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Casey’s General Stores Tops Profit Forecast

But the chain's revenue fell short of Wall Street estimates


Higher grocery margins boosted quarterly profits above forecasts at Casey’s General Stores (NASDAQ:CASY), sending its shares higher.

The company announced on Tuesday that it earned $39 million during its fiscal first quarter, down from $39.4 million in the same period last year.

Revenue also dipped slightly to $1.87 billion, falling short of the $1.93 billion that Wall Street expected, Reuters noted.

EPS for the first quarter was $1.01. That topped the 95 cents a share that analysts had forecast.

Shares of Casey’s General Stores rose almost 5% in mid-day trading on Tuesday.

Company officials noted that margins for merchandise and groceries increased to 33.4%, up form 32.5% a year ago.

Margins for prepared food and fountain products were even better, rising to 63.5%, up from 61.2% last year.

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