Murphy USA Inc.'s third-quarter profit more than doubled over the same quarter last year as demand increased even while fuel prices soared, the company said Wednesday.
The El Dorado-based convenience store and gas station chain posted net income of $219.5 million, or $9.28 per share, for the quarter that ended Sept. 30, compared to net income of $104 million, or $3.98 per share, in the same quarter last year.
The per-share earnings beat the average estimate of $7.57 forecast by six analysts surveyed by Thomson Reuters.
Revenue climbed 35% over last year's third quarter, to $6.2 billion.
" Third-quarter sales showcased the resiliency and attractiveness of our everyday low-price model, which translated into strong fuel volume growth and same-store merchandise growth," said Andrew Clyde, the company's president and chief executive officer.
"Murphy USA continues to provide value to our customers and they are rewarding us with their loyalty, resulting in more frequent trips and larger baskets," Clyde said.
He added that October per-store volumes of fuel sold are running about 10% higher than in October 2021.
The total gallons of fuel sold in the third quarter increased 13.2% to 1.2 billion. In the July-through-September period, gasoline prices ranged between $3.71 and $4.77, according to the U.S. Energy Information Administration.
Same-store sales, considered a key indicator of a retailer's health, rose 9%.
Total merchandise sales grew 9.8% to $205.7 million. Food and beverage sales rose 9.4%.
Murphy USA opened seven Murphy Express stores during the quarter and reopened 10 raze-and-rebuild Murphy USA stores.
Nineteen Murphy Express stores, five QuickChek stores and 12 raze-and-rebuild Murphy USA stores are under construction, the company said.
The company owns about 1,700 stores across 27 states. Most are near a Walmart Inc. Supercenter.
Murphy USA's board of directors voted on Oct. 20 to raise its quarterly cash dividend to 35 cents per share from 31 cents per share in the second quarter. The company repurchased about 800,000 shares at an average price of $275.85 per share in the third quarter.
The company's shares fell $1.24, or 0.43%, on Wednesday, Oct. 26, to close at $288.93 on the New York Stock Exchange. Its shares have traded between $160.74 and $303.09 in the past year.
Murphy USA released its earnings report after the stock markets closed last Wednesday.
Company executives discussed the quarter's results in a conference call last Thursday. The webcast and a transcript are available for replay.