AP News

Casey's 1Q profit beats expectations

ANKENY, Iowa (AP) — Casey's General Stores Inc.'s shares jumped in after-hours trading Monday after the convenience store operator reported fiscal first-quarter profit that beat market expectations, although its revenue fell below forecasts.

The company earned $39 million, or $1.01 per share, for the quarter that ended July 31. That's compared with $39.4 million, or $1.03 per share, in the same quarter last year.

Casey's total revenue was nearly flat at $1.87 billion as increased sales of beer, prepared foods and other items in its stores offset weaker gasoline revenue.

Analysts polled by FactSet were expecting the company to earn 95 cents per share on revenue of $1.93 billion.

The company had a busy quarter, completing 26 major remodels, adding pizza delivery to a number of stores and turning many of its sites into 24-hour stores.

Casey's, based in Ankeny, Iowa, operates stores across the Midwest.

Shares of the company jumped $2.40, or 4.3 percent, to $58.06 in after-hours trading following the release of the earnings report.

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