Casey’s General Stores Inc. (NASDAQ:CASY) shares are trading lower Wednesday despite reporting better-than-expected first-quarter earnings on Tuesday after the market closed.
- Casey’s shares are sliding. Why is CASY stock falling?
Q1 Highlights
Casey’s reported earnings per share of $7.37, beating the consensus estimate of $6.72. In addition, the company reported revenue of $5.678 billion, beating the consensus estimate of $5.568 billion.
Inside same-store sales were up 3.2% year-over-year, down from 4.3% growth in the comparable quarter last year. Fuel same-store gallons sold were down 0.3% on a year-over-year basis. Casey’s repurchased approximately $45.6 million of its common stock during the quarter and exited the period with approximately $1.4 billion in available liquidity, including approximately $524 million in cash and cash equivalents and approximately $857 million in available borrowing capacity on existing lines of credit.
“Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies. On the fuel side, our team’s robust capabilities helped us navigate a volatile environment and produced strong results,” said Darren Rebelez, Chairman, President, and CEO of Casey’s.
FY27 Guidance
Casey’s expects inside same-store sales to increase between 2% and 5% in fiscal 2027, with same-store fuel gallons sold expected to be approximately flat, plus or minus 1%. The company plans to open at least 120 stores in fiscal 2027 through a combination of M&A and new store construction.
Casey’s Shares Fall
CASY Price Action: At the time of publication, Casey’s shares are trading 10.70% lower at $655.00, according to data from Benzinga Pro.
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