Murphy USA (MUSA) Q4 FY2023 earnings: revenue $5.1 billion, down 5.5% on the year

Murphy USA Inc. (MUSA) reported revenue of $5.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 5.5% on the same quarter a year earlier. Net income was $150 million, up 27.4% on the year, and diluted earnings per share $7.12. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.

Revenue$5.1 billiondown 5.5%

Net income$150 millionup 27.4%

Diluted EPS$7.12

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,069	5,798	n/a	n/a
Cost of revenue	4,477	5,166	n/a	n/a
Gross profit	592	632	n/a	n/a
Gross margin	11.7%	10.9%	n/a
Selling, general and administrative	62.1	60.0	n/a	n/a
Operating income	217	247	n/a	n/a
Operating margin	4.3%	4.3%	n/a
Interest expense	24.0	24.6	n/a	n/a
Pre-tax income	196	223	n/a	n/a
Income tax	46.3	55.7	n/a	n/a
Effective tax rate	23.6%	24.9%	n/a
Net income	150	168	n/a	n/a
Net margin	3.0%	2.9%	n/a
Diluted EPS	$7.12	$7.69	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	273	190	n/a	n/a
Capital expenditure	111	79.4	n/a	n/a
Free cash flow	162	111	n/a	n/a
Free cash flow margin	3.2%	1.9%	n/a
Cash from investing	-107	-74.7	n/a	n/a
Cash from financing	-174	-83.4	n/a	n/a
Depreciation and amortisation	57.0	57.5	n/a	n/a
Share-based compensation	6.0	5.7	n/a	n/a
Buybacks	160	64.8	n/a	n/a
Dividends paid	8.7	8.4	n/a	n/a
Dividend per share	n/a	$0.39	n/a	n/a
Diluted shares, weighted	21m	22m	n/a	n/a
Shares outstanding at period end	21m	21m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	829	844	n/a	n/a
Debt	1,785	1,786	n/a	n/a
Operating lease liabilities	450	450	n/a	n/a
Finance lease liabilities	116	117	n/a	n/a
Other liabilities	1,160	1,108	n/a	n/a
Total liabilities and equity	4,340	4,305	n/a	n/a
Goodwill	328	328	n/a	n/a
Intangible assets	140	140	n/a	n/a
Investments	11.5	15.9	n/a	n/a
Cash and equivalents	118	125	n/a	n/a
Receivables	337	344	n/a	n/a
Inventory	341	335	n/a	n/a
Other assets	3,065	3,017	n/a	n/a
Total assets	4,340	4,305	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,798	5,069	4,844	5,452	5,238	4,710	4,525	5,005	5,110	4,744	4,819	6,806
Cost of revenue	5,166	4,477	4,365	4,844	4,617	4,111	4,042	4,393	4,484	4,106	4,205	6,060
Gross profit	632	592	478	608	622	599	484	612	626	637	614	746
Gross margin	11%	12%	10%	11%	12%	13%	11%	12%	12%	13%	13%	11%
SG&A	60.0	62.1	62.1	59.1	60.0	54.2	60.1	50.9	55.3	65.2	56.6	60.5
Operating income	247	217	105	217	222	199	88.0	219	202	210	205	305
Operating margin	4%	4%	2%	4%	4%	4%	2%	4%	4%	4%	4%	4%
Interest expense	24.6	24.0	24.9	24.9	24.4	22.9	25.4	27.8	29.1	28.6	29.0	29.3
Pre-tax income	223	196	81.9	193	199	178	61.9	192	173	181	176	278
Tax rate	25%	24%	19%	25%	25%	20%	14%	24%	25%	22%	23%	25%
Net income	168	150	66.0	145	149	142	53.2	146	130	142	136	209
Net margin	3%	3%	1%	3%	3%	3%	1%	3%	3%	3%	3%	3%
Diluted EPS	$7.69	$7.12	$3.12	$6.92	$7.20	$7.07	$2.63	$7.36	$6.76	$7.61	$7.28	$11.27
Operating cash flow	190	273	136	261	202	249	128	255	185	246	320	235
Capital expenditure	79.4	111	76.2	118	137	127	87.8	118	117	117	98.3	112
Free cash flow	111	162	59.8	143	65.2	122	40.7	137	67.7	129	222	123
Buybacks	64.8	160	86.4	106	125	128	150	214	219	66.9	70.5	82.3
Dividends paid	8.4	8.7	8.8	9.1	9.2	9.7	9.8	9.8	10.1	11.8	11.7	11.8
Shares outstanding	21m	21m	21m	20m	20m	20m	20m	19m	19m	19m	18m	18m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 16 February 2024, accession 0001573516-24-000007: the filing on EDGAR. All of Murphy USA Inc.'s filings: EDGAR company page.

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