Earnings - 13th Aug 2008

6:09PM Netease.com beats by $0.10, beats on revs (NTES) 24.05 +1.36 : Reports Q2 (Jun) earnings of $0.49 per share, $0.10 better than the First Call consensus of $0.39; revenues rose 9.5% year/year to $104 mln vs the $99 mln consensus.

6:06PM Ctrip.com beats by $0.05, beats on revs; guides Q3 revs; Board approves $15 shrae repurchase (CTRP) 43.20 -2.59 : Reports Q2 (Jun) earnings of $0.25 per share, $0.05 better than the First Call consensus of $0.20; revenues rose 30.0% year/year to $55 mln vs the $53.8 mln consensus. For the third quarter of 2008, Ctrip expects the year-on-year net revenue growth rate to be in the range of 15-20%. The board of directors has approved a share repurchase program, which is subject to shareholder approval during CTRP's annual general meeting currently scheduled in September 2008. The board has authorized CTRP to repurchase, using funds from CTRP's available cash balance, up to US$15 mln worth of its own ADSs.

4:09PM Network Appliance reports EPS in-line, revs in-line; issues Q2 guidance, announces $1 bln share repurchase program (NTAP) 25.69 -0.62 : Reports Q1 (Jul) earnings of $0.22 per share, in-line with the First Call consensus of $0.22; revenues rose 26.1% year/year to $869 mln vs the $861.6 mln consensus. Co issues guidance for Q2, sees EPS of $0.27-0.30 vs. $0.30 consensus; sees Q2 revs of $910-940 vs. $918.19 mln consensus. Additionally, the co announced a $1 bln share repurchase program. "Our new fiscal year got off to a good start, and our efforts to increase awareness and sales capacity in order to secure new customers are delivering results... Despite economic uncertainty, customers have continued to expand and evolve their storage infrastructure and are looking to NetApp to help them reduce costs and enable new capabilities."
4:06PM Clean Energy Fuels beats by $0.06, beats on revs (CLNE) 14.70 +0.43 : Reports Q2 (Jun) loss of $0.05 per share, $0.06 better than the First Call consensus of ($0.11); revenues rose 12.7% year/year to $34.6 mln vs the $33.8 mln consensus. "As we expected, our financial performance in the first half of 2008 was hampered by the combination of the loss of a few non-core customers, the impact of higher natural gas prices on our fixed-price customer contracts, and the long lead time for our key Port project to translate into gallons and revenue. With that said, we continue to see our pipeline grow and remain optimistic about the outlook for natural gas as a vehicle fuel," said Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer. "We believe Clean Energy stands to benefit from the momentum generated from energy issues coming to the forefront in the U.S. There is proposed legislation in Congress promoting natural gas as a transportation fuel and we are seeing an increasing number of grants providing incentives to switch to natural gas fueling solutions. Highlighting Clean Energy's industry leadership, we recently teamed up with General Motors Corp. to open a hydrogen fueling station at our Clean Energy natural gas fueling station at the Los Angeles International Airport."

8:06AM Macy's beats by $0.10, reports revs in-line; guides FY09 EPS below consensus (M) 20.27 : Reports Q2 (Jul) earnings of $0.29 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.19; revenues fell 3.0% year/year to $5.72 bln vs the $5.76 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.70-1.85, excluding non-recurring items, vs. $1.86 consensus. The first Q2 non-recurring item relates to the consolidation of three Macy's divisions announced in February 2008, which is expected to save approximately $100 million per year beginning in 2009. In the second quarter of 2008, the company booked consolidation costs of $26 million ($17 million after tax or 4 cents per diluted share). Second quarter 2008 results also include non-cash asset impairment charges of $50 million ($31 million after tax or 8 cents per diluted share) related to private brand tradenames acquired in the merger with The May Department Stores Company in 2005... Macy's, Inc. currently expects same-store sales in the fall season to be flat to down 1 percent, which would result in fiscal 2008 same-store sales of down 1 percent to down 1.6 percent.

7:39AM KHD Humboldt Wedag beats by $0.13, misses on revs, issues inline FY08 EPS guidance (KHD) 26.60 : Reports Q2 (Jun) earnings of $0.63 per share, excluding items, $0.13 better than the single analyst estimate of $0.50; revenues fell 9.6% year/year to $144.2 mln vs the $189.80 mln single analyst estimate. Co issues in-line guidance, sees FY08 EPS of $2.05-$2.15 vs single analyst estimate of $2.12, and sees order intake to increase to $1.1 bln. The co's order backlog is $1.3 bln, up 96% yr/yr, with 41% from Russia and Eastern Europe, 26% from the Middle East and 26% from Asia. Order intake for Q2 was $320.1 mln, up 105% yr/yr, with 53% coming from the emerging markets of Russia and Eastern Europe and 31% from Asia.

7:16AM Liz Claiborne beats by $0.09, reports revs in-line; guides Q3 EPS below consensus (LIZ) 14.91 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.00); revenues fell 7.1% year/year to $973.8 mln vs the $970.4 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.37-0.42 vs. $0.58 consensus. Co narrow guidance rannge for FY08, to EPS of $1.40-1.50 from $1.40-1.60 vs. $1.39 consensus.

