Casey's General Stores, Inc. (CASY) Bundle
A Brief History of Casey's General Stores, Inc.
Company Overview
As of July 31, 2024, Casey's General Stores, Inc. operates 2,674 convenience stores across 17 states, predominantly in the Midwest. The company's store format is designed to cater to the convenience needs of its customers in smaller communities, many of which have populations of less than 20,000. The company has been expanding its footprint through new store openings and acquisitions.
Financial Performance
In the first quarter of fiscal 2025, Casey's reported total revenue of $4.1 billion, marking an increase of $228.5 million or 5.9% compared to the same period in fiscal 2024. The breakdown of revenue sources is as follows:
| Category | Q1 FY 2025 Revenue ($ thousands) | Q1 FY 2024 Revenue ($ thousands) | Change (%) |
|---|---|---|---|
| Prepared Food & Dispensed Beverage | 405,129 | 372,813 | 8.7% |
| Grocery & General Merchandise | 1,068,978 | 996,936 | 7.2% |
| Fuel | 2,555,642 | 2,427,333 | 5.3% |
| Other | 67,988 | 72,169 | -5.8% |
| Total | 4,097,737 | 3,869,251 | 5.9% |
Operating Expenses and Profitability
Operating expenses for the first quarter of fiscal 2025 increased to $609.5 million, an increase of 8.7% year-over-year. Net income rose to $180.2 million, up 6.5% from $169.2 million in the previous year. This resulted in a net income per share of $4.83, compared to $4.52 for the same quarter of the previous year. The increase in profitability was attributed to higher sales volumes and improved cost management, despite rising operating expenses.
Cash Flow and Capital Expenditures
Net cash provided by operating activities was $281.4 million for the quarter, compared to $229.1 million in the prior year, driven by increased revenue and improved gross margin. The company invested $100.6 million in property and equipment and made $18.1 million in business acquisitions during this period.
Balance Sheet Highlights
As of July 31, 2024, Casey's total assets were valued at $6.5 billion, with total liabilities of $3.3 billion and shareholders' equity of $3.2 billion. The company's liquidity position is supported by a current ratio of 0.84, down from 1.09 a year earlier, reflecting increased short-term liabilities related to upcoming debt maturities.
Store Growth and Expansion Plans
Casey's continues to expand its store count, with a total of 2,674 stores as of July 31, 2024, up from 2,658 stores at the end of the previous fiscal year. The company opened 10 new stores and acquired 9 during the quarter. Future growth is expected to be driven by additional acquisitions and new store constructions, particularly in markets where Casey's has a strong presence.
Market Trends and Strategic Initiatives
The company is actively enhancing its offerings in response to changing consumer preferences, particularly in renewable fuels and electric vehicle (EV) charging. As of July 31, 2024, Casey's has installed 178 EV charging stations at 41 locations across 13 states. This initiative is part of the company's broader strategy to adapt to the growing demand for alternative fuel options.
A Who Owns Casey's General Stores, Inc. (CASY)
Major Shareholders
As of 2024, Casey's General Stores, Inc. (NASDAQ: CASY) has a diverse ownership structure that includes institutional and retail investors. The largest shareholders are typically institutional investors, mutual funds, and individual stockholders.
| Shareholder Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 67.9% | 25,215,000 |
| Retail Investors | 32.1% | 11,956,000 |
Top Institutional Shareholders
Below are the top institutional shareholders of Casey's General Stores as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 3,800,000 | 10.2% |
| BlackRock, Inc. | 3,500,000 | 9.3% |
| State Street Corporation | 3,200,000 | 8.5% |
| Wellington Management Group LLP | 2,800,000 | 7.4% |
| Invesco Ltd. | 2,600,000 | 6.9% |
Shareholder Equity and Performance
As of July 31, 2024, the shareholders' equity of Casey's General Stores stands at:
| Category | Amount (in thousands) |
|---|---|
| Common Stock | $13,557 |
| Retained Earnings | $3,149,363 |
| Total Shareholders' Equity | $3,162,920 |
Recent Share Performance
Casey's General Stores has experienced fluctuations in its share price over the past year, with the following metrics reported:
| Metric | Value |
|---|---|
| Current Share Price (as of July 31, 2024) | $195.00 |
| 52-Week High | $205.50 |
| 52-Week Low | $160.25 |
| Market Capitalization | $7.1 billion |
Recent Corporate Actions
Casey’s has been active in the market with share repurchases and dividend declarations:
| Action | Details |
|---|---|
| Dividends Declared | $0.50 per share (Q1 2025) |
| Shares Repurchased | 123,569 shares in Q1 2024 |
Future Growth and Acquisitions
Casey’s General Stores is actively pursuing growth through acquisitions, including:
| Acquisition Target | Number of Stores | Expected Closing Date |
|---|---|---|
| Fikes Wholesale, Inc. | 198 stores | Calendar 2024 |
Casey's General Stores, Inc. (CASY) Mission Statement
Casey's General Stores, Inc. aims to be the leading convenience store retailer in the Midwest, providing a wide selection of food, beverages, and fuel while maintaining a commitment to customer satisfaction and community involvement. The company focuses on delivering quality products and exceptional service to enhance the lives of its customers.
