4:35PM Career Education beats by $0.06, misses on revs (CECO) 18.27 -1.10 : Reports Q2 (Jun) earnings of $0.12 per share, $0.06 better than the First Call consensus of $0.06; revenues fell 2.2% year/year to $418.8 mln vs the $423.2 mln consensus. New student starts decreased 8.6% in the quarter vs. increases of 7.7% in Q1 and 16.0% in 2Q07; total student population decreased 1.8% in the quarter vs. increases of 1.9% in Q1 and 4.5% in 2Q07. Co says, "We delivered on our operating income target due in large part to ongoing efforts to rationalize the cost structure and drive operational efficiency. Our student starts were impacted by temporary execution issues within the University Segment, which are being corrected, and a somewhat more adverse impact of the credit crisis than we originally estimated. We remain focused and committed to executing on the key strategies we have outlined to deliver enhanced profitability and sustained long-term growth."
4:34PM Sunoco beats by $0.22, beats on revs (SUN) 43.28 +1.39 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.30; revenues rose 49.4% year/year to $16.08 bln vs the $12.47 bln consensus. "Despite a challenging market environment for refining and an unprecedented increase in crude oil prices that also squeezed retail gasoline and chemicals margins, results were improved from the first quarter due to higher refining margins that accompanied strong contributions from our Logistics and Coke segments," said John G. Drosdick, SUN Chairman and Chief Executive Officer. "The Refining and Supply business unit earned $32 mln. While gasoline margins remained weak and refinery utilization was limited by maintenance activity and economically driven rate reductions, we were able to optimize our production for the difficult market conditions". "With the completion of this project and the impact of higher coal prices in the second half, we now expect the Coke business to earn approximately $110-$115 mln in 2008."
4:20PM VeriSign beats by $0.02, beats on revs; increases buyback authorization to $1 bln (VRSN) 33.88 +0.37 : Reports Q2 (Jun) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23; segment revenue for Internet Infrastructure and Identity Services, or the "core businesses" of Naming, SSL and IAS, rose 21% YoY to $233 mln, vs the $231.4 mln consensus. Co reported total revs of $303 mln. On August 5, 2008, the Board of Directors approved an additional authorization for share repurchases of $680 mln, which brings the total amount authorized to $1 bln. "Company-wide disciplined expense management contributed to non-GAAP operating margin improvement for the core services of nearly 400 basis points since last quarter, and the solid performance of our core services coupled with other positive working capital contributions resulted in strong cash flow of $169 mln in the quarter."
4:19PM Tenaris beats by $0.80, beats on revs (TS) 59.64 +2.89 : Reports Q2 (Jun) earnings of $1.67 per ADS of, $0.80 better than the First Call consensus of $0.87; revenues rose 19.9% year/year to $3.15 bln vs the $3.03 bln consensus. "Net sales were boosted by record shipments of seamless and welded pipe products... Demand for our large diameter pipes for pipeline projects in South America in 2008 remains good as we make deliveries to gas and mineral pipeline projects in Brazil and Argentina and orders for additional projects in Brazil and Colombia have been received. We expect our sales in this segment will remain strong in the second half of the year but segment margins may decline as we make shipments to projects with higher logistics costs in Colombia."
4:18PM Eagle Bulk Shipping reports EPS in-line, revs in-line (EGLE) 27.61 +0.89 : Reports Q2 (Jun) earnings of $0.32 per share, in-line with the First Call consensus of $0.32; revenues rose 31.4% year/year to $37.2 mln vs the $36.9 mln consensus.
4:18PM Plains All Amer beats by $0.23, beats on revs (PAA) 45.11 +0.38 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.63; revenues rose 138.5% year/year to $8.98 bln vs the $7.23 bln consensus.
4:14PM TBS International beats by $0.21, beats on revs (TBSI) : Reports Q2 (Jun) earnings of $1.82 per share, $0.21 better than the First Call consensus of $1.61; revenues rose 104.7% year/year to $157 mln vs the $113.2 mln consensus. "We are pleased to report the best quarter in our Company's history. Our growth business model, together with customer loyalty, our diverse trade lanes and efficient and reliable services, are the foundations that enabled TBS to once again achieve record quarterly revenues, EBITDA, net income and earnings per share..."
