Q1 2024 Murphy USA Inc Earnings Call Transcript
Key Points
- Murphy USA Inc reported strong performance in its core Fuel and Tobacco businesses despite adverse weather conditions and less market volatility.
- The company continues to see growth in its largest and most EBITDA accretive categories, reinforcing the sustainability of its business model.
- Murphy USA Inc's innovative offers and digital initiatives are enhancing its market position, particularly in the Food and Beverage sector.
- The company's supply model provided an advantage in supply-constrained markets, highlighting its operational efficiency.
- Murphy USA Inc is on track with its new store openings and capital expenditure plans, supporting long-term growth.
- The severe weather events had a negative impact on more discretionary in-store categories, reflecting lower consumer spending in these areas.
- Murphy USA Inc experienced challenges with the lottery segment, which saw a lag in jackpot build-ups and competition from newly legalized online betting sites.
- The company's merchandise results for Q1 were below expectations, although there were some positive developments in non-tobacco margin growth.
- Fuel gallons at QuickCheck were down by 1.2% APSM, indicating a slight decline in this segment.
- Murphy USA Inc's overall merchandise performance is expected to be at the lower end of the guided range due to the headwinds faced in the first quarter.
Thank you for standing by. My name is Alex, and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA First Quarter 2024 Earnings Conference Call. (Operator Instructions).
I would now like to turn the call over to Christian Pikul, Vice President of Investor Relations. Please go ahead.
Thank you, Alex. Good morning, everyone. Thanks for joining us today. With me are Andrew Clyde, Chief Executive Officer; Mindy West, Chief Operating Officer; Galagher Jeff, our Chief Financial Officer; and Donnie Smith, Chief Accounting Officer.
After some opening comments from Andrew, Galagher is going to provide some additional color commentary, and then we will open up the call to Q&A. Please keep in mind that some of the comments made during this call, including the Q&A portion, will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these
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