Molson Coors Beverage Company (TAP) reported Q1 underlying earnings Thursday of $0.50 per diluted share, down from $0.95 a year earlier.

Analysts polled by FactSet expected $0.78.

Revenue for the quarter ended March 31 was $2.30 billion compared with $2.60 billion a year earlier.

Analysts surveyed by FactSet expected $2.40 billion.

The company trimmed its 2025 underlying earnings guidance to a low single-digit increase from a high single-digit increase previously. Analysts surveyed by FactSet expect $6.31.

The company also decreased its annual net sales guidance to a low single-digit decrease from a low single-digit increase. Analysts polled by FactSet expect $11.63 billion.

Shares of the company fell 8.6% in recent premarket activity.