Q4 2024 Caseys General Stores Inc Earnings Call Transcript
Key Points
- Casey's General Stores Inc (CASY) reported a record year for diluted earnings per share, finishing at $13.43, a 13% increase from the prior year.
- The company generated a record $502 million in net income and $1.1 billion in EBITDA, an increase of 11% from the prior year.
- Inside same-store sales were up 4.4%, with exceptionally strong results in the prepared food and dispensed beverage category, up 6.8%.
- Fuel gross profit was up 4%, with total fuel gallons sold up 6% and fuel margin averaging $0.395 per gallon.
- Casey's Rewards program now has over 8 million members, with rewards guests visiting the store more frequently and spending more per trip.
- Total operating expenses were up 11% or $57 million in the fourth quarter, with higher same-store employee expenses and increased costs for incentive compensation.
- Cheese costs were a headwind, with prices up $0.08 per pound from the prior year, impacting margins.
- The company expects same-store fuel gallons sold to be between negative 1% to positive 1% in fiscal 2025, indicating potential stagnation in fuel sales growth.
- Total operating expenses are expected to increase approximately 6% to 8% in fiscal 2025, which could pressure profitability.
- The company faces risks from the broader retail industry challenges and consumer health, which could impact future performance.
Good day, and thank you for standing by, and welcome to the Q4 fiscal year 2024 Casey's General Stores earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker, Brian Johnson, Senior Vice President of Investor Relations and Business Development. Please go ahead.
Good morning, and thank you for joining us to discuss the results for our fourth quarter and fiscal year ended April 30, 2024. I am Brian Johnson, Senior Vice President, Investor Relations and Business Development. With me today are Darren Rebelez, Board Chair, President, and Chief Executive Officer; and Steve Bramlage, Chief Financial Officer.
Before I begin, I'll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
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