Casey's General Stores Inc. (CASY) Thursday posted a modest increase in fourth-quarter profit, on improved revenues even as margins came under pressure. Revenues for the quarter fell short of Wall Street estimates, mainly on some soft same-store sales for food, grocery and other merchandise.
Shares of the convenience store operator dropped over 3 percent in after-hours trade on the Nasdaq.
"A difficult cigarette environment and challenging weather comparisons adversely impacted sales during fiscal 2013," said CEO Robert Myers.
Ankeny, Iowa-based Casey's posted quarterly net income of $23.3 million, up from $23 million last year. On a per share basis, earnings remained unchanged at $0.60.
On average, 9 analysts polled by Thomson Reuters expected earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.
Results for the quarter included impairment and other charges of $3.5 million.
Revenues for the quarter were higher at $1.81 billion, compared with $1.75 billion a year ago, while analysts had a consensus estimate $1.83 billion.
Same-store gallons sold rose 1 percent in the quarter. Same-store grocery and other merchandise sales were down 0.2 percent, compared with a growth of 8.5 percent last year. Same-store prepared food and fountain sales grew 4.4 percent, down from 16.8 percent a year ago.
Operating expenses for the quarter were higher at $191 million, compared with $172 million in the prior year.
For fiscal year 2014, the company expects same-store gasoline gallons sales to rise 1.5 percent; same-store grocery and other merchandise sales to grow 5 percent; and same-store prepared food and fountain sales to expand 9 percent. Casey's plan to build or acquire 70 to 105 stores and replace 20 existing locations.
Casey's shares closed Thursday at $62.00, up 0.75%, on a volume of 320 thousand shares. In after hours, the stock fell $1.99 or 3.14%.
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