8:18AM Hormel Foods issues Q3, Y08 downside guidance (HRL) 37.60 : Co issues downside guidance for Q3 (Jul), sees EPS of $0.37-0.39 vs. $0.45 First Call consensus. Co issues downside guidance for Y08 (Oct), sees EPS of $2.22-2.28, compared to previous guidance of $2.30-2.40, vs. $2.35 consensus. "Higher than expected feed and fuel input costs at our Jennie-O Turkey Store segment were the primary reason for the shortfall in our third quarter results. While we have continued to implement price increases in this segment, they have not been adequate to offset the higher input costs. An oversupply of turkey breast meat also kept pricing of commodity breast meat at a low level, exacerbating the cost-price differential. In the fourth quarter, we expect to see continued earnings pressure at Jennie-O Turkey Store from higher input costs, as the birds fed with higher grain prices make their way through the system."
7:50AM Fannie Mae reports Q2, beats on revs; lowers dividend (FNM) 9.95 : Reports Q2 (Jun) loss of $2.54 per share, may not compare to the First Call consensus of ($0.69); revenues rose 45.8% year/year to $3.96 bln vs the $3.4 bln consensus. "In addition, OFHEO has recently finalized rules modifying our regulatory risk-based capital stress test which will be applied beginning with the third quarter of 2008. The uncertainties that make 2009 estimates challenging also impact the calculation of this requirement, adding additional uncertainty to the regulatory requirements for capital. We are in ongoing dialogue with our regulator regarding our capital position.... In light of volatile market conditions, it is critical that we manage our capital levels to maintain a capital cushion well in excess of our regulatory capital requirement. To that end, we use strategies designed to preserve and protect our capital. In addition, we may, from time to time, raise capital opportunistically. Management continues to carefully monitor our capital and dividend positions and the trends impacting those positions and, if necessary, intends to take actions designed to help mitigate the impacts of a worsening environment on those positions. In this environment, conditions that negatively impact capital can develop rapidly and are based on a variety of factors. Therefore, we may need to take action quickly to respond. We have already begun to take some of those actions. Today, the Board of Directors announced that the company is decreasing the dividend on our common stock to $0.05 per share. On August 4, 2008, we announced an increase in our guaranty fee pricing on new acquisitions commensurate with the risks in the current market. We are also prudently managing the size of our balance sheet. Finally, we are evaluating our costs and expenses and expect to reduce ongoing operating costs by 10% by year end 2009. Additional steps we could take include: reducing or eliminating our dividends; slowing growth; decreasing the size of the balance sheet; further raising guaranty fees; and raising additional capital (which could be dilutive). Some of these actions could have negative consequences, including decreased revenue due to growth limitations, or increased mark-to-market charges associated with the decreased liquidity for mortgage assets that could arise from a reduction in our market activity. If our capital fails to meet standards set by our regulator, our regulator could require us to enter into a capital restoration plan or take other actions. As discussed below, the U.S. Treasury is authorized to buy Fannie Mae's debt, equity and other securities, subject to our agreement.... While we continue to expect home price declines in 2008 to be within our estimated 7% to 9% range, and peak-to-trough home price declines to be within our estimated 15% to 19% range, we see the trend moving toward the high end of those ranges, driven in particular by higher home price declines in certain regions. We are increasing our forecast for our credit loss ratio for the full-year to 23 to 26 basis points, as compared to our previous guidance of 13 to 17 basis points. We continue to anticipate that our credit loss ratio will increase further in 2009 compared with 2008. We also expect significant additions to our combined loss reserves through the remainder of 2008. Finally, while we expect that 2008 will be our peak year for credit-related expenses, the total amount of credit-related expenses will be significant in 2009."
6:49AM Beazer Homes misses by $0.51, beats on revs (BZH) 5.93 : Reports Q3 (Jun) loss of $2.85 per share, $0.51 worse than the First Call consensus of ($2.34); revenues fell 39.5% year/year to $455.6 mln vs the $430.1 mln consensus. "Despite lower home prices, relatively low interest rates and a large choice of available homes, potential homebuyers remain reluctant due to eroding consumer confidence amid concerns about employment growth, higher energy costs and the overall economy. Based on these demand dynamics, coupled with high supply levels of new and existing home inventory, we believe industry conditions will remain challenging for the remainder of this fiscal year and as we enter fiscal 2009."
12:01AM Mariner Energy beats by $0.18, beats on revs (ME) 26.06 : Reports Q2 (Jun) earnings of $1.39 per share, $0.18 better than the First Call consensus of $1.21; revenues rose 101.5% year/year to $429.5 mln vs the $383.7 mln consensus.
6:23PM Middleby beats by $0.13, beats on revs (MIDD) 50.08 -0.02 : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.88; revenues rose 53.3% year/year to $173.5 mln vs the $165.3 mln consensus.
6:01PM ZOLL Medical: U.S. Army awards airworthy certification to ZOLL AED Pro A-W (ZOLL) 32.85 -1.03 : Co announced that it has been notified of Airworthiness Release (AWR) from the U.S. Army's Research, Development, and Engineering Command for the ZOLL AED Pro A-W. The certification indicates that the AED Pro A-W is in compliance with the U.S. Department of Defense medical device certification criteria and is now certified for use aboard MEDEVAC helicopters.
6:00PM Public Storage beats by $0.01, misses on revs (PSA) 80.11 -4.19 : Reports Q2 (Jun) funds from operations of $1.10 per share, $0.01 better than the First Call consensus of $1.09; revenues fell 5.4% year/year to $424.1 mln vs the $436.2 mln consensus.
