Citi Reports Disappointing 1Q11 Results For CEDC

According to Citi, CEDC CEDC saw disappointing 1Q11 results. Citi said that CEDC released disappointing 1Q11 results; maintains FY guidance on expected 2H11 turnaround. “Russian volumes collapsed 15%. Comparable operating margins shrunk to a mere 3% from 18% last year. Comparable net loss of $0.24 per share from a gain of $0.01/share in 1Q10. FY11 EPS guidance of $1.05-$1.25 maintained.” CEDC closed yesterday at $11.18.