Casey's Announces First Quarter Results
Casey's General Stores (NASDAQ: CASY) reported strong financial results for Q1 2024, ending July 31. Key highlights include a diluted EPS of $4.83, a 7% increase YoY, and net income of $180 million, up 6%. EBITDA rose 9% to $346 million.
Inside same-store sales increased 2.3%, driven by prepared food and beverages, with an inside margin of 41.7%. The total inside gross profit grew 10.4% to $614.3 million. Fuel same-store gallons increased 0.7%, with a fuel margin of 40.7 cents per gallon, and total fuel gross profit rose 5.9% to $314.5 million.
Operating expenses increased 9%, partly due to running 138 additional stores. Same-store labor hours decreased by 2%. The strategic Fikes Wholesale acquisition is expected to close in 2024, adding 198 stores.
Casey's has $1.2 billion in liquidity, including $305 million in cash. The company did not repurchase shares this quarter and declared a quarterly dividend of $0.50 per share.
I negozi generali di Casey (NASDAQ: CASY) hanno riportato risultati finanziari solidi per il primo trimestre del 2024, che si è concluso il 31 luglio. I punti salienti includono un EPS diluito di $4,83, un aumento del 7% rispetto all'anno precedente, e un reddito netto di $180 milioni, in crescita del 6%. EBITDA è aumentato del 9% raggiungendo $346 milioni.
Le vendite negli stessi negozi sono aumentate del 2,3%, trainate da cibi pronti e bevande, con un margine interno del 41,7%. Il profitto lordo totale all'interno è cresciuto del 10,4% a $614,3 milioni. I galloni di carburante negli stessi negozi sono aumentati dello 0,7%, con un margine di carburante di 40,7 centesimi per gallone, e il profitto lordo totale dal carburante è aumentato del 5,9% a $314,5 milioni.
Le spese operative sono aumentate del 9%, in parte a causa dell'apertura di 138 negozi aggiuntivi. Le ore di lavoro negli stessi negozi sono diminuite del 2%. L'acquisizione strategica di Fikes Wholesale è prevista per il 2024, aggiungendo 198 negozi.
Casey's ha $1,2 miliardi di liquidità, inclusi $305 milioni in contante. L'azienda non ha riacquistato azioni in questo trimestre e ha dichiarato un dividendo trimestrale di $0,50 per azione.
Las tiendas generales de Casey (NASDAQ: CASY) informaron resultados financieros sólidos para el primer trimestre de 2024, que finalizó el 31 de julio. Los puntos destacados incluyen un EPS diluido de $4.83, un aumento del 7% en comparación con el año anterior, y un ingreso neto de $180 millones, un aumento del 6%. EBITDA creció un 9% hasta alcanzar los $346 millones.
Las ventas en las mismas tiendas aumentaron un 2.3%, impulsadas por alimentos preparados y bebidas, con un margen interno del 41.7%. La ganancia bruta total interior creció un 10.4% hasta $614.3 millones. Los galones de combustible en las mismas tiendas aumentaron un 0.7%, con un margen de combustible de 40.7 centavos por galón, y la ganancia bruta total de combustible aumentó un 5.9% hasta $314.5 millones.
Los gastos operativos aumentaron un 9%, en parte debido a la operación de 138 tiendas adicionales. Las horas de trabajo en las mismas tiendas disminuyeron un 2%. Se espera que la adquisición estratégica de Fikes Wholesale se cierre en 2024, añadiendo 198 tiendas.
Casey cuenta con $1.2 mil millones en liquidez, incluidos $305 millones en efectivo. La empresa no recompró acciones en este trimestre y declaró un dividendo trimestral de $0.50 por acción.
케이시 일반 매장(Casey's General Stores, NASDAQ: CASY)은 2024년 1분기에 대한 강력한 재무 결과를 보고했습니다. 이 분기는 7월 31일에 종료되었습니다. 주요 하이라이트로는 희석 주당순이익이 $4.83으로 작년 대비 7% 증가했으며, 순이익이 $1억 8천만으로 6% 증가한 점이 있습니다. EBITDA는 9% 증가하여 $3억 4천6백만에 달했습니다.