5:43PM Hertz Global beats by $0.01, beats on revs; guides FY08 EPS below consensus, revs below consensus (HTZ) 9.01 +0.13 : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.29; revenues rose 4.6% year/year to $2.28 bln vs the $2.22 bln consensus. Co lowers guidance for FY08, sees EPS of $1.05-1.15 vs. $1.29 consensus, $1.38-1.44; lowers FY08 revs of $8.7-8.8 bln vs. $8.94 bln consensus, down from $8.9-9.0 bln.
5:35PM Gibraltar Industries beats by $0.29, beats on revs; guides FY08 EPS above consensus (ROCK) 15.01 -0.53 : Reports Q2 (Jun) earnings of $0.67 per share, $0.29 better than the First Call consensus of $0.38; revenues rose 6.5% year/year to $379.2 mln vs the $364.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.50-1.65 vs. $1.15 consensus. (Stock is halted)
5:16PM Atwood Oceanics reports EPS in-line, beats on revs (ATW) 43.28 -0.82 : Reports Q3 (Jun) earnings of $0.93 per share, in-line with the First Call consensus of $0.93; revenues rose 43.7% year/year to $141.4 mln vs the $138.9 mln consensus.
5:12PM Coleman Cable reports Q2 (Jun) results, beats on revs; guides Q4 (Dec) revs below consensus (CCIX) 12.43 +0.07 : Reports Q2 (Jun) earnings of $0.05 per share, may not be comparable to the First Call consensus of $0.21; revenues rose 8.3% year/year to $267.6 mln vs the $250.7 mln consensus. Co issues guidance for Q4 (Dec), sees EPS of $0.12-0.26, may not be comparable to $0.40 consensus; sees Q4 (Dec) revs of $265-275 mln vs. $279.15 mln consensus.
5:04PM The9 Ltd beats by $0.12, reports revs in-line (NCTY) 24.35 -0.48 : Reports Q2 (Jun) earnings of $0.61 per share, $0.12 better than the First Call consensus of $0.49; net revs grew 69% y/y to $66.3 mln vs. $66.4 mln consensus.
5:04PM Anadigics lowers Q3 guidance below consensus (ANAD) 5.93 +0.00 : Co issues downside guidance for Q3 (Sep), sees EPS of ($0.01)-0.01 vs. $0.12 First Call consensus; sees Q3 (Sep) revs of $62-65 mln vs. $78.03 mln consensus. "As a result of the lower third quarter 2008 financial guidance and weakening economy, the Company reported that while it remains committed to the completion of construction of the facility in Kunshan, China by October 2008, as previously announced on July 22, 2008, it will defer the additional capital investment above the $49.88 million originally contemplated until the Company has better visibility as to when it needs the facility to become operational."
4:48PM Deckers Outdoor FY08 guidance calculation correction (DECK) 115.16 +3.18 : Co sees EPS growth of ~34%, up from 27% (which calc to ~$6.78 vs. $6.50 consensus); sees FY08 revs growth of 43%, up from 31% (which calc to ~$641.97 mln vs. $599.15 mln consensus). The original comment's calculations were incorrect and have been corrected.
4:47PM Assured Guaranty misses by $0.08, beats on revs (AGO) 13.74 -1.26 : Reports Q2 (Jun) earnings of $0.42 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.50; revenues rose 40.2% year/year to $118.3 mln vs the $117.1 mln consensus. "Our second quarter results for new business production in both direct and reinsurance reflect our strong position in a difficult marke... Our overall credit profile across our entire portfolio remained strong during the quarter with only a modest increase in our Closely Monitored Credit list. We did increase loss estimates on one closed end second lien deal. With regard to Moody's decision to place our ratings under review for possible downgrade, we hope that Moody's will reach a timely and favorable resolution and are committed to working with them to achieve this. We have had several discussions with them in the past two weeks and expect several more meetings and discussions to occur as we look to get more clarity on their specific issues and potential solutions."
4:33PM Darling Intl beats by $0.05, beats on revs (DAR) 15.02 -0.35 : Reports Q2 (Jun) earnings of $0.29 per share, $0.05 better than the First Call consensus of $0.24; revenues rose 38.6% year/year to $220.9 mln vs the $205.2 mln consensus.
4:33PM PowerSecure beats by $0.07, beats on revs (POWR) 6.07 -0.27 : Reports Q2 (Jun) earnings of $0.29 per share, $0.07 better than the First Call consensus of $0.22; revenues rose 85.8% year/year to $42 mln vs the $35.3 mln consensus. Co says, "We continue to be bullish on both the needs we see developing across the energy space and our proven ability to deliver solutions which satisfy those needs. We are encouraged by our strong performance this quarter, and the growth in our backlog."
4:21PM Perini beats by $0.03, beats on revs; reaffirms FY08 EPS below consensus, revs in-line; reafrirms FY09 EPS in-line, revs above consensus (PCR) 29.03 -0.39 : Reports Q2 (Jun) earnings of $1.03 per share, $0.03 better than the First Call consensus of $1.00; revenues rose 20.6% year/year to $1.39 bln vs the $1.31 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.50-3.75 vs. $3.76 consensus; sees FY08 revs of $5.5-5.9 bln vs. $5.62 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.00-4.20 vs. $4.05 consensus; sees FY09 revs of $7.3-7.8 bln vs. $6.06 bln consensus.
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