Higher Operating Expenses, Lower Fuel Prices Dent Murphy USA 2Q Profits

Convenience store operator Murphy USA Inc. reported Wednesday that second quarter profits were down 37% from a year ago, primarily due to higher operating expenses and declining fuel contributions from lower gas prices heading into the summer driving season.

For the period ended June 30, the former gas station subsidiary of Murphy Oil Corp. reported net income of $32.7 million, or $1.01 per share, compared to $51.8 million, or $1.58 per diluted share, in the same period a year ago. Revenues for the three-month period were flat at $3.8 billion compared with $3.82 billion in the same period of 2018.

A survey of five Wall Street analysts had expected the Arkansas gasoline station owner known for its Walmart parking lot locations to see second quarter earnings of $1.08 per share on revenue of $3.63 billion, according to Thomson Reuters.      MORE

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