tiprankstipranks
Casey’s (NASDAQ:CASY) Reports Mixed Q2 Results; Ups Guidance
Market News

Casey’s (NASDAQ:CASY) Reports Mixed Q2 Results; Ups Guidance

Story Highlights

Casey’s posted mixed Q2 results, with earnings exceeding forecasts but revenue falling short. The company appears optimistic about its performance in the third quarter.

Convenience store operator Casey’s General Stores (NASDAQ:CASY) reported mixed results for the second quarter of Fiscal 2023. The company also updated its full-year guidance “due to improved inside sales and operating expense performance.”

The company posted revenues of $3.98 billion, up 22% year-over-year, but lagged the Street’s estimate of $4.03 billion. Casey’s performed impressively in the dispensed beverages and prepared food items categories. Also during the quarter, total fuel gallons sold increased by 5% year-over-year, which aided top-line growth.

Meanwhile, the company posted earnings of $3.67 per share, higher than the Street’s estimate of $3.16 per share. The reported figure compares favorably with $2.59 in the prior year’s quarter.

Based on the Q2 performance, Casey’s raised full-year guidance for some metrics. It expects same-store inside sales to increase by 5% to 7%, compared with the previous outlook of 4% to 6%. Also, it maintained the expectation that same-store fuel gallons would be flat to 2% higher in Fiscal 2023.

Is CASY a Buy or Sell Stock?

Overall, Casey’s has a Moderate Buy consensus rating based on four Buys, one Hold, and one Sell. CASY’s average price target of $248.33 implies 7.99% upside potential. Shares of the company have gained 17.4% so far this year.

While analysts are cautiously optimistic, insiders have bought CASY shares worth $100.1K in the last three months. Moreover, 2% of TipRanks’ investors increased their exposure to the stock in the past month. Based on some more positive indicators, CASY sports a “Perfect 10” Smart Score,  indicating that the stock will outperform market averages.

Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles