Earnings - 9th Sept 2008

=4:37PM Texas Instruments narrows Q3 EPS; sees revs in-line (TXN) 21.71 -0.67 : Co sees Q3 EPS of $0.42-0.46 vs $0.44 First Call consensus, compared with prior range of $0.41-0.47; sees revs of $3.33-3.47 bln vs $3.40 bln First Call consensus, compared with the prior range of $3.26-3.54 bln. The company will hold a conference call at 4 p.m. Central time today to discuss this update

4:35PM FedEx raises Q1 EPS above consensus; reaffirms FY09 EPS in-line (FDX) 84.75 -0.11 : Co raises Q1 EPS to $1.23 vs $0.95 First Call consensus, up from prior guidance of $0.80-1.00. Co reaffirms FY09 EPS of $4.75-5.52 vs $4.98 consensus as weaker macroeconomic conditions offset better-than-expected first quarter results. Co says, "First quarter results benefitted from lower-than-expected fuel costs late in the quarter and stringent cost management. While sustained declines in fuel prices could improve our full-year outlook, the slowing economic growth trends in the U.S. are now extending to other areas of the global economy. As a result, we have reduced our planned capital investments by $400 mln, to $2.6 bln for FY09."

4:17PM Verifone misses by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs in-line; guides FY09 EPS below consensus (PAY) 19.70 -0.26 : Reports Q3 (Jul) earnings of $0.32 per share, $0.02 worse than the First Call consensus of $0.34; revenues rose 11.7% year/year to $258.7 mln vs the $256.8 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.33-0.36 vs. $0.37 consensus; sees Q4 revs of $260-268 mln vs. $263.68 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.23-1.43 vs. $1.44 consensus; VeriFone expects to achieve annual net revenue growth in the 10 to 15% range for FY09.

4:16PM ArcSight beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY09 EPS guidance, revs guidance (ARST) 9.79 +0.27 : Reports Q1 (Jul) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03); revenues rose 39.9% year/year to $27.7 mln vs the $27.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.02-0.05 vs. $0.05 consensus; sees Q2 revs of $29-31 mln vs. $30.30 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.22-0.26 vs. $0.24 consensus; sees FY09 revs of $124-128 mln vs. $126.66 mln consensus.

4:14PM Himax Tech raises guidance (HIMX) 3.00 -0.31 : Co raises Q3 GAAP EPS guidance to $0.07-0.09 from $0.04-0.06, may not compare to $0.07 consensus. Non-GAAP EPS is now expected to be $0.14-0.17, up from prior guidance of $0.11-0.14. Co expects revs to decline by 5%-8% from the $246.9 mln sequentially, which equates to $227.1-234.6 mln vs $224.82 mln consensus. Previous guidance forecasted revenues to decline by low-teen percent from 2Q08. Himax narrowed its gross margin outlook for 3Q08. Gross margin is expected to decline by 1-1.5 percentage points from the 25.5% posted in 2Q08. The company had previously guided gross margin to decline by 1-2 percentage points. "We revised our third quarter guidance primarily due to better-than-expected revenue outlook and effective cost control measures. During the past month, we have seen increasing demand on our display drivers for major applications while our non-driver products continue to contribute to our revenues. In spite of the challenging market environment, we are confident we can meet our updated guidance.''

4:06PM AeroVironment beats by $0.04, beats on revs (AVAV) : Reports Q1 (Jul) earnings of $0.22 per share, $0.04 better than the First Call consensus of $0.18; revenues rose 8.9% year/year to $53.6 mln vs the $49.9 mln consensus. For fiscal year 2009 the company maintains its guidance of revenue growth of between 20% and 25% over fiscal year 2008, with an operating income margin of between 12% and 14%.

4:04PM G-III Apparel beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, revs guidance (GIII) 18.22 +0.14 : Reports Q2 (Jul) loss of $0.23 per share, $0.01 better than the First Call consensus of ($0.24); revenues rose 35.3% year/year to $113.5 mln vs the $100.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.35-1.40 vs. $1.38 consensus; sees FY09 revs of approx $730 mln vs. $737.91 mln consensus.

10:51AM Comp Vale Do Rio confirms negotiations with iron ore clients (RIO) 21.70 -1.04 : Co confirms it has informed it is negotiating with Asian clients the convergence of reference prices for iron ore to the same level of those charged to European clients. Currently, reference prices for Asian clients are 11.0% to 11.5% lower than prices for Europe, depending on the type of iron ore. Vale highlights that this negotiation is not concluded and there is no guarantee that it will be successfully concluded. If the price convergence is implemented, it will imply in an estimated revenue increase smaller than 3.0% of Vale's total revenue for the twelve-month period ended at June 30, 2008, of $35.5 bln.

7:53AM Korn/Ferry beats by $0.06, beats on revs; guides Q2 EPS in-line (KFY) 17.42 : Reports Q1 (Jul) earnings of $0.36 per share, $0.06 better than the First Call consensus of $0.30; revenues rose 10.8% year/year to $217.5 mln vs the $206.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.32 vs. $0.31 consensus. "Assuming constant foreign exchange rates, Korn/Ferry estimates that second quarter fiscal 2009 fee revenue is likely to be in the range of $185-200 mln."

5:14AM Manpower Employment Outlook Survey shows slower hiring ahead (MAN) 48.26 : U.S. employers are projecting a continued decline in hiring intentions for Quarter 4 2008, according to the seasonally adjusted results of the latest Manpower Employment Outlook Survey conducted quarterly by Manpower. Of the 14,000 employers surveyed in the U.S., 22% expect to increase their staff levels during the October -- December period, while 13% expect to reduce their payrolls, resulting in a Net Employment Outlook of 9%. Fifty-nine percent expect no change in hiring and 6% are undecided about their Quarter 4 2008 hiring plans.

12:58AM Avery Dennison provides financial update; says July and August net income per share below forecast (AVY) 50.00 : Co announces unaudited preliminary internal reports for the months of July and August, 2008 show consolidated net income per share to be approx $0.15 - $0.20 below the co's internal forecast for those months. The shortfall in earnings was primarily due to further economic weakness in the markets which the AVY serves. The co is not currently affirming nor updating its most recent full-year guidance (which was provided on July 22, 2008), and will do so after the close of September when the Company reports its Q308 results on October 21, 2008.