Molson Coors Beverage Co. (NYSE:TAP) shares traded steady in Tuesday’s premarket after the brewer posted mixed third-quarter results and trimmed its full-year outlook.

The company reported third-quarter adjusted earnings per share of $1.67, missing the analyst consensus estimate of $1.71.

Quarterly sales of $2.973 billion missed the Street view of $3.029 billion.

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Net sales declined 2.3%, reflecting lower financial volume, partly offset by favorable pricing, improved sales mix, and currency tailwinds. On a constant-currency basis, net sales decreased 3.3%.

Metrics

Price and sales mix favorably impacted net sales by 2.7%, primarily due to a favorable sales mix and increased net pricing.

Net sales per hectoliter increased 4.0% on a reported basis and 2.9% on a constant currency basis.

In the quarter under review, ...