Casey’s General Stores Tops Profit Forecast

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


Casey’s General Stores Tops Profit Forecast

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.

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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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