Casey's General Stores (CASY) had a solid first quarter on paper, but Wall Street wasn't impressed. Shares tumbled 9.69% in after-hours trading Tuesday, landing at $662.40, even though the convenience store chain beat analyst expectations on both the top and bottom lines.

Here's the scorecard: Q1 revenue came in at $5.68 billion, ahead of the $5.57 billion analysts were looking for. Earnings per share hit $7.37, comfortably above the $6.72 consensus. On the surface, that's a beat-and-raise story. But dig a little deeper, and you see why investors might be hitting the brakes.

Inside same-store sales, a key metric for Casey's, grew 3.2% year-over-year in the quarter. That's solid, but it's a step down from the 4.3% growth the company posted in the same period last year. Fuel same-store gallons sold slipped 0.3% year-over-year, reflecting a volatile fuel environment.

CEO Darren Rebelez struck an optimistic tone, saying, "Guests are responding well to our compelling value proposition on our high-quality prepared food, especially in whole pies. On the fuel side, our team's robust capabilities helped us navigate a volatile environment and produced strong results."

The company also returned cash to shareholders, repurchasing about $45.6 million of its common stock during the quarter. It exited the period with roughly $1.4 billion in available liquidity, including $524 million in cash and cash equivalents and $857 million in available borrowing capacity on its credit lines.

Looking ahead to fiscal 2027, Casey's expects inside same-store sales to grow between 2% and 5%. Fuel same-store gallons sold are projected to be roughly flat, give or take 1%. The company also plans to open at least 120 new stores through a mix of acquisitions and new construction.

So why the sell-off? It could be that the market wanted more. The guidance, while positive, suggests a slowdown in the core inside business, and fuel volumes remain under pressure. Or maybe investors are just taking profits after a strong run. Either way, Casey's is now trading at $662.40 after hours, and the market will be watching to see if this dip is a buying opportunity or a sign of more turbulence ahead.