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Jan 31, 2022
Casey's Q3 2022 Earnings Report
Casey's reported strong Q3 2022 earnings, driven by inside sales and fuel gallons sold.
Key Takeaways
Casey's General Stores announced record third-quarter earnings, with diluted EPS up 64% year-over-year to $1.71. Strong inside sales and fuel gallons sold drove the results, with total fuel gross profit increasing by 39.6%. The company also completed the acquisition of 40 stores from Pilot Corporation.
Diluted EPS increased by 64% compared to the same period last year, reaching $1.71.
Inside same-store sales grew by 7.6% year-over-year, with a margin of 39.4%.
Fuel gallons sold increased by 5.7% on a same-store basis, with a fuel margin of 38.3 cents per gallon.
The breakfast menu relaunch exceeded expectations, with breakfast daypart same-store sales up 17%.
Casey's
Casey's
Casey's Revenue by Segment
Revenue by Segment
Prepared Food & Beverage Revenue
CapyFin.comGrocery & Gen Merchandise Revenue
CapyFin.comFuel Revenue
CapyFin.com Forward Guidance
The Company is reiterating its fiscal 2022 outlook, previously disclosed in the second quarter. The Company expects same-store fuel and inside sales to increase by mid-single digit percentages for the fiscal year. Total operating expenses for the year are expected to increase high-teen percentages. For the fourth quarter, operating expenses are expected to increase 11-13%. The Company expects to add approximately 225 units during fiscal 2022. Interest expense is expected to be approximately $55 million. Depreciation and amortization is expected to be approximately $310 million and the purchase of property and equipment is expected to be approximately $400 million. The tax rate is expected to be approximately 24.0% - 26.0% for the year.
Positive Outlook
- Same-store fuel sales are expected to increase by mid-single digit percentages for the fiscal year.
- Same-store inside sales are expected to increase by mid-single digit percentages for the fiscal year.
- The Company expects to add approximately 225 units during fiscal 2022.
- Depreciation and amortization is expected to be approximately $310 million.
- The tax rate is expected to be approximately 24.0% - 26.0% for the year.
Challenges Ahead
- Total operating expenses for the year are expected to increase high-teen percentages.
- For the fourth quarter, operating expenses are expected to increase 11-13%.
- Interest expense is expected to be approximately $55 million.
- The purchase of property and equipment is expected to be approximately $400 million.
- Executing our strategic plan, the impact and duration of COVID-19 and related governmental actions
Revenue & Expenses
Visualization of income flow from segment revenue to net income