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Oct 31, 2023
Casey's Q2 2024 Earnings Report
Casey's reported strong Q2 2024 earnings, driven by inside sales and fuel gross profit growth.
Key Takeaways
Casey's announced second-quarter results with a diluted EPS of $4.24, up 16% from the same period a year ago. Net income was $159 million, up 15%, and inside same-store sales increased 2.9% compared to prior year. Same-store fuel gallons were flat (0.0%) compared to prior year with a fuel margin of 42.3 cents per gallon.
Diluted EPS increased by 16% year-over-year, reaching $4.24.
Net income rose by 15% compared to the previous year, totaling $159 million.
Inside same-store sales grew by 2.9% year-over-year, with a margin of 41.1%.
Same-store fuel gallons remained flat compared to the prior year, with a fuel margin of 42.3 cents per gallon.
Revenue by Segment
Forward Guidance
Casey's expects fiscal 2024 EBITDA growth to be in-line with the long-term strategic plan's goal of 8% to 10%. Same-store inside sales are expected to increase 3.5% to 5%. The company also expects to add at least 150 stores in fiscal 2024.
Positive Outlook
- EBITDA growth is expected to be in-line with the long-term strategic plan's goal of 8% to 10%.
- Same-store inside sales are expected to increase 3.5% to 5%.
- Net interest expense is expected to be approximately $53 million.
- The tax rate is now expected to be approximately 23% to 25% for the year.
- The Company expects to add at least 150 stores in fiscal 2024.
Challenges Ahead
- Same-store fuel gallons sold to be between negative 1% to positive 1%.
- Total operating expenses are now expected to increase approximately 6% to 8%.
- Depreciation and amortization is now expected to be approximately $350 million for the year.
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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