Molson Coors Brewing Co. on Wednesday reported first-quarter earnings that missed analyst expectations. The company said it had net income of $278.1 million, up from $208.5 million a year ago, and per-share earnings of $1.28, compared to 96 cents. Adjusted earnings per share came to 48 cents, down from 80 cents a year ago, and missing the FactSet consensus of 78 cents. Revenue of $2.33 billion was down 4.8% from $2.45 billion in the year-ago period. Worldwide brand volumes slid 3.1%, the company said. In a release, CEO Mark Hunter noted that the first quarter is “seasonally the softest profit quarter of the year for us” and reaffirmed full-year 2018 guidance. Shares have lost 12.7% so far in the year to date, worse than the 1% decline in the S&P 500 .