity
2Includes store-level discounts for Murphy
Drive Reward ("MDR") redemptions and excludes change in value of
unredeemed MDR points
Total merchandise contribution increased $5.0 million, or 2.4%,
to $216.8 million in Q3 2024 compared to the prior-year quarter,
due primarily to higher merchandise sales. Total nicotine
contribution dollars in Q3 2024 increased 5.3% and non-nicotine
contribution dollars were relatively flat compared to Q3 2023.
Total merchandise contribution increased 1.2% on a SSS basis in the
current quarter compared to the prior-year quarter.
Other Areas
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2024
2023
2024
2023
Total store and other operating expenses
($ Millions)
$
276.1
$
265.6
$
798.1
$
760.6
Store OPEX excluding payment fees and rent
($K APSM)
$
36.1
$
34.7
$
35.0
$
33.1
Total SG&A cost ($ Millions)
$
60.0
$
60.0
$
181.2
$
178.4
Total store and other operating expenses were $10.5 million
higher in Q3 2024 versus Q3 2023, mainly due to employee related
expenses and store maintenance costs combined with new store
growth, partially offset by a reduction in payment fees. Store OPEX
excluding payment fees and rent on an APSM basis were 4.0% higher
versus Q3 2023, primarily attributable to increased employee
related expenses and maintenance costs.
Store Openings
The tables below reflect changes in our store portfolio in Q3
2024:
Net Change in Q3 2024
Murphy USA /
Express
QuickChek
Total
New-to-industry ("NTI")
4
—
4
Closed
—
—
—
Net change
4
—
4
Raze-and-rebuilds reopened in Q3*
16
—
16
Under Construction at End of Q3
NTI
27
3
30
Raze-and-rebuilds*
20
—
20
Total under construction at end of Q3
47
3
50
Net Change YTD in 2024
NTI
9
1
10
Closed
—
(3
)
(3
)
Net change
9
(2
)
7
Raze-and-rebuilds reopened YTD*
27
—
27
Store count at September 30, 2024*
1,586
154
1,740
*Store counts include raze-and-rebuild
stores
Financial Resources
As of September 30,
Key Financial Metrics
2024
2023
Cash and cash equivalents ($ Millions)
$
52.5
$
124.8
Marketable securities, current ($
Millions)
$
1.5
$
8.5
Marketable securities, non-current ($
Millions)
$
—
$
7.4
Long-term debt, including finance lease
obligations ($ Millions)
$
1,820.0
$
1,786.4
Cash balances as of September 30, 2024 totaled $52.5 million,
and the Company also had total marketable securities of $1.5
million. Long-term debt consisted of approximately $298.7 million
in carrying value of 5.625% senior notes due in 2027, $496.3
million in carrying value of 4.75% senior notes due in 2029, $495.1
million in carrying value of 3.75% senior notes due in 2031, and
$378.7 million of term debt, combined with approximately $110.2
million in long-term finance leases. In addition, long-term debt
included $41.0 million in outstanding borrowings on our revolving
credit facility as of September 30, 2024.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Financial Metric
2024
2023
2024
2023
Average shares outstanding (diluted) (in
thousands)
20,735
21,790
20,969
22,020
At September 30, 2024, the Company had common shares outstanding
of 20,249,099. Common shares repurchased during the quarter were
approximately 244.4 thousand shares for $126.4 million. Common
shares purchased during the nine months ended September 30, 2024,
were approximately 698.9 thousand shares for a total of $320.4
million. As of September 30, 2024, approximately $1.1 billion
remained available under the existing $1.5 billion 2023
authorization.
The effective income tax rate was approximately 24.9% for both
Q3 2024 and Q3 2023.
The Company paid a quarterly cash dividend on September 5, 2024
of $0.45 per share, or $1.80 per share on an annualized basis, a
2.3% increase from the previous quarter, for a total cash payment
of $9.2 million. The total amount paid in dividends year-to-date is
$27.1 million, or $1.31 per share.
2024 Guidance Update
Concurrent with the earnings release, the Company is also
updating our full-year capital expenditure expectations to a range
of $500 million to $525 million, up from the original guided range
of $400 million to $450 million, due primarily to the successful
efforts of our team to pull forward some future projects into the
current year in addition to getting an earlier start on next year's
build class.
In addition, we are revising our guidance for our full-year
SG&A expenses to a range of $240 million to $250 million, down
from the original guided range of $255 million to $265 million. The
reduction is primarily due to lower employee costs, including both
salaries and benefits, as well as the timing of certain
initiatives.
