$45.5 million was the net income in 3Q2016
A leading marketer of retail motor fuel products and convenience merchandise, Murphy USA Inc., has declared financial results for the three and nine months ending 30 September, 2017.
The company posted a net income of $67.9 million, or $1.90 per diluted share in Q3 2017, compared to net income of $45.5 million, or $1.16 per diluted share, for the same period 2016.
20.5 cpg was the total fuel contribution (retail fuel margin plus product supply and wholesale results including RINS) for Q3 2017, compared to 15.4 cpg in Q3 2016.
There was a decline of 5.5% to 1.0 billion gallons in total retail gallons for the network during Q3 2017, while volumes on an average per store month ("APSM") basis declined 9.5% versus prior year quarter.
12 new stores opened, during the quarter, in addition to five raze-and-rebuild locations.
President and CEO Andrew Clyde said, "Third quarter results were impacted by the severity and devastation wrought by hurricanes Harvey and Irma, yet the resilience of our people and business model was evident in the quarterly results."
He added that their first priority was to help ensure the safety and well-being of their employees, who not only persevered during these crises, but remained eager and engaged to re-open stores for their customers as soon as possible, as they retained 100% of their store managers and assistant managers. While per-store metrics were negatively impacted from both a fuel volume and merchandise perspective, once prices had reached equilibrium following the refinery shutdowns, the retreat in wholesale prices contributed to a robust margin environment in September which helped offset a period of negative margins as Harvey made landfall.
"As we exit the third quarter, the industry and our business are showing signs of returning to normalized operations and overcoming significant logistical challenges throughout the month of September and into October. Wholesale fuel and diesel product flows resumed in both the storm-impacted areas and adjacent regions that incurred extended fuel supply outages, consumer demand returned, and the citizens of Texas and Florida began the process of rebuilding," concluded Clyde. PWKD06112017