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Casey’s General Stores Posts Mixed Financial Results
Casey's General Stores (CASY), the U.S. gas station and convenience store operator, has posted mixed financial results for its fiscal first quarter.
The Iowa-based company, which operates 2,500 stores across 16 U.S. states, reported earnings per share (EPS) of $4.83 U.S., which beat analyst forecasts that called for $4.50 U.S.
Revenue of $4.10 billion U.S. slightly missed the consensus forecast of $4.15 billion U.S. Sales were up 6% from a year earlier.
The company said in its earnings statement that same-store sales increased 2.3% during the latest quarter, due largely to gains in prepared food and dispensed beverages, notably an uptick in sales of hot sandwiches.
Casey’s also got a lift from stronger fuel margins during the quarter, with its gross profit from fuel rising nearly 6%.
The company opened 16 new convenience store outlets during the quarter and said that it is maintaining its quarterly dividend at the current payout of $0.50 U.S. a share.
So far in 2024, Casey’s stock has risen 28% to trade at $354.52 U.S. per share.
