8:05AM Forest Labs beats by $0.07, reports revs in-line; guides FY09 EPS in-line (FRX) 35.29 : Reports Q1 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 4.2% year/year to $966.8 mln vs the $974.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.23 consensus.
8:03AM Supervalu beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 27.82 : Reports Q1 (May) earnings of $0.79 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.76; revenues rose 0.4% year/year to $13.35 bln vs the $13.19 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.04-3.20, excluding non-recurring items, compared to previous guidance of $3.10-3.25, vs. $3.07 consensus; sees FY09 revs of approx $45 bln vs. $44.81 bln consensus.
8:02AM Precision Castparts beats by $0.02, reports revs in-line (PCP) 103.53 : Reports Q1 (Jun) earnings of $1.95 per share, $0.02 better than the First Call consensus of $1.93; revenues rose 11.2% year/year to $1.83 bln vs the $1.84 bln consensus. Co said, "Overall, we see solid demand from our core customers for the rest of the year... Our relentless focus on operational efficiencies will continue. However, it is worth noting once again that our Forged Products operation will be affected by scheduled downtime of its major forging equipment in the second quarter, reducing sales and impacting earnings due to lost leverage."
7:50AM UPS reports EPS in-line, beats on revs; guides FY08 EPS in-line (UPS) 59.46 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 6.7% year/year to $13 bln vs the $12.81 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.70 vs. $3.64 consensus. Co sees 2H EPS of $1.78-1.98 vs $1.84 consensus. Co says comparisons to last year's results would be more difficult in Q3 and moderate in Q4. "Slow U.S. economic activity and fuel price increases hit us and our customers during the quarter. Even though economists do not predict a recovery until 2009, we anticipate that the second half of 2008 will generate modestly better results than the first half, assuming business conditions do not worsen."
7:39AM Lockheed Martin beats by $0.13, beats on revs; guides FY08 EPS in-line, revs in-line (LMT) 101.59 : Reports Q2 (Jun) earnings of $2.01 per share, $0.13 better than the First Call consensus of $1.88; revenues rose 3.6% year/year to $11.04 bln vs the $10.86 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.45-7.60 vs. $7.47 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus.
7:37AM Caterpillar beats by $0.20, beats on revs; guides FY08 (Dec) EPS in-line (CAT) 73.23 : Reports Q2 (Jun) earnings of $1.74 per share, $0.20 better than the First Call consensus of $1.54; revs of $13.62 bln vs $12.69 bln First Call consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of $6.00 vs. $6.03 consensus. Co sees 2008 sales and revenues of about $50 bln compared to previous guidance of $47.2-49.5 bln (First Call consensus is $50.1 bln). "Never in my 35 plus years with the company have I seen Caterpillar do so well in the face of such a difficult economic climate in the United States. We are on track to deliver our fifth straight year of record profits despite very tough conditions in the United States, declines in Europe and significantly higher material costs, particularly in the second half of the year. Still, for many of our products, supply is very tight, and we are producing as much as we can."
7:31AM Jefferies Group beats by $0.13, beats on revs (JEF) 17.32 : Reports Q2 (Jun) loss of $0.03 per share, $0.13 better than the First Call consensus of ($0.16); revenues fell 15.8% year/year to $392.1 mln vs the $275 mln consensus. "In the face of a market environment that continues to be challenging, Jefferies achieved significantly improved financial results in the second quarter... Our firm remains in a strong financial and market position with excess liquidity, a solid business base, and a platform positioned to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."
7:29AM Western Union beats by $0.02; guides FY08 EPS above consensus, reaffirms rev guidance (WU) 25.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues rose 12.0% year/year to $1.35 bln vs the $1.33 bln consensus. Co issues upside guidance for FY08, sees EPS at the high end of $1.29-1.33, excluding non-recurring items, vs. $1.28 consensus; co reafffirms FY08 revenue growth of 9-11%.
7:09AM Rockwell Automation beats by $0.06, beats on revs; guides FY08 EPS in-line (ROK) 43.63 : Reports Q3 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 1051.8% year/year to $14.75 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00-4.10 vs. $4.02 consensus. ""For the remainder of the fiscal year we expect to see continued strength in Asia-Pacific and Latin America as well as in resource-based industries. However, macro-economic conditions in Europe and the U.S. are weakening. We have begun to see a change in buying behavior by some of our customers in consumer related industries, including project delays and curtailed capital spending."