Core Values
- Customer Focus: Prioritizing the needs and satisfaction of customers.
- Quality Products: Offering high-quality food and beverage options.
- Community Engagement: Supporting local communities through various initiatives.
- Integrity: Conducting business with honesty and transparency.
Financial Overview as of Q1 FY2025
As of July 31, 2024, Casey's General Stores reported significant financial metrics, highlighting its operational performance and growth strategy.
| Financial Metric | Q1 FY2025 | Q1 FY2024 | Change (%) |
|---|---|---|---|
| Total Revenue | $4,097,737,000 | $3,869,251,000 | 5.9% |
| Net Income | $180,198,000 | $169,237,000 | 6.5% |
| Operating Expenses | $609,474,000 | $560,855,000 | 8.7% |
| EBITDA | $345,782,000 | $316,899,000 | 9.1% |
| Shares Outstanding | 37,111,151 | 37,266,453 | -0.4% |
Store Growth and Expansion
Casey's continues to expand its store footprint, enhancing its market presence across the Midwest. As of July 31, 2024, the company operates 2,674 stores, with new openings and acquisitions contributing to growth.
| Store Count | Details |
|---|---|
| Total Stores (April 30, 2024) | 2,658 |
| New Store Construction | 10 |
| Acquisitions | 9 |
| Closed Stores | 3 |
| Total Stores (July 31, 2024) | 2,674 |
Revenue Breakdown
Revenue is derived from multiple categories, showcasing the company's diverse offerings and customer preferences.
| Category | Q1 FY2025 Revenue | Q1 FY2024 Revenue | Change (%) |
|---|---|---|---|
| Prepared Food & Dispensed Beverage | $405,129,000 | $372,813,000 | 8.7% |
| Grocery & General Merchandise | $1,068,978,000 | $996,936,000 | 7.2% |
| Fuel | $2,555,642,000 | $2,427,333,000 | 5.3% |
| Other | $67,988,000 | $72,169,000 | -5.8% |
Customer Engagement Initiatives
Casey's is committed to enhancing customer experience through innovative programs and community involvement. The company actively engages with customers through its loyalty program, Casey's Rewards, which has generated significant interest and participation.
Future Outlook
Looking ahead, Casey's General Stores plans to continue its growth trajectory through strategic acquisitions, store expansions, and innovations in product offerings, ensuring its position as a leader in the convenience store industry.
How Casey's General Stores, Inc. (CASY) Works
Business Overview
Casey's General Stores, Inc. operates 2,674 convenience stores across 17 states, primarily in the Midwest. The company offers a wide range of products including fuel, groceries, and prepared foods. As of July 31, 2024, Casey's has expanded its operations through new store construction and acquisitions, reflecting its growth strategy in the convenience store sector.
Financial Performance
For the first quarter of fiscal 2025, Casey's reported total revenue of $4,097,737, an increase of $228,486 (5.9%) compared to the same period in fiscal 2024. The net income for this quarter was $180,198, up from $169,237 a year earlier, marking a 6.5% increase.
| Financial Metric | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Total Revenue | $4,097,737 | $3,869,251 | $228,486 (5.9%) |
| Net Income | $180,198 | $169,237 | $10,961 (6.5%) |
| Operating Expenses | $609,474 | $560,855 | $48,619 (8.7%) |
| EBITDA | $345,782 | $316,899 | $28,883 (9.1%) |
| Net Income per Share (Diluted) | $4.83 | $4.52 | $0.31 |
Revenue Breakdown
Revenue is generated from various categories, including prepared food, grocery, merchandise, and fuel. For Q1 2025, the revenue from these categories is as follows:
| Category | Revenue (Q1 2025) | Revenue (Q1 2024) | Change |
|---|---|---|---|
| Prepared Food & Dispensed Beverage | $405,129 | $372,813 | $32,316 (8.7%) |
| Grocery & General Merchandise | $1,068,978 | $996,936 | $72,042 (7.2%) |
| Fuel | $2,555,642 | $2,427,333 | $128,309 (5.3%) |
| Other | $67,988 | $72,169 | ($4,181) (-5.8%) |
Cost Management
The company reported a cost of goods sold (COGS) of $3,142,481 for Q1 2025, with a gross margin of 23.3% compared to 22.7% in Q1 2024. The effective management of costs in various segments contributed to this improvement.
Operational Metrics
Casey's General Stores reported same-store sales growth metrics for Q1 2025 as follows:
- Same-store sales for prepared food and dispensed beverages increased by 4.4%.
- Same-store sales for grocery and general merchandise increased by 1.6%.
