Shares of the brewing company Molson Coors (NYSE:TAP) have gone down as a result of the company’s poor first quarter financial report.

The report, which released on Wednesday, included a decrease in worldwide and global brand volume.

According to the company’s President and CEO, Mark Hunter, the first quarter usually has the smallest amount of profit during the year.

Hunter believes that there are three key factors which had a negative effect on Molson Coors’ financial results.

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The first, which is behind the company now, was the approximately $50 million US loss in net sales and pretax income that Molson Coors, in regards to the reversal of the European indirect tax provision benefit.

US sales to wholesalers also fell by 6.7% because the company under-shipped close to 450,000 hectoliters. This would have represented approximately $30 million of the company’s gross profit.

Hunter attributes this to a longer-than-expected implementation of the company’s new ordering system at the Golden Brewery and lower than planned distributor inventory levels.

Molson Coors expects this loss to be reversed on a full-year basis and predict positive profits for the second half of 2018.

According to Hunter, the company’s first priority “is to drive margin expansion, bottom-line growth and strong free cash flow.”

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Molson Coors “[remains] committed to delivering [their] full-year 2018 plans.”

The company also states that the soft market in the brewing industry and poor weather were part of the reason brand volume fell, specifically in the US.

The share value of the company fell by 15.40% on Wednesday, with the company closing at $60.64.

The low of the value of the day was $60.19, which became a new 52-week-low for the brewing company.

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