Casey's General Stores reports market-beating quarterly financial results.

Casey’s General Stores Inc (NASDAQ: CASY) reported its financial results for the fiscal fourth quarter on Tuesday that beat analysts' estimates.

Financial performance

Casey’s said its profit in the fourth quarter printed at $41.7 million (£29.47 million) or $1.12 per share. The convenience stores chain generated $2.38 billion of revenue in Q4. In comparison, analysts had called for $2.16 billion of revenue and 67 cents of profit per share.

The U.S. firm’s full-year profit stood at $312.9 million or $8.38 per share. Casey’s noted $8.71 billion of annual revenue. The COVID-19 restrictions fuelled a 96% growth in its annual digital sales.

Casey’s did not repurchase shares in the fourth quarter. Its buyback programme currently has $300 million remaining. The board declared 34 cents per share of a quarterly dividend. The Nasdaq-listed firm valued its liquidity at $810 million as of 30^th April.

Other notable figures in the Iowa-based company’s Q4 earnings report include a 6.4% annualised growth in fuel same-store gallons sold and a 12.8% increase in comparable inside sales. In separate news from the U.S., Clover Health shares surged 35% on Tuesday as the meme stock rally continued.

Guidance for fiscal 2022

For fiscal 2022, Casey’s forecasts a roughly 5% increase in comparable fuel and inside sales. Total operating expenses are likely to jump by more than 15% in the ongoing year. The financial update comes shortly after Casey’s acquired Buchanan Energy. Its Circle K acquisition is expected to close later in June.

CEO Darren Rebelez’s remarks

Commenting on the earnings report on Tuesday, CEO Darren Rebelez said:

Casey’s shares were down about 1% in after-hours trading on Tuesday. The stock is now exchanging hands at $212.25 per share. In comparison, it had started the year 2021 at a much lower $177.44 per share. At the time of writing, Casey’s General Stores Inc is valued at $7.93 billion and has a price to earnings ratio of 24.02.