Casey's General Quarterly Net Jumps 28%

Scott Peters
09 Sep, 2022
New York City

Casey's General Stores Inc added 0.3% to $220.43 after the convenience chain operator said comparable same store sales increased 6.3%. 

Revenue in the fiscal first quarter ending in July increased to $4.5 billion from $3.2 billion a year ago. 

Total gallons increased 3.3% from a year ago due to the store count increase while same-store gallons sold fell 2.3%, as volumes were impacted by high retail fuel prices.

Fuel margin increased to 44.7 cents a gallon from 35.1 cents and fuel sales generated gross profit of $308 million compared to $234.4 million a year ago. 

Net income in the quarter increased to $152.9 million from $119.2 million and diluted earnings per share rose to $4.09 from $3.19 a year ago. 

 

Dividends and Buybacks 

In August the company announced to pay a quarterly dividend of 38 cents a share payable November 15, 2022 to shareholders of record on November 1, 2022.

The company did not make any stock repurchase in the quarter and has $400 million remaining under its existing share repurchase plan.

 

Fiscal 2023 Outlook 

The company reiterated its previously announced outlook. 

The company expects same-store inside sales to increase 4% to 6% and maintain an inside margin of approximately 40%. 

The company expects same-store fuel gallons to be flat to 2% higher. 

Total operating expenses are expected to increase approximately 9% to 10%. 

The company plans on opening 80 new stores and meet or exceed its previous estimate of opening 345 stores in three years. 

The annual expense for property, plant and equipment is estimated to range between $450 million and $500 million, including one-time expense of $135 million for the recently acquired stores.