5:28PM Cytec beats by $0.20, beats on revs; guides FY08 EPS in-line (CYT) 25.82 +0.09 : Reports Q3 (Sep) earnings of $1.06 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $0.86; revenues rose 10.0% year/year to $963 mln vs the $928 mln consensus. Co reaffirms lowered guidance issued last week. Co reaffirms in-line guidance for FY08, sees EPS of $3.75-3.85 vs. $3.78 consensus. Co says, "On the input side, we continue to operate in a very challenging environment. While feedstock prices have been declining in the market, the benefit has not yet translated to the propylene related derivatives we procure as one would expect. In fact, some of the materials are in tight supply related to the impact the hurricanes had on numerous chemical operations in the third quarter. This tightness is slowing down the process of raw material cost decreases in Q4. Therefore, we do not expect to realize the benefit from reduced materials cost until late in Q4."
4:52PM Apt Inv & Mgt has declared a special dividend payable to holders of its Class A Common Stock of $1.80 per share (AIV) 20.35 +0.58 : Co says a portion of the special dividend in the amount of $0.60 per share represents payment of the regular dividend for the quarter ended September 30, 2008, and a portion represents an additional dividend payment in the amount of $1.20 per share associated with taxable gains arising from property dispositions in 2008.
4:14PM IBM beats by $0.02, misses on revs; reaffirms FY08 EPS guidance (IBM) 91.52 +3.23 : Reports Q3 (Sep) earnings of $2.05 per share, in-line with last week's preannouncement, $0.02 better than the First Call consensus of $2.03; revenues rose 4.9% year/year to $25.3 bln, in-line with last week's preannouncement, vs the $25.88 bln consensus. Co reaffirms guidance for FY08, sees EPS of $8.75 vs. $8.72 consensus. "We remain confident in our full-year 2008 outlook." From a geographic perspective, the Americas' third-quarter revenues were $10.5 billion, an increase of 3 percent as reported (2 percent, adjusting for currency) from the 2007 period. Revenues from Europe/Middle East/Africa were $8.9 billion, up 10 percent (4 percent, adjusting for currency). Asia-Pacific revenues increased 6 percent (1 percent, adjusting for currency) to $5.2 billion.
4:13PM Capital One misses by $0.01, reports revs in-line (COF) 38.70 +0.94 : Reports Q3 (Sep) earnings of $1.00 per share, $0.01 worse than the First Call consensus of $1.01; revenues fell 2.5% year/year to $4.21 bln vs the $4.23 bln consensus. The managed charge-off rate for the co increased 15 basis points to 4.30% from 2Q08. The managed delinquency rate increased in the third quarter by 35 basis points from the second quarter of 2008 to 3.99%.As expected, the co built its allowance for loan losses in the third quarter by $208.6 mln. At $3.5 bln, this is consistent with an outlook for $7.2 bln in managed charge-offs through the end of the third quarter of 2009. Managed provision expense was $1.8 bln. The co added $208.6 mln to its allowance in the third quarter of 2008. At $3.5 bln, this is consistent with an outlook for $7.2 bln in managed charge-offs through the third quarter of 2009. -- Charge-offs declined in the third quarter of 2008 to 6.13 % from 6.26 % in the second quarter of 2008, but increased from 3.85 % in the third quarter of 2007. The co expects the charge-off rate to rise to around 7% for the Q4, and to the mid-7% range for the 1Q09. Delinquencies increased in the third quarter of 2008 to 4.20% from 3.85% in the previous quarter and from 3.80 % in the year ago quarter.
4:12PM Zions Bancorp reports Q3 (Sep) results (ZION) 40.20 : Reports Q3 (Sep) earnings of $0.31 per share, may not be comparable to the First Call consensus of $0.59. Co said, "While we are not immune to the problems of the industry, our core business remains remarkably strong and our balance sheet remains healthy. We strengthened our capital, built our loan loss reserves, and increased our liquidity during the quarter. We continue to be profitable and well-capitalized during a time when the industry has experienced severe financial stress." Year-to-date net earnings applicable to common sharehol
4:11PM Evergreen Solar misses by $0.08, misses on revs; guides Q4 EPS below consensus, revs above consensus (ESLR) 3.87 +0.36 : Reports Q3 (Sep) loss of $0.18 per share, $0.08 worse than the First Call consensus of ($0.10); revenues rose 21.9% year/year to $22.1 mln vs the $25 mln consensus. Co issues mixed guidance for Q4, sees EPS of ($0.08) - (0.12) vs. ($0.07) consensus; sees Q4 revs of $45-55 mln vs. $43.10 mln consensus. Co says Q4 production is expected to be approximately 12 MW to 15 MW, including about 8 MW to 11 MW from the Devens facility. Q4 Gross margin is expected to be between 5% and 10%. The co also reports Q4 operating expenses, excluding factory startup costs, are expected to be approx $12.5 mln to $13.5 mln. Factory startup costs are expected to be in the range of $9.0 mln to $12.0 mln, including approx $2.7 mln of accelerated depreciation on equipment associated with the Marlboro ramp down.
