Earnings - 28th July 2008

CMP: Compass Minerals International Inc. reported its first second-quarter profit, and sales rose 27 percent compared with the same period last year. In a release after the market closed on Monday, the Overland Park-based company (NYSE: CMP) reported earnings of $1.6 million, or 5 cents a share, for the quarter that ended June 30. This compares with a loss of $3.2 million, or 10 cents a share, last year. The company typically records a loss in the second quarter, when it builds rock salt inventories for the winter season. Five analysts surveyed by Thomson First Call reported a consensus earnings estimate of 26 cents a share for the quarter. “This significant achievement illustrates the success of our strategies to strengthen our non-winter, non-seasonal applications coupled with the company’s minimal exposure to economic cycles,” company CEO Angelo Brisimitzakis said in the release. Sales for the quarter were $162 million, up from $127.5 million last year. Four analysts reported a consensus revenue estimate of $158 million for the quarter. Compass ranks No. 18 on the Kansas City Business Journal’s list of area public companies

6:38PM SL Green Rlty beats by $0.29, beats on revs (SLG) 78.90 -4.10 : Reports Q2 (Jun) funds from operations of $2.00 per share, $0.29 better than the First Call consensus of $1.71; revenues rose 21.4% year/year to $305.8 mln vs the $262.4 mln consensus.

5:16PM Mosaic beats by $0.24, beats on revs (MOS) 122.66 +0.61 : Reports Q4 (May) earnings of $1.88 per share, excluding non $0.05 gain, $0.24 better than the First Call consensus of $1.64; revenues rose 105.8% year/year to $3.47 bln vs the $2.85 bln consensus. The average Q4 DAP price, FOB plant, was $754 per tonne, which is a $416 per tonne increase compared with a year ago and a $267 per tonne increase compared with the third quarter of fiscal 2008. The average Q4 MOP price, FOB plant, was $335 per tonne, which is a $181 per tonne increase compared with a year ago and a $114 per tonne increase compared with Q3 of FY08. Co gives outlook saying, Sales volumes for the Phosphates segment are expected to range from 9.0-9.4 mln tonnes for FY09. Potash segment sales volumes are expected to range from 8.2-8.6 mln tonnes in FY09. Mosaic's realized DAP price, FOB plant, for Q1 of FY09 is estimated to be $1,020-1,080 per tonne. Co's Q1 FY09 average realized MOP price, FOB plant, is estimated to be $460-510 per tonne.

5:11PM Manitowoc beats by $0.12, beats on revs; raises bottom-end of FY08 EPS guidance (MTW) 28.98 -0.08 : Reports Q2 (Jun) earnings of $1.01 per share, ex items, $0.12 better than the First Call consensus of $0.89; revenues rose 28.1% year/year to $1.3 bln vs the $1.23 bln consensus. Co raises bottom-end of guidance for FY08, sees EPS of $3.30-3.40, from $3.20-3.40, ex items, vs. $3.42 consensus. "The company continues to see brisk global demand for its mobile telescopic, crawler, and high-capacity tower cranes; however, we are noticing slower demand for lower capacity tower cranes in western Europe. We expect to realize better-than- industry growth with Foodservice revenue increases in the mid-single-digits range and improving margins in the mid-teens," Co also noted that it is closely monitoring and managing the impact of higher steel and commodity costs across each of its businesses.

5:03PM Walter Inds beats by $0.37, beats on revs (WLT) 86.28 +1.77 : Reports Q2 (Jun) earnings of $0.94 per share, $0.37 better than the First Call consensus of $0.57; revenues rose 24.8% year/year to $370 mln vs the $304.7 mln consensus. Changes in metallurgical coal sales volumes between the third and fourth quarter reflect a change in the anticipated timing of shipments for approximately 100,000 tons versus prior expectations. The average metallurgical coal operating margin per ton is expected to improve by approximately $5 per ton in the fourth quarter compared to previously communicated expectations, driven largely by higher metallurgical coal sales prices. The coke sales outlook for the second half of the year also reflects a shift in tons between the third and fourth quarter as coke oven repairs in the third quarter will reduce tonnage volumes slightly that will be made up in the fourth quarter. The operating margin per ton ranges are consistent with prior expectations and reflect favorable spot sales prices, offset by higher coal input costs.

