Morgan Keegan Comments On Coleman Cable Incorporated Following Recent Earnings Release

Coleman Cable Incorporated

reported an adjusted 1Q11 EPS of $0.37 on revenue of $205.8 million. After adjusting for share-based compensation, Morgan Keegan estimates earnings from operations was $0.33 in the quarter, ahead of its estimate for $0.21 on revenue of $199 million and consensus of $0.21 on revenue of $196 million. CCIX guided to $0.18 to $0.27 on revenue of $190 to $200 million. In 1Q10, CCIX reported adjusted results of $0.11 on revenue of $156 million. CCIX expects revenue of $190.0 to $200.0 million and adjusted earnings between $0.24 and $0.37. Prior to this release Morgan Keegan was expecting revenue of $231 million and earnings of $0.32. The street was expecting revenue of $212 million, EBITDA of $19.2 million and EPS of $0.28. Morgan Keegan is forecasting adjusted EPS of $0.32 on revenue of $198.4 million for 2Q11. Looking long-term, it still likes CCIX as a small-cap value play as margins has continued to improve and underlying markets are strengthening. Morgan Keegan has a $14 PT from $10 and an Outperform rating on CCIX CCIX is trading higher at $12.01