4:46PM Allied Defense reports Q2 EPS of $0.11 vs ($3.58) in the prior year, revs grew 872% to $46.3 mln (ADG) 6.62 +0.20 : Co says "We are confident earnings per share in the third and fourth quarters will exceed those we have reported in this quarter."
4:18PM Building Materials misses by $1.08, misses on revs (BLG) 1.65 -0.07 : Reports Q2 (Jun) loss of $1.42 per share, $1.08 worse than the First Call consensus of ($0.34); revenues fell 41.3% year/year to $385 mln vs the $473.3 mln consensus. "...We have taken a number of actions aimed at preserving value and enhancing our liquidity going forward. These measures include the wind-down of certain operations, sale of underperforming business units and excess assets and other restructuring initiatives that will generate tax refunds based upon our existing net operating loss carry-back. We anticipate that these initiatives will reduce annualized SG&A expenses by $20 to $25 mln and result in one-time cash proceeds of approx $50 mln to the company over the next three to four quarters."
4:13PM Autodesk beats by $0.04; guides Q3 EPS in-line, revs above consensus; FY09 EPS in-line; guides FY10 below consensus (ADSK) 34.45 +0.07 : Reports Q2 (Jul) earnings of $0.56 per share, $0.04 better than the First Call consensus of $0.52; revenues rose 17.8% year/year to $619.5 mln vs the $606.4 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.54-0.56, excluding non-recurring items, vs. $0.55 consensus; sees Q3 revs of $625-635 mln vs. $621.99 mln consensus. Co issues in-line guidance for Q4 (Jan), sees EPS of $0.64-0.68, excluding non-recurring items, vs. $0.67 consensus; sees Q4 (Jan) revs of $660-680 mln vs. $673.10 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.24-2.30, excluding non-recurring items, vs. $2.24 consensus. Co issues downside guidance for FY10, sees EPS of $2.24-2.30 vs. $2.63 consensus; sees FY10 revs of $2.50-2.53 bln, excluding non-recurring items, vs. $2.81 bln consensus.
4:10PM Nordstrom beats by $0.01, misses on revs; guides Q3 EPS below consensus; guides FY09 EPS below consensus (JWN) 30.22 +0.53 : Reports Q2 (Jul) earnings of $0.65 per share, $0.01 better than the First Call consensus of $0.64; revenues fell 4.3% year/year to $2.29 bln vs the $2.31 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.49-0.54 vs. $0.56 consensus. Co issues downside guidance for FY09, sees EPS of $2.55-2.65; previous $2.65-2.80 vs. $2.68 consensus. Also for 2008 (FY ending Jan 2009), co expects same-store sales to decrease 4-6%; gross profit to decrease 110-140 basis points; SG&A to increase 25-60 basis points; interest expense to increase $55-60 mln.
4:08PM Harman misses by $0.09, beats on revs (HAR) 43.00 -0.08 : Reports Q4 (Jun) earnings of $0.68 per share, ex-items, $0.09 worse than the First Call consensus of $0.77; revenues rose 17.1% year/year to $1.07 bln vs the $1.05 bln consensus. The Company initiates a detailed five-year strategic planning process which addresses cost base and global competitiveness, including manufacturing footprint, procurement, technology portfolio, emerging market growth, and talent management. Plan highlights include defined reductions in the number of manufacturing, engineering and operating locations, global footprint optimization, and improved processes for forecasting, quality and risk management. As part of our implementation, the company launched on July 1, 2008 a cost and productivity improvement program called "STEP Change." This 24-month program, which is inclusive of previously announced initiatives, is expected to yield $400 mln in sustainable annual savings beyond fiscal year 2010.
4:04PM Rick's Cabaret reports Q3 (Jun) results, misses on revs; lowers FY08 guidance; lowers FY09 EPS guidance, but still above consensus (RICK) : Reports Q3 (Jun) earnings of $0.21 per share, may not be comparable to the First Call consensus of $0.28; revenues rose 92.7% year/year to $16.3 mln vs the $16.6 mln consensus. Co lowers guidance for FY08, sees EPS of $1.02, down from $1.25-$1.30, may not be comparable to $1.20 consensus; sees FY08 revs of "about" $60 mln, down from $61-$62 mln, vs. $61.95 mln consensus. Co issues guidance for FY09, lowers EPS guidance to $2.00-2.20, down from $2.30-$2.50 ($1.91 consensus); reiterates FY09 revs exceeding $100 mln ($84.64 mln consensus).
