5:02PM Callaway Golf sees Q3 EPS and revs below consensus; revises FY08 guidance down (ELY) 11.87 -0.13 : Co announced that, based on current information, the co's net sales for the third quarter of 2008 are estimated to be $213 mln compared to $236 mln in 2007 and $229.81 consensus. Management also estimates that the third quarter loss per share is expected to range from $(0.12)-(0.14), excluding after-tax charges of $0.04 per share associated with the co's gross margin improvement initiatives announced in November 2006. Excluding the charges for the gross margin initiatives, pro forma loss per share is estimated to range from $(0.08)-(0.10) for 3Q08 as compared to earnings of $0.06 per share for 3Q07. Net sales for the first nine months of 2008 are estimated to be $946 mln compared to $950 mln in 2007. Earnings for the first nine months of 2008 are estimated to range from $1.06 to $1.08 per share (on 64.0 mln shares outstanding), an increase of approximately 4% compared to $1.03 (on 68.4 mln shares outstanding) for the first nine months of 2007. These results include after-tax charges related to the co's gross margin initiatives of $0.09 per share in 2008 and $0.07 per share in 2007. Excluding these charges, pro forma diluted earnings per share are estimated to be $1.15 to $1.17, an increase of approximately 5% compared to pro forma diluted earnings per share of $1.10 for the first nine months of 2007. Co also revises its FY08 outlook, the co currently estimates that for the full year 2008 its net sales will be in the range of $1.125-1.145 bln (consensus $1.155 bln) and that its pro forma fully diluted earnings will exceed 2007 and will be in the range of $0.92 to $1.02 per share (or 3% to 15% growth versus 2007). The co had previously estimated that net sales would be at the higher end of the range of $1.145-1.165 bln and that pro forma earnings per diluted share would be at the lower end of the range of $1.08 to $1.18 (consensus $1.08 EPS). Pro forma earnings exclude after-tax charges related to the gross margin improvement initiatives in the amount of approximately $0.11 per share.
4:59PM Centene reaffirms its previous 2008 EPS guidance of $1.87-1.97, ex items, vs $1.91 First Call consensus (CNC) 20.72 +0.47 : Co announces that its results for the third quarter of 2008 will include impairment losses on its investment portfolio that are expected to reduce reported diluted earnings per share by $0.07. The impairment losses represent less than 1% of Centene's investment portfolio as of June 30, 2008 and are primarily related to investments in the Reserve Primary money market fund whose Net Asset Value fell below $1.00 per share due to its holdings of securities backed by Lehman Brothers Holdings (LEH). Co expects to recover ~95% of its Reserve Primary Fund investments and has more than adequate liquidity to fund its operations in the meantime. Excluding the effect of the above noted $0.07 impairment charge, Centene reaffirms its previous 2008 earnings per diluted share guidance of $1.87-1.97 vs $1.91 First Call consensus.
4:42PM Jones Apparel lowers FY08 EPS below consensus, guides Q3 EPS below consensus (JNY) 13.52 -0.89 : Co lowers FY08 EPS to $0.93-0.98 vs $1.24 First Call consensus, down from $1.20-1.35. Co issues downside Q3 guidance; co sees Q3 EPS of $0.32-0.34 vs $0.51 consensus. Co lowered guidance to reflect the continued weakening of the overall economic climate and the impact on consumer spending and on its retail customers of the recent unprecedented events in the financial markets. Co says, "The economic environment continues to deteriorate, as evidenced by the recently reported September retail comparable store sales figures. Despite the increasingly difficult market conditions, we remain committed to our focus on enhancing our core brands to improve performance and increase our market share." The co continues to maintain a strong financial position and estimates that for Q3 ended October 4, 2008 it will report available cash of ~$200 mln, with no outstanding short-term debt and over $1 bln of availability in committed revolving credit facilities. The co expects to end 2008 with ~$300 mln of available cash and no short term borrowings, and to generate operating cash flow from continuing operations for the year in a range of $130-145 mln.
