In This Article:
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Casey’s General Stores Inc (NASDAQ: CASY) reported first-quarter FY23 sales growth of 40% year-on-year to $4.45 billion, missing the consensus of $4.50 billion.
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Inside same-store sales increased 6.3%. Inside gross profit rose 8.8% Y/Y to $504.3 million.
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Fuel gallons decreased 2.3% on a same-store basis. Total fuel gross profit increased 31.4% to $308.2 million.
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Operating expenses rose 13.4% Y/Y to $543.3 million.
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Casey’s held $312.4 million in cash and equivalents as of July 31, 2022. Net cash provided by operating activities totaled $276.2 million.
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Adjusted EBITDA of $293.2 million increased 20.6% Y/Y.
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EPS of $4.09 beat the analyst consensus of $3.37.
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The Board of Directors in August voted to pay a quarterly dividend of $0.38 per share, payable November 15, 2022, to shareholders of record on November 1, 2022.
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Outlook: Casey’s has maintained the previously disclosed fiscal 2023 outlook.
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It expects same-store fuel and inside sales to increase 4% - 6%, with an inside margin of about 40%.
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Price Action: CASY shares closed higher by 2.89% at $221.40 on Wednesday.
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Photo Via Wikimedia Commons
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