Casey's General Stores (NASDAQ:CASY) reported Q3 EPS of $2.67, $0.62 better than the analyst estimate of $2.05. Revenue for the quarter came in at $3.33 billion versus the consensus estimate of $3.39 billion.
Fiscal 2023 Outlook:
The Company is modifying its fiscal 2023 outlook. The Company now expects same-store inside sales growth to be approximately 6% to 7%. The Company now expects same-store fuel gallons to be down 1% to up 1%.
The Company is not updating its outlook for the following metrics. Inside margin is expected to be approximately 40%. Total operating expense increase, excluding the one-time benefit received this quarter, is expected to be near the low end of the annual range of approximately 9% to 10%. The Company expects to add approximately 80 stores in fiscal 2023, and expects to exceed our stated three year commitment of 345 units. Interest expense is expected to be approximately $55 million. Depreciation and amortization is expected to be approximately $320 million and the purchase of property plant and equipment is expected to be approximately $450 to $500 million, including approximately $135 million in one-time store remodel costs for recently acquired stores. The tax rate is expected to be between approximately 24% and 25% for the year.