Casey’s General Stores Surpasses Q4 EPS by 12c, Offers Outlook, Increases Dividend By Investing.com
Casey’s General Stores (NASDAQ:) reported fourth-quarter EPS of $1.60, $0.12 better than analysts’ estimate of $1.48. Revenue for the quarter was $3.46 billion versus consensus estimate of $3.37 billion.
- Casey’s increased the quarterly dividend by 9% to $0.38 per share, marking the 23rd consecutive annual increase.
Outlook for FY2023:
Casey’s expects the following performance in fiscal 2023. The Company expects same-store internal sales to grow 4% to 6% and maintain an internal margin of approximately 40%. The company expects same-store fuel gallons to be flat at 2% higher. Total operating expenses are expected to increase by approximately 9% to 10%. The company plans to add about 80 stores in fiscal 2023 and exceed its three-year commitment of 345 units. Interest expense is expected to be approximately $55 million. Depreciation is expected to be approximately $320 million and the purchase of property, plant and equipment is expected to be approximately $450-500 million, including approximately $135 million in one-time renovation costs for recently acquired stores. The tax rate is expected to be around 24% to 26% for the year.