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Casey's General Stores 2Q net income up 26 percent

Casey's General Stores says 2Q net income up 26 pct from year ago; earnings miss expectations

Associated Press

NEWS: Casey's General Stores Inc. said Monday that its fiscal second-quarter net income rose 26 percent as sales rose at its convenience stores. But its earnings missed Wall Street expectations and its shares slipped in after-hours trading.

DETAILS: The company, which is based in Ankeny, Iowa, owns and operates over 1,750 stores in the Midwest that sells groceries, prepared foods and gasoline.

At stores open at least a year, Casey's General Stores said grocery sales rose 10 percent, sales of prepared food and fountain drinks rose 12 percent and gasoline gallons sold were up 4 percent.

NUMBERS: Net income rose to $41.3 million, or $1.06 per share, in the three months ending Oct. 31. That compares with $32.9 million, or 85 cents per share, in the same quarter a year ago.

Revenue rose 5.5 percent to $2.02 billion in the quarter from $1.91 billion a year ago.

Analysts expected earnings of $1.14 per share and revenue of $2.02 billion, according to FactSet.

STOCK: In after-hours trading, shares slipped 88 cents, or 1 percent, to $74.

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