ANKENY, Iowa - Casey's General (NASDAQ:CASY) Stores, Inc. (NASDAQ: CASY) reported a robust financial performance for the fourth quarter ended April 30, 2024, with earnings surpassing analyst expectations. CASY stock was up 5.6% following the report.
The convenience store chain announced a diluted EPS of $2.34, significantly higher than the analyst estimate of $1.71. This marked a 57% increase from the same period a year ago. Total revenue for the quarter was also impressive at $3.6 billion, exceeding the consensus estimate of $3.47 billion.
The company's net income saw a 55% increase to $87 million, while EBITDA rose 32% to $219 million compared to the prior year. Inside same-store sales experienced a 5.6% uptick, contributing to a total inside gross profit surge of 16.2% to $517.6 million. Fuel same-store gallons sold modestly increased by 0.9%, with total fuel gross profit climbing 15.4% to $253.6 million.
Casey's performance has been driven by strong sales in hot sandwiches and dispensed beverages as well as alcoholic and non-alcoholic beverages, which helped boost inside margins by 160 basis points for the quarter. The company also credited its operational efficiency and the successful integration of new stores for the positive results.
Looking ahead to fiscal 2025, Casey's anticipates an EBITDA increase of at least 8% and inside same-store sales growth between 3% to 5%, with inside margins expected to be comparable to fiscal 2024. The company also plans to expand its store count by at least 100 through acquisitions and new constructions.
President and CEO Darren Rebelez commented on the company's strategic achievements, stating, "Casey's started its three-year strategic plan with a record fiscal year, exceeding $1 billion in EBITDA for the first time in the company's history."
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