Casey's General Stores Reports 10-K Results

Casey's General Stores, Inc. has recently released its 10-K report, providing a detailed look into the company's financial performance and operations. The company operates convenience stores under the names "Casey's" and "Casey’s General Store" across 17 states, with over half of its stores located in Iowa, Missouri, and Illinois. As of April 30, 2024, Casey's had a total of 2,658 stores in operation, with approximately 72% of them located in areas with populations of fewer than 20,000 persons.

During the 2024 fiscal year, Casey's made significant progress towards its strategic plan goals, including growing the store count by 154 stores through new store construction and strategic acquisitions. The company also entered into its 17th state, Texas, and saw diluted earnings per share of $13.43, up 12.8% over the prior year. Additionally, Casey's Rewards members grew to 7.9 million by year-end.

The company's financials for fiscal 2024 showed a decrease in total revenue by 1.5%, with prepared food and dispensed beverage revenue increasing by 10.5% and grocery and general merchandise revenue increasing by 8.2%. Retail fuel revenue, however, decreased by 6.2%. Despite the revenue decrease, total revenue less cost of goods sold (excluding depreciation and amortization) was 22.5% of revenue for fiscal 2024 compared with 20.4% for the prior year.

Casey's also provided insights into its use of non-GAAP measures, including EBITDA and Adjusted EBITDA, which the company believes are useful to investors in evaluating its operating performance. The reconciliation of net income to EBITDA and Adjusted EBITDA for the years ended April 30, 2024, 2023, and 2022, was also included in the report.

The company continues to focus on its long-term strategic plan, including its commitment to understanding and responding to consumer shifts, such as the increased demand for electric vehicles and renewable fuels. As of April 30, 2024, Casey's had 170 electric vehicle charging stations at 37 stores across 12 states, and almost all of its stores offered fuel with at least 10% blended ethanol, with 43% of stores offering biodiesel.

The market has reacted to these announcements by moving the company's shares 2.3% to a price of $380.35. Check out the company's full 10-K submission here.

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