Casey’s Issues Business Update Ahead of Stephens NDR
Casey’s General Stores (Nasdaq: CASY) is set to participate in a non-deal roadshow with Stephens on April 21, 2022. The company reports a strong performance, projecting record diluted earnings per share for Q4 of fiscal 2022. Fuel sales have increased slightly year-over-year, with margins in the higher 30s cents per gallon. Inside same-store sales are up mid-single digits, although costs for cheese have risen significantly. Operating expenses have also exceeded previous guidance, increasing by mid-teens due to higher credit card fees associated with rising fuel prices.
- Record projected diluted earnings per share for Q4 fiscal 2022.
- Slight increase in same-store fuel sales year-over-year.
- Mid-single digit growth in inside same-store sales.
- Operating expenses have increased by mid-teens, exceeding previous guidance of 11-13%.
- Higher cheese costs at $2.24 per pound, up from $1.93 per pound the previous year.
- Increased credit card fees due to 39% rise in retail fuel prices.
In advance of the NDR, the Company provides the following business update.
Casey’s business continues to perform well, and we remain on track for record fourth quarter diluted earnings per share in fiscal 2022. Our fourth quarter to date experience is as follows:
Fuel same-store gallons sold have been slightly higher than prior year, between flat to up low-single digits. Fuel margins have been in the higher 30s in terms of cents per gallon.
Inside same-store sales volumes have been up mid-single digits. Inside margins have been impacted, in-part, by higher cheese costs, which have averaged
Operating expenses are trending above our previous guidance of 11
Interest expense has been modestly impacted by non-cash charges associated with the partial prepayment of certain variable rate debt due to strong free cash flow generation.
About Casey’s General Stores
Casey’s is a Fortune 500 company (Nasdaq: CASY) operating over 2,400 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in
Cautionary Statements
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 expectations for the current and future periods, possible or assumed current and future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities and, 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 executing our strategic plan, the impact and duration of COVID-19 and related governmental actions, the impact and duration of the conflict in
Use of Non-GAAP Measures
This release contains a reference to free cash flow, a non-GAAP measure defined by the Company as net cash generated by operating activities less purchases of property and equipment. The Company believes that free cash flow is an important financial measure for use in evaluating the Company’s financial performance, as it measures the ability to generate additional cash from our business operations. Because non-GAAP financial measures are not standardized, free cash flow, as defined by the Company, may not be comparable to similarly titled measures reported by other companies.
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Investor Relations Contact:
Brian.johnson@caseys.com
Media Relations Contact:
Katie.petru@caseys.com
Source: Casey’s General Stores
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