Core Insights - Murphy USA Inc. reported first-quarter 2025 earnings per share of $2.63, missing the Zacks Consensus Estimate of $3.87 and down from $3.12 in the previous year, primarily due to lower petroleum product sales [1] - The company's operating revenues were $4.5 billion, a decrease of 6.6% year over year, and fell short of the consensus estimate by $241 million [1] Revenue Breakdown - Revenues from petroleum product sales were $3.5 billion, below the estimate of $3.7 billion and down 8.4% from Q1 2024 [2] - Merchandise sales remained unchanged year over year at $999.4 million [2] Fuel Contribution - Total fuel contribution increased by 0.4% year over year to $287.3 million, driven by higher retail contribution and margin expansion, with total fuel contribution at 25.4 cents per gallon, up 2.4% from Q1 2024 [3] - Retail fuel contribution rose 7.1% year over year to $267.7 million, with margins widening to 23.7 cents per gallon from 21.7 cents in the same period of 2024 [4] - Retail gallons sold decreased by 1.9% year over year to 1,131.2 million, missing the estimate of 1,152 million [4] Merchandise Contribution - Contribution from merchandise increased by 2.2% to $195.9 million, despite flat sales, as unit margins rose from 19.2% a year ago to 19.6% [5] - On a same-store sales (SSS) basis, total merchandise contribution increased by 1% year over year, mainly due to a 2.8% rise in nicotine margins, although total merchandise sales decreased by 1.6% on an SSS basis [5] Balance Sheet and Share Buyback - As of March 31, Murphy USA had cash and cash equivalents of $49.4 million and long-term debt of $2 billion, with a debt-to-capitalization ratio of 73.3% [7] - The company repurchased shares worth $151.2 million during the quarter [7]