7:08AM Waters beats by $0.05, beats on revs (WAT) 62.32 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.71; revenues rose 13.2% year/year to $399 mln vs the $394 mln consensus. "Though the first half of 2008 presented Waters with a challenging economic environment, solid sales of our technologically advanced systems solutions, as well as our recurring revenues, resulted in strong earnings growth and superior cash generation."
7:07AM BJ Services beats by $0.08, beats on revs; guides Q4 EPS above consensus (BJS) 30.01 +1.46 : Reports Q3 (Jun) earnings of $0.48 per share, $0.08 better than the First Call consensus of $0.40; revenues rose 15.2% year/year to $1.33 bln vs the $1.24 bln consensus. Co issues upside guidance for Q4, sees EPS of 0.54-0.57 vs. $0.50 consensus. "Looking at our fourth fiscal quarter, we expect drilling activity in the U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada, the spring break-up period is over, and we expect meaningful positive contribution sequentially from our operations there. We anticipate modest sequential revenue and margin improvement from our International Pressure Pumping and Oilfield Services operations."
7:06AM CardioNet beats by $0.01, beats on revs; reaffirms FY08 revs guidance (BEAT) 29.85 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues rose 68.4% year/year to $29.3 mln vs the $28.4 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs to the high end of $117-120 mln vs. $119.05 mln consensus. The strength of our second quarter increases our level of comfort toward the high-end of that range. We believe that the third quarter will be impacted by seasonality related to physician and patient schedules over the summer months, which will moderate our sequential growth."
6:45AM Baker Hughes beats by $0.12 - Correction (BHI) 84.36 : Reports Q2 (Jun) earnings of $1.36 per share, excluding a $0.13 charge, $0.12 better than First Call consensus of $1.24; revenues rose 18.1% year/year to $3 bln vs the $2.76 bln consensus. Outside of North America, revenue for FY08 is expected to increase 14% to 16% compared to FY07. (Briefing.com note: Earlier we made an error in our reporting. The original comment has been removed.)
6:33AM CME Group beats by $0.08, reports revs in-line (CME) 325.53 : Reports Q2 (Jun) earnings of $3.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $3.85; revenues rose 71.1% year/year to $563 mln vs the $568.5 mln consensus. Co sees Y08 pro forma operating expense to be closer to the bottom end of previous guidance of $855-870 mln, excluding NYMEX. "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue. We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality. We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."
6:12AM Halliburton reports EPS in-line, beats on revs (HAL) 48.91 : Reports Q2 (Jun) earnings of $0.68 per share, excludes discontinued operations and includes patent settlement and acquisition-related expense offset by investment gains, in-line with the First Call consensus of $0.68; revenues rose 20.1% year/year to $4.49 bln vs the $4.25 bln consensus.
6:05AM DuPont beats by $0.04, beats on revs; guides FY08 EPS in-line (DD) 44.05 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues rose 12.2% year/year to $8.84 bln vs the $8.47 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.45-3.55 vs. $3.50 consensus. The company expects second half 2008 earnings per share to be modestly lower than last year due to the impact of higher energy and ingredient costs, lower demand in certain developed markets, lower income from asset sales, and a higher base tax rate. The company expects second half 2008 earnings per share to be about equally split between the third and fourth quarters.
6:03AM UnitedHealth beats by $0.03, beats on revs; guides FY08 EPS in-line (UNH) 23.83 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $20.27 bln vs the $20.04 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $2.95 consensus.
6:02AM ICON plc beats by $0.03, beats on revs; guides FY08 EPS above consensus, revs above consensus (ICLR) 77.79 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 48.5% year/year to $218.3 mln vs the $209.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.46-2.52 vs. $2.44 consensus; sees FY08 revs of $870-890 mln vs. $852.73 mln consensus.
1:01AM Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (JEC) 83.53 : Reports Q3 (Jun) earnings of $0.87 per share, $0.05 better than the First Call consensus of $0.82; revenues rose 40.1% year/year to $2.92 bln vs the $2.75 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.15-3.40, includes one-time gain, vs. $3.25 consensus. Backlog increased $7.3 bln, or 65.8%, from Q207, to $18.3 bln.
12:53AM Steel Dynamics beats by $0.12, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STLD) 32.96 : Reports Q2 (Jun) earnings of $1.05 per share, $0.12 better than the First Call consensus of $0.93; revenues rose 163.8% year/year to $2.4 bln vs the $2.35 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.15 vs. $0.97 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90 vs. $3.46 consensus. Chief executive Keith Busse commented, "third-quarter steel and scrap shipments could decline slightly as the result of seasonally planned mill outages and other consumer / provider industrial outages in July and August. Currently, though, order activity remains strong for steel products and metals recycling volumes are running at a record pace."
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