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Casey's
🇺🇸 NASDAQ:CASY
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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.

Total Revenue
$2.11B
Previous year: $2.63B
-19.9%
EPS
$3.24
Previous year: $2.31
+40.3%
Fuel margin (ex-CC fees)
$0.382
0
Fuel gallons sold
550M
Previous year: 619.38M
-11.2%
Grocery SSS
3.6%
Gross Profit
$624M
Previous year: $566M
+10.2%
Cash and Equivalents
$247M
Previous year: $96.7M
+155.3%
Free Cash Flow
$307M
Previous year: $77.4M
+296.9%
Total Assets
$4.1B
Previous year: $3.84B
+6.8%

Casey's

Casey's

Casey's 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.
  • Some stores were temporarily closed because of power outages due to the Derecho storm.
  • The morning daypart continues to be under pressure due to reduced commuting traffic.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Casey's