Deutsche Bank Comments On Central European Distribution Corporation Q1 Results (CEDC)

Deutsche Bank commented on Central European Distribution Corporation's CEDC Q1 results in a research report published today. In the report, Deutsche Bank states, "In line with our expectations CEDC delivered soft set of quarterly figures. With top-line of USD 156.7m up 5% YoY CEDC came 5% below our expectations. As the major driver of disappointment we find the Russia where revenues dropped 10% YoY. On the flipside, with EBIT of USD 4.8m (down 81% YoY) CEDC has beaten our EBIT expectations by 22%. Finally, on the bottom line CEDC delivered net loss of USD 17.4m (EPS of -USD 0.24), USD 2.6m (or USD 0.04) ahead of our expectations." Deutsche Bank currently has a Buy rating on CEDC with price target set at $18. CEDC closed at $11.18 yesterday.