Casey's General Stores, Inc. (NASDAQ:CASY) reported its Q1 results, with EPS of $4.09 coming in better than the Street estimate of $3.43. Revenue was $4.45 billion, compared to the Street estimate of $4.48 billion.

However, management maintained its annual outlook which cast a shadow over Q1 performance. For fiscal 2023-year, the company expects same-store inside sales to grow in the range of 4%-6% with an inside margin of around 40%.

According to the analysts at Deutsche Bank, the quarter-to-date commentary is strong with (1) fuel margins in the mid-40s, (2) a pullback in cheese prices, resulting in modest sequential improvement in prepared food margins, and (3) the rate of opex growth decelerating to 10% from 13.4%.