Murphy USA Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a decline in revenue and net income compared to the same periods in 2023. Operating revenues for Q3 2024 totaled $5,238.5 million, down 9.6% from $5,797.9 million in Q3 2023. This decrease was primarily attributed to a 10.9% drop in retail fuel sales prices, despite a 2.0% increase in fuel sales volumes. For the nine months ended September 30, 2024, operating revenues were $15,533.9 million, a decrease of 5.6% from $16,460.5 million in the prior year.
Net income for Q3 2024 was $149.2 million, or $7.20 per diluted share, compared to $167.7 million, or $7.69 per diluted share, in Q3 2023. Year-to-date net income also fell to $360.0 million, or $17.17 per diluted share, from $406.8 million, or $18.47 per diluted share, in the same period of 2023. The decline in profitability was influenced by increased store and operating expenses, which rose by 4.9% year-to-date, driven by higher employee-related costs and maintenance expenses.
Murphy USA's total current assets decreased to $689.1 million as of September 30, 2024, from $826.5 million at the end of 2023, while total assets increased slightly to $4,402.4 million. Total liabilities rose to $3,572.3 million, up from $3,511.2 million. Retained earnings increased to $3,610.8 million, reflecting the company's ongoing profitability despite the recent declines.
In terms of strategic developments, Murphy USA continued its share repurchase program, having repurchased 698,855 shares at an average price of $458.46 per share during the nine months ended September 30, 2024. The company has approximately $1.1 billion remaining under its $1.5 billion share repurchase authorization, which is set to expire on December 31, 2028.
Capital expenditures for the nine months ended September 30, 2024, increased to $320.9 million, compared to $217.0 million in the same period of 2023, with plans for continued investment in retail growth. The company anticipates capital expenditures for the full year to range from $500 million to $525 million.
Overall, Murphy USA's financial performance in Q3 2024 and the first nine months of the year reflects challenges in the retail fuel market, alongside strategic investments and ongoing share repurchase activities.
About Murphy USA Inc.
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