Earnings - 23rd Sept 2008

09:27 am CarMax (KMX)
Used car retailer CarMax (KMX 16.50) generated second quarter earnings of $0.06 per share on sales of $1.84 billion. Earnings were down dramatically from the $0.29 per share earned the year before. Sales slid by 13% year-over-year.
The downturn was worse than analysts were expecting. The consensus called for a profit of $0.08 per share on revenue of $1.93 billion.
CarMax reported comparable-store used-unit sales declined 17% for the quarter. Total used-unit sales decreased 7%.
Earnings were reduced by $0.08 per share due to unfavorable items in the company's financing segment, including increases in cumulative net loss assumptions, a reduction in the fair value of retained subordinated bonds, and an increase in the discount rate.

09:19 am AutoZone (AZO)
Despite a slowdown in consumer spending, AutoZone (AZO 130.79), the No.1 auto parts retailer in the U.S., reported a 10.4% rise in revenues year-over-year to $2.21 billion, slightly ahead of the $2.2 billion consensus estimate.
The Memphis-based company posted earnings per share of $3.88, slightly below the First Call consensus that called for earnings of $3.90 per share.
AutoZone opened 60 new stores in the U.S. during the quarter and has more than 4,000 stores in 48 states.
"We continue to believe we have the right plans in place and we will continue to focus intensely on executing our plans. We will maintain our disciplined approach to growing operating earnings and utilizing our capital effectively," said Bill Rhodes, Chairman, President and Chief Executive Officer.

7:49AM CarMax misses by $0.02, misses on revs (KMX) 16.50 : Reports Q2 (Aug) earnings of $0.06 per share, $0.02 worse than the First Call consensus of $0.08; revenues fell 13.2% year/year to $1.84 bln vs the $1.93 bln consensus. Comparable store used unit sales declined 17% for the quarter. Total used unit sales decreased 7% in the second quarter. Earnings for 2Q09 were reduced by $0.08 per share for CarMax Auto Finance unfavorable items, including increases in cumulative net loss assumptions, a reduction in the fair value of retained subordinated bonds and an increase in the discount rate.

7:09AM AgFeed Industries raises FY08 EPS guidance to $1.10 (consensus is $1.00); announces acquisition of 2 large producing commercial hog farms (FEED) 10.03 : Co announces it is raising is 2008 EPS guidance to $1.10 (consensus is $1), due to the projected financial performance for the 3rd and 4th quarter of 2008, which would include the completion of these two additional acquisitions. The co announced that it has reached agreements to acquire 2 large producing commercial hog farms located in South China. AgFeed anticipates these acquisitions to close in October and to be funded with the Company's available cash on hand. The Company will have a total of 30 producing commercial hog farms upon completion of these acquisitions.

7:05AM AutoZone misses by $0.02, reports revs in-line (AZO) 130.79 : Reports Q4 (Aug) earnings of $3.88 per share, $0.02 worse than the First Call consensus of $3.90; revenues rose 10.4% year/year to $2.21 bln vs the $2.2 bln consensus.