같은 매장 매출은 준비식품과 음료 덕분에 2.3% 증가하였으며, 내부 마진은 41.7%입니다. 총 내부 총 이익은 10.4% 증가하여 $6억 1천4백30만에 달했습니다. 같은 매장 연료 판매량은 0.7% 증가했으며, 연료 마진은 갤런당 40.7센트이며, 총 연료 총 이익은 5.9% 증가하여 $3억 1천4백50만에 도달했습니다.
운영 비용은 9% 증가했으며, 이는 138개의 추가 매점 운영에 기인합니다. 같은 매장에서의 노동 시간은 2% 감소했습니다. 전략적 Fikes Wholesale 인수는 2024년에 완료될 것으로 예상되며, 198개 매장을 추가할 예정입니다.
케이시는 $12억의 유동성을 보유하고 있으며, 그 중 $3억 5천만은 현금입니다. 회사는 이번 분기에 주식을 재매입하지 않았으며, 주당 $0.50의 분기 배당금을 선언했습니다.
Les magasins généraux de Casey (NASDAQ: CASY) ont rapporté des résultats financiers solides pour le premier trimestre 2024, se terminant le 31 juillet. Les faits saillants comprennent un BPA dilué de 4,83 $, soit une augmentation de 7 % par rapport à l'année précédente, et un bénéfice net de 180 millions $, en hausse de 6 %. EBITDA a augmenté de 9 %, atteignant 346 millions $.
Les ventes dans les mêmes magasins ont augmenté de 2,3 %, soutenues par des aliments préparés et des boissons, avec une marge intérieure de 41,7 %. Le bénéfice brut total à l'intérieur a crû de 10,4 % pour atteindre 614,3 millions $. Les gallons de carburant dans les mêmes magasins ont augmenté de 0,7 %, avec une marge de carburant de 40,7 cents par gallon, et le bénéfice brut total du carburant a augmenté de 5,9 % pour atteindre 314,5 millions $.
Les charges d'exploitation ont augmenté de 9 %, en partie à cause de l'exploitation de 138 magasins supplémentaires. Les heures de travail dans les mêmes magasins ont diminué de 2 %. L'acquisition stratégique de Fikes Wholesale devrait être finalisée en 2024, ajoutant 198 magasins.
Casey's dispose de 1,2 milliard $ de liquidités, dont 305 millions $ en espèces. L'entreprise n'a pas racheté d'actions ce trimestre et a déclaré un dividende trimestriel de 0,50 $ par action.
Casey's General Stores (NASDAQ: CASY) berichtete über starke Finanzergebnisse für das 1. Quartal 2024, das am 31. Juli endete. Zu den wichtigsten Punkten gehört ein verwässerter Gewinn je Aktie (EPS) von 4,83 $, was einem Anstieg von 7 % im Jahresvergleich entspricht, sowie ein Nettoeinkommen von 180 Millionen $, was einem Anstieg von 6 % entspricht. EBITDA stieg um 9 % auf 346 Millionen $.
Die vergleichbaren Filialumsätze stiegen um 2,3 %, angetrieben durch zubereitete Lebensmittel und Getränke, mit einer internen Marge von 41,7 %. Der gesamte innerbetriebliche Bruttogewinn wuchs um 10,4 % auf 614,3 Millionen $. Die verkauften Gallonen Kraftstoff in vergleichbaren Filialen stiegen um 0,7 %, mit einer Kraftstoffmarge von 40,7 Cent pro Gallone, und der gesamte Kraftstoffbruttogewinn stieg um 5,9 % auf 314,5 Millionen $.
Die Betriebskosten stiegen um 9 %, was teilweise auf die Führung von 138 zusätzlichen Filialen zurückzuführen ist. Die Arbeitsstunden in vergleichbaren Filialen sind um 2 % gesunken. Die strategische Übernahme von Fikes Wholesale soll im Jahr 2024 abgeschlossen werden und zusätzliche 198 Filialen hinzufügen.
