Murphy USA Inc. reports news on a retail fuel and convenience-store business operating under the Murphy USA, Murphy Express and QuickChek brands. Company updates commonly cover retail motor fuel volumes and margins, merchandise contribution, fuel supply activity, new-store development and operating expenses across stores located primarily in the Southwest, Southeast, Midwest and Northeast United States.
Recurring announcements also include quarterly results, guidance, dividend declarations, share repurchase activity, investor presentations and board or executive leadership changes. The company’s business mix includes gasoline sales, convenience merchandise and fuel marketed to unbranded wholesale customers through terminal and pipeline positions.
Murphy USA announced its acquisition of QuickChek Corporation for $645 million in cash, netting $625 million after tax benefits. This strategic move aims to enhance Murphy USA's food and beverage capabilities, capitalizing on QuickChek's strong brand and proven growth in convenience markets. The deal is expected to yield annual synergies of $28 million by year three and aims for earnings accretion by 2022. The acquisition will be financed through a combination of cash, credit facilities, and new debt, with closing anticipated in Q1 2021.
Murphy USA announced a successful fundraising campaign, exceeding its initial goal by donating $1.55 million to the Boys & Girls Clubs of America for 2020. The 'Great Futures Fueled Here' campaign, launched amid the pandemic, encouraged customers to contribute through small donations at checkout. This effort highlighted the community's responsiveness to pressing needs during the crisis. The campaign concluded in September, and funds will support local Clubs, serving over 4.6 million children annually.
Murphy USA (NYSE: MUSA) will participate in the Stephens Annual Investment Conference on November 18, 2020, at 3:00 PM ET. The event will be held virtually, and investors can access the webcast through Murphy USA's Investor Relations page. The company operates nearly 1,500 retail gasoline stations primarily in the Southwest, Southeast, and Midwest, serving about 1.7 million customers daily. Murphy USA ranks 262 in the Fortune 500 and focuses on proximity to Walmart stores, enhancing convenience for its customers.
Murphy USA (NYSE: MUSA) has updated its capital allocation strategy, approving two key programs to enhance shareholder value. The company aims for $500 million in Adjusted EBITDA for 2021 and is nearing the completion of a $400 million share repurchase program, with $7 million remaining. A new $500 million repurchase plan will commence upon completion of the current one. Additionally, a quarterly dividend of $0.25 per share will start on December 1, 2020. Murphy USA also plans to open 50 New-To-Industry locations annually beginning in 2021 while exploring M&A for strategic growth.
Murphy USA reported Q3 2020 net income of $66.9 million or $2.27 per diluted share, down from $69.2 million or $2.18 in Q3 2019. Total fuel contribution was 22.3 cpg, up from 20.1 cpg a year earlier, despite an 11.9% drop in retail gallons sold. Merchandise contribution rose 6.2% to $118.1 million. SG&A expenses increased due to a $10 million charitable donation. The company opened 4 new stores during the quarter, with plans for more than 1,500 stores by year-end. Cash reserves stood at $317.5 million.
Murphy USA (NYSE: MUSA) will announce its preliminary third quarter 2020 earnings results on October 28, 2020, post-market. A conference call is scheduled for October 29, 2020, at 10:00 a.m. CT, where interested participants can dial 1-833-968-2218, using conference ID 4728178. The call will also be available via webcast on Murphy USA’s Investor Relations website. With nearly 1,500 retail sites across 25 states, Murphy USA serves around 1.7 million customers daily and ranks 262 on the Fortune 500 list.
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Murphy USA will present virtually at the Goldman Sachs 27th Annual Global Retailing Conference on September 9, 2020, at 2:30 PM ET. The event can be accessed via their Investor Relations website. Murphy USA operates nearly 1,500 retail sites primarily in the Southwest, Southeast, and Midwest of the U.S., serving around 1.7 million customers daily. The company is ranked 262 in Fortune 500, with a workforce of nearly 10,000 employees. Most sites are near Walmart stores, and they also operate standalone Murphy Express locations.
Murphy USA (NYSE: MUSA) has announced that its employees and customers have raised over $1 million for the Boys & Girls Clubs of America during 2020, significantly surpassing their original goal of $500,000. This fundraising effort is part of the 'Great Futures Fueled Here' campaign, which started on April 1 and involves nearly 1,500 stores across 25 states. Contributions can be made at checkout in increments of $1, $2, or $5 or by rounding up purchases.
Murphy USA Inc. (NYSE: MUSA) reported strong Q2 2020 financial results with a net income of $168.9 million ($5.73 per share) compared to $32.7 million ($1.01 per share) in Q2 2019. The total fuel contribution surged to 38.3 cpg, up from 14.7 cpg year-over-year, despite retail gallons sold decreasing by 25.7%. Merchandise contribution rose 12.2% to $118.4 million. The company opened 3 new stores and divested 9 Minnesota locations. Murphy USA maintained a robust cash position of $403.6 million, enabling strategic capital investments in future growth.