India, May 8 -- Molson Coors Beverage Company (TAP) Thursday reported lower profit for the first quarter, primarily impacted by decline in sales. Earnings as well as sales missed the Street expectations. The company also slashed its full-year outlook. Its shares were more than 5% down in pre-market activity.
The company posted net income of $121 million or $0.59 per share for the first quarter, significantly lower than $207.8 million or $0.97 per share in the same quarter a year ago.
Excluding one-time items, underlying net income was $101.7 million or $0.50 per share, that missed the average analysts' estimate of $0.80 per share. Analysts' estimates typically exclude special items.
Sales for the quarter fell 11.3% to $2.304 billion from...