Casey’s earnings take a hit from drop in fuel margins
BPC Staff Dec 8, 2016 | 9:28 pm
1 min read time
171 wordsAll Latest News, Insurance, Retail and BusinessCasey’s General Stores Inc. reported diluted earnings per share of $1.44 for the second quarter of its 2107 fiscal year, compared with $2 per share for the same quarter a year ago. As of the end of the quarter on Oct. 31, year-to-date earnings were $3.14 per share vs. $3.57 a year ago. “The second-quarter fuel margin was 6.1 cents per gallon lower than the 24.7 cents per gallon record quarterly fuel margin from a year ago, which impacted the second-quarter diluted earnings by approximately 52 cents per share,” Terry Handley, Casey’s president and CEO, said in a release. “For the second quarter, gross profit dollars excluding fuel were up 7.5 percent and total fuel gallons sold increased 7.1 percent. Given the ongoing challenges in the broader convenience and food service industries, we are pleased with the performance of our stores. In addition, we are well-positioned for future expansion as the number of sites under contract for new-store construction has grown to 84, which is nearly double from a year ago.”