Earnings - 12th June, 2008

4:50PM Steel Dynamics raises Q2 EPS guidance above consensus (STLD) 36.75 -0.31 : Co raises Q2 EPS guidance to $0.90-0.95 vs $0.89 consensus, up from $0.80-0.90. Co said the increase in expectations is based primarily on stronger than anticipated shipping volume and selling values for flat-rolled steel products and stronger volume and margins in recycling. Co also said, "We continue to experience strong market conditions for our steel and recycled metals businesses. In addition to the improving performance of the Flat Rolled Division and The Techs, our long products divisions continue to perform well, with continued strong order activity and backlogs. Strong shipping volumes and profit margins of our OmniSource Corp subsidiary are expected to continue in the third quarter as well, as both internal and external demand for recycled metals remain strong."

4:34PM Moog announces investment in wind energy business; raises FY08 EPS by $0.01, still below consensus (MOG.A) 40.32 +0.12 : Co announced that it has acquired 40% ownership of privately held LTi REEnergy GmbH of Unna, Germany for 18 mln euro (~$28 mln) from available cash balances. The co expects to acquire the remaining 60% in twelve months subject to conventional conditions of closing. The investment will be accounted for under the equity method and, accordingly, the co will record 40% of the earnings of LTi REEnergy in MOG.A's Industrial Systems segment. As a result of this investment, MOG.A increased its FY08 EPS to $2.72, vs $2.74 consensus, up from $2.71.

4:19PM Capstone Turbine reports Q4 EPS of ($0.07) vs ($0.05) First Call consensus; revs rose 60% YoY to $9.3 mln vs $9.27 mln First Call consensus (CPST) 3.41 +0.05 : Capstone's backlog for the fiscal year ended March 31, 2008 was $27.9 mln, an increase of 458% from the prior fiscal year and 113% from the prior quarter.

4:13PM Smith & Wesson beats by $0.03, beats on revs (SWHC) 5.20 +0.10 : Reports Q4 (Apr) earnings of $0.08 per share, $0.03 better than the First Call consensus of $0.05; revenues were unchanged from the year-ago period at $82.6 mln. Co said, "In January 2008, we suspended providing financial guidance based upon the uncertain business and economic environments that existed at that time. Since then, we have seen several encouraging signs. Those include an increase in the number of background checks conducted at retail over the past several months, as well as feedback from our distributors, indicating that excess handgun inventories have cleared out of the channel. In fact, sales of our handguns into the sporting goods channel grew 12% in Q4 2008 compared with Q4 of FY07. Despite these encouraging signs, distributor feedback also indicates that inventories of hunting rifles and shotguns in the channel remain high. As a result, demand for hunting rifles and shotguns in FY09 remains uncertain. In addition, we have received no indications that the overall economic environment has improved since our suspension of guidance in January or that it will improve as our new fiscal year progresses. Therefore, overall retail demand in fiscal 2009 also remains uncertain. We are optimistic about our opportunities in FY09 and the signs we are seeing. We intend to remain focused on our long-term strategy, and we intend to resume providing financial guidance when trends in our business environment become clearer."

4:02PM Benihana beats by $0.02, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (BNHN) 7.94 +0.36 : Reports Q4 (Mar) earnings of $0.17 per share, $0.02 better than the First Call consensus of $0.15; revenues fell 2.0% year/year to $70.2 mln vs the $70.8 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.60-0.65 vs. $0.82 consensus; sees FY09 revs of $313-318 mln vs. $325.54 mln consensus.

9:09AM Qualcomm raises Q3 guidance; raises Y08 guidance (QCOM) 46.31 : Co issues upside guidance for Q3 (Jun), sees EPS of $0.54-0.55, excluding non-recurring items, compared to previous guidance of $0.50-0.52, vs. $0.52 First Call consensus; sees Q3 (Jun) revs of slightly above high end of previous guidance of $2.5-2.7 bln, vs. $2.61 bln consensus. Co sees Q3 shipments of approx 86 mln Mobile Station Modem chips, compared to previous guidance of 85-88 mln units. Co sees March quarter shpments of approx 107 mln CDMA devices at an average selling price of approx $226 per unit, compared to previous guidance of 105-109 mln devices at $223 per unit. Co raises guidance for FY08 (Sep), sees EPS of $2.09-2.13, excluding non-recurring items, compared to previous guidance of $2.04-2.09, vs. $2.11 consensus. Co is engaged in a dispute with Nokia regarding Nokia's obligation to pay royalties for the use of certain patents, and as a result, QCOM is not recording royalty revs attributable to Nokia's sales after April 9, 2007 until a court awards damages or the dispute is otherwise resolved. Co has excluded from Y08 revs and earnings guidance co's estimate of royalties co believes Nokia is required to report and pay.

12:44AM EnerSys reports Q408 results, beats by $0.04 (ENS) 30.90 : Reports Q4 (Mar) earnings of $0.42 per share, excluding charge for European restructuring plan and fees related to stock offering, $0.04 better than the First Call consensus of $0.38; revenues rose 41% year/year to $581.9 mln vs the $573.79 mln consensus. (Popped)