4:09PM PAREXEL reports Q2 results, beats on revs; guides Q1 EPS in-line; guides FY09 EPS above consensus (PRXL) 29.02 +0.19 : Reports Q4 (Jun) earnings of $0.28 per share, ex-items, may not compare to the First Call consensus of $0.26; revenues rose 30.7% year/year to $331.9 mln vs the $259.7 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.23-$0.25 vs. $0.24 consensus. Co issues upside guidance for FY09, sees EPS of $1.15-$1.25 vs. $1.11 consensus, and vs previous guidance of $1.10-$1.20. Co also sees Q1 consolidated service revenue in the range of $260 to $270 mln and FY09 consolidated service revenue is expected to be in the range of $1.125 to $1.155 bln.
4:08PM Haynes Intl reports Q3 EPS of $1.46 vs $1.20 First Call consensus; revs $166.3 mln vs $157.62 mln First Call consensus (HAYN) 43.39 +0.39 : Management believes that growth in high-performance alloy volumes from fiscal 2007 to fiscal 2008 will approximate between 10.0% to 11.0%. In addition to increasing capacity, management also believes that the completion of its current capital projects and the related improvements in reliability and performance of the equipment will have a positive long-term effect on profitability and working capital management. Gross profit as a percentage of revenue is expected to be approximately 24.4% to 25.0% in the fourth quarter of fiscal 2008 as a result of the anticipated operating improvements from the capital spending projects. Although the current order entry activity for the Company continues to be strong, a slowdown in overall global economic growth, an economic downturn or recession could materially reduce the demand for the Company's products and materially and adversely affect its business.
4:06PM True Religion beats by $0.07, beats on revs; guides FY08 EPS above consensus, revs above consensus (TRLG) 26.72 +1.15 : Reports Q2 (Jun) earnings of $0.39 per share, $0.07 better than the First Call consensus of $0.32; revenues rose 78.8% year/year to $64.2 mln vs the $50.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.61-1.65 vs. $1.57 consensus; sees FY08 revs of $242-247 mln vs. $226.62 mln consensus.
4:04PM Andersons beats by $0.29, beats on revs (ANDE) : Reports Q2 (Jun) earnings of $2.48 per share, $0.29 better than the First Call consensus of $2.19; revenues rose 73.7% year/year to $1.1 bln vs the $0.95 bln consensus. Co notes that two weeks ago it issued FY08 EPS of $5.00-5.04. "Our second quarter and first half results are outstanding. Both our Plant Nutrient and Grain & Ethanol Groups contributed significantly to our income during the period..."
4:04PM Hot Topic raises Q2 EPS guidance above consensus; reports Jul same store sales 1.0% vs -0.9% Briefing.com consensus (HOTT) 6.60 -0.27 : The company raised its fiscal second quarter guidance to a net loss in the range of $0.01-0.02 vs ($0.03) First Call consensus. Previously the company's guidance was a net loss in the range of $0.02 to $0.04 per share.
4:02PM Opnext beats by $0.02, beats on revs; guides Q2 revs above consensus (OPXT) 5.47 : Reports Q1 (Jun) earnings of $0.06 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.04; revenues rose 91.1% year/year to $84.2 mln vs the $76.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $84-87 mln vs. $80.08 mln consensus.
9:10AM Covance reaffirms FY08 EPS and revenue guidance (CVD) 91.82 : Co reaffirms guidance for FY08 (Dec), sees EPS of $3.18 vs. $3.19 First Call consensus and 'continues to expect to deliver mid-teens revenue growth' in FY08, despite the expectation of a couple of pennies of dilution in the third quarter of 2008 from the transaction with LLY (see 9:01 comment) and the previously announced joint venture in China.
8:59AM Encore Acquisition beats by $0.06, beats on revs (EAC) 53.67 : Reports Q2 (Jun) earnings of $1.65 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.59; revenues rose 96.3% year/year to $354.8 mln vs the $304.5 mln consensus. Co sees Q3 average daily wellhead production of 40.5-41.5k BOE/D, with average daily net profits production of 2.1-2.5k BOE/D. "We have been studying strategic alternatives at Encore that would bring the most value to our shareholders. The Board and Management have decided that a sale or merger of the Company is not currently in the best interest of our shareholders... The plan is to divest of non-core properties, drop down properties into Encore Energy Partners, and purchase puts struck at $110 per barrel for calendar year 2009. We expect the divestment of the non-core properties and the drop down will pay off most or all of our bank debt, and the puts will ensure that we have good cash flow in 2009. The main advantages of this strategy will be to situate Encore for a larger drilling program in 2009 and to increase our acquisition capabilities for long-life properties in our core areas."
