Casey’s General Stores, Inc. reported strong financial performance for the three months ended July 31, 2024, with total revenue reaching $4,097,737 thousand, a 5.9% increase from $3,869,251 thousand in the same period of 2023. The company’s net income for the quarter was $180,198 thousand, up from $169,237 thousand year-over-year, reflecting a 6.5% increase. Basic and diluted net income per share also rose to $4.86 and $4.83, respectively, compared to $4.54 and $4.52 in the prior year.

The increase in revenue was driven by notable growth across various product lines. Retail fuel revenue increased by $128,309 thousand (5.3%), attributed to an 8.2% rise in gallons sold, despite a 2.7% decrease in average retail price per gallon. Grocery and general merchandise revenue grew by $72,042 thousand (7.2%), while prepared food and dispensed beverage revenue rose by $32,316 thousand (8.7%). The company reported same-store sales growth of 0.7% in fuel gallons sold, 1.6% in grocery and general merchandise, and 4.4% in prepared food and dispensed beverages.

Operating expenses for the quarter increased by $48,619 thousand (8.7%), primarily due to the operation of 138 additional stores. Depreciation and amortization expenses also rose by 13.9% to $94,409 thousand. Despite these increases, EBITDA improved to $345,782 thousand, a 9.1% increase from the previous year.

As of July 31, 2024, Casey’s had total assets of $6,496,425 thousand, up from $6,347,433 thousand as of April 30, 2024. Cash and cash equivalents increased significantly to $304,988 thousand from $206,482 thousand. The company’s current assets totaled $955,002 thousand, compared to $829,854 thousand in the prior period.

Strategically, Casey’s announced an Equity Purchase Agreement on July 25, 2024, to acquire 100% of Fikes Wholesale, Inc. and Group Petroleum Services, Inc. for $1,145,000 thousand. This acquisition will add 198 retail stores, enhancing Casey’s footprint in Texas and other states. The company plans to finance this acquisition through a combination of cash on hand and external financing.

The company continues to focus on expanding its offerings, with 178 electric vehicle charging stations installed at 41 stores across 13 states, and plans to enhance its renewable fuel options. As of July 31, 2024, Casey’s operates 2,674 convenience stores across 17 states, with a significant percentage located in areas with populations under 20,000.