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Jul 31, 2020
Casey's Q1 2021 Earnings Report
Casey's achieved a record first quarter, driven by stronger fuel margins and disciplined operating expense control.
Key Takeaways
Casey's General Stores reported a record first quarter with diluted earnings per share of $3.24, a 40% increase over the prior year. The results were driven primarily by a stronger fuel margin and disciplined operating expense control. The company ended the quarter with a strong balance sheet, with over $570 million in available liquidity.
Achieved record first quarter with diluted earnings per share of $3.24, a 40% increase over the prior year.
Fuel margin averaged $0.382 per gallon, driving gross profit dollars up 39% to $210 million.
Total same-store inside sales were virtually flat, down about 40 basis points, with an average margin of 39.6%.
Ended the quarter with over $570 million in available liquidity and refinanced senior notes at attractive rates.
Revenue by Segment
Forward Guidance
Casey's did not provide earnings guidance for this fiscal year due to the ongoing uncertainty around consumer behavior and traffic volumes from COVID-19.
Positive Outlook
- Effective tax rate for the year to remain in the 24% to 25% range.
- Interest expense should be slightly under $50 million for the year.
- Anticipate building approximately 40 new stores this year based on the current pace of approvals.
- Expect to realize savings throughout organization from indirect spend and capitalized costs to lower cost of goods.
- Construction of the third distribution center in Joplin, Missouri is progressing well and will further optimize supply chain.
Challenges Ahead
- Ongoing uncertainty around consumer behavior and traffic volumes from COVID-19.
- Sales volumes continue to be adversely affected by the pandemic.
- Expect operating expenses to increase commensurate with store hours returning to pre-COVID levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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