The following is a summary of the Murphy USA Inc. (MUSA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Murphy USA's Q1 2024 financial performance was affected by rising fuel prices and weather-related events, especially along the Atlantic Coast.

• Despite challenging conditions, core fuel and tobacco businesses performed well with APSM fuel gallons flat year-over-year and up 2% on a two-year stack with corresponding retail margins of $0.22.

• Tobacco sales and margin grew by 6% and 4.5% respectively, while discretionary store categories saw fewer customer trips due to lower fuel prices.

• Total fuel contribution for the quarter fell slightly, but it does not anticipate a decrease in adjusted EBITDA below the $1 billion to $1.2 billion range.

• Merchandise contribution growth was modest at 2.4%, with a projection to hit the annual target of 8%.

Business Progress:

• Murphy USA opened three new stores, including a QuickChek, and closed three QuickChek stores with no fuel offerings.

• The company plans to focus on growth and productivity, looking at food, beverage, and center store opportunities.

• Boosts are expected in the second half of the year through store construction activity; 22 raze-and-rebuilds and nine new stores are in the pipeline.

• Murphy USA has several ongoing initiatives including promotional activities, store resets, new offers rollouts, and digital transformation for driving revenue growth.

• The company is confident in their positioning despite industry consolidation, stating their high volume, everyday low-price retail model will remain unaffected by smaller, less differentiated brands merging.

More details: Murphy USA IR

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