Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor
fuel products and convenience merchandise, today announced
financial results for the three and six months ended June 30,
2023.
Key Highlights:
- Net income was $132.8 million, or $6.02 per diluted share, in
Q2 2023 compared to net income of $183.3 million, or $7.53 per
diluted share, in Q2 2022
- Total fuel contribution (retail fuel margin plus product supply
and wholesale ("PS&W") results including RINs) for Q2 2023 was
29.5 cpg, compared to 34.9 cpg in Q2 2022
- Total retail gallons increased 2.3% in Q2 2023 compared to Q2
2022, while volumes on a same store sales ("SSS") basis declined
1.8% (down 0.6% on an APSM basis)
- Merchandise contribution dollars for Q2 2023 increased 5.1% to
$206.8 million on average unit margins of 19.7%, compared to the
prior-year quarter contribution dollars of $196.7 million on unit
margins of 19.8%
- During Q2 2023, the Company repurchased approximately 334.1
thousand common shares for $95.1 million at an average price of
$284.65 per share
“Murphy USA results show continued momentum in the second
quarter, maintaining fuel market share while delivering incremental
in-store growth against exceptional 2022 performance," said
President and CEO Andrew Clyde. "Our strong year-to-date
performance in an environment with markedly less volatility
reaffirms our belief that the structural change in fuel margins is
not only sustainable, but also closer to the high-end of our
expectations. We remain confident in our ability to track favorably
against our full-year guidance and are well-positioned to
capitalize on the opportunities ahead.”
Consolidated Results
Three Months Ended June
30,
Six Months Ended June
30,
Key Operating Metrics
2023
2022
2023
2022
Net income (loss) ($ Millions)
$
132.8
$
183.3
$
239.1
$
335.7
Earnings per share (diluted)
$
6.02
$
7.53
$
10.82
$
13.59
Adjusted EBITDA ($ Millions)
$
257.1
$
316.6
$
477.3
$
593.6
Net income and Adjusted EBITDA for Q2 2023 were lower versus the
prior-year period, due primarily to lower total fuel contribution
and increases in store operating expenses and general and
administrative expenses, which were partially offset by higher
overall merchandise contribution margins and lower payment
fees.
Fuel
Three Months Ended June
30,
Six Months Ended June
30,
Key Operating Metrics
2023
2022
2023
2022
Total retail fuel contribution ($
Millions)
$
334.7
$
320.8
$
599.4
$
574.3
Total PS&W contribution ($
Millions)
(53.0
)
22.8
(103.1
)
62.3
RINs (included in Other operating revenues
on Consolidated Income Statement) ($ Millions)
84.1
79.3
199.4
156.0
Total fuel contribution ($ Millions)
$
365.8
$
422.9
$
695.7
$
792.6
Retail fuel volume - chain (Million
gal)
1,238.8
1,211.3
2,380.5
2,299.6
Retail fuel volume - per store (K gal
APSM)1
249.3
250.7
239.8
237.8
Retail fuel volume - per store (K gal
SSS)2
245.2
247.9
236.2
235.3
Total fuel contribution (including retail,
PS&W, and RINs) (cpg)
29.5
34.9
29.2
34.5
Retail fuel margin (cpg)
27.0
26.5
25.2
25.0
PS&W including RINs contribution
(cpg)
2.5
8.4
4.0
9.5
1Average Per Store Month ("APSM") metric
includes all stores open through the date of calculation
22022 amounts not revised for 2023
raze-and-rebuild activity
Total fuel contribution dollars of $365.8 million decreased
$57.1 million, or 13.5%, in Q2 2023 compared to Q2 2022 due to a
lower total fuel contribution margin partially offset by higher
retail volumes sold during the period. Retail fuel contribution
dollars increased $13.9 million, or 4.3%, to $334.7 million
compared to Q2 2022 due to higher volumes and retail fuel margins.
The increase was driven by 27.0 cpg retail fuel margins, a 1.9%
increase compared to Q2 2022, coupled with 2.3% higher retail fuel
volumes sold. PS&W margins (including RINs) decreased $71.0
million when compared to Q2 2022, reflecting the continued negative
impact of timing and inventory pricing adjustments.
