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Murphy USA Inc., the El Dorado convenience and gasoline chain with 1,650 stores nationwide, reported fourth-quarter 2020 net income of $61 million, up from $47.6 million in the same period of 2019.
Full-year net income was $386 million, significantly up from $154.8 million in all of 2010. The increased quarterly profit was attributed to higher fuel and merchandise contributions to the bottom line. Income in 2020 amounted to $13.08 per share of diluted stock, compared to 2019’s profit of $4.86 per share.
While total gallons of fuel sold in the fourth quarter declined about 5.5% from the final three months of 2019, dollars from merchandise sales were up 9.5%, the company said.
During the year, Murphy USA, a 2013 spinoff of Murphy Oil Corp., which moved from Arkansas to Houston last year, opened 24 new stores and razed and rebuilt 33 other locations. The year-end store count was 1,503, but the company closed Jan. 29 on a $645 million deal to acquire QuickChek Corp. of New Jersey, adding more than 150 locations in the Northeast.
In a company statement, President and CEO Andrew Clyde described 2020 as “an unprecedented year that showcased both the agility and resiliency of our business.” The company is “excited to turn the page and continue executing against our strategic agenda in 2021,” he said.
“The momentum of our existing network, complemented by the new and distinctive capabilities of QuickChek, highlight the potential of the combined business as we take the next steps to create long-term value for shareholders,” he said.