(RTTNews) - Tuesday, Central European Distribution Corp. (CEDC: News ) reported a profit for the third-quarter compared to a loss for the previous year quarter. The company also reaffirmed its guidance for the full year 2009 and 2010.

CEDC posted third quarter net income of $47.1 million or $0.80 per share, compared to net loss of $0.73 million or $0.02 per share in the same period last year.

On a comparable basis, CEDC announced net income of $27.15 million or $0.49 per share for the third quarter of 2009, as compared to $40.52 million or $0.88 per share for the same period in 2008, which represents a 33% decline in net income for the period driven primarily by the 35% average devaluation of primary functional currencies.

Net sales for the quarter declined to $390.1 million from $452.4 million in the year-ago period.

Nine months net income attributable to CEDC was to the tune of $173.21 million or $3.19 per share versus $63.67 million or $.1.45 per share for the prior year period. Net sales for the nine months were $970.09 million versus $1.19 billion for the prior year period.
Looking forward, for the fiscal year 2009, the company reconfirmed its earnings per share guidance in the range of $2.35 to $2.50. Forecast for net sales is in the range of $1.58 billion to $1.70 billion.

Analysts currently expect the company to post earnings of $2.42 per share, on revenues of $1.66 billion for the year 2009.

The company also reconfirmed its full year 2010 earnings per share guidance in the range of $3.00 to $3.15. Net sales guidance forecast is in the range of $1.80 billion to $2.00 billion.

Analysts anticipate earnings of $2.96 per share, on revenues of $1.94 billion for the full year 2010.

CEDC closed Tuesday's regular trading at $31.74 up $0.16 or 0.51% on a volume of 0.582 million shares on the Nasdaq.

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by RTT Staff Writer

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