Casey's General Stores (CASY) Misses Q3 EPS by 32c, Sales Miss; $300M Stock Buyback

Casey's General Stores (NASDAQ: CASY) reported Q3 EPS of $0.58, $0.32 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $1.77 billion versus the consensus estimate of $1.82 billion.

"Although pressures in our operating area persisted throughout the quarter, the Company continues to be an industry leader in same-store sales growth," stated Terry Handley, President and CEO. "As a demonstration of our commitment to creating shareholder value, the Board of Directors authorized a new share repurchase program of up to an aggregate of $300 million of the Company's outstanding common stock. We are excited about implementing the share repurchase program while at the same time accelerating future store growth."

Under the approved share repurchase program, the Company is authorized to repurchase up to an aggregate of $300 million of the Company's outstanding common stock. The share repurchase authorization is valid for a period of two years. The timing and number of repurchase transactions under the program will depend on a variety of factors, including but not limited to market conditions, corporate considerations, business opportunities, debt agreements, and regulatory requirements. The program, which can be suspended or discontinued at any time, will enhance the Company's overall approach to capital allocation, which includes a growing new-store pipeline and dividend payments. "Total shareholder return remains a strong focus of the Board and management. We believe the share repurchase program provides another way to deliver value to our shareholders," stated Handley.

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

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