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ACCESSWIRE
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Pro-Trader Daily: Earnings Review and Free Research Report: Casey's Revenue Grew 6%; Earnings Met Market Estimates

LONDON, UK / ACCESSWIRE / September 25, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Casey's General Stores, Inc. (NASDAQ: CASY), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=CASY, following the Company's disclosure of its first quarter fiscal 2018 financial results on September 05, 2017. The convenience store chain revised its guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CASY. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/'symbol=CASY

Earnings Reviewed

For the three months ended July 31, 2017, Casey's reported revenue of $2.09 billion, up 6% compared to revenue of $1.97 billion for Q1 FY17. The Company's revenue lagged behind analysts' expectations of $2.11 billion.

During Q1 FY18, Casey's same-store gallons sold grew 1.7% with an average margin of $0.193 per gallon, benefitting from continued low retail fuel prices. The Company sold 15.7 million renewable fuel credits for $10.5 million during the reported quarter. Casey's total gallons sold were up 5.4% to 565.0 million gallons while gross profit dollars increased 4.6% to $109.2 million for Q1 FY18. For Q1 FY18, Casey's total grocery and other merchandise revenue increased 5.5% to $597.4 million, and gross profit dollars were up 6.3% to $190.4 million.

For Q1 FY18, Casey's same-store sales increased 3.7% with an average margin of 62.5%. The Company's total prepared food and fountain revenue increased 7.5% to $261.8 million in the reported quarter while gross profit dollars grew 6.9% to $163.6 million.

During Q1 FY18, Casey's total operating expenses increased 10.0% to $321.25 million compared to $292.13 million in Q1 FY17, primarily attributable to increases in employee-related costs from operating more stores and implementing growth programs in more stores compared to Q1 FY17, and a $7.3 million incremental accelerated expense recognized due to changes in vesting provisions in the current year grant awards under the long-term stock incentive plan.

Excluding the $7.3 million increase, Casey's total operating expenses were up 7.5% on y-o-y basis for the reported quarter. The Company's store level operating expenses for open stores not impacted by recent growth programs were up 3.9% for Q1 FY18 compared to 6.6% for FY17.

Casey's reported net income of $56.76 million per diluted earnings per share of $1.46 for Q1 FY 18 compared to net income of $67.39 million, or $1.70 per share, for Q1 FY 17. The Company noted that changes in vesting provisions that accelerated expense in the current grant awards under the long-term stock incentive plan, combined with increases in Illinois state tax rates lowered diluted earnings by $0.17 per share in the reported quarter. Casey's earnings met analysts' forecasts of $1.46 per share.

Store Update

During Q1 FY18, Casey's built and opened two new stores, acquired three stores, completed one replacement, and remodeled 11 stores. In addition, the Company had 47 new stores, 27 replacement stores, and 16 major remodel stores under construction. Casey's has 132 sites under the agreement for new store construction and 18 acquisition stores under the agreement to purchase.

Cash Matters

During Q1 FY18, Casey's repurchased 718,369 shares of its common stock under its open market share repurchase program for approximately $77.9 million, or an average price of $108.41 per share. As of July 31, 2017, the Company had a total remaining authorized amount for share repurchases of $172.7 million.

At its September meeting, Casey's Board of Directors declared a quarterly dividend of $0.26 per share. The dividend is payable November 15, 2017, to shareholders of record on November 01, 2017.

At July 31, 2017, cash and cash equivalents were $159.1 million. The Company's long-term debt, net of current maturities, was $1 billion, bringing its debt-to-EBITDA ratio to 2.1x, which is one of the lowest in the industry.

Outlook

Based on the ongoing softening of traffic experienced in Q1 FY18, Casey's revising its prepared food and fountain same-store sales guidance to 4.0% to 6.0% from 5.0% to 7.0%. Also, due to the continued increase in new store construction activity and the number of acquisition stores under agreement, the Company revised its expansion guidance to build or acquire 90 to 120 stores from 80 to 120 stores.

Stock Performance

On Friday, September 22, 2017, the stock closed the trading session at $107.89, slightly down 0.19% from its previous closing price of $108.09. A total volume of 230.71 thousand shares have exchanged hands. Casey's General Stores' stock price advanced 2.81% in the last one month and 1.22% in the past three months. The stock is trading at a PE ratio of 25.43 and has a dividend yield of 0.96%. The stock currently has a market cap of $4.14 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

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CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily

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