Caseys General Stores Inc (NASDAQ:CASY) stock fell 0.22% (As on December 12, 11:33:33 AM UTC-4, Source: Google Finance) after the company reported mixed fiscal second quarter results. Total inside sales were up 6.2% for the quarter driven by strong performance in the prepared food and dispensed beverage category, including whole pizza pies, bakery, and dispensed beverages as well as non-alcoholic and alcoholic beverages in the grocery and general merchandise category. Inside margin was up 130 basis points compared to the same quarter a year ago, primarily due to softening of prepared food and dispensed beverage ingredient costs as well as increased sales of private label products. For the quarter, total fuel gallons sold increased 4.0% compared to the prior year primarily due to the store count increase, while same-store gallons were flat versus the prior year. The Company’s total fuel gross profit was up 8.6% versus the prior year. The Company sold $8.4 million in renewable fuel credits (RINs) in the second quarter, a decrease of $2.7 million from the same quarter in the prior year. At October 31, 2023, the Company had approximately $1.3 billion in available liquidity, consisting of approximately $410 million in cash and cash equivalents on hand and $900 million in available borrowing capacity on existing lines of credit.

CASY in the second quarter of FY 24 has reported the adjusted earnings per share of $4.24, beating the analysts’ estimates for the adjusted earnings per share of $3.65. The company had reported the adjusted revenue of $3.98 billion in the second quarter of FY 24, missing the analysts’ estimates for revenue of $4.15 billion.

Looking forward, fiscal 2024 EBITDA growth is expected to be in-line with the long-term strategic plan’s goal of 8% to 10%. The Company also expects to repurchase at least $100 million in shares throughout the fiscal year. Same-store inside sales are expected to increase 3.5% to 5%.

Further, the Company now expects to add at least 150 stores in fiscal 2024, more than the originally planned 110. The total operating expenses are now expected to increase approximately 6% to 8%, though same-store operating expenses excluding credit card fees are expected to only increase approximately 3% for the year.

The Company is not updating its outlook for the following metrics. We expect inside margin improvement to approximately 40% to 41%. The Company expects same-store fuel gallons sold to be between negative 1% to positive 1%. The purchase of property and equipment is expected to be $500 to $550 million.