Casey's General Stores (CASY) Misses Q2 EPS by 30c

Casey's General Stores (NASDAQ: CASY) reported Q2 EPS of $2.59, $0.30 worse than the analyst estimate of $2.89. Revenue for the quarter came in at $3.26 billion versus the consensus estimate of $3.2 billion.

Fiscal 2022 Outlook:
The Company is updating the previously disclosed 2022 outlook as follows:

Due to the recently announced 40-store acquisition of Pilot convenience stores, the Company now expects to add approximately 225 units during fiscal 2022, up from the previously disclosed 200 units. This pending transaction is expected to be EBITDA accretive in fiscal 2022. Total operating expenses are expected to increase in the high-teen percentages, versus the previously disclosed mid-teens percentages, due to the additional units as well as elevated credit card fees brought on by higher retail fuel prices. The impact to the second half of the fiscal year will be an approximate 18-20% increase in the third quarter and an 11-13% increase in the fourth quarter. Interest expense is expected to be approximately $55 million versus the previously disclosed $50 million, depreciation and amortization is expected to be approximately $310 million compared to the previously disclosed $300 million, and the purchase of property and equipment is expected to be approximately $400 million versus the $500 million previously disclosed as the Company reduced new store construction due to the increase in acquisition activity. As noted at the end of the first quarter, the tax rate is expected to be approximately 24.0% - 26.0% for the year.

The Company is maintaining the same-store fuel and inside sales mid-single digit percentage increase that was previously disclosed.

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

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