Q1 2025 Caseys General Stores Inc Earnings Call Transcript
Key Points
- Casey's General Stores Inc (CASY) reported a 7% increase in diluted EPS, reaching $4.83 per share.
- Net income rose by 6% to $180 million, and EBITDA increased by 9% to $346 million.
- Inside same-store sales were up 2.3%, with Prepared Food and Dispensed Beverage sales leading the way.
- The company managed to balance fuel volume and margin effectively, with same-store gallons sold up 0.7% and a fuel margin of $0.407 per gallon.
- Casey's General Stores Inc (CASY) is on track to achieve its three-year strategic plan ahead of schedule, with plans to grow the number of units to approximately 500 stores.
- Same-store grocery and general merchandise sales growth was modest at 1.6%, indicating potential softness in this category.
- The company faced a modest headwind in cheese costs, which increased by 2% year-over-year.
- Total operating expenses increased by 8.7%, driven by unit growth, higher insurance expenses, and modest increases in wage rates.
- The effective tax rate for the quarter increased to 24.1% from 23.6% in the prior year.
- The company is not updating its fiscal year guidance until after the Fikes transaction closes, creating some uncertainty for investors.
Good day and thank you for standing by. Welcome to the first-quarter FY 2025 Casey's General Stores earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.
I would now like turn the conference over to your speaker today, Brian Johnson, Senior Vice President, Investor Relations and Business Development. Please go ahead.
Good morning and thank you for joining us to discuss the results for our first quarter ended July 31, 2024. I'm Brian Johnson, Senior Vice President, Investor Relations and Business Development. With me today are Darren Rebelez, Board Chair, President and Chief Executive Officer; and Steve Bramlage, Chief Financial Officer.
Before we begin, I'll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements
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