Casey's verfügt über 1,2 Milliarden $ an Liquidität, einschließlich 305 Millionen $ in bar. Das Unternehmen hat in diesem Quartal keine Aktien zurückgekauft und eine vierteljährliche Dividende von 0,50 $ pro Aktie erklärt.
- Diluted EPS up 7% YoY to $4.83.
- Net income up 6% YoY to $180 million.
- EBITDA increased 9% to $346 million.
- Inside same-store sales rose 2.3%.
- Total inside gross profit up 10.4% to $614.3 million.
- Fuel same-store gallons increased 0.7%.
- Total fuel gross profit up 5.9% to $314.5 million.
- Same-store labor hours reduced by 2%.
- Operating expenses increased by 9%.
- Fuel margin decreased from 41.6 cents to 40.7 cents per gallon.
- Sales of renewable fuel credits (RINs) decreased by $15.4 million.
Insights
Casey's Q1 FY2025 results show solid growth, with diluted EPS up 7% to $4.83 and net income increasing 6% to $180 million. The company's performance was driven by strong inside sales, particularly in prepared food and dispensed beverages. Inside same-store sales grew 2.3%, with an impressive inside margin of 41.7%, up 110 basis points year-over-year.
Fuel performance was also positive, with same-store gallons up 0.7% and a healthy fuel margin of 40.7 cents per gallon. However, RIN sales decreased significantly, which could impact future fuel profits. The company's expansion continues, with 19 new stores added this quarter, bringing the total to 2,674 locations.
Casey's maintains a strong liquidity position with $1.2 billion available, providing flexibility for future growth and the pending Fikes acquisition. While the company hasn't updated its full FY2025 outlook, it expects EBITDA to increase by at least 8%, indicating confidence in continued growth despite economic uncertainties.
Casey's Q1 results reflect resilience in the convenience store sector amid economic pressures. The 2.3% increase in inside same-store sales outpaces inflation, suggesting strong consumer demand. The company's focus on prepared food, with hot sandwiches and bakery performing exceptionally well, aligns with evolving consumer preferences for quick, quality meals.
The fuel segment's performance, with a 0.7% increase in same-store gallons and a 40.7 cents per gallon margin, indicates effective pricing strategies in a volatile market. However, the $15.4 million decrease in RIN sales highlights potential regulatory risks in the renewable fuel credit market.
Casey's expansion strategy, including the pending Fikes acquisition, positions it for market share growth. The 2% reduction in same-store labor hours for nine consecutive quarters demonstrates operational efficiency, important in a tight labor market. These factors, combined with strong liquidity, suggest Casey's is well-positioned to navigate potential economic headwinds and capitalize on growth opportunities.
First Quarter Key Highlights
-
Diluted EPS of
$4.83 7% from the same period a year ago. Net income was$180 million 6% , and EBITDA1 was$346 million 9% , from the same period a year ago. -
Inside same-store sales increased
2.3% compared to prior year, and7.9% on a two-year stack basis, with an inside margin of41.7% . Total inside gross profit increased10.4% to$614.3 million -
Same-store fuel gallons were up
0.7% compared to prior year with a fuel margin of40.7 cents per gallon. Total fuel gross profit increased5.9% to$314.5 million -
Same-store operating expenses excluding credit card fees were up
0.7% , favorably impacted by a2% reduction in same-store labor hours. - The previously announced Fikes Wholesale, Inc. ("Fikes") acquisition, with its 198 CEFCO convenience stores, is expected to close in calendar 2024.
