Casey's General Stores Inc. (CASY) Tuesday reported an increase in profit for the second quarter, driven mainly by higher revenues, reflecting stronger gas margins.
The company's second-quarter net earnings improved to $37.6 million or $0.98 per share from $21.7 million or $0.51 per share in the prior-year quarter. On average, seven analysts polled by Thomson Reuters expected earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter grew to $1.78 billion from $1.35 billion in the comparable quarter last year. Five Wall Street analysts on a consensus estimated revenues of $1.84 billion for the quarter.
Chief Executive Robert Myers said, "We are pleased with the second quarter results, despite the continued challenges impacting our industry. We experienced a favorable gas margin and strong inside sales, resulting in a 15.6 percent increase in total gross profit."
Gasoline same-store gallons sold were down 2.9 percent for the quarter, negatively impacted by a 30.9 percent increase in retail gas prices from the same period a year ago. The average gasoline margin for the quarter was 16.7 cents per gallon, compared to 14.9 cents last year.
Grocery same store sales for the quarter rose 5.8 percent. Average margin for the quarter was 32.5 percent, compared to 32.9 percent last year. The company recorded a double digit sales increases across all major areas of grocery segment, resulting in a total sales growth of 15.8 percent.
Prepared Food & Fountain same-store sales for the quarter were up 14.2 percent. The average margin for the quarter was 59.5 percent down from 62.7 percent in the same period a year ago, primarily due to a rise in commodity prices.
The company declared a quarterly dividend of $0.15 per share, payable February 15 to shareholders as of February 1.
CASY closed Tuesday's trading on the Nasdaq at $52.72, down $0.20 or 0.38%, on a volume of 0.3 million shares. The stock, however, gained $0.77 or 1.46% in after-hours trade.
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