CEDC lowers its full-year profit outlook

Central European Distribution cuts its 2009 earnings guidance, raises sales forecast

• On 7:31 am EDT, Monday October 12, 2009

BALA CYNWYD, Pa. (AP) -- Central European Distribution Corp. lowered its full-year profit forecast Monday, partly on the stronger dollar.

The beer and spirits importer and distributor now expects earnings of $2.35 to $2.50 per share, down from a prior guidance of $2.40 to $2.65 per share.

CEDC lifted its sales outlook to a range of $1.58 billion to $1.7 billion from a range of $1.55 billion to $1.68 billion. The company's new forecast reflects the acquisition of additional equity interests in Parliament and the Russian Alcohol Group.

Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, expect full-year net income of $2.47 per share on revenue of $1.66 billion.

CEDC provided a 2010 earnings outlook in a range of $3 to $3.15 per share on sales of $1.8 billion to $2 billion.

Analysts predict 2010 profit of $3.01 per share on revenue of $1.94 billion.