Earnings release
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Exhibit 99.1 Casey's FOR IMMEDIATE RELEASE Casey's General Stores , Inc. One SE Convenience Blvd Ankeny , IA 50021 Casey's Announces Strong First Quarter Results Ankeny , IA , September 7 , 2021 - Casey's General Stores , Inc. ( " Casey's " or the " Company " ) ( Nasdaq symbol CASY ) a leading convenience store chain in the United States , today announced financial results for the three months ended July 31 , 2021 . First Quarter Key Highlights • • • • Inside same - store sales increased 8.0 % compared to prior year with a margin of 40.5 % . Total inside gross profit increased 16.7 % to $ 463.5 million compared to the same period last year . Fuel gallons increased 9.0 % on a same - store basis compared to prior year with a fuel margin of 35.1 cents per gallon . Total fuel gross profit increased 11.6 % to $ 234.5 million compared to the same period last year . Diluted EPS of $ 3.19 compared to $ 3.24 for the same period a year ago . Casey's completed the acquisitions of Buchanan Energy and the Oklahoma Circle K stores in the quarter , adding 137 new units . The Board of Directors increased the dividend for the 22nd year in a row to $ 0.35 per share . " Casey's achieved strong financial results in the first quarter , ” said Darren Rebelez , President and CEO . “ Total revenue was up across the board as guest traffic returned throughout the quarter . Inside gross profit was up almost 17 % due in part to the merchandise resets and strategic sourcing initiatives the Company implemented earlier this calendar year . We welcomed the team members from the Buchanan Energy and Circle K acquisitions to the Casey's family and integration activities are well underway . Our balance sheet remains strong , and we are confident in our ability to achieve the previously stated fiscal 2022 outlook . " Earnings Net income ( in thousands ) Diluted earnings per share Adjusted EBITDA ( in thousands ) Three Months Ended July 31 , 2021 2020 $ 120,592 $ $ 3.24 237,755 119,159 $ 3.19 $ 243,189 $ Adjusted EBITDA ( reconciled later in the document ) was up compared to the same period a year ago due to higher fuel and inside gross profit from improved guest traffic , offset by an increase in operating expenses driven primarily by a resumption of normal operating hours versus the prior year . Net income and diluted EPS in the first quarter were less than prior year primarily due to higher depreciation expense from operating 166 additional stores than the prior year period .