Earnings - 23rd Sept 2008

11:51AM China Architectural Engineering sees third quarter 2008 earnings near high end of earlier guidance (CAEI) 7.69 +0.81 : Co issues an update on its previously-announced guidance for Q3. Co now expects net income for Q3 to reach near the high end of the $8-10 mln range projected on August 11, 2008. At earnings of $10 mln, or $0.18 per fully diluted share (note single estimate is $0.17), third quarter 2008 net income would be 219% above the $3.13 mln in net income reported in the third quarter of 2007. Co also reiterates its revenue guidance for Q3 of 2008, with revenues expected to reach at least $45 mln (vs $51.20 mln single estimate), representing a year-over-year increase of at least 66%. The expected rise is primarily due to the continued expansion of CAE's business outside its home market of Mainland China and into the U.S., Middle East and non-Asian markets. The revenue mix between domestic (China) and international projects now stands at a 50%-50% ratio, more than a quarter ahead of schedule.

9:10AM ArvinMeritor raises FY08 EPS guidance above consensus (ARM) 14.76 : Co raises its FY08 EPS, before special items, to be in range of $1.55-$1.65, vs First Call consensus of $1.54, up from the top end of the previous range of $1.40-$1.60. ARM also expects improved cash flow performance compared to its previous guidance. In Q3, the company forecasted free cash flow for FY08 to be in the range of negative $50 mln to negative $100 mln. Chip McClure, chairman, CEO and president, said, "Although we continue to operate in an uncertain economic environment, the ArvinMeritor team has executed well this year. We are pleased that we are able to improve our outlook for fiscal year 2008 despite weaker market conditions in North America and Europe."

9:00AM A-Power Energy signs its first sales contract for 2.7 MW wind turbines (APWR) 13.91 : Co announces that it has signed a sales contract with China National Automation Control System for the sale of five 2.7 MW wind turbines. Delivery of the five units is planned to occur in 4Q08. These wind turbines will be the first to be produced at APWR's new wind turbine production facility in Shenyang, China. This facility consists of two production lines with a designed annual capacity of 300 units of 2.7MW wind turbines and 420 units of 750kW wind turbines, totaling over 1.1GW in annual output.

7:05AM Asia Time Corporation increases its outlook for 2008 revenue and net earnings growth (TYM) 3.36 : Co announces it has increased its outlook for 2008 revenue and net earnings growth based on strong year-to-date performance. Management now expects revenue and net earnings to increase more than 50% year-over-year for 2008, an increase from the previously reported growth target of 30% over 2007. "July was a particularly strong month with approx $18.6 mln in rev and $2.5 mln in gross profit - more than double what we delivered in the same month last year," As previously reported, Asia Time's first half 2008 financial highlights include: -- 78.5% year-over-year net sales increase to $75.0 mln-- 96.6% year-over-year gross profit increase to $11.0 mln-- Net income of $5.7 mln, or $0.21 per diluted share.

6:18AM Air Products lowers Q408 EPS guidance (APD) 80.28 : Co issues downside guidance for Q4 (Sep), sees EPS of $1.24-1.26 vs. $1.40 First Call consensus. This revised outlook for the quarter is primarily attributable to the following factors: A fire sustained at the co's Ulsan, Korea nitrogen trifluoride production facility required the plant to be shut down and is expected to impact fourth quarter EPS by $0.05. Air Products has been able to continue supplying NF3 to its customers. The co anticipates bringing the Ulsan plant back online beginning in January 2009. Hurricanes Gustav and Ike reduced short-term demand from U.S. Gulf Coast customers and drove temporary increases in operational costs. This is expected to affect fourth quarter EPS by $0.05. The continued strengthening of the dollar against the Euro and Pound Sterling is expected to negatively impact fourth quarter EPS by $0.03. The slowdown in both semiconductor foundry and LCD manufacturing has lowered demand for electronic equipment and materials and is expected to impact fourth quarter EPS by $0.03. Further weakening of the manufacturing environment in Europe has slowed sales and is expected to reduce fourth quarter EPS by $0.03. The co expects to see a favorable tax rate due to lower taxable income, which is expected to favorably impact Q4 EPS by $0.03.

6:15AM Lennar misses by $0.04, beats on revs (LEN) 13.74 : Reports Q3 (Aug) loss of $0.56 per share, includes $0.53 per share charge related to valuation adjustments and other write-offs, $0.04 worse than the First Call consensus of ($0.52); revenues fell 52.7% year/year to $1.11 bln vs the $1.07 bln consensus. Revenues from home sales decreased 54% in Q308 to $995.7 mln from $2.2 bln in 2007. Revenues were lower primarily due to a 49% decrease in the number of home deliveries and a 9% decrease in the average sales price of homes delivered in 2008. New home deliveries, excluding unconsolidated entities, decreased to 3,694 homes in the third quarter of 2008 from 7,266 homes last year. In Q308, new home deliveries were lower in each of the co's homebuilding segments and Homebuilding Other, compared to 2007. The average sales price of homes delivered decreased to $270,000 in Q308 from $296,000 in the same period last year, due to reduced pricing. Sales incentives offered to homebuyers were $45,900 and $46,000 per home delivered, respectively, in the third quarter of 2008 and 2007.