CASY - Why Casey's General Stores Stock Popped Today
2023-09-12 14:54:51 ET
Shares of Casey's General Stores (NASDAQ: CASY) were up 11.1% as of 2:30 p.m. ET Tuesday after the convenience store chain's fiscal first-quarter 2024 results handily beat expectations.
To be clear, Casey's headline numbers were technically mixed, relative to Wall Street's consensus estimates. For the period, which ended July 31, revenue declined 13.1% year over year to $3.87 billion, slightly undershooting the average estimate of $3.91 billion. But on the bottom line, Casey's earnings grew 9.5% year over year to $4.52 per share, crushing analysts' expectations for earnings of $3.37 per share.
Casey's Chairman and CEO Darren Rebelez called it a "great start" as the company embarks on a new three-year strategic plan unveiled in June. That plan notably includes a goal of adding 350 stores to its current base of just over 2,500 by the end of its fiscal 2026, expanding its private label food offerings, and enhancing operational efficiency to drive 8% to 10% annual EBITDA growth.
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Why Casey's General Stores Stock Popped Today