What happened
Shares of Casey's General Stores (CASY +0.13%) took a hit on Tuesday. The stock fell as much as 10.3%, though shares were down 8.5% as of 3:21 EST.
The decline followed Casey's fiscal second-quarter earnings release. The market's pessimistic response to the report is likely due to the company's lower-than-expected top line.
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So what
Casey's General Stores reported revenue of $2.49 billion, down from $2.54 billion in the year-ago quarter and missing a consensus analyst estimate of $2.53 billion. The consumer goods company's earnings per share, however, rose 23% year over year to $2.21; analysts, on average, had been expecting earnings per share of $2.15.
"Second quarter results were primarily driven by continued strong growth in fuel gross profit dollars, new store openings, and an ongoing focus on operating efficiencies," management said in the company's second-quarter earnings release.
Now what
Looking ahead, Casey's maintained its full-year outlook for most key metrics.
But management did notably lower its outlook for same-store prepared food and fountain sales. Previously, management expected same-store sales for this category to rise 3% to 6% in fiscal 2020. Now management expects same-store sales in the segment to increase 1.5% to 4%.
