Why Casey’s General Stores Inc (NASDAQ: CASY) stock is going gangbusters today

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Casey’s General Stores Inc (NASDAQ: CASY) stock rose over 9.6% on 11th June, 2019  (as of 10:02 am GMT-4 ; Source: Google finance) as the company has posted better than expected results for the fourth quarter of FY 19. Casey’s reported fiscal fourth-quarter earnings of $25.2 million up from 51 cents a share the year before. At fiscal year end, the new fleet card program has more than 2,000 active cards and 500 new accounts. CASY has completed inside price optimization store test with planned rollout in fiscal 2020 and is piloting new in-store order management system with expected launch in first half of fiscal 2020. CASY is expecting launch of enhanced mobile app in first quarter of fiscal 2020

Why Casey's General Stores Inc (NASDAQ: CASY) stock is going gangbusters today

CASY in the fourth quarter of FY 19 has reported the adjusted earnings per share of 68 cents, beating the analysts’ estimates for the adjusted earnings per share of 46 cents. The company had reported the adjusted revenue of $2.18 billion in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $2.12 billion, according to FactSet. Fourth quarter operating expenses were also impacted by lapping the reduction in 24-hour and pizza delivery formats from prior year, along with increases in technology expenses and credit card fees.

Moreover, for the fourth quarter, the average margin was 18.6 cents per gallon, compared to 16.3 cents per gallon for the same quarter a year ago. Same-store gallons sold in the fourth quarter fell 2.8%. Total gross profit dollars for the quarter increased over 17% to $101.4 million, while total gallons sold for the quarter increased 2.6% to 546.0 million. – For the fourth quarter, same-store sales of Grocery and Other Merchandise were up 5.7% with an average margin of 31.5%. Same-store sales of Grocery and Other Merchandise for the fiscal year were up 3.6% with an average margin of 32.1%. Total sales of Grocery and Other Merchandise for the quarter were up nearly 10% to $562.7 million while total gross profit dollars increased 10.8% to $177.2 million.

The Company has $300 million remaining on its authorization from March 2018. There were no repurchases made against that authorization in the fourth quarter. The company has increased the quarterly dividend from $0.29 to $0.32 per share. The dividend is payable August 15, 2019 to shareholders of record on August 1, 2019.

Meanwhile, CASY has recently appointed Darren Rebelez, IHOP President, as Casey’s President and Chief Executive Officer (CEO), effective June 24, 2019.

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