All other previously issued guidance metrics remain
unchanged.
Earnings Call Information
The Company will host a conference call on October 31, 2024 at
10:00 a.m. Central Time to discuss third quarter 2024 results. The
call can be accessed via webcast through the Investor Relations
section of the Murphy USA website at
http://ir.corporate.murphyusa.com. If you are unable to attend via
webcast, the conference call number is 1 (888) 330-2384 and the
conference ID number is 6680883. The earnings and investor related
materials, including reconciliations of any non-GAAP financial
measures to GAAP financial measures and any other applicable
disclosures, will be available on that same day on the investor
section of the Murphy USA website
(http://ir.corporate.murphyusa.com). Approximately one hour after
the conclusion of the conference, the webcast will be available for
replay. Shortly thereafter, a transcript will be available.
Source: Murphy USA Inc. (NYSE: MUSA)
Forward-Looking Statements
Certain statements in this news release contains certain
statements or may suggest “forward-looking” information (as defined
in the Private Securities Litigation Reform Act of 1995) that
involve risk and uncertainties, including, but not limited to our
M&A activity, anticipated store openings and associated capital
expenditures, fuel margins, merchandise margins, sales of RINs,
trends in our operations, dividends, and share repurchases. Such
statements are based upon the current beliefs and expectations of
the Company’s management and are subject to significant risks and
uncertainties. Actual future results may differ materially from
historical results or current expectations depending upon factors
including, but not limited to: our ability to continue to maintain
a good business relationship with Walmart; successful execution of
our growth strategy, including our ability to realize the
anticipated benefits from such growth initiatives, and the timely
completion of construction associated with our newly planned stores
which may be impacted by the financial health of third parties; our
ability to effectively manage our inventory, manage disruptions in
our supply chain and our ability to control costs; geopolitical
events, such as Russia's invasion of Ukraine and the conflicts in
the Middle East, that impact the supply and demand and price of
crude oil; the impact of severe weather events, such as hurricanes,
floods and earthquakes; the impact of a global health pandemic and
any governmental response thereto; the impact of any systems
failures, cybersecurity and/or security breaches of the company or
its vendor partners, including any security breach that results in
theft, transfer or unauthorized disclosure of customer, employee or
company information or our compliance with information security and
privacy laws and regulations in the event of such an incident;
successful execution of our information technology strategy;
reduced demand for our products due to the implementation of more
stringent fuel economy and greenhouse gas reduction requirements,
or increasingly widespread adoption of electric vehicle technology;
future nicotine or e-cigarette legislation and any other efforts
that make purchasing nicotine products more costly or difficult
could hurt our revenues and impact gross margins; our ability to
successfully expand our food and beverage offerings; efficient and
proper allocation of our capital resources, including the timing,
declaration, amount and payment of any future dividends or levels
of the Company's share repurchases, or management of operating
cash; the market price of the Company's stock prevailing from time
to time, the nature of other investment opportunities presented to
the Company from time to time, the Company's cash flows from
operations, and general economic conditions; compliance with debt
covenants; availability and cost of credit; and changes in interest
rates. Our SEC reports, including our most recent annual Report on
Form 10-K and quarterly report on Form 10-Q, contain other
information on these and other factors that could affect our
financial results and cause actual results to differ materially
from any forward-looking information we may provide. The Company
undertakes no obligation to update or revise any forward-looking
statements to reflect subsequent events, new information or future
circumstances.
Murphy USA Inc.