8:06AM Gerdau AmeriSteel beats by $0.14, beats on revs (GNA) 14.00 : Reports Q2 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.50; revenues rose 91.2% year/year to $2.54 bln vs the $2.5 bln consensus.
8:03AM Genesis Energy, L.P. beats by $0.12, beats on revs (GEL) 18.40 : Reports Q2 (Jun) earnings of $0.17 per share, $0.12 better than the First Call consensus of $0.05; revenues rose 218.7% year/year to $640.5 mln vs the $475.6 mln consensus.
8:02AM Polo Ralph Lauren beats by $0.21; guides FY09 EPS above consensus (RL) 61.50 : Reports Q1 (Jun) earnings of $0.93 per share, $0.21 better than the First Call consensus of $0.72. Co issues upside guidance for FY09, sees EPS of $4.00-4.10 vs. $3.98 consensus. "For the second quarter, the Company expects net revenue growth of mid-to-high single digits and an operating margin that is 50-100 basis points higher than the prior year period... The Company continues to expect a low-to-mid single digit increase in net revenues during Fiscal 2009."
7:49AM Transocean beats by $0.22, beats on revs (RIG) 133.18 : Reports Q2 (Jun) earnings of $3.45 per share, $0.22 better than the First Call consensus of $3.23; revenues rose 116.3% year/year to $3.1 bln vs the $3.05 bln consensus.
7:19AM Flotek Industries beats by $0.01, beats on revs (FTK) 16.44 : Reports Q2 (Jun) earnings of $0.26 per share, $0.01 better than the First Call consensus of $0.25; revenues rose 50.3% year/year to $56.8 mln vs the $54.7 mln consensus.
7:10AM Holly misses by $0.42, misses on revs (HOC) 28.47 : Reports Q2 (Jun) earnings of $0.23 per share, $0.42 worse than the First Call consensus of $0.65; revenues rose 43.3% year/year to $1.74 bln vs the $2.1 bln consensus. Production levels decreased 15% and 4% for the three and six months ended June 30, 2008 as compared to the same periods in 2007, respectively, mainly as a result of reduced production at both our refineries during 2Q08. Co states, "...We estimate that our refinery operating income for the second quarter was reduced by approximately $40.0 mln, or $0.52 per share on a net tax basis as a result of downtime in the quarter..."
7:09AM Akeena Solar misses by $0.02, misses on revs (AKNS) 4.38 : Reports Q2 (Jun) loss of $0.18 per share, $0.02 worse than the First Call consensus of ($0.16); revenues fell 5.3% year/year to $7.1 mln vs the $11.2 mln consensus. "Although our pipeline of commercial jobs has never been larger, because commercial installations span multiple quarters we expect to see continued revenue volatility as commercial projects become a larger portion of our revenue mix."
7:09AM NASDAQ beats by $0.05, beats on revs (NDAQ) 26.42 : Reports Q2 (Jun) earnings of $0.48 per share, $0.05 better than the First Call consensus of $0.43; revenues rose 36.6% year/year to $380.2 mln vs the $372.7 mln consensus.
7:07AM T-3 Energy Services misses by $0.20, misses on revs (TTES) 59.03 : Reports Q2 (Jun) earnings of $0.58 per share, $0.20 worse than the First Call consensus of $0.78; revenues rose 30.4% year/year to $67.7 mln vs the $73.6 mln consensus.
7:04AM Agrium beats by $0.85, beats on revs (AGU) 79.65 : Reports Q2 (Jun) earnings of $4.00 per share, $0.85 better than the First Call consensus of $3.15; revenues rose 90.3% year/year to $3.87 bln vs the $3.49 bln consensus. "We anticipate continued strong demand for our products and services that help farmers around the world improve both crop quality and yield. Specifically, the outlook for the second half of the year remains solid with corn, wheat and soybean prices at two to three times historic levels. This should support crop input demand and continued strength in the nutrient markets..."
6:51AM Devon Energy beats by $0.11 (DVN) 88.90 : Reports Q2 (Jun) earnings of $3.39 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $3.28; revenues rose 21.1% year/year to $3.55 bln.
6:46AM Mylan Labs beats by $0.06, beats on revs; guides FY08 EPS in-line (MYL) 13.16 : Reports Q2 (Jun) earnings of $0.16 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.10; revenues rose 120.2% year/year to $1.2 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY08, sees EPS of $0.47-0.53, excluding non-recurring items, vs. $0.49 consensus.
