9:30AM Lubrizol beats by $0.19, beats on revs; guides FY08 EPS, revs above consensus (LZ) 45.56 : Reports Q2 (Jun) earnings of $1.26 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.07; revenues rose 16.9% year/year to $1.35 bln vs the $1.25 bln consensus. Co issues upside guidance for FY08, sees EPS of $4.43-4.58, excluding non-recurring items, compared to previous guidance of $4.26-4.45, vs. $4.30 consensus; co sees rev growth of 18-19% yr/yr, which equates to approx $5.31-5.35 bln vs $4.96 bln consensus.
9:01AM Allergan reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (AGN) 53.10 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 19.8% year/year to $1.17 bln vs the $1.13 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.65 vs. $0.67 consensus. Co issues in-line guidance for FY08, sees EPS of $2.57-2.59 vs. $2.58 consensus.
8:18AM Temple-Inland beats by $0.12, beats on revs (TIN) 14.83 : Reports Q2 (Jun) earnings of $0.07 per share, $0.12 better than the First Call consensus of ($0.05); revenues fell 3.1% year/year to $991 mln vs the $978.5 mln consensus. Corrugated packaging operating income declined yr/yr as higher box prices were more than offset by increased costs for energy, fiber and freight. Building products operating income declined yr/yr due to lower gypsum prices and volumes. "While cost inflation and tough conditions in the housing industry continue to present significant challenges for our company, we were pleased with our improved earnings in second quarter 2008 compared with first quarter 2008. Corrugated packaging continued to experience significant cost inflation in the quarter. We remain very focused on implementing the current price increase, which will more than offset cost inflation experienced during the year. The mill system ran well during the quarter and we completed our scheduled maintenance at our Bogalusa, LA mill. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization, and we will see the benefit from these efforts in the second half of 2008 and into 2009. Building products returned to profitability in the quarter, benefiting from seasonal improvement in lumber pricing and our initiatives to lower cost and match our production to our demand. We continue to believe building products markets will remain very difficult for the balance of 2008, but are determined to control costs and minimize losses for the year."
7:40AM Cummins beats by $0.26, reports revs in-line; guides FY08 revs below consensus (CMI) 66.02 : Reports Q2 (Jun) earnings of $1.49 per share, $0.26 better than the First Call consensus of $1.23; revenues rose 16.3% year/year to $3.89 bln vs the $3.88 bln consensus. Co issues downside guidance for FY08, now forecasting a 15 percent sales increase, equates to $15.0 bln vs. $15.35 bln consensus, up from its previous guidance of 12 percent. The Co expects to earn an EBIT margin of 10 percent of sales for the year.
7:39AM Reynolds American beats by $0.06, beats on revs; reaffirms full year guidance (RAI) 50.72 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues fell 0.4% year/year to $2.34 bln vs the $2.31 bln consensus. Company reaffirms full-year guidance: earnings (excluding JV gain) consistent with prior year. The co's operating margin was 25.7%, an improvement of 1.7% points from the prior-year period. Q2 results were driven by higher pricing and productivity at R.J. Reynolds, and continued volume and pricing gains at Conwood. These factors more than offset lower cigarette volume and higher settlement expense.
7:33AM Hess reports EPS in-line, beats on revs (HES) 94.25 : Reports Q2 (Jun) earnings of $2.76 per share, in-line with the First Call consensus of $2.76; revenues rose 57.9% year/year to $11.72 bln. The co's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007.
7:33AM Southern Co beats by $0.06 (SO) 35.73 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 11.7% year/year to $4.22 bln vs the $3.97 bln consensus. Earnings for the second quarter excluded a $67 mln charge, or 9 cents per share, related to three leveraged leases from the 1990s when Southern Company pursued development of international energy projects. Earnings for the second quarter excluded synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.
