Shares of Murphy USA Inc. (MUSA) surged 5.05% on Wednesday morning, following the company's better-than-expected earnings report for the third quarter of 2024.
The gasoline station and convenience store operator reported adjusted earnings per share of $7.20 for the quarter ended September 30, surpassing analysts' average estimate of $6.68. While revenue fell 9.6% year-over-year to $5.24 billion, it still exceeded Wall Street's expectations of $5.62 billion.
Murphy USA's strong quarterly performance was driven by robust fuel margins and cost-cutting measures, which helped offset a decline in fuel volumes. The company reported net income of $149.2 million for the quarter, demonstrating its ability to navigate a challenging macroeconomic environment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.