- Casey’s General Stores Inc (NASDAQ:CASY) reported first-quarter FY22 revenue growth of 51.2% year-on-year, to $3.18 billion, beating the analyst consensus of $3.02 billion.
- Inside same-store sales increased 8.0%. Inside gross profit rose 16.7% Y/Y to $463.5 million.
- Fuel gallons increased 9.0% on a same-store basis. Total fuel gross profit increased 11.6% to $234.5 million.
- Operating expenses rose 24% Y/Y to $478.9 million.
- Casey’s held $198.9 million in cash and equivalents as of July 31, 2021.
- Net cash provided by operating activities totaled $241.5 million.
- Adjusted EBITDA of $243.2 million increased 2.3% Y/Y.
- EPS of $3.19 beat the analyst consensus of $2.96.
- The Board of Directors increased the dividend by $0.01 to $0.35 per share, payable November 15, 2021, to shareholders of record on November 1, 2021.
- Outlook: Casey’s has maintained the previously disclosed fiscal 2022 outlook, except tax rate.
- It expects same-store fuel and inside sales to increase by mid-single-digit percentages.
- Price Action: CASY shares closed lower by 1.86% at $202.66 on Tuesday.
B of A Securities Downgrades Park Hotels & Resorts to Neutral
B of A Securities analyst Shaun Kelley downgrades Park Hotels & Resorts (NYSE:PK) from Buy to Neutral.
