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.
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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.