Merchandise
Three Months Ended
June 30,
Six Months Ended
June 30,
Key Operating Metrics
2023
2022
2023
2022
Total merchandise contribution ($
Millions)
$
206.8
$
196.7
$
393.9
$
372.4
Total merchandise sales ($ Millions)
$
1,049.0
$
994.6
$
2,015.2
$
1,886.6
Total merchandise sales ($K SSS)1,2
$
204.7
$
198.6
$
197.0
$
186.2
Merchandise unit margin (%)
19.7
%
19.8
%
19.6
%
19.7
%
Tobacco contribution ($K SSS)1,2
$
18.2
$
17.8
$
17.8
$
17.3
Non-tobacco contribution ($K SSS)1,2
$
22.5
$
21.6
$
21.1
$
18.9
Total merchandise contribution ($K
SSS)1,2
$
40.7
$
39.4
$
38.9
$
36.2
12022 amounts not revised for 2023
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 $10.1 million, or 5.1%,
to $206.8 million in Q2 2023 compared to the prior-year quarter due
primarily to higher unit sales volumes. Total tobacco contribution
dollars in Q2 2023 increased 3.0% and non-tobacco contribution
dollars increased 7.6% compared to Q2 2022.
Other Areas
Three Months Ended June
30,
Six Months Ended June
30,
Key Operating Metrics
2023
2022
2023
2022
Total store and other operating
expenses
($ Millions)
$
256.7
$
252.2
$
495.0
$
474.9
Store OPEX excluding payment fees and rent
($K APSM)
$
33.5
$
32.2
$
32.3
$
30.9
Total SG&A cost ($ Millions)
$
59.4
$
52.2
$
118.4
$
98.4
Total store and other operating expenses were $4.5 million
higher in Q2 2023 versus Q2 2022, mainly due to employee related
expenses, store maintenance costs, and inventory shrink costs
partially offset by a reduction in payment fees. Store OPEX
excluding payment fees and rent on an APSM basis were 3.9% higher
versus Q2 2022, primarily attributable to increased employee
related expenses, maintenance, and inventory shrink costs. Total
SG&A costs for Q2 2023 were $7.2 million higher than Q2 2022
primarily due to higher professional fees from business improvement
initiatives and employee related expenses, partially offset by
lower employee incentive expenses.
Store Openings
The tables below reflect changes in our store portfolio in Q2
2023:
Net Change in Q2 2023
Murphy USA /
Express
QuickChek
Total
New-to-industry ("NTI")
4
3
7
Closed
—
(2
)
(2
)
Net change
4
1
5
Raze-and-rebuilds reopened in Q2*
4
—
4
Under Construction at End of Q2
NTI
7
3
10
Raze-and-rebuilds*
14
—
14
Total under construction at end of Q2
21
3
24
Net Change YTD in 2023
NTI
11
4
15
Closed
—
(2
)
(2
)
Net change
11
2
13
Raze-and-rebuilds reopened YTD*
6
—
6
Store count at June 30, 2023*
1,566
159
1,725
*Store counts include raze-and-rebuild
stores
Financial Resources
As of June 30,
Key Financial Metrics
2023
2022
Cash and cash equivalents ($ Millions)
$
92.9
$
240.4
Marketable securities, current ($
Millions)
$
13.0
$
—
Marketable securities, non-current ($
Millions)
$
7.4
$
—
Long-term debt, including capital lease
obligations ($ Millions)
$
1,787.3
$
1,795.5
Cash balances as of June 30, 2023 totaled $92.9 million, and the
Company also had total marketable securities of $20.4 million.
Long-term debt consisted of approximately $298.1 million in
carrying value of 5.625% senior notes due in 2027, $495.3 million
in carrying value of 4.75% senior notes due in 2029, $494.2 million
in carrying value of 3.75% senior notes due in 2031, and $381.4
million of term debt. In addition, the Company has approximately
$118.3 million in long-term capital leases. The revolving cash flow
facility was undrawn as of June 30, 2023.
