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Casey's General Stores, Inc. (CASY) Tops Q3 EPS by 20c

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June 8, 2015 4:06 PM EDT

Casey's General Stores, Inc. (NASDAQ: CASY) reported Q3 EPS of $1.05, $0.20 better than the analyst estimate of $0.85. Revenue for the quarter came in at $1.65 billion versus the consensus estimate of $1.62 billion.

Fuel - The Company’s annual goal for fiscal 2015 was to increase same-store gallons sold 1% with an average margin of 15.3 cents per gallon. Annual same-store gallons sold were up 2.6% with an average margin of 19.3 cents per gallon. For the quarter, same-store gallons rose 3.5% with an average margin of 16.9 cents per gallon. The Company sold 13.9 million renewable fuel credits for $9.7 million in the fourth quarter. “Same-store gallons sold are benefiting from lower retail fuel prices,” said Myers. “The steady fall in wholesale cost midyear along with favorable renewable fuel credits contributed to a record high fuel margin for the year.” For fiscal 2015, total gallons sold were up 9.1% to 1.8 billion, while gross profit dollars rose 31.1% to $351.2 million.

Grocery and Other Merchandise - Casey’s goal was to increase same-store sales 5.3% with an average margin of 32.1%. For the year, same-store sales were up 7.8% with an average margin of 32.1%. For the fourth quarter, same-store sales were up 9.7% with an average margin of 32.1%. “Sales were strong throughout the entire category during the fiscal year, and we are especially pleased with the build in momentum during the fourth quarter,” stated Myers. “We are encouraged by recent premium cigarette sales gains, while beer and beverage sales continue their strong performance as we expand our initiatives throughout the chain, particularly 24-hour conversions and major store remodels.” For the year, total sales were up 13.4% to $1.8 billion, and gross profit dollars rose 13.3% to $575.5 million.
Prepared Food and Fountain - Casey’s annual goal was to increase same-store sales 9.5% with an average margin of 60%. For the year, same-store sales were up 12.4% with an average margin of 59.7%. For the quarter, same-store sales were up 13.5% with an average margin of 60.9%. “Prepared food margin was under pressure for most of the fiscal year due to high input costs,” said Myers. “Fortunately we experienced some relief towards the end of the third quarter and have locked in favorable cheese costs through the end of December 2015 and coffee through December 2016. Same-store sales continue to be favorably impacted by several initiatives, and we are particularly excited about rolling out our online pizza ordering system during fiscal 2016.” For fiscal 2015, total sales were up 18.5% to $780.9 million, and gross profit dollars were up 15.6% to $466.1 million.
Fiscal 2016 goals - The corporate performance goals for fiscal 2016 are as follows:
•
Increase same-store fuel gallons sold 2% with an average margin of 16.7 cents per gallon
•
Increase same-store grocery and other merchandise sales 6.2% with an average margin of 32.1%
•
Increase same-store prepared food and fountain sales 10.4% with an average margin of 60.8%
•
Build or acquire 75 to 113 stores, replace 10 existing locations and complete 100 major remodels.

For earnings history and earnings-related data on Casey's General Stores, Inc. (CASY) click here.


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