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1Q18 Earnings Preview: Can Casey's Beat Expectations This Time?

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1Q18 Earnings Preview: Can Casey's Beat Expectations This Time? PART 1 OF 4

Casey’s General Stores: 1Q18 Earnings Preview

Snapshot

Iowa-based Casey’s General Stores (CASY) is slated to report its 1Q18 results on Wednesday, September 6, 2017. Wall Street has predicted a 15% YoY (year-over-year) fall in Casey’s earnings to $1.45 per share, and total sales are expected to rise 9.5% YoY to $2.2 billion. The company fell short of Wall Street’s earnings and revenue expectations in all quarters of fiscal 2017. In this series, we’ll look at Casey’s recent financial performance and expectations for the coming quarter.

Casey’s General Stores: 1Q18 Earnings Preview

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About Casey’s

Casey’s General Stores (CASY), along with its subsidiaries, operates 1,963 convenience stores in the United States. The company sells fuel and a wide variety of grocery items and prepared foods in 15 Midwestern states. Casey’s makes up ~1% of the portfolio holdings of the SPDR S&P Retail ETF (XRT).

Stock market performance

As a result of weaker-than-anticipated results, Casey’s stock has fallen 12% this year. The company is trading at $104.11, ~30% below its 52-week high. In comparison, convenience store peer Murphy USA (MUSA) has gained 5.6% year-to-date. Supermarket players Kroger (KR) and SuperValu (SVU) have lost 36% and 39% of their value so far this year, while retailing giant Walmart (WMT) has gained 13.6%.

Valuations

Casey’s is currently trading at a one-year forward PE (price-to-earnings) ratio of 23.5x, versus its three-year average of 21x. It is expensive compared with supermarket peers Kroger (KR) (11x) and SuperValu (SVU) (7.9x), as well as convenience store peer Murphy USA (MUSA) (15.6x).

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