Speedway has recorded impressive growth over the past few years.
Following the close of the second quarter of 2016, Speedway LLC’s financial results have revealed that the company is continuing to grow at an impressive rate.
According to a report from the Dayton Business Journal, Speedway recorded $193 million in profit during the second quarter, which is a 52% increase over the same period last year. Speedway’s growth is earning the company greater impact on its parent company, Marathon Petroleum Corp.
Dayton Business Journal reported that, in the second quarter of 2016, Speedway accounted for approximately one quarter (24%) of Marathon Petroleum’s total $801 million in profit. Over the past few years, Speedway has been growing at an impressive rate. The company now operates 2,771 retail locations, up from 2,753 in the first quarter of 2015, and employs approximately 1,600 local employees.
In addition to growing its retail base, the company has invested in growing its area headquarters, and has seen 2% same-store sales growth in the recent quarter, which is being attributed to the company’s rewards card program.