Molson Coors Brewing Co (NYSE:TAP) stock was hit hard on Wednesday after releasing a poor earnings report for the first quarter of the year.

Molson Coors Brewing Co’s earnings report for the first quarter of 2018 includes a miserable earnings per share of 48 cents. This is a drop from its earnings per share of 76 cents from the same time last year. It was also a blow to TAP stock by coming in below Wall Street’s earnings per share estimate of 78 cents for the quarter.

Net income reported by Molson Coors Brewing Co for the first quarter of the year comes in at $278.10 million. This is up from the brewing company’s net income of $208.50 million reported in the first quarter of 2017.

Molson Coors Brewing Co also reported operating income of $429.50 million for the first quarter of 2018. This represents an almost 18% increase over its operating income from the same period of the year prior.

Net sales reported by Molson Coors Brewing Co for the first quarter of the year was $2.33 billion. This isn’t as good as the company’s net sales of $2.45 billion reported in the first quarter of the previous year. It also isn’t good news for TAP stock by missing analysts’ net sales estimate of $2.46 billion for the period.

Despite the poor results from its most recent earnings report, Molson Coors Brewing Co isn’t adjusting its outlook for the full year of 2018. TAP President and CEO Mark Hunter said “We do not see these results as indicative of our full-year performance versus our plan, and we remain committed to delivering our 2018 guidance.”

TAP stock was down 12% as of Wednesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.