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Murphy USA Inc.'s revenue fell 2.5% in the third quarter to $5.11 billion, the company said Wednesday. Murphy USA's board of directors also announced that President and CEO Andrew Clyde will retire effective Jan. 1. He will retire from the board on Dec. 31. The El Dorado-based convenience store and gas station chain reported net income of $130 million, or $6.76 per share, in the quarter that ended on Sept. 30, compared to net income of $419.2 million, or $7.20 per share, in the same quarter last year. The results beat Wall Street analysts' expectations of $6.60 per share. Murphy USA shares rose $4.19 or 1%, to close Wednesday at $392.66 on the New York Stock Exchange. The company released the report after the stock market closed. Murphy USA's shares have traded between $345.23 and $561.08 in the past year. Clyde said Murphy USA is pleased with the quarter's results, "which reflect the resilience of our business model, the durability of our promotional capabilities, and the continued dedication of our customers." "We remain steadfast in controlling what we can control, continuing to build highly productive new stores and investing in business and operational improvements," Clyde said. New construction activity stayed strong with 39 new stores and two raze-and-rebuild stores, Clyde said. Those "should generate operational momentum as we head into 2026," he said. The board said Mindy K. West, Murphy USA's current chief operating officer, will immediately be appointed to also serve as company president. She will succeed Clyde as president and CEO. West will also take Clyde's position on the board. Total merchandise margin contribution dollars were up 11.3% as same-store inside sales and margin comparisons turned positive, "driven by exceptional performance in the nicotine space," Clyde said. Retail fuel contribution dollars fell 10.4%, to $354.5 million from last year's $395.7 million. This was caused mainly by lower retail fuel margins that were partially offset by higher sales volumes. During the quarter, Murphy USA repurchased about 569,400 common shares for $221.4 million at an average price of $338.80 per share. The company paid a quarterly cash dividend of 53 cents per share on Sept. 4, or $2.12 per share on an annualized basis, for a total cash payment of $10.1 million. So far this year, the company has paid a total of $29.7 million, or $1.52 per share, in dividends. Murphy USA also announced a new quarterly cash dividend of 63 cents on Dec. 1 to shareholders of record as of Nov. 10. Company executives will discuss the quarter's earnings results in a conference call at 10 a.m. Thursday. The call can be accessed through a webcast at ir.corporate.murphyusa.com. The call is also available by phone at (888) 330-2384 and conference ID number 6680883.