6:42AM Foster Wheeler beats by $0.14, misses on revs; announces CEO to retire (FWLT) 50.58 : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.84; revenues rose 43.0% year/year to $1.7 bln vs the $1.74 bln consensus. Co also announces that Raymond Milchovich has notified the its Board of Directors of his intent to retire in 2009 as Chairman and CEO of the co after his successor is elected and a successful transition has been completed.
6:34AM Quicksilver Resrcs beats by $0.01, reports revs in-line (KWK) 24.09 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.34; revenues rose 45.1% year/year to $198 mln vs the $197.7 mln consensus. Co sees Q3 production volumes to average 280-290 MMcfe per day. Co announces it has priced and has commitments for its $700 mln second-lien term loan facility due 2013.
6:22AM Nice Systems reports EPS in-line, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY08 EPS in-line, revs above previous range (NICE) 30.38 : Reports Q2 (Jun) earnings of $0.39 per share, in-line with the First Call consensus of $0.39; revenues rose 22.2% year/year to $155.3 mln vs the $153.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.41-0.45, excluding non-recurring items, vs. $0.44 consensus; sees Q3 revs of $159-163 mln, excluding non-recurring items, vs. $159.08 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.65-1.75, excluding non-recurring items, vs. $1.70 consensus; sees FY08 revs of $627-635 mln (previously $619-634 mln), excluding non-recurring items, vs. $628.51 mln consensus.
6:19AM Petrohawk Energy misses by $0.04, beats on revs (HK) 28.68 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.27; revenues rose 30.6% year/year to $305 mln vs the $271.2 mln consensus.
6:16AM FTI Consulting beats by $0.06, beats on revs; guides FY08 EPS in-line, revs in-line (FCN) 72.23 : Reports Q2 (Jun) earnings of $0.66 per share, $0.06 better than the First Call consensus of $0.60; revenues rose 40.9% year/year to $337.7 mln vs the $332.4 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.50-2.63 vs. $2.59 consensus; sees FY08 revs of $1.30-1.375 bln vs. $1.35 bln consensus. Q308 EPS is expected to be rduced by $0.02 to $0.04 due to certain acquisition and amortization expenses.
6:13AM Quanta Services beats by $0.03, beats on revs; guides Q3 EPS in-line, revs above consensus (PWR) 30.66 : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 better than the First Call consensus of $0.19; revenues rose 74.0% year/year to $960.9 mln vs the $902.6 mln consensus. Co issues guidance for Q3, sees EPS of $0.23-0.26 vs. $0.26 consensus; sees Q3 revs of $1-1.04 bln vs. $972.18 mln consensus.
6:13AM Kendle beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (KNDL) 40.60 : Reports Q2 (Jun) earnings of $0.52 per share, $0.06 better than the First Call consensus of $0.46; revenues rose 29.8% year/year to $127 mln vs the $115.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.00-2.15 vs. $1.90 consensus; sees FY08 revs of $490-500 mln vs. $468.76 mln consensus.
6:12AM Spectra Energy beats by $0.02, reports revs in-line (SE) 27.41 : Reports Q2 (Jun) earnings of $0.44 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.42; revenues rose 15.8% year/year to $1.14 bln vs the $1.14 bln consensus.
6:10AM Sirona Dental Systems beats by $0.09, beats on revs; guides FY08 revs above consensus (SIRO) 25.28 : Reports Q3 (Jun) earnings of $0.42 per share, excluding amortization and depreciation expense, $0.09 better than the First Call consensus of $0.33; revenues rose 19.0% year/year to $186.9 mln vs the $172.7 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $750.0-760.0 mln vs. $746.81 mln consensus. Co narrows guidance range for FY08 operating income, excluding amortization expense, to $150-155 mln from previous range of $145-155 mln.
1:10AM Vulcan Materials misses by $0.17, misses on rexvs; guides FY08 EPS below consensus (VMC) 68.50 : Reports Q2 (Jun) earnings of $0.93 per share, excluding divesture, $0.17 worse than the First Call consensus of $1.10; revenues rose 16.2% year/year to $1.02 bln vs the $1.07 bln consensus. Co issues downside guidance for FY08, sees EPS of $2.85-3.25 vs. $3.29 consensus.
1:05AM Ormat Tech beats by $0.04, reports revs in-line (ORA) 46.45 : Reports Q2 (Jun) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues fell 4.6% year/year to $80.2 mln vs the $80.4 mln consensus. Co maintains guidance for FY08 Products Segment revenue of $70-80 mln.
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