Murphy USA on Tuesday reported a profit of $168.9 million for the second quarter of 2020, shattering the $32.7-million profit reported for the same period a year ago, despite the severe reduction in travel during the early weeks of the coronavirus pandemic.
The earnings report, which was released shortly before markets opened on Tuesday morning, largely exceeded Wall Street expectations.
Based in El Dorado, the retail fuel and convenience store chain reported revenue of $2.38 billion for the quarter, down from $3.8 billion for the second quarter of 2019.
The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $4.31 per share and revenue of $2.57 billion.
“Murphy USA’s record second quarter performance once again demonstrated the competitive advantages of our distinctive business model and customer positioning,” Andrew Clyde, the company president and chief executive officer, said in a news release that accompanied the earnings report.