Altria Group Inc (NYSE:MO) stock was down today despite the company releasing an earnings beat for the first quarter of 2018.

Altria Group Inc’s earnings report for the first quarter of the year includes earnings per share of 95 cents. This is an increase over its earnings per share of 73 cents reported in the first quarter of 2017. It also came in above Wall Street’s earnings per share estimate of 92 cents for the period.

Net income reported by Altria Group Inc for the first quarter of 2018 was $1.90 billion. The tobacco company reported net income of $1.40 billion for the same period of the year prior.

Altria Group Inc also reported operating income of $2.32 billion for the first quarter of the year. This is better than the company’s operating income of $2.34 billion reported in the same quarter of the previous year.

During the first quarter of the year, Altria Group Inc reported revenue of $6.11 billion. This is up from its revenue of $6.08 billion that was reported in for the same time last year. It also beat out analysts’ revenue estimate of $4.63 billion for the first quarter of the year.

While Altria Group Inc easily beat out estimates for the first quarter of the year, it said it is only reaffirming its previous outlook for 2018. This includes earnings per share ranging from $3.90 to $4.03. Wall Street is looking for earnings per share of $3.98 for the full year of 2018.

MO stock was down 2% as of Thursday morning.

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