Casey’s General Stores Reports Q4 and Final Earnings

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Casey’s General Stores Reports Q4 and Final Earnings

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Casey’s General Stores (NASDAQ: CASY), On 8th June 2020 has announced its fourth quarter and Annual Earnings for fiscal 2020 which ended on April 30, 2020. The President and Chief Executive Officer, Darren Rebelez has appreciated the work of the company’s team members who are at the front line working to serve the customers and ensure their safety. He also mentioned that the company’s strong balance sheet and adaptive business model along with hardworking team members have given the flexibility and strength to work in the pandemic environment.

Financial Highlights

  1. Revenue: The Revenue for Q4 ended on April 30, 2020, was $1.81 Billion which has decreased by 16.77% compared to $2.17 Billion in Q4 ended on April 30, 2019 (Y-o-Y). The total revenue for fiscal 2020 was $9.17 Billion which has decreased by 1.89% compared to $9.35 Billion in fiscal 2019 (Y-o-Y).
  2. Cost of Goods Sold(COGS): The COGS for Q4 ended on April 30, 2020, was $1.28 Billion which has decreased by 25.38% compared to $1.72 Billion in Q4 ended on April 30, 2019 (Y-o-Y). The COGS for fiscal 2020 was $7.03 Billion which has decreased by 4.98% compared to $7.39 Billion in fiscal 2019 (Y-o-Y).
  3. Gross Profit: The Gross Profit for Q4 ended on April 30, 2020, was $525.07 million which has increased by 16.07% compared to $452.37 million in Q4 ended on April 30, 2019 (Y-o-Y), this increase was primarily due to reduction in the cost of goods sold in the quarter. The gross profit for fiscal 2020 was $2.14 Billion which has increased by 9.71% compared to $1.95 Billion in fiscal 2019 (Y-o-Y).  
  4. Gross Margin: The Gross margin for Q4 ended on April 30, 2020, was 29% which has increased compared to 20.8% in Q4 ended on April 30, 2019. The Gross margin for fiscal was 23.4% which has increased compared to 20.9% in fiscal 2019.
  5. Operating Expenses: The Operating Expenses for Q4 ended on April 30, 2020, was $367.48 million which has increased by 6.16% compared to $346.16 million in Q4 ended on April 30, 2019 (Y-o-Y). The Operating expenses for fiscal 2020 was $1.49 Billion which has increased by 7.67% compared to $1.39 Billion in fiscal 2019 (Y-o-Y). The company has said that this increase was mainly due to operating 61 additional stores in the current quarter prior to last year.
  6. Operating Income: The Operating Income for Q4 ended on April 30, 2020, was $78.58 million which has increased sharply by 165% compared to $29.58 million in Q4 ended on April 30, 2019 (Y-o-Y), this increase was primarily due to decrease in COGS. The operating income for fiscal 2020 was $342.04 million which has increased by 29.85% compared to $263.40 million in fiscal 2019 (Y-o-Y).
  7. Net Income: The Net Income for Q4 ended on April 30, 2020, was $62.09 million which has increased by 146.27% compared to $25.21 million in Q4 ended on April 30, 2019 (Y-o-Y). The Net income for fiscal 2020 was $263.84 million which has increased by 29.04% compared to $203.88 million in fiscal 2019 (Y-o-Y).
  8. Earnings Per Share (EPS): The Diluted EPS for Q4 ended on April 30, 2020, was $1.67 per share which has increased compared to $0.68 per share in Q4 ended on April 30, 2019 (Y-o-Y). The diluted EPS for fiscal 2020 was $7.10 per share which has increased compared to $5.51 per share in fiscal 2019.

Balance- Sheet Highlights

The Cash and Cash equivalents for fiscal 2020 was $78.27 million which has increased by 23.66% compared to $63.29 million in fiscal 2019 (Y-o-Y). The Short term debt (includes notes payable to bank and current year maturities of long term debt) for fiscal 2020 was $690.28 million which has increased compared to $92.20 million in fiscal 2019, this increase is mainly due to increase in current year maturities of long term debt of $570.28 million for fiscal 2020.

The long term debt for fiscal 2020 was $714.50 million which has decreased compared to $1.28 Billion in fiscal 2019, this decrease is the result of maturity in its long term debts payable in the current fiscal year. The company has managed its inventory well during the pandemic, which for fiscal 2020 was worth $236 million and has decreased compared to $273.04 million in fiscal 2019. The Shareholder’s Equity for fiscal 2020 was $1.64 Billion and has increased by 16.64% compared to $1.40 Billion in fiscal 2019.

Other Highlights

As on 30th April 2020, the company has 2,207 stores operational, the company had closed 13 stores in the fourth quarter. The Company has reported that the same-store operating expenses has decreased by 2% for the Q4 ended on April 30, 2020, and 2.2% for fiscal 2020. The Revenue generated from Fuel category for Q4 ended on April 30, 2020, was $999.35 million which has decreased by 25.74% compared to $1.34 Billion in Q4 ended on April 30, 2019 (Y-o-Y). The revenue from fuel category for fiscal 2020 was $5.51 Billion which has decreased by5.6% compared to $5.84 Billion in fiscal 2019.

The revenue from Grocery and Other Merchandise category for Q4 ended on April 30, 2020, was $568.1 million which has increased by 1% compared to the same quarter last year, the total revenue for fiscal 2020 was $2.5 Billion which has increased by 5.5% compared to the same quarter last year. The Revenue from Prepared Food and Fountain category for Q4 ended on April 30, 2020 was $229.85 million which has decreased by 9.5% compared to the same quarter last year, the revenue for fiscal 2020 was $1.09 Billion which has increased by 2.13% compared to $1.07 Billion in fiscal 2019.

 The company has reported that there were share repurchases in the fourth quarter, the company has about $300 million remaining under its share repurchase program. The company has said that the Board of Directors has declared a quarterly dividend of $0.32 per share, which is payable on August 17, 2020.

 

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