CASY - Why Casey's General Stores Stock Skyrocketed to an All-Time High Today
2024-06-12 11:57:18 ET
Shares of convenience store chain Casey's General Stores (NASDAQ: CASY) skyrocketed to all-time highs today after reporting financial results for its fiscal fourth quarter of 2024. As of 10 a.m. ET, Casey's stock was up about 16%.
Casey's stock has outperformed the S&P 500 for quite a long time, so it's a little surprising how low investors' expectations were going into this report. On average, analysts had expected the company to report earnings per share (EPS) of about $1.70. But it shocked the investing community by reporting Q4 EPS of $2.34.
Casey's sells fuel, but sales for prepared foods and dispensed beverages are what really shined during Q4 (the period that ended in April). The company has fountain drinks and makes food, such as pizza, and this part of the business has a nearly 60% gross profit margin . Same-store sales in this category were up a whopping 7% year over year in Q4, majorly contributing to Casey's outperformance on the bottom line.
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Why Casey's General Stores Stock Skyrocketed to an All-Time High Today