Casey's General Stores (NASDAQ: CASY) saw its stock price surge 6.54% in after-hours trading on Monday, following the release of its fourth-quarter earnings report that significantly surpassed analysts' expectations. The convenience store chain also announced a notable increase in its quarterly dividend, further bolstering investor confidence.
The company reported fourth-quarter earnings per share (EPS) of $2.63, handily beating the IBES estimate of $1.96. Net income for the quarter stood at $98.307 million, considerably higher than the expected $72.6 million. This strong financial performance demonstrates Casey's ability to navigate the challenging retail landscape effectively.
Adding to the positive sentiment, Casey's announced a 14% increase in its quarterly dividend to $0.57 per share. This move not only rewards shareholders but also signals management's confidence in the company's future financial health and cash flow generation capabilities.
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