Summary
Casey's General Stores, Inc. (CASY) reported a strong performance for the nine months ended January 31, 2012, with total revenue increasing by 28.1% year-over-year to $5.24 billion, driven by significant growth in gasoline sales due to higher prices and increased gallons sold. Net earnings also saw a substantial increase of 30.4% to $93.7 million. The company continues to expand its store footprint, with plans for 4% to 6% annual growth, and has seen positive contributions from its prepared food and fountain category, alongside a solid performance in grocery and other merchandise sales. The balance sheet as of January 31, 2012, shows total assets of $1.72 billion, an increase from the prior year, supported by growth in property and equipment and goodwill. Liabilities also increased, primarily due to long-term debt. The company's liquidity remains a focus, with a current ratio of 0.92:1, and management is confident that operational cash flow and existing credit lines are sufficient to meet working capital needs. Despite increased operating expenses and interest expense, the company's strategic investments in store growth and operational efficiencies are contributing to its positive financial trajectory.
Financial Highlights
46 data points| Revenue | $1.58B |
| Cost of Revenue | $1.35B |
| Gross Profit | $227.84M |
| Operating Expenses | $169.23M |
| Interest Expense | $8.73M |
| Net Income | $16.16M |
| EPS (Basic) | $0.42 |
| EPS (Diluted) | $0.42 |
| Shares Outstanding (Basic) | 38.07M |
| Shares Outstanding (Diluted) | 38.46M |
Key Highlights
- 1Total revenue for the nine months ended January 31, 2012, grew by 28.1% to $5.24 billion, largely driven by a 33.3% increase in gasoline sales.
- 2Net earnings for the nine months increased by 30.4% to $93.7 million, compared to $71.9 million in the prior year period.
- 3Basic earnings per common share for the nine months rose to $2.46 from $1.64 in the prior year.
- 4The company continues its store expansion strategy, with 33 stores acquired in the first nine months of fiscal 2012 and plans for 4-6% annual growth.
- 5Gross profit margin for gasoline sales decreased to 4.7% for the nine-month period, but the margin per gallon increased to $0.1587.
- 6Prepared food and fountain sales increased by 19.9% for the nine months, although the gross profit margin decreased to 60.6% due to higher commodity costs.
- 7Total assets grew to $1.72 billion, with significant increases in property and equipment, and goodwill, reflecting ongoing investments and acquisitions.