Shares in Carlsberg plunged more than 7 percent at the market open after the Danish brewer reported second-quarter operating profit below expectations that were hit by cold weather in Northern Europe and a "deteriorating macroeconomic climate" in Russia and Ukraine.
Operating profit before special items fell 18.9 percent to 2.92 billion Danish crowns ($432 million) in April to June, below a forecast of 3.24 billion crowns in a Reuters poll.
The company did not achieve the full range of anticipated savings, and a process of revising its strategy to re-establish and further strengthen financial stability has been initiated, said Cees 't Hart, who took over as chief executive on June 15.
"For the full year, we therefore do not expect that the strong Asian performance will be enough to offset the weaker-than-expected results in Western Europe and the challenging market conditions in Eastern Europe," Hart said in a statement on Wednesday.
Carlsberg lowered its full-year financial guidance and now expects organic operating profit to decline slightly. Earlier it expected mid- to high-single digit organic growth percentages.