Boston, MA 06/10/2014 (wallstreetpr) – A chain of retail convenience store operator Casey’s General Stores, Inc. (NASDAQ:CASY) announced better than expected profit for the fourth quarter though its earnings witnessed a year-over-year fall slightly hurt by amortization and depreciation charges.
4Q Results
The Casey’s General Stores, Inc. (NASDAQ:CASY) reported net income of $22.82 million, down from $23.27 million, while its earnings slipped to 59 cents a share from 60 cents a share in the year-ago quarter. Wall Street analysts, on average, estimated the company to earn 53 cents a share. In the preceding two quarters, Casey’s General Stores’ earnings fell shy of analysts’ predictions.
Total revenue advanced 6.1% to $1.92 billion from $1.81 billion in the previous year quarter. Revenue is in line with the Street expectations. The company’s same store sales grew 7.4% in its Grocery and other merchandise division in the fourth quarter with an average margin of 32.1%.
Casey’s General Stores, Inc. (NASDAQ:CASY) said that it realized $5.7 million during the quarter by selling 12.1 million renewable fuel credits. The company witnessed tight margins, as a result of lower volatility of wholesale costs. Its fuel saver program helped increase same store gallons in the latest quarter.
Other Metrics
The company’s gross profit rose to $286.6 million from $266.4 million, while its operating costs advanced to $210.1 million from $191.1 million in the year-ago quarter. It had to allocate $35.6 million for depreciation and amortization, which is 18.9% higher than $29.91 million recorded in the preceding year fourth quarter. Interest outgo has also increased to $10.12 million from $8.74 million in the year earlier period.
Casey’s General Stores, Inc. (NASDAQ:CASY) has declared a dividend of 20 cents a share payable on August 15 to its shareholders, whose name appears on August 1 in its record.
Outlook
For the next fiscal year 2015, the company indicated that it plans to lift its prepared fountain and food sales from the same store by 9.5% and an average margin of 60%. It also intends to lift its grocery and other merchandise sales from its same store by 5.4% and an average margin of 32.1%.
