Murphy USA (MUSA) saw its stock price plummet 6.06% in pre-market trading on Thursday following the release of its third-quarter earnings report, which fell short of analyst expectations. The company reported earnings of $6.76 per diluted share, down from $7.20 a year earlier and below the $7.00 per share forecast by analysts polled by FactSet.
While revenue for the quarter ended September 30 slightly exceeded expectations at $5.11 billion, it still represented a decline from $5.24 billion in the same period last year. The earnings miss appears to have overshadowed other significant company announcements, including a leadership change and shareholder-friendly initiatives.
In a separate announcement, Murphy USA revealed that Mindy West, the current chief operating officer, will succeed Andrew Clyde as chief executive officer, effective January 1, 2024. Additionally, the company approved a new $2 billion share repurchase program through 2030 and increased its quarterly dividend by 19% to $0.63 per share. Despite these positive developments, investors seem to be focusing on the company's financial performance, as reflected in the sharp stock price decline.
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