4:03PM Kohl's beats by $0.04, reports revs in-line; guides Q3 EPS below consensus; raises FY09 EPS in-line (KSS) 48.32 +0.74 : Reports Q2 (Jul) earnings of $0.77 per share, $0.04 better than the First Call consensus of $0.73; revenues rose 3.8% year/year to $3.73 bln vs the $3.75 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.51-0.56 vs. $0.57 consensus. Co raises guidance in-line for FY09, sees EPS of $3.02-3.18 vs. $3.07 consensus, up from $2.95-3.15. Co says, "Our second quarter results reflect strong inventory management and increased penetration of private and exclusive brands, resulting in improved gross margins, as well as effective expense control. We remain conservative in our sales expectations for the fall season and will manage our business accordingly. We are well positioned to chase business should the environment improve."
4:02PM DeVRY misses by $0.04, beats on revs (DV) 55.30 : Reports Q4 (Jun) earnings of $0.34 per share, $0.04 worse than the First Call consensus of $0.38; revenues rose 18.9% year/year to $276.8 mln vs the $272.1 mln consensus. Co said, "Consistent with our five-year strategic plan, DeVry's long term financial objective is to deliver double-digit revenue growth and roughly 20 percent compound annual earnings per share growth... While there may be fluctuations on a short-term basis along the way, we are taking a long-term view of managing the business to drive growth, quality and increased margins."
9:04AM Cameco misses by $0.01 (CCJ) 30.99 : Reports Q2 (Jun) earnings of $0.39 per share, $0.01 worse than the First Call consensus of $0.40, revs declined 14% YoY to $620 mln. Lower earnings was due to lower earnings in the uranium, fuel services and electricity businesses. In our uranium business earnings were adversely affected by lower sales volumes, which more than offset higher realized selling prices. In addition, lower sales volumes in our fuel services business and reduced output at Bruce Power had a dampening effect. In the second quarter of 2007, uranium deliveries were unusually high, representing 35% of that year's total.
8:32AM Copa Holdings beats by $0.11, reports revs in-line (CPA) 36.86 : Reports Q2 (Jun) earnings of $0.70 per share, $0.11 better than the First Call consensus of $0.59; revenues rose 26.6% year/year to $297.9 mln vs the $298.5 mln consensus.
8:04AM General Steel reports EPS in-line, beats on revs (GSI) 12.79 : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, in-line with the First Call consensus of $0.13; revenues rose 219.0% year/year to $387 mln vs the $353.7 mln consensus. "We are pleased to be building at our Longmen Joint Venture two new 1280 cubic meter blast furnaces. Upon completion we anticipate this will double our pig-iron capacity and allow us to increase crude steel production capacity from 2.5 to 4.0 million tons annually."
7:04AM J.M. Smucker beats by $0.05, beats on revs; guides FY09 EPS above consensus (SJM) 50.50 : Reports Q1 (Jul) earnings of $0.82 per share, excluding restructuring and merger and integration costs, $0.05 better than the First Call consensus of $0.77; revenues rose 18.2% year/year to $663.7 mln vs the $647.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $3.45-3.50 vs. $3.44 consensus; sees FY09 revs of $3.8-4.0 bln vs. $3.86 bln consensus. The outlook includes the impact of its previously announced agreement with The Procter & Gamble Co (PG) to merge P&G's Folgers coffee business with and into the Company.
6:22AM Wal-Mart beats by $0.02, reports revs in-line; guides Q3 EPS in-line; guides FY09 EPS in-line (WMT) 57.88 : Reports Q2 (Jul) earnings of $0.86 per share, excludes discontinued operations, $0.02 better than the First Call consensus of $0.84; revenues rose 10.4% year/year to $102.67 bln vs the $101.93 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.73-0.76 vs. $0.76 consensus. Co issues in-line guidance for FY09, sees EPS of $3.43-3.50 vs. $3.49 consensus.
6:04AM Urban Outfitters beats by $0.03, reports revs in-line (URBN) 34.05 : Reports Q2 (Jul) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues rose 30.4% year/year to $454.3 mln vs the $450.5 mln consensus. Co reports comparable store net sales increased 13%.
1:47AM Global Sources beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus (GSOL) 15.15 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.20; revenues rose 21.3% year/year to $63.7 mln vs the $62.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.04-0.05 vs. $0.16 consensus; sees Q3 revs of $38.5-39.0 mln vs. $40.75 mln consensus. 2H08 revenue is expected to be $108.0-109.5 mln; 2H08 EPS is expected to be in the range of $0.27-0.29.
12:06AM Intrepid Potash beats by $0.04, beats on revs (IPI) 46.73 : Reports Q2 (Jun) earnings of $0.42 per share, excludes insurance settlement in excess of property loss and unrealized derivative gain, $0.04 better than the First Call consensus of $0.38; revenues rose 24.6% year/year to $105.2 mln vs the $96.3 mln consensus. Production Forecast: Potash - 870,000 - 890,000 short tons, Langbeinite - 210,000 - 230,000 short tons. Production Cost of Goods Sold: Potash - $140 - $150 per short ton, Langbeinite - $75 - $85 per short ton.
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