Murphy USA Inc. (NYSE: MUSA) reported Q1 EPS of $2.01, $0.54 better than the analyst estimate of $1.47.

• Net income was $55.3 million, or $2.01 per diluted share, in Q1 2021 compared to net income of $89.3 million, or $2.92 per diluted share, in Q1 2020. All amounts reported for Q1 2021 include the consolidated results of our wholly-owned subsidiary, Quick Chek Corporation ("QuickChek") from January 29, 2021
• Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results including RINs) for Q1 2021 was 22.5 cpg, no change from the prior year period
• Total retail gallons decreased 4.2% in Q1 2021 compared to Q1 2020, while volumes on a same store sales ("SSS") basis decreased 10.1%
• Merchandise contribution dollars increased 38.1% to $148.4 million compared to the prior-year quarter, on average unit margins of 17.8% in the current quarter, driven in part by our acquisition of QuickChek
• During Q1 2021, the QuickChek acquisition increased the store count by 156 and the Company opened 1 new Murphy Express store. There are 2 new Murphy Express sites, 12 raze-and-rebuild Murphy USA sites, and 4 QuickChek sites currently under construction
• Updated debt structure in conjunction with the QuickChek acquisition, including $500 million in new 3.75% senior notes due 2031, and a new Credit Agreement that replaced the prior ABL facility and term loan and consists of a $350 million cash flow revolving credit facility and a $400 million senior unsecured term loan
• Common shares repurchased during the first quarter of 2021 were approximately 0.4 million for $50.0 million at an average price of $125.67 per share

“The new year started off with tremendous momentum as first quarter results underscore the strength of our core business alongside the realities of our industry post-COVID 19," said President and CEO Andrew Clyde. “Fuel margins showed remarkable resilience as product prices rose approximately 55 cents during the quarter and continued to demonstrate the higher breakeven economics of independent retailers. As we lap the initial impact of COVID-19, we are maintaining market share in critical categories like fuel and tobacco while generating higher growth from the core non-tobacco business. During the quarter we also kicked off our 100-day integration plan with QuickChek and continue to be impressed by both the operational expertise of the QuickChek team and the full opportunity set for synergy capture. We remain fully confident in our ability to achieve previously stated goals and deliver future earnings growth in line with our long-term value creation potential."

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