Earnings - Sept 17 2008

4:01PM Herman Miller beats by $0.05, misses on revs; guides Q2 EPS in-line, revs in-line (MLHR) 26.87 -0.76 : Reports Q1 (Aug) earnings of $0.60 per share, $0.05 better than the First Call consensus of $0.55; revenues fell 2.6% year/year to $479.1 mln vs the $489 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.59-0.66 vs. $0.64 consensus; sees Q2 revs of $490-515 mln vs. $502.76 mln consensus. Co said, that these estimates reflect both a challenging U.S. demand picture and the rising commodity costs previously discussed, offset partially by the favorable impacts of the price increase and a lower share count.

9:11AM Constellation Energy affirms bank commitment for $2 bln credit facility, reiterates limited exposure to financial services sector, reaffirms Q3 and FY08 EPS guidance, and confirms strategic alternatives (CEG) 30.76 : Co reaffirms its Q3 EPS guidance of $0.83-$0.99 vs First Call conensus of $0.98 and reaffirms its FY08 EPS guidance of $5.25-$5.75 vs First Call consensus of $5.47. CEG also announces that the sponsoring banks have confirmed that the firm, underwritten commitment for an additional $2 bln credit facility announced on Aug 27, 2008, remains in effect. CEG also confirms that it has retained Morgan Stanley and UBS to act in an advisory capacity to evaluate strategic alternatives. The company and its advisors are in active discussions with potential strategic partners. CEG also reinforced that its credit exposure to financial institutions is limited. The company's estimated aggregate credit exposure, net of collateral, to these financial institutions was approx $120 mln, with no single financial institution representing more than $28 mln of net credit risk exposure.

8:19AM Brady beats by $0.02, beats on revs; guides FY09 EPS below consensus, revs below consensus (BRC) 35.65 : Reports Q4 (Jul) earnings of $0.64 per share, $0.02 better than the First Call consensus of $0.62; revenues rose 9.4% year/year to $396.8 mln vs the $385.7 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.54-2.63 vs. $2.69 consensus, down from $2.63-2.75 previously; sees FY09 revs of $1.52-1.55 bln vs. $1.57 bln consensus, down from $1.56-1.59 bln previously.

7:32AM Somanetics beats by $0.03, reports revs in-line; reaffirms FY08 revs guidance (SMTS) 22.03 : Reports Q3 (Aug) earnings of $0.23 per share, $0.03 better than the First Call consensus of $0.20; revenues rose 22.0% year/year to $12.4 mln vs the $12.5 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $56.2-50.0 mln vs. $47.78 mln consensus.

7:08AM General Mills beats by $0.09, beats on revs; guides FY09 EPS in-line (GIS) 69.55 : Reports Q1 (Aug) earnings of $0.96 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.87; revenues rose 13.8% year/year to $3.5 bln vs the $3.28 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.81-$3.85 vs. $3.84 consensus. The co said that fiscal 2009 net sales are expected to grow at a mid single-digit rate, driven primarily by price and mix. Segment operating profits are also expected to grow at a mid single-digit rate.