Casey's General Stores Inc (NASDAQ:CASY) shares traded lower after the convenience store chain reported mixed fiscal second quarter results.
The company, whose portfolio also includes grocery items, posted a 16% year-over-year increase in diluted earnings per share to $4.24 from $3.67, topping estimates of $3.65.
Revenue, however, fell short of estimates. It rose from $3.98 billion in the year-ago quarter to $4.06 billion, short of the $4.15 billion expected by analysts.
Inside same-store sales rose 2.9% year-over-year driven by prepared food and dispensed beverages, with whole pies and bakery notably performing well.
Same-store fuel gallons were flat year-over-year. Inside gross profits were up 9.7% and fuel gross profit rose 8.6%, the company reported.
During the quarter, which ended October 31, 2023, Casey’s said it built or acquired 59 stores.
"Due to the hard work of our team, Casey's delivered an outstanding second quarter highlighted by strong inside and fuel gross profit growth,” Casey’s CEO Darren Rebelez said in a statement.
“Our fuel team continues to do an excellent job finding the right balance between gallon growth and gross profit margin, as evidenced by another strong fuel margin quarter while same-store gallons were flat.”
Shares of Casey’s traded down 1.3% at US$270 following the release of its earnings report.
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