Casey's General Stores falls after profit miss

• Casey's General Stores (CASY -4.6%) is lower after FQ4 profit missed expectations.
• The top line was strong during the quarter as same-store sales growth was +4.6%, driven higher by a +7.4% grocery comp.
• As expected, fuel margin fell 90 bps Y/Y and 30 bps Q/Q to $0.178.
• Jefferies maintained a Hold rating on Casey's following the earnings release."CASY reported in-linish 4Q16 EPS; however, earnings quality was questionable as EBIT missed our ests. by $3M (cons. by $4M) and a lower tax rate provided a nickel to EPS vs. our ests," wrote analyst Christopher Mandeville.
• Previously: Caseys General Stores misses by $0.03, beats on revenue (June 6)