"Casey's started the fiscal year off on the right foot and delivered another solid quarter highlighted by strong inside gross profit growth,” said Darren Rebelez, Chairman, President and CEO. “Inside same-store sales were driven by prepared food and dispensed beverage, with hot sandwiches and bakery performing exceptionally well. Our fuel team continues to balance volume and margin as they delivered positive same-store fuel gallons while also achieving over
Earnings
|
Three Months Ended July 31, |
||||
|
2024 |
|
2023 |
||
Net income (in thousands) |
$ |
180,198 |
|
$ |
169,237 |
Diluted earnings per share |
$ |
4.83 |
|
$ |
4.52 |
EBITDA (in thousands) |
$ |
345,782 |
|
$ |
316,899 |
For the quarter, net income, diluted EPS, and EBITDA were up compared to the same period a year ago primarily due to a strong inside margin and fuel margin, partially offset by higher operating expenses due to operating 138 additional stores.
| _________________ |
1 EBITDA is reconciled to net income below. |
Inside
|
Three Months Ended July 31, |
||||||
|
2024 |
|
2023 |
||||
Inside sales (in thousands) |
$ |
1,474,107 |
|
|
$ |
1,369,749 |
|
Inside same-store sales |
|
2.3 |
% |
|
|
5.4 |
% |
Grocery and general merchandise same-store sales |
|
1.6 |
% |
|
|
5.2 |
% |
Prepared food and dispensed beverage same-store sales |
|
4.4 |
% |
|
|
5.9 |
% |
Inside gross profit (in thousands) |
$ |
614,322 |
|
|
$ |
556,434 |
|
Inside margin |
|
41.7 |
% |
|
|
40.6 |
% |
Grocery and general merchandise margin |
|
35.4 |
% |
|
|
34.1 |
% |
Prepared food and dispensed beverage margin |
|
58.3 |
% |
|
|
58.2 |
% |
Total inside sales were up
Fuel2
|
Three Months Ended July 31, |
||||||
|
2024 |
|
2023 |
||||
Fuel gallons sold (in thousands) |
|
772,536 |
|
|
|
713,991 |
|
Same-store gallons sold |
|
0.7 |
% |
|
|
0.4 |
% |
Fuel gross profit (in thousands) |
$ |
314,548 |
|
|
$ |
296,978 |
|
Fuel margin (cents per gallon, excluding credit card fees) |
|
40.7 |
¢ |
|
|
41.6 |
¢ |
For the quarter, total fuel gallons sold increased
Operating Expenses
|
Three Months Ended July 31, |
||||||
|
2024 |
|
2023 |
||||
Operating expenses (in thousands) |
$ |
609,474 |
|
|
$ |
560,855 |
|
Credit card fees (in thousands) |
$ |
63,809 |
|
|
$ |
60,985 |
|
Same-store operating expenses excluding credit card fees |
|
0.7 |
% |
|
|
3.4 |
% |
Operating expenses increased approximately
Expansion
|
Store Count |
|
April 30, 2024 |
2,658 |
|
New store construction |
10 |
|
Acquisitions |
9 |
|
Closed |
(3 |
) |
July 31, 2024 |
2,674 |
|
| ____________________ |
2 Fuel category does not include wholesale fuel activity, which is included in Other. |
Liquidity
At July 31, 2024, the Company had approximately
Share Repurchase
During the first quarter, the Company did not repurchase any shares. The Company has approximately
Dividend
At its August meeting, the Board of Directors approved a quarterly dividend of
Fiscal 2025 Outlook
The Company is not updating its previously communicated fiscal 2025 outlook until after the closing of the Fikes transaction, with the exception of store growth, which is now expected to be approximately 270 units in fiscal 2025.
