SYSCO Corporation (NYSE:SYY) stock was down today despite an earnings beat for its fiscal second quarter of 2018.

During its fiscal second quarter of 2018, SYSCO Corporation reported earnings per share of 66 cents. This is an increase over its earnings per share of 58 cents from the same time last year. It also just came in above Wall Street’s earnings per share estimate of 65 cents for the period.

SYSCO Corporation reported operating income of $532 million. The food distribution company reported operating income of $492 million in its fiscal second quarter of the previous year. Net income for the quarter was $284 million, which is up from its net income of $275 million in the same period of the year prior.

Revenue reported by SYSCO Corporation for its fiscal second quarter of 2018 came in at $14.41 billion. This is up better than its revenue of $13.46 billion reported in the same quarter of the previous fiscal year. It also beat out analysts’ revenue estimate of $14.15 billion for the quarter.

Just like many other companies, SYSCO Corporation reported that the recent change to U.S. tax laws affected its most recent earnings report. The company says that it suffered a charge of $115
million in connection to the tax reform.

SYSCO Corporation didn’t update its guidance for fiscal 2018 in its most recent earnings report. Instead, SYSCO Corporation President and CEO Tom Bené, says that the company remains “confident in our ability to deliver on our full-year fiscal 2018 financial targets.”

SYY stock was down 3% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.