(By Balaseshan) Casey's General Stores Inc. (NASDAQ:CASY), which operates convenience stores, reported a marginal increase in fourth quarter earnings due to the impact of gasoline margin that offset strong sales and margin gains from its stores. Despite revenue exceeding consensus, earnings missed Street's expectations, sending its shares down 4.86% in aftermarket.
Earnings for the fourth quarter were $23.07 million or $0.60 per share, compared to $22.77 million or $0.60 per share last year.
Revenue increased to $1.75 billion from $1.55 billion.
Analysts had expected a profit of $0.67 per share on revenue of $1.74 billion.
In Gasoline segment, same-store gallons sold rose 2.5% with an average margin of 13.7 cents per gallon. In Grocery and Other Merchandise segment, same-store sales rose 8.5% from last year with an average margin of 33.0%. Gross profit increased 15.9% for the fourth quarter.
In Prepared Food and Fountain segment, same-store sales were up 16.8% from the same period a year ago. The average margin increased 60 basis points to 60.8%, primarily due to lower commodity costs.
At its June meeting, the board of directors increased the quarterly dividend to $0.165 per share. The dividend is payable August 15 to shareholders of record on August 1.
Looking ahead into the fiscal 2013, the company expects to increase same-store gasoline gallons sold 1% with an average margin of 13.5 cents per gallon. Casey's annual goal was to increase same-store sales from Grocery and Other Merchandise 5.8% with an average margin of 32.8%.
The company's goal for fiscal 2013 was to increase same-store prepared food and fountain sales 11% with an average margin of 61.1%. The company expects to increase the total number of stores 4%-6%.
CASY closed Tuesday's regular session up 2.11% at $59.91. The stock has been trading between $39.50 and $60.60 for the past 52 weeks.