Coca-Cola Hellenic Bottling shares drop

Shares of Coca-Cola Hellenic Bottling Co. S.A., the second-largest Coca-Cola bottler, sank Friday after the company warned its 2008 profit had been hurt by soft economic conditions, bad weather and rising costs in Europe.

Shares fell $8.82, or 21 percent, to $32.60.

The Greece-based company said it now expects its earnings per share to grow between 5 percent and 8 percent, or from 1.37 euros to 1.40 euros ($2.10 to $2.15).

Previously, the company had said its earnings per share would rise between 12 and 15 percent, or from 1.46 euros to 1.49 euros ($2.24 to $2.29).

Coca-Cola Hellenic also cut its forecast for volume growth to 6 percent from 7 percent. Volume is the number of cases sold either directly or indirectly to consumers.

The company cited a litany of reasons why it had to chop its guidance including: weather conditions in Central Europe, Russia and Ukraine; rising food and fuel prices restricting consumer spending in Italy, Ukraine and Romania; the rise in global oil prices; and a May transportation strike in Greece.