The world's biggest brewer Anheuser-Busch InBev on Tuesday posted increased second-quarter profits, but logged a fall in the key measure of its earnings.
On the Brussels stock exchange at around 0800 GMT, the company's shares were trading down nearly 4.0 percent.
The company logged profits of $1.961 billion (1.6 billion euros), as against $1.45 billion for the same period one year earlier, well ahead of expectations among analysts polled by DowJones.
However, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $3.594 billion dollars from $3.747 billion a year earlier.
Falling US wholesale deliveries and rising distribution costs in the United States were cited by the company.
Sales also fell slightly, to $9.871 billion from $9.952 billion, although sales of key brand Budweiser rose by 1.0 percent with regional big brands in China and Brazil also growing.