Casey’s General Stores, Inc. (NASDAQ: CASY) released its financial results for the fourth quarter of fiscal 2018. Shares of the company dropped 5% in morning trading on Tuesday, reaching the lowest level in the past three years.
For the fourth quarter, revenue increased from $1.85 billion to $2.09 billion, however, the results missed analysts’ estimates of $2.12 billion.
According to the company, net income for the fourth quarter dropped from $30.1 million, or 76 cents per share, for the same period last year, to $19.3 million, or 51 cents per share. The results missed expectations of 66 cents per share.
“A suppressed fuel margin and challenging weather had an adverse impact on fourth quarter results, however we believe we are taking market share in most categories. The 53 new stores we opened in the fourth quarter, combined with increased promotional activity and normalized weather throughout our region has us off to an encouraging start to fiscal 2019,” Terry Handley, the President and CEO of the company, said in the statement on Tuesday.
In addition, the company reported its same-stores sales for grocery and other merchandise dropping 0.4%, compared with analysts’ estimates of increasing 2.6%. Same-store sales of prepared food and fountain decreased 1.3%, also worse than expectations of a 2.2% rise.