Casey’s General Stores Inc. (CASY) recently reported favorable results for the fiscal third quarter. Earnings per share of 28 cents came in 47% ahead of the consensus estimate. Analysts lifted fiscal year projections by 2% in just the past week.

Company Description

Casey’s General Stores, Inc. together with its subsidiaries, operate convenience stores under the Casey’s General Stores name in the Midwest states. It has operations in Iowa, Missouri, Illinois Kansas, Minnesota, Nebraska, South Dakota, Wisconsin, and Indiana. The company was founded in 1959 and is headquartered in Ankeny, Iowa.

Solid Quarter

The company recently reported favorable results for the fiscal third quarter. Earnings per share of 28 cents came in 47% ahead of the consensus estimate.

“We are pleased with the execution of our strategy,” said President and CEO Robert J. Myers. “We were able to exceed third quarter earnings from a year ago despite a gas margin decline of over 3.5 cents per gallon.”

Wall Street is Bullish on CASY

Analysts lifted fiscal year projections by 2% in just the past week. Earnings estimates of $1.73 per share are 3 cents above last week’s $1.70 for the year ending April 2009. Analysts were forecasting $1.55 last month.

For the following year, earnings expectations of $1.74 were increased from last week’s $1.72 and last month’s $1.60.

Favorable Comparisons

CASY’s return on equity (ROE) of 13% tops the industry average of 11%. The company’s dividend yield of 1.1% stands out as most of CASY’s industry peers pay no income.

Zacks Investment Research
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