Consolidated Statements of
Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars, except share and per
share amounts)
2024
2023
2024
2023
Operating Revenues
Petroleum product sales1
$
4,121.4
$
4,658.8
$
12,273.6
$
13,103.6
Merchandise sales
1,082.4
1,055.6
3,163.5
3,070.8
Other operating revenues
34.7
83.5
96.8
286.1
Total operating revenues
5,238.5
5,797.9
15,533.9
16,460.5
Operating Expenses
Petroleum product cost of goods sold1
3,751.2
4,322.5
11,287.5
12,273.1
Merchandise cost of goods sold
865.6
843.8
2,538.6
2,465.1
Store and other operating expenses
276.1
265.6
798.1
760.6
Depreciation and amortization
62.8
57.5
180.8
171.7
Selling, general and administrative
60.0
60.0
181.2
178.4
Accretion of asset retirement
obligations
0.8
0.7
2.4
2.2
Total operating expenses
5,016.5
5,550.1
14,988.6
15,851.1
Gain (loss) on sale of assets
(0.4
)
(0.5
)
(1.4
)
(0.6
)
Income (loss) from operations
221.6
247.3
543.9
608.8
Other income (expense)
Investment income
1.0
2.1
3.1
4.7
Interest expense
(24.4
)
(24.6
)
(74.2
)
(74.5
)
Other nonoperating income (expense)
0.5
(1.4
)
1.0
(0.9
)
Total other income (expense)
(22.9
)
(23.9
)
(70.1
)
(70.7
)
Income before income taxes
198.7
223.4
473.8
538.1
Income tax expense (benefit)
49.5
55.7
113.8
131.3
Net Income
$
149.2
$
167.7
$
360.0
$
406.8
Basic and Diluted Earnings Per Common
Share
Basic
$
7.30
$
7.83
$
17.43
$
18.80
Diluted
$
7.20
$
7.69
$
17.17
$
18.47
Weighted-average Common shares outstanding
(in thousands):
Basic
20,440
21,401
20,659
21,635
Diluted
20,735
21,790
20,969
22,020
Supplemental information:
1Includes excise taxes of:
$
601.1
$
582.1
$
1,757.4
$
1,721.0
Murphy USA Inc.
Segment Operating
Results
(Unaudited)
(Millions of dollars, except revenue per
same store sales (in thousands) and store counts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Marketing Segment
2024
2023
2024
2023
Operating Revenues
Petroleum product sales
$
4,121.4
$
4,658.8
$
12,273.6
$
13,103.6
Merchandise sales
1,082.4
1,055.6
3,163.5
3,070.8
Other operating revenues
34.6
83.4
96.6
285.9
Total operating revenues
5,238.4
5,797.8
15,533.7
16,460.3
Operating expenses
Petroleum products cost of goods sold
3,751.2
4,322.5
11,287.5
12,273.1
Merchandise cost of goods sold
865.6
843.8
2,538.6
2,465.1
Store and other operating expenses
276.1
265.5
798.0
760.5
Depreciation and amortization
58.5
53.3
169.1
158.9
Selling, general and administrative
60.0
60.0
181.2
178.4
Accretion of asset retirement
obligations
0.8
0.7
2.4
2.2
Total operating expenses
5,012.2
5,545.8
14,976.8
15,838.2
Gain (loss) on sale of assets
(0.3
)
(0.4
)
(1.4
)
(0.5
)
Income (loss) from operations
225.9
251.6
555.5
621.6
Other income (expense)
Interest expense
(2.0
)
(2.2
)
(6.2
)
(6.7
)
Other nonoperating income (expense)
—
0.1
—
0.1
Total other income (expense)
(2.0
)
(2.1
)
(6.2
)
(6.6
)
Income (loss) before income taxes
223.9
249.5
549.3
615.0
Income tax expense (benefit)
55.9
62.3
132.0
150.2
Net income (loss) from operations
$
168.0
$
187.2
$
417.3
$
464.8
Total nicotine sales revenue same store
sales1,2
$
135.8
$
132.1
$
132.3
$
126.6
Total non-nicotine sales revenue same
store sales1,2
75.6
74.7
73.8
73.5
Total merchandise sales revenue same store
sales1,2
$
211.4
$
206.8
$
206.1
$
200.1
12023 amounts not revised for 2024
raze-and-rebuild activity
2Includes store-level discounts for Murphy
Drive Reward ("MDR") redemptions and excludes change in value of
unredeemed MDR points
Store count at end of period
1,740
1,724
1,740
1,724
Total store months during the period
5,138
5,110
15,435
15,400
Same store sales information compared to APSM metrics
Variance from prior year
period
Three months ended
Nine months ended
September 30, 2024
September 30, 2024
SSS1
APSM2
SSS1
APSM2
Retail fuel volume per month
0.5
%
1.1
%
(0.6
%)
—
%
Merchandise sales
1.6
%
2.0
%
2.6
%
2.8
%
Nicotine sales
3.3
%
3.1
%
5.2
%
4.6
%
Non-nicotine sales
(1.4
)%
0.1
%
(1.7
%)
(0.3
%)
Merchandise margin
1.2
%
1.8
%
2.8
%
2.9
%
Nicotine margin
6.1
%
4.8
%
8.2
%
6.5
%
Non-nicotine margin
(2.7
)%
(0.6
)%
(1.5
%)
0.1
%
1Includes store-level discounts for MDR
redemptions and excludes change in value of unredeemed MDR
points
2Includes all MDR activity
Notes
Average Per Store Month (APSM) metric includes all stores open
through the date of the calculation, including stores acquired
during the period.
