Pepsi Bottling shares drop following 2Q results

Shares fell 78 cents, or 2.7 percent, to $27.88 Tuesday. Earlier in the day, the stock hit a 52-week low of $27. The stock has traded between $27.26 and $43.38 in the past 52 weeks.

Before the market opened, Pepsi Bottling said its earnings jumped 7 percent, mainly on strong growth in Europe and Mexico which helped offset higher costs and weaker U.S. and Canadian volumes. Profit result beat Wall Street analysts' estimates by 3 cents per share, according to a poll by Thomson Financial.

But Stifel Nicolaus & Co. analyst Mark Swartzberg called the results "uninspiring" in a note to investors, adding that they reflect the difficult operating environment in the U.S. and Canada.

Most food and beverage companies have been struggling to keep sales up while consumers increasingly cut back on spending. Meanwhile, commodity costs have jumped significantly, putting pressure on profits.

Swartzberg said the operating environment may continue to challenge Pepsi Bottling and other beverage companies for some time.

"The U.S. does not appear to be near the end of economic slowdown, and we expect key components of the liquid refreshment beverages segment (e.g., carbonated soft drinks, bottled water) to continue posting weak secular trends," he said.

The company also affirmed its earnings per share outlook for the year between $2.30 and $2.38 per share. That estimate was in line with analysts' average estimate of $2.35 per share. Pepsi Bottling also expects revenue growth of 5 percent to 6 percent, implying revenue between $14.27 billion and $14.41 billion. Analysts predict slightly higher revenue of $14.43 billion.