Under its previously communicated fiscal 2025 outlook, the Company expects EBITDA to increase at least
Casey’s General Stores, Inc. and Subsidiaries |
|||||
Condensed Consolidated Statements of Income |
|||||
(Amounts in thousands, except share and per share amounts) |
|||||
(Unaudited) |
|||||
|
Three Months Ended July 31, |
||||
|
2024 |
|
2023 |
||
Total revenue |
$ |
4,097,737 |
|
$ |
3,869,251 |
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) |
|
3,142,481 |
|
|
2,991,497 |
Operating expenses |
|
609,474 |
|
|
560,855 |
Depreciation and amortization |
|
94,409 |
|
|
82,905 |
Interest, net |
|
14,067 |
|
|
12,495 |
Income before income taxes |
|
237,306 |
|
|
221,499 |
Federal and state income taxes |
|
57,108 |
|
|
52,262 |
Net income |
$ |
180,198 |
|
$ |
169,237 |
Net income per common share |
|
|
|
||
Basic |
$ |
4.86 |
|
$ |
4.54 |
Diluted |
$ |
4.83 |
|
$ |
4.52 |
Basic weighted average shares |
|
37,087,231 |
|
|
37,300,952 |
Plus effect of stock compensation |
|
190,463 |
|
|
155,187 |
Diluted weighted average shares |
|
37,277,694 |
|
|
37,456,139 |
Casey’s General Stores, Inc. and Subsidiaries |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Dollars in thousands) |
|||||
(Unaudited) |
|||||
|
July 31, 2024 |
|
April 30, 2024 |
||
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
304,988 |
|
$ |
206,482 |
Receivables |
|
164,926 |
|
|
151,793 |
Inventories |
|
452,017 |
|
|
428,722 |
Prepaid and other current assets |
|
33,071 |
|
|
25,791 |
Income taxes receivable |
|
— |
|
|
17,066 |
Total current assets |
|
955,002 |
|
|
829,854 |
Other assets, net of amortization |
|
193,314 |
|
|
195,559 |
Goodwill |
|
652,823 |
|
|
652,663 |
Property and equipment, net of accumulated depreciation of |
|
4,695,286 |
|
|
4,669,357 |
Total assets |
$ |
6,496,425 |
|
$ |
6,347,433 |
Liabilities and Shareholders’ Equity |
|
|
|
||
Current liabilities |
|
|
|
||
Current maturities of long-term debt and finance lease obligations |
$ |
208,209 |
|
$ |
53,181 |
Accounts payable |
|
597,112 |
|
|
569,527 |
Accrued expenses |
|
294,233 |
|
|
330,758 |
Income taxes payable |
|
32,589 |
|
|
— |
Total current liabilities |
|
1,132,143 |
|
|
953,466 |
Long-term debt and finance lease obligations, net of current maturities |
|
1,398,712 |
|
|
1,582,758 |
Deferred income taxes |
|
603,964 |
|
|
596,850 |
Insurance accruals, net of current portion |
|
29,724 |
|
|
30,046 |
Other long-term liabilities |
|
168,962 |
|
|
168,932 |
Total liabilities |
|
3,333,505 |
|
|
3,332,052 |
Total shareholders’ equity |
|
3,162,920 |
|
|
3,015,381 |
Total liabilities and shareholders’ equity |
$ |
6,496,425 |
|
$ |
6,347,433 |
Casey’s General Stores, Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(Dollars in thousands) |
|||||||
(Unaudited) |
|||||||
|
Three months ended July 31, |
||||||
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
180,198 |
|
|
$ |
169,237 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
94,409 |
|
|
|
82,905 |
|
Amortization of debt issuance costs |
|
278 |
|
|
|
278 |
|
Change in excess replacement cost over LIFO inventory valuation |
|
2,431 |
|
|
|
4,500 |
|
Share-based compensation |
|
11,036 |
|
|
|
10,468 |
|
Loss (gain) on disposal of assets and impairment charges |
|
2,475 |
|
|
|
(1,448 |
) |
Deferred income taxes |
|
7,114 |
|
|
|
15,895 |
|
Changes in assets and liabilities: |
|
|
|
||||
Receivables |
|
(13,133 |
) |
|
|
(13,179 |
) |
Inventories |
|
(25,378 |
) |
|
|
(52,756 |
) |