7:07AM Canadian Solar reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line; guides FY08 revs in-line (CSIQ) 30.91 : Reports Q2 (Jun) earnings of $0.36 per share, includes one-time non-cash debt conversion chrage of $10.2 mln, may not be comparable to the First Call consensus of $0.47; revenues rose 251.9% year/year to $212.6 mln vs the $206.8 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $245-255 mln vs. $247.63 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $850-970 mln vs. $908.93 mln consensus. "Based on current sales and supply agreements and market forecasts, we reiterate our 2009 shipment target of 500 - 550MW. The 2009 target includes about 400 MW of regular solar modules and 100 - 150 MW of e- Modules." "Shipments for Q308 are expected to be approximately 60 MW."

7:04AM Deere misses by $0.04 (DE) 69.35 : Reports Q3 (Jul) earnings of $1.32, $0.04 worse than the First Call consensus of $1.36; revenues rose 18.1% year/year to $7.07 bln vs the $7.23 bln consensus. Company equipment sales are projected to increase by about 21 percent for the full year and 29 percent for the fourth quarter of 2008. Included in the forecast is about 5 percent of currency translation impact for the year and about 3 percent for the quarter. Deere's net income is forecast to be about $425 million for the fourth quarter. Escalating raw material costs are expected to have an impact on margins for the quarter.

6:33AM Gildan Activewear beats by $0.01, beats on revs; reaffirms FY08 EPS guidance (GIL) 27.73 : Reports Q3 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.45; revenues rose 30.6% year/year to $380.8 mln vs the $355.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $1.45-1.50 vs. $1.48 consensus.

5:25AM Toll Brothers reports preliminary Q308 totals for home building revenues, backlog and contracts (TOL) 20.64 : Co reports that, for Q308 ending July 31, 2008, home building revenues were approx $796.5 mln, backlog was approx $1.75 bln and net signed contracts were approx $469.7 mln. These totals represented declines of 34%, 52% and 35%, respectively, in dollars, and 31%, 48% and 27%, respectively, in units, compared to Q307 results.

5:22AM Pan Am Silver misses by $0.02, beats on revs (PAAS) 25.20 : Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.33; revenues rose 31.4% year/year to $104.1 mln vs the $99 mln consensus.

3:20AM LDK Solar signs five-year wafer supply agreement with LX Telecom & Energy (LDK) 39.37 : Co signs a five-year contract to supply multicrystalline solar wafers to India-based XL Telecom & Energy. Under the terms of the agreement, LDK Solar will deliver approx 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Limited over a five-year period, commencing in Q109 and extending through 2013.

3:14AM ING Group posts EUR 1.9 bln underlying net profit in Q2 (ING) 34.09 : Co reports underlying net profit of EUR 1,946 mln, down 28.8% from 2Q07 on lower investment income. Net EPS down 20.3% to EUR 0.94; EUR 5 bln share buyback added EUR 0.05 per share. Lower real estate & private equity valuations, lower equity capital gains account for EUR 754 mln net decline.

3:12AM Cellcom Israel reports Q208 results (CEL) 33.16 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65; revenues increased 9.9% year/year to $477 mln vs the $445.63 mln consensus.


1:09AM GeoEye restates financial statements for YE2005, 2006 and 2007 and for quarters ended Sept. 30, 2007 and March 31, 2008 (GEOY) 24.53 : Co restates its financial statements for the years ended December 31, 2005, 2006 and 2007 and quarterly information for such periods and for each of the quarters ended September 30, 2007 and March 31, 2008, for the following reasons: As part of the NextView program, the National Geospatial-Intelligence Agency agreed to pay approx $237 mln to share the cost of constructing the co's GeoEye-1 satellite. Additionally, co reports a decrease income tax expense and related tax liabilities from the amounts reported on the 2007 Form 10-K because the previously identified ownership change occurred earlier than previously reported and thus eliminated fewer net operating losses. Finally, co identified a decrease of $3.0 mln in direct expenses in 2007 due to an overstatement of imagery purchased from third parties associated with imagery sales in 2007.

1:03AM GeoEye reports Q208 results (GEOY) 24.53 : Reports Q2 (Jun) earnings of $0.12 per share, $0.01 worse than the First Call consensus of $0.13; revenues fell 29.1% year/year to $34.2 mln vs the $35.09 mln consensus.

12:52AM Star Bulk Carriers reports Q208 results (SBLK) 9.86 : Reports Q2 (Jun) earnings of $0.27 per share, excludes items, $0.06 worse than the First Call consensus of $0.33; revenues were $59.23 mln vs the $49.34 mln consensus.

12:46AM Sociedad Quimica y Minera reports earnings for Q208 (SQM) 32.46 : Co announces announced year/year earnings growth of 146.6% for Q208, reporting quarterly net income of $125.7 mln ($0.48 per ADR) compared to the 2007 figure of $51.0 mln ($0.19 per ADR). Operating income for Q2 reached $156.1 mln, 112.5% higher than the $73.5 mln recorded for the same period of 2007. Revenues totaled $460.8 mln, an increase of approx 43.3% with respect to Q207, when revenues amounted to $321.6 mln. No First Call estimates are available.