ANKELEY, Iowa – Profits for c-store operator Casey’s General Stores Inc. dropped 13% in the fourth-quarter ending April 30, but its performance still defied Wall Street’s expectations, The Associated Press reported.
The company reported income of $14.4 million for the three-month period, or 28 cents per share, compared with $16.6 million, or 33 cents per share, in the year-ago period.
Revenue rose 20% to $1.2 billion, from $1 billion in the same period in 2007. Analysts had estimated the company’s earnings would have been 25 cents per share on sales of $1.19 billion.
Operator of 1,450 corporate-owned locations, Ankeny, Iowa-based Casey’s ended fiscal 2008 with a 17.6% increase in total gross profit and a 37.2% increase in net earnings, said company CEO Robert Myers.
“These results show the value of adhering to our long-term strategic plan and at the same time having the flexibility to adapt to a changing business environment,” Myers said.
The company’s category performances:
Myers also shared the company’s four corporate performance goals for fiscal 2009: