Casey's General Stores (CASY) Tops Q2 EPS by 74c

Casey's General Stores (NASDAQ: CASY) reported Q2 EPS of $3.67, $0.74 better than the analyst estimate of $2.93. Revenue for the quarter came in at $3.98 billion versus the consensus estimate of $4.06 billion.

Fiscal 2023 Outlook:

Due to the strong year-to-date performance the Company is modifying its fiscal 2023 outlook. The Company now expects same-store inside sales to be approximately 5% to 7%. Total operating expense increase is expected to be near the low end of the annual range which was approximately 9% to 10%. The tax rate is now expected to be between approximately 24% and 25% for the year.

The Company is not updating its outlook for the following metrics. Inside margin is expected to be approximately 40%. The Company expects same-store fuel gallons to be flat to 2% higher. The Company expects to add approximately 80 stores in fiscal 2023, and expects to exceed our stated three year commitment of 345 units. Interest expense is expected to be approximately $55 million. Depreciation and amortization is expected to be approximately $320 million and the purchase of property plant and equipment is expected to be approximately $450 to $500 million, including approximately $135 million in one-time store remodel costs for recently acquired stores.

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

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