Molson Coors Beverage said second-quarter sales fell as the company tries to balance sluggish customer demand with higher supply costs.

The beer company behind Miller Lite and Blue Moon on Thursday posted a profit of $231.7 million, or $1.23 a share, compared with $428.7 million, or $2.13 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $1.58, ahead of the $1.51 anticipated by analysts, according to FactSet.

Revenue fell 3.3% to $3.10 billion. Analysts surveyed by FactSet forecast revenue of $3.08 billion.

Molson Coors is navigating heightened macroeconomic headwinds that dented consumer behavior and raised supply costs, Chief Executive Rahul Goyal said.

The company is trying to grow beyond its core portfolio, investing in its Fever-Tree drink mixers and Monaco canned cocktails. At the same time, management is working on cutting costs to mitigate persistent macroeconomic volatility, Goyal said.

The decline in sales during the quarter was driven by lower volume and shipments in both the Americas and internationally. Revenue in the Americas business fell 4%, while sales in the rest of the world were roughly flat year over year.

This trend came as Molson Coors raised prices in its Americas business. The cost of goods sold, meanwhile, jumped 6%, primarily due to higher costs for materials, logistics and manufacturing.

Molson Coors reaffirmed its full-year outlook.