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Jan 31, 2021
Casey's Q3 2021 Earnings Report
Casey's earnings per share increased by 14% compared to the same period last year.
Key Takeaways
Casey's reported a diluted EPS increase of 14% compared to the prior year, driven by higher fuel gross profit and decreased interest expense, despite challenges from the COVID-19 pandemic. The company's inside same-store sales increased, and digital sales saw significant growth.
Diluted EPS increased by 14% to $1.04 compared to $0.91 for the same period last year.
Fuel gross profit increased 37% with a fuel margin of 32.9 cents per gallon, while fuel same-store gallons sold decreased 12.1%.
Inside same-store sales increased 2.1% compared to the prior year, with a margin of 39.6%.
Digital sales increased 95%, and Casey’s Rewards now exceeds 3.3 million members.
Revenue by Segment
Forward Guidance
Casey's is cooperating with the FTC regarding the Buchanan Energy acquisition and expects to complete the construction of approximately 40 new stores this fiscal year.
Positive Outlook
- The Company continues to effectively manage discretionary operating expenses while investing in our team members' and guests' safety.
- Our balance sheet remains strong.
- We are committed to executing our long-term strategic plan.
- Company sold $6.9 million in renewable fuel credits in the third quarter, an increase of $5.2 million from the prior year.
- The Company also expects to complete the construction of approximately 40 new stores this fiscal year.
Challenges Ahead
- Same-store gallons sold were adversely impacted by lower guest traffic due to the COVID-19 pandemic.
- Inside margin was adversely impacted by mix shift, both within and across categories.
- Operating expenses for the third quarter were up primarily due to operating 36 more stores than this time last year, as well as incurring $11 million in COVID-19 related expenses, $10 million in incremental incentive compensation due to strong financial performance of the Company, $3 million in labor costs associated with the major store reset noted above.
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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