Earnings - 23rd July 2008 (1)

8:15AM Lincoln Electric beats by $0.24, beats on revs (LECO) 74.43 : Reports Q2 (Jun) earnings of $1.62 per share, $0.24 better than the First Call consensus of $1.38; revenues rose 19.3% year/year to $699.8 mln vs the $663.6 mln consensus.

8:13AM Affiliated Managers beats by $0.02, misses on revs (AMG) 86.13 : Reports Q2 (Jun) earnings of $1.43 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.41; revenues fell 6.8% year/year to $309 mln vs the $313.7 mln consensus. "Looking ahead, our pipeline of prospective new Affiliate investments continues to be very strong. Our proven track record of successful investments and established reputation as the partner of choice for growing boutique firms makes our competitive position stronger than ever. With our substantial financial capacity to execute upon the opportunities before us, we are uniquely well-positioned to generate meaningful incremental growth in earnings through accretive investments in outstanding boutique asset management firms."

8:07AM McDonald's beats by $0.08, beats on revs; reports global comparable sale +6.1% (MCD) 60.12 : Reports Q2 (Jun) earnings of $0.94 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.86; revenues rose 4.0% year/year to $6.08 bln vs the $5.92 bln consensus. MCD reports global comparable sales increased 6.1%.

8:05AM Peabody Energy beats by $0.35; guides Q3 EPS in-line; guides FY08 EPS in-line (BTU) 65.03 : Reports Q2 (Jun) earnings of $0.89 per share, $0.35 better than the First Call consensus of $0.54; revenues rose 43.2% year/year to $1.53 bln vs the $1.5 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.80-1.05 vs. $0.87 consensus. Co issues in-line guidance for FY08, sees EPS of $2.50-3.00 vs. $2.58 consensus. Full-year EBITDA is now targeted to be $1.6-1.8 bln. The company is reaffirming production volume targets of 220 to 240 million tons with sales of 240 to 260 million tons, including 22 to 24 million tons in Australia.

8:01AM Palomar Medical expands its product portfolio through a distribution agreement with Astron Clinica (PMTI) 12.15 : Co announces that it has entered into a Distribution Agreement with Astron Clinica to distribute a range of aesthetic imaging products in the United States and Canada. The agreement gives Palomar exclusive distribution rights to sell Beau Visage, a clinically proven skin imaging and consultation system, to medical professionals.

7:59AM Ryder System beats by $0.06, beats on revs; guides Q3 EPS in-line; narrows FY08 EPS guidance (R) 75.09 : Reports Q2 (Jun) earnings of $1.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.16; revenues rose 0.1% year/year to $1.66 bln vs the $1.6 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.25-1.30 vs. $1.27 consensus. Co issues in-line guidance for FY08, sees EPS of $4.60-4.70 vs. $4.68 consensus, prior guidance $4.55-4.75.

7:48AM Allegheny Tech beats by $0.01, beats on revs; guides FY08 EPS below consensus (ATI) 54.62 : Reports Q2 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.54; revenues fell 0.7% year/year to $1.46 bln vs the $1.41 bln consensus. Co issues downside guidance for FY08, sees EPS of $5.80-6.10 vs. $6.42 consensus. Co says demand for its titanium alloys, nickel-based superalloys, and specialty alloys was good for jet engine applications. Demand for its airframe titanium alloys was steady. Demand for its exotic alloys was strong from the chemical process industry and is growing from the nuclear energy market.
7:44AM AT&T reports EPS in-line, revs in-line (T) 31.82 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, in-line with the First Call consensus of $0.76; revenues rose 4.7% year/year to $30.87 bln vs the $31.15 bln consensus. Co reports consolidated operating income margin expansion to 21.3% reported from 16.8% in the year-earlier quarter and 25.1% adjusted versus 23.9%. Co reports 15.8% increase in wireless revenues with wireless data revenues from areas such as Internet access, messaging and e-mail up a robust 52.0%. Reports more than 1.3 mln net gain in wireless subscribers to reach 72.9 mlnin service; postpaid subscriber churn down to 1.1%, lowest level in company's history. Co reports 16.1% growth in wireline IP data revenue. AT&T U-verse net subscriber gain of 170,000 to reach 549,000 in service; on trajectory to exceed 1 million subscribers in service by the end of this year.


7:36AM General Dynamics beats by $0.16, beats on revs; guides FY08 EPS above consensus (GD) 83.45 : Reports Q2 (Jun) earnings of $1.60 per share, $0.16 better than the First Call consensus of $1.44; revenues rose 10.8% year/year to $7.30 bln vs the $7.23 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.00-6.05 vs. $5.91 consensus. Co says cash generation was exceptionally strong and the robust backlog suggests continued healthy demand for each business area. Growth in the Aerospace backlog is a reflection of continued demand for the entire existing product line and extremely strong demand for the new Gulfstream G650. Co says it is very pleased to see this interest in the new plane.