Three Months Ended June
30,
Six Months Ended June
30,
Key Financial Metric
2023
2022
2023
2022
Average shares outstanding (diluted) (in
thousands)
22,051
24,341
22,092
24,708
At June 30, 2023, the Company had common shares outstanding of
21,453,014. Common shares repurchased during the quarter were
approximately 334.1 thousand shares for $95.1 million, which were
purchased under the 2021 share repurchase plan. Common shares
purchased during the six months ended June 30, 2023, were
approximately 383.0 thousand shares for a total of $108.8 million.
As of June 30, 2023, approximately $105.7 million remained
available under the $1 billion 2021 plan. On May 2, 2023, the
Company announced a new share repurchase program of up to $1.5
billion to be executed by December 31, 2028, once the current
program is completed.
The effective income tax rate for Q2 2023 was 24.4% compared to
24.0% in Q2 2022.
The Company paid a quarterly cash dividend on June 1, 2023 of
$0.38 per share, or $1.52 per share on an annualized basis, a 2.7%
increase from the previous quarter for a total cash payment of $8.2
million. The total amount paid in dividends year-to-date is $16.3
million, or $0.75 per share.
Earnings Call Information
The Company will host a conference call on August 3, 2023 at
10:00 a.m. Central Time to discuss second quarter 2023 results. The
conference call number is 1 (888) 330-2384 and the conference
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 contain 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, 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: The Company's ability to
successfully expand our food and beverage offerings; 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,
disruptions in our supply chain and our ability to control costs;
geopolitical events, 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, 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 tobacco
or e-cigarette legislation and any other efforts that make
purchasing tobacco products more costly or difficult could hurt our
revenues and impact gross margins; changes to the Company's capital
allocation, 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 June
30,
Six Months Ended June
30,
(Millions of dollars, except share and per
share amounts)
2023
2022
2023
2022
Operating Revenues
Petroleum product sales1
$
4,450.6
$
5,690.3
$
8,444.8
$
9,838.7
Merchandise sales
1,049.0
994.6
2,015.2
1,886.6
Other operating revenues
85.8
81.8
202.6
159.8
Total operating revenues
5,585.4
6,766.7
10,662.6
11,885.1
Operating Expenses
Petroleum product cost of goods sold1
4,170.0
5,347.8
7,950.6
9,204.0
Merchandise cost of goods sold
842.2
797.9
1,621.3
1,514.2
Store and other operating expenses
256.7
252.2
495.0
474.9
Depreciation and amortization
57.8
54.7
114.2
110.1
Selling, general and administrative
59.4
52.2
118.4
98.4
Accretion of asset retirement
obligations
0.7
0.7
1.5
1.4
Acquisition and integration related
costs
—
0.8
—
1.0
Total operating expenses
5,386.8
6,506.3
10,301.0
11,404.0
Gain (loss) on sale of assets
0.1
1.9
(0.1
)
1.9
Income (loss) from operations
198.7
262.3
361.5
483.0
Other income (expense)
Investment income
1.8
0.4
2.6
0.4
Interest expense
(25.0
)
(20.2
)
(49.9
)
(39.8
)
Other nonoperating income (expense)
0.2
(1.2
)
0.5
(1.9
)
Total other income (expense)
(23.0
)
(21.0
)
(46.8
)
(41.3
)
Income before income taxes
175.7
241.3
314.7
441.7
Income tax expense (benefit)
42.9
58.0
75.6
106.0
Net Income
$
132.8
$
183.3
$
239.1
$
335.7
Basic and Diluted Earnings Per Common
Share
Basic
$
6.12
$
7.65
$
11.01
$
13.81
Diluted
$
6.02
$
7.53
$
10.82
$
13.59
Weighted-average Common shares outstanding
(in thousands):
Basic
21,686
23,952
21,712
24,302
Diluted
22,051
24,341
22,092
24,708
Supplemental information:
1Includes excise taxes of:
$
594.2
$
554.7
$
1,139.0
$
1,068.7
Murphy USA Inc.
