07:53 AM EST, 11/07/2024 (MT Newswires) -- Molson Coors Beverage ( TAP/A ) reported Q3 non-GAAP underlying earnings Thursday of $1.80 per diluted share, down from $1.92 a year earlier.

Analysts surveyed by Capital IQ expected $1.67.

Net sales for the quarter ended Sept. 30 was $3.04 billion, down from $3.30 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.13 billion.

The brewing company said it expects a mid single-digit increase for 2024 underlying diluted earnings per share but narrowing to the high end of the range.

Net sales for the year are now projected to decline 1% on a constant currency basis, compared with a low single-digit increase projected previously, the company said, citing "softness in the U.S. beer industry over the peak selling season."

Shares of Molson Coors Beverage ( TAP/A ) were down 1.5% in recent Thursday premarket activity.

Price: 55.67, Change: -0.85, Percent Change: -1.50