4:37PM CF Industries beats by $1.42, misses on revs (CF) 145.68 +1.96 : Reports Q2 (Jun) earnings of $5.02 per share, includes as $0.92 mark-to-market gain, $1.42 better than the First Call consensus of $3.60; revenues rose 36.8% year/year to $1.16 bln vs the $1.21 bln consensus. Average selling prices for all nitrogen products increased from both the year-earlier quarter and Q1 of 2008. For ammonia, the average selling price was $513 per ton, up from $390 in Q2 2007 and $428 in Q1 of 2008. For urea, average selling price was $417 per ton, up from $331 in the year-earlier quarter and $387 in 2008's Q1. For UAN, the average selling price was $313 per ton, up from $206 in the year-earlier quarter and $285 in Q1 2008. Co says, "Unfortunately, the cold, wet spring and flooding delayed planting or required replanting throughout large portions of the Corn Belt. It also limited the application of pre-plant and side-dress ammonia, used to maximize yield on corn... Fertilizer producers should begin seeing the positive effects of that acreage increase during this year's third and fourth quarters, as customers are expected to restock inventories in anticipation of a robust fall application season... while demand for this fall and the spring of 2009 appears strong, there are issues facing domestic producers, including uncertainty regarding export tax levels in China and the cost of sulfur. Co also noted that the impact of fertilizer prices on demand and U.S. ethanol policy bear watching."

4:12PM Advanced Analogic Tech misses by $0.02, reports revs in-line; guides Q3 EPS, guides Q3 revs in-line with consensus (AATI) 4.27 -0.36 : Reports Q2 (Jun) loss of $0.04 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of ($0.02); revenues fell 17.8% year/year to $21.2 mln vs the $21.1 mln consensus. Co issues guidance for Q3, sees GAAP EPS of ($0.03)-(0.01), may not be comparable to $0.02 consensus; sees Q3 revs of $24-26 mln vs. $24.52 mln consensus.

4:09PM Atheros Communications beats by $0.01, reports revs in-line (ATHR) : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 20.5% year/year to $121.5 mln vs the $120.8 mln consensus.

4:02PM AuthenTec beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY08 revs in-line (AUTH) 9.90 -0.30 : Reports Q2 (Jun) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues rose 49.6% year/year to $18.4 mln vs the $17.4 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.04-0.05 vs. $0.05 consensus; sees Q3 revs of $19-20 mln vs. $20.22 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $72-78 mln vs. $77.08 mln consensus.

4:02PM Ladish misses by $0.11, misses on revs (LDSH) 21.99 -0.53 : Reports Q2 (Jun) earnings of $0.43 per share, $0.11 worse than the First Call consensus of $0.54; revenues rose 4.8% year/year to $119 mln vs the $123.5 mln consensus.

8:39AM Wrigley beats by $0.06, beats on revs (WWY) 78.99 : Reports Q2 (Jun) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.68; revenues rose 14.0% year/year to $1.57 bln vs the $1.53 bln consensus.

7:32AM Simon Properties beats by $0.07, beats on revs; guides FY08 FFO above consensus (SPG) 90.59 : Reports Q2 (Jun) funds from operations of $1.56 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.49; revenues rose 7.8% year/year to $922.9 mln vs the $885 mln consensus. Co issues upside guidance for FY08, sees FFO of $6.45-6.52, excluding non-recurring items, vs. $6.44 consensus.

7:28AM Verizon beats by $0.02, reports revs in-line (VZ) 34.45 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 3.7% year/year to $24.12 bln vs the $24.18 bln consensus. Co reports Q2 net adds of 1.5 mln customers, with 68.7 mln total customers. Co reports 1.12% total churn and 0.83% retail post-paid churn. Co reports 176k net new FiOS TV customers and 187k net new FiOS Internet customers. Co reports 10.4% increase in consumer ARPU in legacy telecom markets and 18.7% increase in Verizon Business strategic services revenue.

7:08AM Kraft Foods beats by $0.08, beats on revs; guides FY08 EPS above consensus (KFT) 29.38 : Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.50; revenues rose 21.4% year/year to $11.18 bln vs the $10.7 bln consensus. Co issues upside guidance for FY08, sees EPS of at least $1.92 vs. $1.89 consensus. The company continues to expect cumulative annualized savings from the restructuring program to reach approximately $1.0 bln by year-end and $1.2 bln by the end of 2009. To date, cumulative annualized savings from this cost restructuring program totaled approximately $927 mln, up from approximately $785 mlnat the end of 2007.

3:22AM Elbit Systems anticipates positive impact on Q208 results due to higher level of revenues from short-term delivery contracts (ESLT) 53.87 : Co announces that it anticipates an impact on its Q208 results of additional net after tax profit of approx $8-11 mln, due mainly to a higher level of revenues generated from short-term delivery contracts in the quarter. Conversely, the co notes, as indicated in its announcement on July 2, 2008, that its financial results for Q208 will also be negatively impacted in a net after tax amount of approx $10 mln, as a result of a recent court ruling in the U.S. Both developments will be reflected in Q208 results.

1:28AM Sohu.com beats by $0.25, beats on revs; guides Q3 EPS above consensus, revs above consensus (SOHU) 82.82 : Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.67; revenues rose 161.6% year/year to $102 mln vs the $96.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.00-1.05, excluding non-recurring items, vs. $0.71 consensus; sees Q3 revs of $112.0-116.0 mln vs. $106.75 mln consensus.