US c-store group and takeover target Casey’s General Stores has posted an impressive lift in its fourth-quarter and full-year earnings, boosted by retail sales and and higher fuel prices.
The company reported full-year basic earnings per share of US$2.30 for the year to 30 April, an increase of over 36% on the year.
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For the fourth quarter, Casey’s reached $0.43 in basic earnings per share, compared to $0.31 from the same quarter a year ago.
The results include around $6.9m in legal and advisory fees related to the hostile takeover bid from Canadian rival Couche-Tard.
Without those fees, basic earnings per share would have been approximately $0.51 for the quarter – compared to the Reuters consensus estimate of $0.40.
“Fiscal 2010 was a monumental year for Casey’s General Stores,” said president and CEO Robert Myers. “Not only did we surpass 1,500 stores, but we also beat our previous best year by $0.61 per share. We are very pleased with our overall performance, as we turned in record results in the midst of the challenging economic environment during the 12 month period. Furthermore, we expect our strong performance to continue in fiscal 2011.”
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By GlobalDataClick here for the full earnings statement from Casey’s; check back later for comment from the company’s management.
