The convenience store and retain gasoline giant beat sales expectations by a sales increase of 13%, to $1.752 billion, beating expectations of $1.74 billion. Fourth quarter earnings increased 1.4% on strong sales and higher margins on its store products, offsetting low margins on gasoline sales and higher operating expenses. CEO Robert Myers said, “In the fourth quarter, the gas margin was down nearly 2 cents per gallon from the same period a year ago, which reduced basic earnings per share by approximately 12 cents.” The average margin per gallon of gasoline was 15.3 cents, with total gallons sold so far this year up 5.9% and gross gasoline profit up 6.8%. Operating expenses were 175.95 million, up 17%. CASY produced a net income of $23.1 million (60 cents a share), an increase in net income from last year’s $22.8 million earnings at 60 cents a share.
