CASY - Casey's General Stores stock slips on earnings miss
2023-06-07 06:48:44 ET
Casey's General Stores ( NASDAQ: CASY ) shares slid in premarket action on Wednesday after its Tuesday evening earnings report fell short of estimates.
For the fiscal fourth quarter , the company notched $1.49 in earnings per share on $3.33B in revenue. Analysts had anticipated $1.63 in earnings per share on $3.38B in revenue. Inside same-store sales rose 6.5% with an inside margin of 39.6%, aiding an 8.9% increase in inside store profits to $445.5M. However, total fuel gross profit decreased 2.2% to $219.7M compared to the prior year. An adjusted EBITDA report of $166.9M for the quarter was short of the Street consensus at $179.4M as well.
“Inside same-store sales performed well, up 6.5%, or 13.6% on a two-year stack basis, led by alcoholic and non-alcoholic beverages, as well as strong performance in pizza and bakery. We continued to strike the right balance between fuel gallon volume and gross profit margin throughout the year to drive fuel gross profit up 15.7% from the prior year,” CEO Darren Rebelez commented. “The team did a tremendous job managing cost as same-store operating expense excluding credit-card fees were only up 2.8% versus the prior year. Finally, we are busy operating 81 new stores, finishing the year with 2,521 stores.”
For fiscal year 2024, the company expects inside same-store sales to increase 3% to 5% and to improve inside margin to approximately 40% to 41%. About 110 new stores will open their doors during fiscal year 2024.
Management noted that $400M remains available under the existing share repurchase authorization as no repurchases were pursued in Q4. The board also announced a 13% increase to the quarterly dividend to $0.43 per share.
Shares of Casey’s General Stores ( CASY ) slid 4.52% in premarket action on Wednesday.
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Casey’s General Stores stock slips on earnings miss