Prepaid and other current assets |
|
(7,280 |
) |
|
|
(2,518 |
) |
Accounts payable |
|
17,431 |
|
|
|
(4,344 |
) |
Accrued expenses |
|
(38,750 |
) |
|
|
(20,150 |
) |
Income taxes |
|
49,994 |
|
|
|
39,139 |
|
Other, net |
|
529 |
|
|
|
1,104 |
|
Net cash provided by operating activities |
|
281,354 |
|
|
|
229,131 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(100,564 |
) |
|
|
(68,903 |
) |
Payments for acquisition of businesses, net of cash acquired |
|
(18,113 |
) |
|
|
(13,297 |
) |
Proceeds from sales of assets |
|
6,688 |
|
|
|
5,784 |
|
Net cash used in investing activities |
|
(111,989 |
) |
|
|
(76,416 |
) |
Cash flows from financing activities: |
|
|
|
||||
Payments of long-term debt and finance lease obligations |
|
(29,316 |
) |
|
|
(29,665 |
) |
Payments of cash dividends |
|
(16,611 |
) |
|
|
(14,945 |
) |
Repurchase of common stock |
|
— |
|
|
|
(29,893 |
) |
Tax withholdings on employee share-based awards |
|
(24,932 |
) |
|
|
(17,969 |
) |
Net cash used in financing activities |
|
(70,859 |
) |
|
|
(92,472 |
) |
Net increase in cash and cash equivalents |
|
98,506 |
|
|
|
60,243 |
|
Cash and cash equivalents at beginning of the period |
|
206,482 |
|
|
|
378,869 |
|
Cash and cash equivalents at end of the period |
$ |
304,988 |
|
|
$ |
439,112 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION |
|||||
|
Three months ended July 31, |
||||
|
2024 |
|
2023 |
||
Cash paid during the period for: |
|
|
|
||
Interest, net of amount capitalized |
$ |
11,845 |
|
$ |
10,701 |
Income taxes, net |
|
— |
|
|
— |
Noncash investing and financing activities: |
|
|
|
||
Purchased property and equipment in accounts payable |
|
55,768 |
|
|
42,188 |
Right-of-use assets obtained in exchange for new finance lease liabilities |
|
221 |
|
|
8,345 |
Right-of-use assets obtained in exchange for new operating lease liabilities |
|
— |
|
|
2,214 |
Summary by Category (Amounts in thousands) |
|||||||||||||||||||
Three months ended July 31, 2024 |
Prepared Food
|
|
Grocery &
|
|
Fuel |
|
Other |
|
Total |
||||||||||
Revenue |
$ |
405,129 |
|
|
$ |
1,068,978 |
|
|
$ |
2,555,642 |
|
|
$ |
67,988 |
|
|
$ |
4,097,737 |
|
Gross profit |
$ |
236,041 |
|
|
$ |
378,281 |
|
|
$ |
314,548 |
|
|
$ |
26,386 |
|
|
$ |
955,256 |
|
|
|
58.3 |
% |
|
|
35.4 |
% |
|
|
12.3 |
% |
|
|
38.8 |
% |
|
|
23.3 |
% |
Fuel gallons sold |
|
|
|
|
|
772,536 |
|
|
|
|
|
||||||||
Three months ended July 31, 2023 |
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
372,813 |
|
|
$ |
996,936 |
|
|
$ |
2,427,333 |
|
|
$ |
72,169 |
|
|
$ |
3,869,251 |
|
Gross profit |
$ |
216,861 |
|
|
$ |
339,573 |
|
|
$ |
296,978 |
|
|
$ |
24,342 |
|
|
$ |
877,754 |
|
|
|
58.2 |
% |
|
|
34.1 |
% |
|
|
12.2 |
% |
|
|
33.7 |
% |
|
|
22.7 |
% |
Fuel gallons sold |
|
|
|
|
|
713,991 |
|
|
|
|
|
||||||||
Prepared Food & Dispensed Beverage |
|
Prepared Food & Dispensed Beverage |
||||||||||||||||||||||||||||
Same-store Sales |
Margin |
|||||||||||||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|||||||||||
F2025 |
4.4 |
% |
|
|
|
|
|
|
|
|
F2025 |
58.3 |
% |
|
|
|
|
|
|
|
|
|||||||||
F2024 |
5.9 |
|
|
6.1 |
% |
|
7.5 |
% |
|
8.8 |
% |
|
6.8 |
% |
F2024 |
58.2 |
|
|
59.0 |
% |
|
59.6 |
% |
|
58.1 |
% |
|
58.7 |
% |
|
F2023 |
8.4 |
|
|
10.5 |
|
|
5.0 |
|
|
4.9 |
|
|
7.1 |
|
F2023 |
55.6 |
|
|
56.7 |
|
|
57.3 |
|
|
56.8 |
|
|
56.6 |
|
|
Grocery & General Merchandise |
|
Grocery & General Merchandise |
||||||||||||||||||||||||||||
Same-store Sales |
Margin |
