Casey's General Stores, Inc. (NASDAQ:CASY) Q1 2020 Earnings Conference Call Transcript

Sep 10, 2019 • 10:30 am ET

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Casey's General Stores, Inc. (NASDAQ:CASY) Q1 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to Casey's General Stores First Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] I now like to turn the conference over to Bill Walljasper, Chief Financial Officer. Sir, you may begin.

Executive
William J. Walljasper

Good morning, and thank you for joining us to discuss Casey's results for the quarter ended July 31st. I'm Bill Walljasper, Chief Financial Officer. Darren Rebelez, President and Chief Executive Officer, is also here.

Before we begin, I'll remind you that certain statements made by us during the investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements related to our possible or assumed future results of operations, business strategies, growth opportunities and performance improvements at our stores. There are a number of known and unknown risks, uncertainties and other factors, that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including our ability to execute on the value creation plan or to realize benefits from that value creation plan, as well as other risk, uncertainties and factors, which are described in our most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q, as filed with the SEC and are available on our website. Any forward-looking statements made during this call reflect our current views as of today with respect to future events and Casey's disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. This morning Darren will first take a few minutes to summarize the results of the first quarter and then provide an update on the progress with our value creation plan. We will then open for questions about our results.

I would now like to turn the call over to Darren to discuss those results.

Executive
Darren Rebelez

Thanks, Bill, and good morning, everyone. Before we get into the results of the quarter, I'd like to start by saying how excited I am to be part of the Casey's team. During my time in the convenience store industry, I've always admired and respected Casey's and felt this would be the ideal opportunity for me given my background, not only in the convenience store space, but also the fuel and restaurant industries. I've been on the job now for about three months and I'm optimistic about the initiatives underway and the opportunities for us going forward. I look forward to hopefully meeting all of you in person at some time in the future. As you've seen in the press release, diluted earnings per share for the first quarter were up 22% to $2.31 a share compared to $1.90 a year ago. The results were driven primarily by a strong fuel margin versus the first quarter last year, continued operating expense control and sales gains inside the store. We executed on several key milestones of our value creation plan this past quarter, setting this