Same store sales (SSS) metric includes aggregated individual
store results for all stores open throughout both periods
presented. For all periods presented, the store must have been open
for the entire calendar year to be included in the comparison.
Remodeled stores that remained open or were closed for just a very
brief time (less than a month) during the period being compared
remain in the same store sales calculation. If a store is replaced
either at the same location (raze-and-rebuild) or relocated to a
new location, it will be excluded from the calculation during the
period it is out of service. Newly constructed stores do not enter
the calculation until they are open for each full calendar year for
the periods being compared (open by January 1, 2023 for the stores
being compared in the 2024 versus 2023 comparison). Acquired stores
are not included in the calculation of same store sales for the
first 12 months after the acquisition. When prior period same store
sales volumes or sales are presented, they have not been revised
for current year activity for raze-and-rebuilds and asset
dispositions.
QuickChek uses a weekly retail calendar where each quarter has
13 weeks. The QuickChek results for Q3 2024 covers the period June
29, 2024 to September 27, 2024 and for the 2024 year-to-date period
December 30, 2023 to September 27, 2024. The QuickChek results for
Q3 2023 covers the period July 1, 2023 to September 29, 2023 and
the 2023 year-to-date period December 31, 2022 to September 29,
2023. The difference in the timing of the period ends is immaterial
to the overall consolidated results.
Murphy USA Inc.
Consolidated Balance
Sheets
(Millions of dollars, except share
amounts)
September 30,
2024
December 31, 2023
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
52.5
$
117.8
Marketable securities, current
1.5
7.1
Accounts receivable—trade, less allowance
for doubtful
accounts of $0.6 and $1.3 at 2024 and
2023, respectively
262.6
336.7
Inventories, at lower of cost or
market
341.2
341.2
Prepaid expenses and other current
assets
31.3
23.7
Total current assets
689.1
826.5
Marketable securities, non-current
—
4.4
Property, plant and equipment, at cost
less accumulated depreciation and amortization of $1,868.7 and
$1,739.2 at 2024 and 2023, respectively
2,739.9
2,571.8
Operating lease right of use assets,
net
484.8
452.1
Intangible assets, net of amortization
139.6
139.8
Goodwill
328.0
328.0
Other assets
21.0
17.5
Total assets
$
4,402.4
$
4,340.1
Liabilities and Stockholders'
Equity
Current liabilities
Current maturities of long-term debt
$
15.7
$
15.0
Trade accounts payable and accrued
liabilities
780.3
834.7
Income taxes payable
62.8
23.1
Total current liabilities
858.8
872.8
Long-term debt, including capitalized
lease obligations
1,820.0
1,784.7
Deferred income taxes
325.5
329.5
Asset retirement obligations
47.4
46.1
Non-current operating lease
liabilities
487.7
450.3
Deferred credits and other liabilities
32.9
27.8
Total liabilities
3,572.3
3,511.2
Stockholders' Equity
Preferred Stock, par $0.01 (authorized
20,000,000 shares,
none outstanding)
—
—
Common Stock, par $0.01 (authorized
200,000,000 shares,
46,767,164 shares issued at 2024 and 2023,
respectively)
0.5
0.5
Treasury stock (26,518,065 and 25,929,836
shares held at
2024 and 2023, respectively)
(3,265.9
)
(2,957.8
)
Additional paid in capital (APIC)
484.7
508.1
Retained earnings
3,610.8
3,278.1
Total stockholders' equity
830.1
828.9
Total liabilities and stockholders'
equity
$
4,402.4
$
4,340.1
Murphy USA Inc.
