Heineken, the world's second-largest brewer, forecast operating profit this year would be at the lower end of its previous guidance after an unexpected dip in third-quarter sales in the Americas partly offset strong growth in Asia.
The Dutch maker of Heineken, Europe's top-selling lager, as well as Tiger, Sol and Strongbow cider, said on Wednesday that operating profit before one-offs would rise by about 4% on a like-for-like basis in 2019.
It had previously forecast mid-single-digit percentage growth.
However, after a mere 0.3% increase in the first half of the year, due in part to higher packaging costs, market expectations had already shifted down to around 4%.
Heineken shares were down 1.9% at €94.86 shortly after the market open, although they were still up 23% in the year to date.
Consolidated beer volumes rose by 2.3% year-on-year to 64.2 million hectolitres in the July-September period.
The figure was in line with expectations in a company-compiled poll.
The Asia-Pacific region was the clear outperformer, with a 13.9% increase. Vietnam, Heineken's second most profitable market, registered a double-digit percentage rise as the company pushes deeper into the country.
By contrast, beer sales in the Americas unexpectedly fell, by 0.5%. There was a sharp decline in the United States and a slight decline in Brazil, where Heineken became the second largest player in 2017 by buying the loss-making operations there of Japan's Kirin.
Heineken said sales of cheaper beers there had declined after a price rise, while volumes of higher-priced beers such as Heineken, Amstel and Devassa grew by a double-digit percentage.
In Mexico, the company's largest market, sales were up by a low single-digit percentage, helped by the launch of low calorie Amstel Ultra.
Heineken's beer sales in Europe, where it is the market leader, grew by 1.6%, against expectations of a decline. Growth in Africa, the Middle East and Eastern Europe was also 1.6%, but below expectations.