Shares of Molson Coors (TAP) - Get Report  were down nearly 7% Wednesday after the beer brewer  reported first quarter top- and bottom-line results that were below expectations. 

The Colorado-based company reported net income of $151.4 million, or 52 cents per share on an adjusted basis, on revenue of $2.3 billion. Analysts polled by Zacks, on average, were expecting the company to report earnings of 57 cents per share on revenue of $2.32 billion.

"While only the first and smallest of our quarters, I am encouraged by the meaningful growth of net sales revenue in the U.S., led by the increasingly strong performance of Miller Lite which held total beer industry share and an improved performance of Coors Light in our largest and most profitable market, as well as strong U.S. retailer placements for our upweighted innovation program," CEO Mark Hunter said. 

The stock declined 6.6% to $59.91 on Wednesday. Shares have risen 6.7% so far in 2019.

Revenue for the period fell 1.2% in the quarter due to volume declines while the cost of goods sold per hectoliter increased 4.7%. That increase was due primarily by cost inflation and transportation costs.