Casey's General Stores, Inc. (NASDAQ:CASY) Q2 2020 Earnings Conference Call - Final Transcript
Dec 10, 2019 • 10:30 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Q2 fiscal 2020 Casey's General Stores Earnings Conference Call. At this time, all participant lines are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Bill Walljasper, Chief Financial Officer. Thank you. Please go ahead, sir.
Good morning and thank you for joining us to discuss Casey's results for the quarter ended October 31st. I am Bill Walljasper, Chief Financial Officer. Darren Rebelez, Chief Executive Officer, is also here.
Before we begin, I'll remind you that certain statements made by us during this 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 the value creation plan as well as other risks, 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 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.
I Just want to take a few minutes to summarize the results of the second quarter and then open for questions about those results. I would now like to turn the call over to Darren to discuss the results of the quarter.
Thanks, Bill, and good morning, everyone. As you've seen in the press release. Diluted earnings per share from the second quarter were up 23% to $2.21 compared to $1.80 a year ago. The results were driven primarily by a stronger fuel margin versus second quarter last year, continued operating expense control and sale gains inside the store. Year-to-date diluted earnings per share of $4.52, up over 22% from the same period a year ago. Excluding the one-time impact from tax reform, this quarter marks the sixth consecutive quarter of double-digit earnings growth per share compared to prior year quarters. We continue to execute on key elements of our long-term plan this past quarter, positioning us well for future growth.
I would now like to go over our results and some of the details in each of the categories. During the quarter, in the fuel category, we experienced a favorable fuel margin environment combined with our ability to leverage the implementation of price advantage which is our fuel price optimization tool.