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Casey’s (NASDAQ:CASY) Stock Gains on Upbeat Q3 Results

Story Highlights

Casey’s stock gains on better-than-anticipated fiscal third quarter results. The company also tightened its Fiscal Year 2023 same-store inside sales expectations.

Casey’s General Stores (NASDAQ:CASY) reported better-than-expected results for the third quarter of Fiscal 2023. The convenience store operator was able to manage costs prudently in the reported quarter despite a difficult environment. CASY stock traded about 2% higher on Tuesday’s extended trading session.

The company posted revenues of $3.33 billion, up 9.2% year-over-year, and marginally surpassed the Street’s estimate of $3.3 billion. Casey’s witnessed higher grocery and general merchandise sales in the reported quarter. Also, total fuel gallons sold increased by 3.7% year-over-year, which aided top-line growth.

Meanwhile, the company posted earnings of $2.67 per share, higher than the Street’s estimate of $1.97 per share. The reported figure compares favorably with $1.71 in the prior year’s quarter.

Based on the current scenario, Casey’s updated full-year guidance for some metrics. It expects same-store inside sales to increase by 6% to 7%, compared with prior guidance of 5% to 7%. Also, the company anticipates same-store fuel gallons to be down 1% to up 1%, against its previous guidance of flat to 2% higher.

Is CASY a Buy?

Overall, Casey’s has a Moderate Buy consensus rating based on three Buys and three Holds. CASY stock’s average price target of $258.50 implies 23.3% upside potential. Shares of the company have declined by 4.9% so far this year.


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