Segment Operating
Results
(Unaudited)
(Millions of dollars, except revenue per
same store sales (in thousands) and store counts)
Three Months Ended
June 30,
Six Months Ended
June 30,
Marketing Segment
2023
2022
2023
2022
Operating Revenues
Petroleum product sales
$
4,450.6
$
5,690.3
$
8,444.8
$
9,838.7
Merchandise sales
1,049.0
994.6
2,015.2
1,886.6
Other operating revenues
85.8
81.8
202.5
159.7
Total operating revenues
5,585.4
6,766.7
10,662.5
11,885.0
Operating expenses
Petroleum products cost of goods sold
4,170.0
5,347.8
7,950.6
9,204.0
Merchandise cost of goods sold
842.2
797.9
1,621.3
1,514.2
Store and other operating expenses
256.8
252.2
495.0
474.9
Depreciation and amortization
53.2
50.8
105.6
102.5
Selling, general and administrative
59.4
52.2
118.4
98.4
Accretion of asset retirement
obligations
0.7
0.7
1.5
1.4
Total operating expenses
5,382.3
6,501.6
10,292.4
11,395.4
Gain (loss) on sale of assets
0.1
(0.7
)
(0.1
)
(0.7
)
Income (loss) from operations
203.2
264.4
370.0
488.9
Other income (expense)
Interest expense
(2.2
)
(2.3
)
(4.5
)
(4.5
)
Total other income (expense)
(2.2
)
(2.3
)
(4.5
)
(4.5
)
Income (loss) before income taxes
201.0
262.1
365.5
484.4
Income tax expense (benefit)
49.3
63.0
87.9
116.2
Net income (loss) from operations
$
151.7
$
199.1
$
277.6
$
368.2
Total tobacco sales revenue same store
sales1,2
$
128.5
$
125.0
$
124.0
$
119.5
Total non-tobacco sales revenue same store
sales1,2
76.2
73.6
73.0
66.7
Total merchandise sales revenue same store
sales1,2
$
204.7
$
198.6
$
197.0
$
186.2
12022 amounts not revised for 2023
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
1,725
1,695
1,725
1,695
Total store months during the period
5,149
5,021
10,290
10,052
Same store sales information compared to APSM metrics
Variance from prior year
period
Three months ended
Six months ended
June 30, 2023
June 30, 2023
SSS1
APSM2
SSS1
APSM2
Fuel gallons per month
(1.8
)%
(0.6
)%
(0.3
%)
0.8
%
Merchandise sales
2.7
%
2.9
%
4.3
%
4.3
%
Tobacco sales
3.0
%
2.2
%
4.1
%
3.4
%
Non tobacco sales
2.2
%
4.1
%
4.6
%
6.2
%
Merchandise margin
2.8
%
2.6
%
3.8
%
3.3
%
Tobacco margin
2.6
%
0.4
%
3.4
%
1.5
%
Non tobacco margin
2.9
%
5.0
%
4.2
%
5.8
%
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, 2022 for the stores
being compared in the 2023 versus 2022 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. For Q2 2023, the QuickChek results cover the period April
1, 2023 to June 30, 2023 and the 2023 year-to-date period December
31, 2022 to June 30, 2023. For Q2 2022, the QuickChek results cover
the period April 2, 2022 to July 1, 2022 and the 2022 year-to-date
period January 1, 2022 to July 1, 2022. 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)
June 30, 2023
December 31, 2022
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
92.9
$
60.5
Marketable securities, current
13.0
17.9
Accounts receivable—trade, less allowance
for doubtful accounts of $0.8 and $0.3 at 2023 and 2022,
respectively
270.7
281.7
Inventories, at lower of cost or
market
349.9
319.1
Prepaid expenses and other current
assets
36.7
47.6
Total current assets
763.2
726.8
Marketable securities, non-current
7.4
4.4
Property, plant and equipment, at cost
less accumulated depreciation and amortization of $1,656.3 and
$1,553.1 at 2023 and 2022, respectively
2,500.7
2,459.3
Operating lease right of use assets,
net
448.2
449.6
Intangible assets, net of amortization
140.2
140.4
Goodwill
328.0
328.0
Other assets
17.1
14.7
Total assets
$
4,204.8
$
4,123.2
Liabilities and Stockholders'
Equity
Current liabilities
Current maturities of long-term debt
$
14.9
$
15.0
Trade accounts payable and accrued
liabilities
800.4
839.2
Total current liabilities
815.3
854.2
Long-term debt, including capitalized
lease obligations
1,787.3
1,791.9
Deferred income taxes
337.0
327.4
Asset retirement obligations
43.6
43.3
Non-current operating lease
liabilities
445.3
444.2
Deferred credits and other liabilities
25.5
21.5
Total liabilities
3,454.0
3,482.5
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 2023 and 2022,
respectively)
0.5
0.5
Treasury stock (25,314,150 and 25,017,324
shares held at 2023 and 2022, respectively)
(2,733.1
)
(2,633.3
)
Additional paid in capital (APIC)
505.8
518.9
Retained earnings
2,977.7
2,755.1
Accumulated other comprehensive income
(loss) (AOCI)
(0.1
)
(0.5
)
Total stockholders' equity
750.8
640.7
Total liabilities and stockholders'
equity
$
4,204.8
$
4,123.2
Murphy USA Inc.
