Murphy USA Inc. (NYSE:MUSA) revealed its second quarter earnings results on Tuesday 21st July 2020 before market open.
The specialty retailer, reported $ 5.73 income per share for the quarter, beat the consensus estimate of $ 3.84 income per share by $ 1.89 or 49.22 percent.
The quarterly earnings raised 467.33 percent compared with the same quarter last year.
The firm had revenue of $ 2,379.60 million for the quarter, compared to the consensus estimate of $ 2536.93 million. The revenues fell short of analysts estimates by $ 157.33 million or 6.2 percent.
The financial report showed revenues reduced 37.39 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss.
During Q2 2020, 3 new stores opened and 8 raze-and-rebuild sites were re-opened. In addition, the Company divested all 9 Minnesota stores to a private company for an immaterial gain; there are 11 new sites and 6 raze-and-rebuild sites currently under construction.
Murphy USA President and CEO Andrew Clyde, said, the record second quarter performance once again demonstrated the competitive advantages of our distinctive business model and customer positioning. Fuel margins significantly outpaced volume declines due to COVID-19 related demand destruction even as commodity prices rose sharply in May and June. As volume recovers in July to over 90-percent of prior year levels reflecting our every-day low price positioning and more favorable geographies and locations, robust fuel margins continue to generate higher than normal fuel contribution for the company..