Consolidated Statements of
Cash Flows
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars)
2024
2023
2024
2023
Operating Activities
Net income
$
149.2
$
167.7
$
360.0
$
406.8
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation and amortization
62.8
57.5
180.8
171.7
Deferred and noncurrent income tax charges
(benefits)
2.5
(9.3
)
(4.0
)
0.1
Accretion of asset retirement
obligations
0.8
0.7
2.4
2.2
Amortization of discount on marketable
securities
—
—
(0.1
)
—
(Gains) losses from sale of assets
0.4
0.5
1.4
0.6
Net (increase) decrease in noncash
operating working capital
(23.8
)
(35.6
)
32.0
(97.2
)
Other operating activities - net
10.2
8.5
26.4
26.7
Net cash provided (required) by operating
activities
202.1
190.0
598.9
510.9
Investing Activities
Property additions
(136.9
)
(79.4
)
(331.1
)
(224.6
)
Proceeds from sale of assets
0.3
0.5
1.9
2.3
Investment in marketable securities
—
(2.9
)
—
(11.3
)
Redemptions of marketable securities
6.0
7.5
10.0
18.0
Other investing activities - net
(0.9
)
(0.4
)
(1.7
)
(1.4
)
Net cash provided (required) by investing
activities
(131.5
)
(74.7
)
(320.9
)
(217.0
)
Financing Activities
Purchase of treasury stock
(125.2
)
(64.8
)
(317.7
)
(172.7
)
Dividends paid
(9.2
)
(8.4
)
(27.1
)
(24.7
)
Borrowings of debt
225.0
—
345.0
8.0
Repayments of debt
(187.9
)
(3.9
)
(315.7
)
(19.6
)
Amounts related to share-based
compensation
(0.6
)
(6.3
)
(27.8
)
(20.6
)
Net cash provided (required) by financing
activities
(97.9
)
(83.4
)
(343.3
)
(229.6
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(27.3
)
31.9
(65.3
)
64.3
Cash, cash equivalents and restricted cash
at beginning of period
79.8
92.9
117.8
60.5
Cash, cash equivalents and restricted cash
at end of period
$
52.5
$
124.8
$
52.5
$
124.8
Supplemental Disclosure Regarding Non-GAAP Financial
Information
The following table reconciles EBITDA and Adjusted EBITDA to Net
Income for the three and nine months ended September 30, 2024 and
2023. EBITDA means net income (loss) plus net interest expense,
plus income tax expense, depreciation and amortization, and
Adjusted EBITDA adds back (i) other non-cash items (e.g.,
impairment of properties and accretion of asset retirement
obligations) and (ii) other items that management does not consider
to be meaningful in assessing our operating performance (e.g.,
(income) from discontinued operations, net settlement proceeds,
(gain) loss on sale of assets, loss on early debt extinguishment,
transaction and integration costs related to acquisitions, and
other non-operating (income) expense). EBITDA and Adjusted EBITDA
are not measures that are prepared in accordance with U.S.
generally accepted accounting principles (GAAP).
We use Adjusted EBITDA in our operational and financial
decision-making, believing that the measure is useful to eliminate
certain items in order to focus on what we deem to be a more
reliable indicator of ongoing operating performance and our ability
to generate cash flow from operations. Adjusted EBITDA is also used
by many of our investors, research analysts, investment bankers,
and lenders to assess our operating performance. We believe that
the presentation of Adjusted EBITDA provides useful information to
investors because it allows understanding of a key measure that we
evaluate internally when making operating and strategic decisions,
preparing our annual plan, and evaluating our overall performance.
However, non-GAAP measures are not a substitute for GAAP
disclosures, and EBITDA and Adjusted EBITDA may be prepared
differently by us than by other companies using similarly titled
non-GAAP measures.
The reconciliation of net income (loss) to EBITDA and Adjusted
EBITDA is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars)
2024
2023
2024
2023
Net income
$
149.2
$
167.7
$
360.0
$
406.8
Income tax expense (benefit)
49.5
55.7
113.8
131.3
Interest expense, net of investment
income
23.4
22.5
71.1
69.8
Depreciation and amortization
62.8
57.5
180.8
171.7
EBITDA
$
284.9
$
303.4
$
725.7
$
779.6
Accretion of asset retirement
obligations
0.8
0.7
2.4
2.2
(Gain) loss on sale of assets
0.4
0.5
1.4
0.6
Other nonoperating (income) expense
(0.5
)
1.4
(1.0
)
0.9
Adjusted EBITDA
$
285.6
$
306.0
$
728.5
$
783.3
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030452581/en/
Investor Contact: Christian Pikul Vice President,
Investor Relations and Financial Planning and Analysis
christian.pikul@murphyusa.com
Murphy USA (NYSE:MUSA)
過去 株価チャート
から 10 2024 まで 11 2024
Murphy USA (NYSE:MUSA)
過去 株価チャート
から 11 2023 まで 11 2024