Murphy USA (MUSA)2025-02-05 21:34Financial Performance - Net income for Q4 2024 was 6.96 per diluted share, compared to 7.00 per diluted share in Q4 2023[4] - For the full year 2024, net income was 24.11 per diluted share, down from 25.49 per diluted share in 2023[4] - Net income for Q4 2024 was 166.1 million in Q4 2023, reflecting a decline of 1.9%[28] - Net income for Q4 2024 was 150.0 million in Q4 2023[36] Revenue and Sales - Total operating revenues for Q4 2024 were 5.07 billion in Q4 2023, reflecting a decrease in petroleum product sales[26] - Total operating revenues for Q4 2024 were 5,068.6 million in Q4 2023[28] - Total retail gallons decreased by 1.0% in Q4 2024, with same store sales (SSS) volumes declining by 2.8% compared to Q4 2023[4] - Same store sales for merchandise increased by 1.5% in Q4 2024 compared to the prior year, while nicotine sales rose by 1.6%[29] Expenses and Costs - Total store and other operating expenses increased by 842.5 million, slightly up from 67.2 million, up from 8.2 million in Q4 2024, with no such charges in Q4 2023[39] Cash Flow and Investments - Total cash provided by operating activities for the twelve months ended December 31, 2024, was 784.0 million in 2023, reflecting an increase of 8%[36] - The company reported a net cash outflow from investing activities of 323.6 million in 2023[36] - The net cash required by financing activities for the twelve months ended December 31, 2024, was 403.1 million in 2023[36] Shareholder Returns - The quarterly cash dividend paid on December 2, 2024, was 9.7 million in cash payments[17] - The company repurchased approximately 239.7 thousand shares for 526.61 per share in Q4 2024[4] - The company purchased treasury stock amounting to 160.5 million in Q4 2023[36] Growth and Expansion - The company opened 32 new-to-industry (NTI) stores and completed 47 raze and rebuilds in 2024, with a focus on long-term growth opportunities[3] - For 2024, actual results included 32 new stores opened, exceeding the guidance range of 30-35, and 47 raze-and-rebuilds, above the guidance of more than 40[18] - The company expects 2025 guidance to include up to 50 new stores and up to 30 raze-and-rebuilds, indicating a commitment to higher growth levels[18] Future Projections - The company anticipates net income for 2025 to be between 551 million, translating to expected Adjusted EBITDA between 1.12 billion[19] - The effective tax rate for 2025 is expected to be in the range of 23% to 25%[22] - Merchandise contribution for 2024 was 830 to 855 million and 503 million, within the guidance range of 525 million, with a projected range of 500 million for 2025[18] Assets and Liabilities - Total current assets decreased to 826.5 million in 2023, a decline of 9.5%[34] - Total assets increased to 4,340.1 million in 2023, representing a growth of 4.6%[34] - Total liabilities rose to 3,511.2 million in 2023, an increase of 5.4%[34] - The store count at the end of the period remained stable at 1,757 stores, unchanged from the previous year[28] Margins - Merchandise contribution dollars for Q4 2024 increased by 5.6% to 389.1 million, primarily due to lower retail volumes sold[7] - Retail fuel margins for the full year 2024 were 28.1 cpg, a 1.8% increase compared to the prior year[8] - The company reported a merchandise margin of 2.4% for Q4 2024, an improvement from 2.7% in the same quarter last year[29]