Fuel margins lower Murphy USA net income
Murphy USA, a leading retailer of gasoline and convenience store merchandise in the United States, has reported a decrease in net income due to lower fuel margins.
In the first quarter of 2021, Murphy USA’s net income was $59.9 million, a significant decrease from the $147.7 million reported in the same period of the previous year.
The decrease in net income was largely attributed to lower fuel margins, which were impacted by various factors including the ongoing COVID-19 pandemic and severe weather events in some regions.
Despite the lower net income, Murphy USA saw an increase in total revenue, which rose from $2.6 billion in Q1 2020 to $3.1 billion in Q1 2021.
The company also announced plans to expand its network of retail locations, with a goal of opening between 50 and 70 new stores in 2021.
The news of lower net income and the plans for expansion were well-received by investors, with Murphy USA’s stock price increasing following the announcement.
Overall, the news article discusses how Murphy USA’s net income was impacted by lower fuel margins, but the company remains focused on growth and expansion.