Benzinga | Sep 8, 2021 06:38AM EDT

Casey's General Stores Q1 Earnings Top Estimates

* Casey's General Stores Inc (NASDAQ:CASY) reported first-quarter FY22 revenue growth of 51.2% year-on-year, to $3.18 billion, beating the analyst consensus of $3.02 billion.

* Inside same-store sales increased 8.0%. Inside gross profit rose 16.7% Y/Y to $463.5 million.

* Fuel gallons increased 9.0% on a same-store basis. Total fuel gross profit increased 11.6% to $234.5 million.

* Operating expenses rose 24% Y/Y to $478.9 million.

* Casey's held $198.9 million in cash and equivalents as of July 31, 2021.

* Net cash provided by operating activities totaled $241.5 million.

* Adjusted EBITDA of $243.2 million increased 2.3% Y/Y.

* EPS of $3.19 beat the analyst consensus of $2.96.

* The Board of Directors increased the dividend by $0.01 to $0.35 per share, payable November 15, 2021, to shareholders of record on November 1, 2021.

* Outlook: Casey's has maintained the previously disclosed fiscal 2022 outlook, except tax rate.

* It expects same-store fuel and inside sales to increase by mid-single-digit percentages.

* Price Action: CASY shares closed lower by 1.86% at $202.66 on Tuesday.