Murphy USA’s Q1 2024 results were below expectations due to various headwinds, but President and CEO Andrew Clyde highlighted the positive performance in tobacco and fuel during Thursday’s earnings call.
The convenience store chain’s net income and adjusted EBITDA for the first quarter of 2024 were lower compared to the same quarter of the previous year.
Murphy’s net income for the first quarter of 2024 was $66 million, which is a decrease from $106.3 million for the same quarter in the previous year, according to media reports.
Clyde said on the call that unique factors that distinguished the first quarter of 2024 from the same quarter the year before included product prices being up 50 cents compared to 8 cents in the prior year and an increase in severe weather events.
Severe weather, especially on the Atlantic coast, drove customers to trade down for value and stock up on tobacco and fuel.