7:04AM PepsiCo beats by $0.03, beats on revs; guides FY08 EPS in-line (PEP) 66.19 +1.74 : Reports Q2 (Jun) earnings of $1.05 per share, $0.03 better than the First Call consensus of $1.02; revenues rose 13.9% year/year to $10.95 bln vs the $10.55 bln consensus. Co issues in-line guidance for FY08, sees EPS of at least $3.72 vs. $3.73 consensus and low-double-digit net revenue growth (including acquisitions and foreign exchange).

7:03AM Wyeth beats by $0.04, beats on revs; guides FY08 EPS above consensus (WYE) 44.68 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.87; revenues rose 5.3% year/year to $5.95 bln vs the $5.69 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.47-3.55, excluding non-recurring items, compared to previous guidance of $3.35-3.42, vs. $3.45 consensus.

7:01AM Philip Morris International beats by $0.03; guides FY08 EPS above consensus (PM) 52.05 : Reports Q2 (Jun) earnings of $0.86 per share, $0.03 better than the First Call consensus of $0.83; net revenues rose 15.0% year/year to $6.71 bln. Co issues upside guidance for FY08, sees EPS of $3.32-3.38, excluding non-recurring items, compared to previous guidance of $3.18-3.24, vs. $3.25 consensus.

6:08AM Praxair beats by $0.02, beats on revs; guides in-line; authorizes $1 bln buyback (PX) 91.95 : Reports Q2 (Jun) earnings of $1.08 per share, $0.02 better than the First Call consensus of $1.06; revenues rose 23.4% year/year to $2.88 bln vs the $2.72 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.06-1.10 vs. $1.08 consensus. Co issues in-line guidance for FY08, sees EPS of $4.20-4.30 vs. $4.24 consensus. Co also announces that the board has authorized a new repurchase program for up to $1 bln of its common stock.

6:06AM Air Products beats by $0.01, beats on revs; guides Q4 EPS above consensus (APD) 98.68 : Reports Q3 (Jun) earnings of $1.32 per share, excluding impairment charge and income from discontinued operations, $0.01 better than the First Call consensus of $1.31; revenues rose 16.2% year/year to $2.81 bln vs the $2.71 bln consensus. Co issues upside guidance for Q4, sees EPS of $1.37-1.42 vs. $1.35 consensus.

6:05AM Whirlpool beats by $0.16, reports revs in-line; reaffirms FY08 EPS guidance (WHR) 68.15 : Reports Q2 (Jun) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 4.6% year/year to $5.08 bln vs the $5.03 bln consensus. Co reaffirms guidance for FY08, sees EPS of $7.00-7.50 vs. $6.71 consensus. The company continues to expect full-year 2008 industry unit shipments to increase 5 percent to 10 percent from 2007 levels.

6:03AM WellPoint beats by $0.08, reports revs in-line; guides FY08 EPS in-line (WLP) 48.75 : Reports Q2 (Jun) earnings of $1.44 per share, $0.08 better than the First Call consensus of $1.36; revenues rose 3.1% year/year to $15.48 bln vs the $15.61 bln consensus. Co issues in-line guidance for FY08, sees EPS of $5.42-5.57 vs. $5.48 consensus.

2:28AM CNH Global beats by $0.33, beats on revs; guides FY08 EPS above consensus (CNH) 31.00 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.33 better than the First Call consensus of $1.15; revenues rose 28.9% year/year to $5.28 bln vs the $4.85 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.37 consensus.

2:16AM Panera Bread beats by $0.06, reports revs in-line; guides Q3 EPS above consensus; guides Q4 (Dec) EPS in-line; guides FY08 EPS above consensus (PNRA) 51.00 : Reports Q2 (Jun) earnings of $0.55 per share, excluding unfavorable tax adjustment and write-down, $0.06 better than the First Call consensus of $0.49; revenues rose 26.8% year/year to $320.9 mln vs the $318.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.42-0.44 vs. $0.41 consensus. Co issues in-line guidance for Q4 (Dec), sees EPS of $0.82-0.86 vs. $0.84 consensus. Co issues upside guidance for FY08, sees EPS of $2.17-2.23 vs. $2.15 consensus. Comparable co-owned bakery-cafe sales increased 6.5% in Q2 and comparable bakery-cafe sales in franchise-operated bakery-cafes increased 4.8% in Q2. Co believes that estimates reflecting a growth rate for FY09 of >20% aren't prudent at this time given anticipated commodity cost inflation of 5% to 6%.

1:02AM Boston Prpts beats by $0.04, beats on revs; guides Q3 FFO above consensus; guides FY08 FFO above consensus (BXP) 99.88 : Reports Q2 (Jun) funds from operations of $1.21 per share, $0.04 better than the First Call consensus of $1.17; revenues fell 1.0% year/year to $368.5 mln vs the $364.1 mln consensus. Co issues upside guidance for Q3, sees FFO of $1.22-1.23 vs. $1.19 consensus. Co issues upside guidance for FY08, sees FFO of $4.86-4.92 vs. $4.68 consensus.

12:00AM CEMEX S.A. misses by $0.14, reports revs in-line (CX) 23.29 : Reports Q2 (Jun) earnings of $0.59 per share, $0.14 worse than the First Call consensus of $0.73; revenues rose 29.2% year/year to $6.35 bln vs the $6.38 bln consensus.