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Casey's General Stores (NASDAQ:CASY) reported upbeat earnings for its second quarter. The company cut FY19 comps guidance for fuel segment from 1.5-3% growth to down 1% to up 0.5%.
The chain, based in Ankeny, Iowa, reported diluted earnings per share of $1.80 for the second quarter of fiscal 2019 ended October 31, 2018, compared to $1.28 per share for the same quarter a year ago.
Said CEO Terry Handley, "We're moving the Company forward on multiple fronts. The ongoing efforts around operating expense control, combined with a continued focus on strategic pricing, new store openings, and the favorable impact of tax reform produced strong diluted earnings per share growth."
CASY completed or made progress on the following value creation plan activities: Launching the Fleet Card program in late October; Continued emphasis on product optimization in fuel program; Finalized search for a Director of Fuel Procurement; Piloting the fuel price optimization software October through December, and: Optimized merchandise promotions to improve inside margins.
The Company had 23 acquisition stores under agreement to purchase and a land bank of 95 sites (in addition to 36 that were under construction) as of October 31, to which Handley said, "We are pleased with our current growth opportunities. We remain encouraged with the acquisition environment and will continue to be a disciplined buyer. Combining acquisitions with our organic growth pipeline gives us the agility to pull multiple levers to drive further expansion.'
Shares gained $3.56, or 3%, to $123.24
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