|||||||||||||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|||||||||||
F2025 |
1.6 |
% |
|
|
|
|
|
|
|
|
F2025 |
35.4 |
% |
|
|
|
|
|
|
|
|
|||||||||
F2024 |
5.2 |
|
|
1.7 |
% |
|
2.8 |
% |
|
4.3 |
% |
|
3.5 |
% |
F2024 |
34.1 |
|
|
34.0 |
% |
|
33.9 |
% |
|
34.4 |
% |
|
34.1 |
% |
|
F2023 |
5.5 |
|
|
6.9 |
|
|
5.8 |
|
|
7.1 |
|
|
6.3 |
|
F2023 |
33.9 |
|
|
33.3 |
|
|
34.0 |
|
|
33.0 |
|
|
33.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fuel Gallons |
|
Fuel Margin |
||||||||||||||||||||||||||||
Same-store Sales |
(Cents per gallon, excluding credit card fees) |
|||||||||||||||||||||||||||||
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal Year |
|||||||||||
F2025 |
0.7 |
% |
|
|
|
|
|
|
|
|
F2025 |
40.7 |
¢ |
|
|
|
|
|
|
|
|
|||||||||
F2024 |
0.4 |
|
|
— |
% |
|
(0.4 |
)% |
|
0.9 |
% |
|
0.1 |
% |
F2024 |
41.6 |
|
|
42.3 |
¢ |
|
37.3 |
¢ |
|
36.5 |
¢ |
|
39.5 |
¢ |
|
F2023 |
(2.3 |
) |
|
0.3 |
|
|
(0.5 |
) |
|
— |
|
|
(0.8 |
) |
F2023 |
44.7 |
|
|
40.5 |
|
|
40.7 |
|
|
34.6 |
|
|
40.2 |
|
|
RECONCILIATION OF NET INCOME TO EBITDA
We define EBITDA as net income before net interest expense, income taxes, depreciation and amortization. EBITDA is not considered to be a GAAP measure, and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. This measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use this calculation as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, assessing performance, and awarding incentive compensation.
Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies.
The following table contains a reconciliation of net income to EBITDA for the three months ended July 31, 2024 and 2023:
(in thousands) |
Three Months Ended July 31, |
||||
|
2024 |
|
2023 |
||
Net income |
$ |
180,198 |
|
$ |
169,237 |
Interest, net |
|
14,067 |
|
|
12,495 |
Federal and state income taxes |
|
57,108 |
|
|
52,262 |
Depreciation and amortization |
|
94,409 |
|
|
82,905 |
EBITDA |
$ |
345,782 |
|
$ |
316,899 |
NOTES:
- Gross Profit is defined as revenue less cost of goods sold (exclusive of depreciation and amortization)
- Inside is defined as the combination of grocery and general merchandise and prepared food and dispensed beverage
This release contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the ability to consummate the Fikes transaction, the potential impact of consummation of the Fikes transaction on relationships with third parties, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, performance at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results expressed or implied by these forward-looking statements, including but not limited to the execution of our strategic plan, the integration and financial performance of acquired stores, wholesale fuel, inventory and ingredient costs, distribution challenges and disruptions, the impact and duration of the conflict in
Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on September 5, 2024. The call will be broadcast live over the Internet at 7:30 a.m. CDT. To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx. No access code is required. A webcast replay of the call will remain available in an archived format on the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx for one year after the call.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240904293475/en/
Investor Relations Contact:
Brian Johnson (515) 446-6587
Media Relations Contact:
Katie Petru (515) 446-6772
Source: Casey’s General Stores
FAQ
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