4:22PM Intel beats by $0.01, reports revs in-line; guides Q4 revs & gross margins in-line (INTC) 15.93 -1.06 : Reports Q3 (Sep) earnings of $0.35 per share, $0.01 better than the First Call consensus of $0.34; revenues rose 1.3% year/year to $10.22 bln vs the $10.26 bln consensus. Q3 gross margins were 58.9% vs. guidance of 58% +/- couple points and 57.9% First Call consensus. The effective tax rate was 28.9%, lower than the expectation of approximately 33%. Co issues in-line guidance for Q4 (Dec), sees Q4 (Dec) revs of 10.1-10.9 bln vs. $10.77 bln consensus; sees Q4 gross margins 59% +/- couple points vs. 59.1% consensus. Lowers Y08 CapEx guidance to $4.9-$5.1 bln from $5.0-$5.4 bln. "As we look to Q4, it is hard to know what impact the financial crisis will have on end customer demand. We are confident that our product portfolio, strong cash flow, commitment to deploying new technology and market momentum will allow us to outpace peer companies at a time when business levels are difficult to predict." Stock is trading at 16.80 in after-hours.
4:19PM Altera beats by $0.01, reports revs in-line; guides Q4 revs in-line (ALTR) 17.11 -0.39 : Reports Q3 (Sep) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues fell 0.9% year/year to $356.8 mln vs the $354.8 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs sequential growth of up 1% to down 3% or $346.0-360.4 mln $361.06 mln consensus. Co sees Q4 gross margin at 68% +/- .5%.
4:18PM USANA misses by $0.06, misses on revs; guides Q4 EPS in-line, revs in-line (USNA) 42.01 -1.64 : Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.60; revenues rose 0.9% year/year to $107.2 mln vs the $111.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.64-0.70 vs. $0.64 consensus; sees Q4 revs of $114-120 mln vs. $116.69 mln consensus.
9:02AM Denny's reports preliminary Q3 of approx $189 mln vs $186.7 mln First Call consensus; Q3 system wide same store sales were -5.1% (DENN) 2.15 : Co reported same-store sales for its company-owned and franchised restaurants during the quarter ended September 24, 2008 compared with the related period in fiscal year 2007. Q3 system wide same store sales were -5.1%. The co reports preliminary Q3 of approx $189 mln (vs $186.7 mln First Call consensus). Based on preliminary, unaudited results for the third quarter of 2008, Denny's expects adjusted income before taxes in the range of $8.0 to $8.5 million, an increase of 38-47% compared with adjusted income of $5.8 million in the prior year period.
8:24AM JB Hunt Trans beats by $0.05, reports revs in-line (JBHT) 28.75 : Reports Q3 (Sep) earnings of $0.47 per share, $0.05 better than the First Call consensus of $0.42; revenues rose 11.7% year/year to $996 mln vs the $994.3 mln consensus. Co states, "The increase in operating revenue was primarily attributable to growth in our Intermodal segment and our non-asset based Integrated Capacity Solutions segment and sharply higher fuel surcharge revenue. Current qtr operating revenue, excluding fuel surcharges, was essentially the same as third quarter 2007. Containers and trailers grew from 58,802 to 61,406 over the same period. The growth in the fleet of containers and trailers was primarily to support additional intermodal business..."
8:16AM Pantry expects its FY08 EPS to exceed FY07 EPS of $1.17, vs $0.99 First Call consensus (PTRY) 18.51 : Co announces that it expects its FY08 EPS to exceed FY07 EPS of $1.17 (consensus is $0.99). For its FY08, the company's merchandise and retail gasoline sales are expected to be approx $1.64 bln and 2.1 bln gallons, respectively. The merchandise gross profit margin is expected to be below the previously announced guidance range of 36.8% to 37%, due to higher than expected LIFO charges. The retail gasoline margin is expected to be near the top end of the previously announced guidance range of 10-12 cents per gallon. The company expects that fiscal 2008 store operating and general and administrative expenses will be slightly above the high end of the previously announced range of $605-$610 mln.