- Same-store fuel gallons sold saw a 0.7% increase.
Store Growth
Casey's continues to expand its footprint. The following table outlines the store growth from April 30, 2024, to July 31, 2024:
| Store Count | Number |
|---|---|
| Total stores at April 30, 2024 | 2,658 |
| New store construction | 10 |
| Acquisitions | 9 |
| Closed | (3) |
| Total stores at July 31, 2024 | 2,674 |
Debt and Liquidity
As of July 31, 2024, Casey's had long-term debt amounting to approximately $1,606,921, with current maturities of $208,209. The company maintains a current ratio of 0.84, indicating its liquidity position.
Cash Flow Analysis
Cash provided by operating activities for Q1 2025 was $281,354, compared to $229,131 for Q1 2024. This reflects increased cash flow driven by higher sales and efficient cost management.
| Cash Flow Metrics | Q1 2025 | Q1 2024 | Change |
|---|---|---|---|
| Net Cash Provided by Operating Activities | $281,354 | $229,131 | $52,223 |
| Cash Used in Investing Activities | ($111,989) | ($76,416) | ($35,573) |
| Cash Used in Financing Activities | ($70,859) | ($92,472) | $21,613 |
| Net Increase in Cash and Cash Equivalents | $98,506 | $60,243 | $38,263 |
Future Outlook
Casey's is expected to continue its expansion strategy through acquisitions and new store openings, with a focus on enhancing its product offerings and improving operational efficiencies.
How Casey's General Stores, Inc. (CASY) Makes Money
Revenue Streams
Casey’s General Stores generates revenue through four primary segments: fuel sales, prepared food and dispensed beverages, grocery and general merchandise, and other revenues.
Fuel Sales
For the first quarter of fiscal 2025, Casey's reported fuel revenue of $2,555,642,000, which represented an increase of $128,309,000 (5.3%) compared to the previous year. The company sold 772,536 gallons of fuel during this period, an increase of 58,545 gallons (8.2%) year-over-year. The average retail price per gallon decreased by 2.7%.
Prepared Food and Dispensed Beverages
Prepared food and dispensed beverages generated $405,129,000 in revenue for the same quarter, an increase of $32,316,000 (8.7%). This growth was driven by a same-store sales increase of 4.4%, attributed to strong sales of hot sandwiches and bakery items.
Grocery and General Merchandise
Grocery and general merchandise revenue reached $1,068,978,000, a rise of $72,042,000 (7.2%) from the previous year. This segment benefited from a same-store sales increase of 1.6%, primarily due to sales of non-alcoholic and alcoholic beverages.
Other Revenues
Other revenue, which includes activities related to wholesale fuel revenue, car wash services, and lottery sales, totaled $67,988,000, reflecting a decrease of $4,181,000 (5.8%) compared to the prior year.
Cost of Goods Sold (COGS)
For the first quarter of fiscal 2025, Casey's reported a total cost of goods sold of $3,142,481,000, which includes costs associated with fuel, food, and merchandise sales. The revenue less cost of goods sold was reported at $955,256,000, representing 23.3% of total revenue.
Operating Expenses
Operating expenses for the quarter increased to $609,474,000, an increase of $48,619,000 (8.7%) compared to the same quarter in the previous year. This increase was partly due to operating 138 more stores.
Net Income and Earnings per Share
Net income for the first quarter of fiscal 2025 was $180,198,000, up from $169,237,000 for the same period last year, marking a 6.5% increase. The diluted earnings per share rose to $4.83 from $4.52.
Store Growth and Expansion
As of July 31, 2024, Casey's operated 2,674 stores, having increased its count by 16 stores through new constructions and acquisitions.
| Segment | Revenue (Q1 FY2025) | Year-over-Year Change | Gallons Sold (Fuel) |
|---|---|---|---|
| Fuel | $2,555,642,000 | +5.3% | 772,536 |
| Prepared Food & Beverages | $405,129,000 | +8.7% | N/A |
| Grocery & General Merchandise | $1,068,978,000 | +7.2% | N/A |
| Other Revenue | $67,988,000 | -5.8% | N/A |
| Total Revenue | $4,097,737,000 | +5.9% | N/A |
Financial Metrics
Key financial metrics for the first quarter include:
- Net income: $180,198,000
- Operating cash flows: $281,354,000
- Depreciation and amortization: $94,409,000
- Effective tax rate: 24.1%
Liquidity and Capital Resources
As of July 31, 2024, Casey's had a current ratio of 0.84 to 1, indicating a decrease from previous periods. The company has access to an $850,000 revolving credit facility, which it had not drawn upon.
Growth Strategies
Casey's continues to expand its footprint with plans to acquire additional stores, particularly in the southern U.S. The company is also focusing on increasing its electric vehicle charging stations, with 178 stations at 41 locations as of July 31, 2024.
Casey's General Stores, Inc. (CASY) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support