Casey's General Stores Inc. (CASY) reported its second-quarter net income decreased to $32.86 million from $37.63 million last year. Profit per share was $0.85 compared to $0.98 prior year. Earnings were impacted by lower gas margins when compared to the all-time high gas margins a year ago.
On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.85 for the quarter. Analysts' estimates typically exclude speical items.
Total revenue was $1.91 billion compared to $1.78 billion last year. Analysts expected revenue of $1.91 billion for the quarter.
For the second quarter, operating expenses were up 10.6%. Expenses were impacted by the operating initiatives, operating 27 more stores than a year ago, and the completion of 20 replacement stores in the last 12 months.
For the second quarter, Gasoline same-store gallons sold were down 0.4% with an average margin of 14.9 cents per gallon. The company believes higher retail prices had an adverse impact to sales.
For the second quarter, same-store sales were down 0.7% in Grocery and Other Merchandise, with an average margin of 33.4%. Cigarettes have been adversely impacted by competitive pricing as well as an Illinois state excise tax increase.
For the quarter, Prepared Food and Fountain same-store sales increased 10.1% with an average margin of 62.5%.
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