8:06AM Supervalu misses by $0.08, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 18.40 : Reports Q2 (Aug) earnings of $0.61 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.69; revenues rose 0.7% year/year to $10.23 bln vs the $10.12 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.90-3.00 ex items vs. $2.95 consensus; sees FY09 revs of $45 bln vs. $44.99 bln consensus.
8:01AM WW Grainger beats by $0.26, beats on revs; raises FY08 EPS above consensus (GWW) 84.45 : Reports Q3 (Sep) earnings of $1.79 per share, $0.26 better than the First Call consensus of $1.53; revenues rose 10.9% year/year to $1.84 bln vs the $1.8 bln consensus. Co issues raises guidance for FY08, sees EPS of $6.00-6.20 vs. $5.90 consensus, prior guidance $5.80-6.10. Co said, "Our third quarter and year-to-date results are a testimony to Grainger's winning strategy and our employees' ability to execute... Going forward, the credit crisis and its effect on the economy create uncertainty; however, our national scale and local inventory availability help customers be more efficient as they maintain their facilities during these challenging times."
7:49AM Johnson & Johnson beats by $0.06, beats on revs; raises FY08 EPS guidance (JNJ) 62.68 : Reports Q3 (Sep) earnings of $1.17 per share, $0.06 better than the First Call consensus of $1.11; revenues rose 6.4% year/year to $15.92 bln vs the $15.69 bln consensus. Co issues raises guidance for FY08, to EPS of $4.50-4.53 vs. $4.51 consensus, $4.45-4.50 prior guidance. Co said, "Johnson & Johnson continues to achieve solid earnings results despite the impact that generic products have had on our Pharmaceutical business... Of note was the strong sales performance of our Consumer segment and the solid sales results in our Medical Devices and Diagnostics segment."
7:33AM XL Capital announces prelim Q3 results, sees $0.40 EPS excluding charges vs $0.38 First Call consensus (XL) 7.43 : XL estimates Q3 EPS of $0.40 vs. First Call consensus of $0.38. This excludes a charge of $1.4 bln related to Syncora Holdings among other charges. Including these charges, earnings are $(6.08)-(6.17), net loss per share. Additionally, Other than temporary impairment charges of between $250.0 -275.0 mln and net realized losses on investment sales of $40.3 mln. Foreign exchange gains of $139.5 mln related to the significant strengthening of the U.S. dollar during the quarter. Commenting on the results for the quarter, Chief Executive Officer, Michael S. McGavick said: "The third quarter has seen real progress in relation to the strategic objectives set out earlier in the year. We eliminated the vast majority of our exposures to Syncora. We have also made demonstrable progress in de-risking the firm". The insurance segment saw Gross and net premiums written increased by 3.8% and 2.6%, respectively, during the three months ended September 30, 2008 compared with the three months ended September 30, 2007. Gross premiums written increased primarily due to growth from targeted new business initiatives, higher insured values in the marine book and $23 mln of favorable movements in foreign exchange rates. The reinsurance segment saw gross and net premiums written during the three months ended September 30, 2008 increased by 9.9% and decreased by 4.5%, respectively, as compared to the third quarter in 2007
7:33AM Domino's Pizza misses by $0.08, misses on revs (DPZ) 10.00 : Reports Q3 (Sep) earnings of $0.13 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.21; revenues fell 4.1% year/year to $323.6 mln vs the $336.8 mln consensus.