7:30AM Owens Corning beats by $0.04, beats on revs (OC) 24.50 : Reports Q2 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 22.8% year/year to $1.57 bln vs the $1.41 bln consensus. Owens Corning expects continued global strength in its composite materials business throughout 2008. The company is on-track to achieve at least $30 million in synergies in 2008 from its recent composites acquisition. Weakness in the U.S. housing market will continue to affect demand for Owens Corning's residential insulation products throughout 2008. Capital expenditures in 2008, excluding precious metal purchases, are now estimated to be about $350 million. The increased capital will be targeted to achieve growth and synergies in the composites business, as well as to accelerate energy reduction programs of all operations. Owens Corning had previously estimated that capital expenditures for 2008 would total $325 million.
7:24AM Noble Energy misses by $0.15, beats on revs (NBL) 74.62 : Reports Q2 (Jun) earnings of $1.93 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of $2.08; revenues rose 57.7% year/year to $1.21 bln vs the $1.02 bln consensus.
7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".
7:16AM Cameron beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (CAM) 46.58 : Reports Q2 (Jun) earnings of $0.65 per share, $0.03 better than the First Call consensus of $0.62; revenues rose 30.0% year/year to $1.48 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.69-0.71 vs. $0.69 consensus. Co issues upside guidance for FY08, sees EPS of $2.64-2.68, compared to previous guidance of $2.50-2.60, vs. $2.61 consensus.
7:06AM Garmin misses by $0.07, misses on revs; guides FY08 EPS below consensus, revs below consensus (GRMN) 45.06 : Reports Q2 (Jun) earnings of $0.93 per share, excluding gain from the tender of their Tele Atlas N.V shares, $0.07 worse than the First Call consensus of $1.00; revenues rose 22.9% year/year to $912 mln vs the $956.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $3.86, excluding excluding gain from the tender of their Tele Atlas N.V shares, vs. $4.00 consensus; sees FY08 revs of 3.9 bln vs. $4.13 bln consensus. Gross margin remained solid at 45.8% compared to 48.2% in first quarter 2008 and 50.5% in second quarter 2007.
6:31AM SPX Corp beats by $0.13, misses on revs; raises guidance for FY08 (SPW) 120.65 : Reports Q2 (Jun) earnings of $1.70 per share, $0.13 better than the First Call consensus of $1.57; revenues rose 28.8% year/year to $1.56 bln vs the $1.57 bln consensus. Co raises guidance for FY08, to EPS of $6.40-6.60 from $6.20-6.40 vs. $6.41 consensus.
6:01AM Rubicon Tech beats by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (RBCN) 16.12 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 39.6% year/year to $11.5 mln vs the $11.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.46 consensus.
1:58AM Arcelor Mittal beats by $1.38, beats on revs; Q308 Ebitda to exceed $8.5 bln (MT) 84.00 : Reports Q2 (Jun) earnings of $4.19 per share, $1.38 better than the First Call consensus of $2.81; revenues rose 39.0% year/year to $37.84 bln vs the $35.09 bln consensus. Co announces Q308 Ebitda will exceed $8.5 bln. Total steel shipments for Q208 were 29.8 mln metric tonnes as compared with steel shipments of 29.2 mln metric tonnes for Q108 and steel shipments of 28.7 mln metric tonnes for Q207. Flat carbon sales in the Americas were higher at $7.5 bln for Q208 vs sales of $6.5 bln for Q108.
1:22AM Dentsply beats by $0.03, beats on revs; guides FY08 EPS in-line (XRAY) 38.93 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.2% year/year to $594.8 mln vs the $567.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.91 vs. $1.88 consensus (prior range $1.83-1.88).
1:18AM Silver Wheaton reports Q208 results (SLW) 13.96 : Reports Q2 (Jun) earnings of $0.10 per share, $0.04 worse than the First Call consensus fo $0.14; revenues increased 1.5% year/year to $49.68 mln vs the $61.25 mln consensus.
12:39AM Brigham Exploration beats by $0.02, beats on revs (BEXP) 13.37 : Reports Q2 (Jun) earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. Co expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day.
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