US: Central European Distribution Corporation swings to black in Q1
- Q1 net profits of US$1.1m versus $23.4m losses in Q1 2010
- Operating profits slide by 62.9% to $9.4m
- Sales rise by 4.6% to $156.7m
- Reconfirms full-year sales guidance of between $880m and $1.08bn
CEDC released its Q1 results earlier today
Central Eastern Distribution Corporation has seen its first quarter return to the black after last year's losses.
The spirits company said yesterday that net profits for the three months to the end of March hit US$1.1m. A year earlier, net losses totalled $23.4m. The return to profit came on the back of a 4.6% lift in quarterly sales to $156.m.
However, on a comparable basis, excluding one-off items, CEDC announced net losses of $17.4m for the first quarter of 2011, compared to net profits of $0.4m a year ago.
Company president and CEO William Carey described the performance as "in line with our expectations". He added: "We expect to see significant quarter-on-quarter improvement moving through the rest of the year in 2011."
CEDC reconfirmed its full-year sales guidance of between $880m and $1.08bn.
For the official release, click here.
Central European Distribution Corp is facing a lawsuit in the US over the extent of its disclosures on performance in Eastern Europe, but the group is set to strongly deny allegations of wrongdoing....
- What's so special about Islay anyway? - Comment
- Six key trends for alcoholic drinks in 2016
- What do Bourbon and craft beer have in common?
- Aus wine industry pays price for past failures
- Ten things to know about spirits in the US
- Alcohol industry warning over Kroger plan
- SABMiller hits back in UK corporation tax row
- Diageo's Orphan Barrel The Gifted Horse - NPD
- Suntory bids for Lucozade, Ribena Nigerian network
- American rye whiskey sales leap 600% in five years
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global Beer Trends 2015 : Global Beer Trends and Long-term Forecasts
- Global Whiskey Market 2016-2020
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research