Consolidated Statements of
Cash Flows
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(Millions of dollars)
2023
2022
2023
2022
Operating Activities
Net income
$
132.8
$
183.3
$
239.1
$
335.7
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation and amortization
57.8
54.7
114.2
110.1
Deferred and noncurrent income tax charges
(benefits)
2.8
5.6
9.4
13.1
Accretion of asset retirement
obligations
0.7
0.7
1.5
1.4
(Gains) losses from sale of assets
(0.1
)
(1.9
)
0.1
(1.9
)
Net (increase) decrease in noncash
operating working capital
(31.2
)
(71.1
)
(61.6
)
47.8
Other operating activities - net
8.4
6.0
18.2
10.3
Net cash provided (required) by operating
activities
171.2
177.3
320.9
516.5
Investing Activities
Property additions
(72.5
)
(80.9
)
(145.2
)
(144.9
)
Proceeds from sale of assets
1.8
8.1
1.8
8.1
Investment in marketable securities
(8.4
)
—
(8.4
)
—
Redemptions of marketable securities
6.0
—
10.5
—
Other investing activities - net
(0.2
)
(0.2
)
(1.0
)
(0.6
)
Net cash provided (required) by investing
activities
(73.3
)
(73.0
)
(142.3
)
(137.4
)
Financing Activities
Purchase of treasury stock
(94.2
)
(203.6
)
(107.9
)
(355.4
)
Dividends paid
(8.2
)
(7.4
)
(16.3
)
(14.6
)
Borrowings of debt
—
—
8.0
—
Repayments of debt
(3.9
)
(3.8
)
(15.7
)
(7.6
)
Amounts related to share-based
compensation
(0.8
)
(5.3
)
(14.3
)
(17.5
)
Net cash provided (required) by financing
activities
(107.1
)
(220.1
)
(146.2
)
(395.1
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(9.2
)
(115.8
)
32.4
(16.0
)
Cash, cash equivalents, and restricted
cash at beginning of period
102.1
356.2
60.5
256.4
Cash, cash equivalents, and restricted
cash at end of period
$
92.9
$
240.4
$
92.9
$
240.4
Supplemental Disclosure Regarding Non-GAAP Financial
Information
The following table sets forth the Company’s EBITDA and Adjusted
EBITDA for the three and six months ended June 30, 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 June
30,
Six Months Ended June
30,
(Millions of dollars)
2023
2022
2023
2022
Net income
$
132.8
$
183.3
$
239.1
$
335.7
Income tax expense (benefit)
42.9
58.0
75.6
106.0
Interest expense, net of investment
income
23.2
19.8
47.3
39.4
Depreciation and amortization
57.8
54.7
114.2
110.1
EBITDA
$
256.7
$
315.8
$
476.2
$
591.2
Accretion of asset retirement
obligations
0.7
0.7
1.5
1.4
(Gain) loss on sale of assets
(0.1
)
(1.9
)
0.1
(1.9
)
Acquisition and integration related
costs
—
0.8
—
1.0
Other nonoperating (income) expense
(0.2
)
1.2
(0.5
)
1.9
Adjusted EBITDA
$
257.1
$
316.6
$
477.3
$
593.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802240769/en/
Christian Pikul Vice President, Investor Relations and Financial
Planning and Analysis christian.pikul@murphyusa.com
Murphy USA (NYSE:MUSA)
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