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Oct 31, 2022
Casey's Q2 2023 Earnings Report
Casey's reported strong Q2 2023 earnings, driven by inside sales growth and efficient operations.
Key Takeaways
Casey's announced excellent second-quarter results, with diluted EPS up 42% year-over-year to $3.67. Inside same-store sales increased by 7.9%, and fuel gross profit increased by 22.7%. The company is updating its fiscal 2023 outlook due to improved inside sales and operating expense performance.
Diluted EPS increased by 42% compared to the same period last year, reaching $3.67.
Inside same-store sales grew by 7.9%, with a margin of 39.8%.
Same-store fuel gallons increased by 0.3% compared to the prior year, with a fuel margin of 40.5 cents per gallon.
The company is updating its Fiscal 2023 Outlook due to improved inside sales and operating expense performance.
Revenue by Segment
Forward Guidance
Due to the strong year-to-date performance, the Company is modifying its fiscal 2023 outlook.
Positive Outlook
- Same-store inside sales are expected to be approximately 5% to 7%.
- Total operating expense increase is expected to be near the low end of the annual range, which was approximately 9% to 10%.
- The tax rate is now expected to be between approximately 24% and 25% for the year.
- The Company expects same-store fuel gallons to be flat to 2% higher.
- The Company expects to add approximately 80 stores in fiscal 2023 and expects to exceed our stated three-year commitment of 345 units.
Challenges Ahead
- Inside margin is expected to be approximately 40%.
- Interest expense is expected to be approximately $55 million.
- Depreciation and amortization are expected to be approximately $320 million.
- The purchase of property plant and equipment is expected to be approximately $450 to $500 million, including approximately $135 million in one-time store remodel costs for recently acquired stores.
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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