Casey's General Stores Sees 57% Increase in Q4 Earnings

Casey’s General Stores, Inc. has reported its financial results for the fourth quarter and fiscal year ended April 30, 2024. The company's diluted earnings per share (EPS) for the fourth quarter of 2024 stood at $2.34, marking a notable 57% increase from the same period a year ago. Net income for the quarter was $87 million, up 55%, and EBITDA was $219 million, up 32% from the same period a year ago.

The inside same-store sales for the fourth quarter were up 5.6% compared to the prior year, with an inside margin of 41.2%. Total inside gross profit increased by 16.2% to $517.6 million compared to the prior year. Fuel same-store gallons were up 0.9% compared to the prior year with a fuel margin of 36.5 cents per gallon. Total fuel gross profit increased by 15.4% to $253.6 million compared to the prior year.

For the fiscal year 2024, diluted EPS stood at $13.43, reflecting a 13% increase over the prior year. Net income for the fiscal year was $502 million, up 12%, and EBITDA was $1.06 billion, up 11% from the prior year.

Casey's Rewards members grew to 7.9 million by year-end, and the company built or acquired 154 stores in the fiscal year, ending at 2,658 stores and entering Texas, its 17th state.

The company expects to add at least 100 stores in fiscal 2025 through a mix of mergers and acquisitions (M&A) and new store construction. It also anticipates an at least 8% increase in EBITDA for fiscal 2025, with inside same-store sales expected to increase by 3% to 5% and inside margin comparable to fiscal 2024.

At the end of April 30, 2024, the company had approximately $1.1 billion in available liquidity, consisting of approximately $206 million in cash and cash equivalents on hand and $900 million in undrawn borrowing capacity on existing lines of credit.

In terms of shareholder value, the company increased its quarterly dividend by 16% to $0.50 per share, marking the 25th consecutive annual increase. Additionally, during the fourth quarter, the company repurchased approximately $15 million of shares, bringing the total for the year to $105 million, with approximately $295 million remaining under its existing share repurchase authorization. The market has reacted to these announcements by moving the company's shares -0.5% to a price of $326.53. Check out the company's full 8-K submission here.

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