Casey's General Stores profit up 23%, but revenue falls, misses estimates

Posted Dec 8th 2009 2:00PM by Trey Thoelcke
Filed under: Earnings Reports

After the markets closed Monday, Casey's General Stores Inc. (CASY), which operates some 1,400 convenience stores in the Midwest, released its financial results for the second quarter of fiscal 2010.

For the three months that ended October 31, 2009, Casey's reported earnings of $33.6 million, or $0.66 per share, which is up about 23% from $0.54 per share for the same quarter a year ago. The EPS growth was attributed to strong margins in all three of its categories: Prepared Foods/Fountain, Grocery/Other Merchandise, Gasoline.

But total revenue for the quarter fell about 17% from a year ago to $1.15 billion. Analysts surveyed by Thomson Reuters had expected $0.60 per share earnings on $1.2 billion in revenue.

Casey's also said that its board of directors declared a quarterly dividend of $0.085 per share, and that its goal is to increase the total number of stores by 4% in fiscal 2010.

Shares fell in Tuesday morning trading and were down about 2.5%, or 78 cents, by mid day. Shares are down a couple of bucks from the 52-week high of $33.06, but up about 15% from six months ago.

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