Casey’s General Stores Inc. (CASY) saw fiscal first-quarter earnings of 87 cents per share, exceeding the Zacks Consensus Estimate by 45% and topping the year-prior total. The company also declared a dividend of $0.085 per share, which translates into a an industry-leading yield of 1%.

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.

A Solid Quarter

The company announced fiscal first-quarter results in early September. Earnings of 87 cents per share, exceeded the Zacks Consensus Estimate by 45% and topped the year-prior total. During the past 4 consecutive quarters, Casey’s delivered an average upside earnings surprise of 17.5%.

“Strong gas margins and enhanced profitability inside the stores were the primary reasons for the record quarter,” said President and CEO Robert J. Myers. “Lower retail fuel prices also brought about significant relief in our operating expenses.”

The company also declared a dividend of $0.085 per share, which translates into a an industry-leading yield of 1%.

The dividend is payable Nov 16 to shareholders of record on Nov 2.

Bullish Forecasts and Strong Momentum

The company is seeing higher Zacks Consensus Estimates and a share price surge after reporting. For the year ending April 2010, forecasts of $2.19 per share are up a penny over the past month and are 21 cents higher than the projections of 2 months ago. The most accurate Zacks Consensus Estimate is more bullish at $2.28 per share.

The Zacks Consensus Estimate for the fiscal second quarter stands at 60 cents per share, versus the 2 months-ago level of 57 cents.

Shares of CASY have more than doubled the market’s return after reporting first quarter results.

Zacks Investment Research
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