7:10AM PepsiCo misses by $0.02, reports revs in-line; guides FY08 EPS below consensus (PEP) 61.77 : Reports Q3 (Sep) earnings of $1.06 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $1.08; revenues rose 10.5% year/year to $11.24 bln vs the $11.22 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.67-3.68, excluding non-recurring items, vs. $3.74 consensus. The company expects full-year 2008 performance of 3 percent to 5 percent volume growth and low-double-digit net revenue growth (including acquisitions and foreign exchange). The company has revised its 2008 guidance with respect to cash provided by operating activities to be approximately $7.3 billion and capital spending to be approximately $2.5 billion, excluding Productivity for Growth costs. Globally, approximately 3,300 positions will be eliminated in connection with the productivity program, of which about 40 percent relate to the closing of up to six plants and other capacity rationalization actions, which will be announced by the end of the year. "While we can't control the macro economic situation, we can enhance PepsiCo's operating agility to respond to the changing environment. To do so, we are implementing a broad-based productivity program, which we expect will produce $1.2 billion in pre-tax savings over three years. The majority of the savings will be invested in our businesses."
6:08AM Polaris Inds beats by $0.04, beats on revs; guides Q4 EPS in-line; guides FY08 EPS above consensus (PII) 35.17 : Reports Q3 (Sep) earnings of $1.13 per share, $0.04 better than the First Call consensus of $1.09; revenues rose 6.7% year/year to $580.3 mln vs the $563 mln consensus. Co issues in-line guidance for Q4, sees EPS of $1.07-1.10 vs. $1.10 consensus; co expects sales growth in the range of 0-2%. Co issues upside guidance for FY08, sees EPS of $3.47-3.50 vs. $3.45 consensus; co expects sales growth in the range of 10-11%.
4:53AM WuXi PharmaTech announces preliminary Q308 results and updates FY08 guidance (WX) 7.68 : Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $66.0-67.5 mln vs. $73.84 mln First Call consensus. Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs of $260.0-265.0 mln vs. $290.00 mln consensus. Co also terminates existing 10b5-1 plans. Commenting on Q308 preliminary results, Dr. Ge Li, Chairman and Chief Executive Officer said, "WuXi continues its historical trend of delivering strong revenue and profitability growth, as reflected in the 96% top-line revenue and 52% non-GAAP Ebitda growth. As we enter the fourth quarter, we expect lower than anticipated full-year 2008 revenues, due to cancelled or delayed projects from small biotechnology customers. However, our China-based laboratory services business remains strong and is expected to grow over 40%, year-over-year."
1:26AM Sovereign Bancorp pre-announces Q308 results (SOV) 3.68 : Co issues downside guidance for Q3 (Sep), sees EPS of $(1.48), includes impairment charge on co's Fannie Mae and Freddie Mac perpetual preferred stock of $575 mln and a loss of $602 mln related to sale of entire portfolio of CDOs, vs. $(1.28) First Call consensus. Excluding the after-tax impact of the aforementioned investment losses, Sovereign generated net income of $41.3 mln after recording a provision for credit losses of $304 mln, an increase of $141.5 mln from the same period a year ago. Briefing.com note: See 18:22 comment from Oct. 13 for details regarding Sovereign's agreement to be acquired by Banco Santander
1:09AM BJ Services announces Q408 preliminary financial results (BJS) 12.57 : Co issues mixed guidance for Q4 (Sep), sees EPS of $0.55-0.57, includes non-cash goodwill impairment charge of $6.1 mln ($0.02 per share) related to Russia operations, vs. $0.55 First Call consensus; sees Q4 (Sep) revs of approx $1.53 bln vs. $1.44 bln consensus. Results were negatively impacted by the hurricane season in the Gulf of Mexico, as hurricanes Ike, Gustav and Edouard all affected activity and operations along the Gulf Coast. The co incurred property damage and repair costs of approx $1.0 mln (pre-tax) related to the storms during the quarter. In addition, the co estimates that revenues were approx $18.0-20.0 mln lower than they otherwise would have been, as many customer projects and jobs were delayed or canceled in the wake of the storms.
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