Earnings - 12th Aug 2008

4:40PM NVIDIA beats by $0.01, misses on revs; increases stock repurchase program by $1 bln (NVDA) 11.07 -0.16 : Reports Q2 (Jul) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.12; revenues fell 4.6% year/year to $892.7 mln vs the $908.4 mln consensus. "During the second quarter of fiscal 2009, NVIDIA recorded a $196 mln charge (vs previous estimate of $150-200 mln) against cost of revenue to cover anticipated customer warranty, repair, return, replacement and associated costs arising from a weak die/packaging material set in certain versions of our previous generation MCP and GPU products used in notebook systems... NVIDIA also announced an increase of $1 bln to its stock repurchase program under which it may now purchase up to $2.7 bln of its common stock. Through July 27, 2008, NVIDIA has repurchased 68.0 mln shares under the stock repurchase program for a total cost of $1.16."

4:26PM Bob Evans beats by $0.01, reports revs in-line; reaffirms FY09 EPS in-line (BOBE) 32.60 +0.83 : Reports Q1 (Jul) earnings of $0.45 per share, $0.01 better than the First Call consensus of $0.44; revenues rose 3.7% year/year to $440.3 mln vs the $443.2 mln consensus. Co reaffirmed in-line guidance for FY09, sees EPS of $2.00-2.10 vs. $2.10 consensus.

4:09PM Energy Recovery swings to Q2 profit on 247% YoY rev growth (ERII) 10.23 -0.09 : Co reports Q2 EPS of $0.04 vs ($0.01) in 2Q07; revs rose 247% YoY to $12.0 mln - no ests. Co sees Q3 EPS of $0.00; revs of $6.8-7.2 mln. Sees FY08 EPS of $0.14-0.15, revs of $49-51 mln - no ests. "Our strong second quarter results reflect the continued growth of the desalination industry worldwide and our leading market share in the energy recovery segment... The recent IPO was a milestone event for the Company and our visibility as a leading player in our industry has risen as a result. The IPO proceeds put us on solid financial footing to pursue many important strategic initiatives that will further strengthen that leadership position."

4:07PM Applied Materials reports EPS in-line, revs in-line (AMAT) 18.47 +0.01 : Reports Q3 (Jul) Non-GAAP earnings of $0.15 per share including stock based compensation, $0.01 better than, the First Call consensus of $0.14; revenues fell 27.8% year/year to $1.85 bln vs the $1.84 bln consensus. Gross margin for the third quarter of fiscal 2008 was 40.2%, down from 47.5% for the third quarter of fiscal 2007, and down from 45.0% for the second quarter of fiscal 2008. The firm says "While our silicon business was down, revs increased in our display, service and solar businesses. We made significant progress in our solar division during the quarter, substantially increasing the number of crystalline silicon systems shipped and enabling start-up production on the first four SunFab Thin Film lines at customer sites..."

4:04PM MercadoLibre beats by $0.01, beats on revs (MELI) 36.05 -0.93 : Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.09; revenues rose 81.9% year/year to $34.5 mln vs the $32.2 mln consensus.

4:03PM American Public Education beats by $0.06, beats on revs; guides Q3 EPS above consensus (APEI) 44.03 -1.47 : Reports Q2 (Jun) earnings of $0.21 per share, $0.06 better than the First Call consensus of $0.15; revenues rose 54.6% year/year to $25.0 mln vs the $24.7 mln consensus. For Q3, co sees EPS of $0.17-0.18 vs. $0.16 consensus; sees Q3 revs of $25.5-26.2 mln vs. $26.2 mln consensus. For FY08, co sees EPS of $0.76-0.80 vs. $0.72 consensus; sees FY08 revs of $103.0-105.5 mln vs. $104.6 mln consensus.

8:01AM WW Grainger reports sales results for the month of July 2008 (GWW) 91.27 +1.54 : Co reports sales results for the month of July 2008. Daily sales grew 11% versus July 2007 including a 1% benefit from foreign currency primarily due to the strength of the Canadian dollar. Sales were negatively affected by approximately 1% due to softer sales of seasonal products. Sales were positively affected by approximately 1% due to Lab Safety Supply's acquisition of Highsmith.

7:56AM GigaMedia beats by $0.02, reports revs in-line (GIGM) 11.69 : Reports Q2 (Jun) earnings of $0.19 per share, $0.02 better than the First Call consensus of $0.17; revenues rose 30.9% year/year to $52.5 mln vs the $52.7 mln consensus.

6:03AM Watson Wyatt beats by $0.14, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs above consensus (WW) 60.38 : Reports Q4 (Jun) earnings of $0.94 per share, excluding foreign currency gain, $0.14 better than the First Call consensus of $0.80; revenues rose 16.8% year/year to $453.8 mln vs the $429.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.82-0.85 vs. $0.85 consensus; sees Q1 revs of $433-443 mln vs. $435.22 mln consensus. Co issues upside guidance for FY08, sees EPS of $3.70-3.77 vs. $3.35 consensus; sees FY08 revs of $1.85-1.9 bln vs. $1.74 bln consensus.

3:26AM Elbit Systems beats by $0.01, beats on revs (ESLT) 53.45 : Reports Q2 (Jun) earnings of $0.73 per share, $0.01 better than the First Call consensus of $0.72; revenues rose 39.5% year/year to $653.2 mln vs the $635 mln consensus.

12:48AM VeraSun Energy beats by $0.14, beats on revs (VSE) 7.03 : Reports Q2 (Jun) earnings of $0.16 per share, excluding restructuring expenses, $0.14 better than the First Call consensus of $0.02; revenues rose 498.7% year/year to $1.02 bln vs the $0.92 bln consensus. Net sales from ethanol increased $710.4 mln, or 499.4%, to $852.7 mln.

12:33AM Stillwater Mining reports Q208 results (SWC) 6.37 : Reports Q2 (Jun) earnings of $0.18 per share, $0.04 worse than the single-analyst estimate of $0.22; revenues increased 35.96% year/year to $218.83 mln vs the $217.0 mln single-analyst estimate.