Casey’s income up 6%, misses expectations
Ankeny, Iowa -- Casey's General Stores said that its net income climbed 6% to $39.3 million in the most recent quarter, fueled by new stores. But rising costs for some commodities cut into its profit margins and its results fell shy Wall Street expectations.
The company's overall profit margin fell to 14.2% from 17.2%.
Revenue increased 38% to $1.87 billion, largely on new stores. Revenue from gasoline sales rose 47% to $1.38 billion, or nearly three-quarters of total revenue, with the increase mostly due to higher fuel prices.
Casey's said it plans to keep adding stores through acquisitions and organicallyl. In the past year,it has increased its store count by 132 to 1,665.