4:11PM Intuitive Surgical beats by $0.17, beats on revs (ISRG) 214.80 +24.68 : Reports Q3 (Sep) earnings of $1.44 per share, $0.17 better than the First Call consensus of $1.27; revenues rose 50.4% year/year to $236 mln vs the $226.6 mln consensus. Third quarter 2008 da Vinci Surgical Systems revenue increased 48% to $126.3 mln from $85.5 mln during the third quarter of 2007. Third quarter 2008 service and training revenue increased 54% to $33.7 mln from $21.9 mln during the third quarter of 2007. "We are pleased with our third quarter operating results. These results reflect the continued adoption of robotic surgery as a growing number of patients benefit from the improved clinical outcomes and reduced surgical trauma that our da Vinci products enable."
4:07PM Informatica beats by $0.02, beats on revs (INFA) 12.54 +0.83 : Reports Q3 (Sep) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.17; revenues rose 18.5% year/year to $113.8 mln vs the $112 mln consensus.
4:07PM Google beats by $0.16, reports revs in-line (GOOG) 353.02 +13.85 : Reports Q3 (Sep) earnings of $4.92 per share, $0.16 better than the First Call consensus of $4.76; revenues after deducting Traffic Acquisition Costs rose 34.2% year/year to $4.04 bln vs the $4.06 bln consensus. Q3 paid clicks increased ~18% y/y, compares to Q2 increase of ~19% and Q1 increase of ~20%. Co said, "While we are realistic about the poor state of the global economy, we will continue to manage Google for the long term, driving improvements to search and ads, while also investing in future growth areas such as enterprise, mobile, and display."
4:05PM Evergreen Solar signs 2 new contract sales totaling more than 160 Megawatts (ESLR) 3.87 +0.36 : The co announces it has signed two new long-term sales contracts totaling more than 160 MW. The first is with Mainstream Energy and AEE Solar; the second contract is with, one of the top-tier general trading companies in Japan.. The combined contracts extend the company's total contractual backlog to more than 1 GW. Shipments under these contracts will begin in 2009 and continue through 2012. The solar panels for these two contracts will be produced at the company's Devens, Massachusetts, facility and at the company's next factory. With these contracts, the Devens facility has now sold 100 percent of its 160 MW manufacturing capacity from 2010 and beyond.
9:29AM AMB Property beats by $0.02, misses on revs (AMB) 27.92 : Reports Q3 (Sep) funds from operations of $0.70 per share, $0.02 better than the First Call consensus of $0.68; revenues fell 1.7% year/year to $162.5 mln vs the $169.7 mln consensus.
9:06AM Nucor beats by $0.12, reports revs in-line, has little forward visibility (NUE) 27.42 : Reports Q3 (Sep) earnings of $2.31 per share, $0.12 better than the First Call consensus of $2.19; revenues rose 74.9% year/year to $7.45 bln vs the $7.49 bln consensus. Co says that entering Q4, the global economy has been negatively impacted by the crisis in the financial markets. What started out as a seasonal slowdown has now been overwhelmed by a worldwide financial crisis that is unique in both size and scope in our lifetime. The business environment has obviously become significantly more challenging for everyone including Nucor. Co says there is little forward visibility on either the economy or our industry, even for Q4. Financial projections are not practical. Therefore, co says it will not be providing guidance at this time.
9:03AM Sherwin-Williams beats by $0.23, beats on revs; guides Q4 EPS in-line (SHW) 49.42 : Reports Q3 (Sep) earnings of $1.50 per share, $0.23 better than the First Call consensus of $1.27; revenues rose 3.3% year/year to $2.27 bln vs the $2.19 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.40-0.60 vs. $0.55 consensus. Co said, "We continue to manage our business through the challenging environment of the U.S. and global economies. We are experiencing an unprecedented downturn in the U.S. housing market that has severely depressed paint demand in the domestic new residential, residential repaint, DIY and commercial markets. During the third quarter, the strong paint demand we had enjoyed in many foreign markets began to subside and we anticipate increasing softness in the months ahead."
9:02AM S&P futures vs fair value: +15.50. Nasdaq futures vs fair value: +6.50. : The tone in premarket trading has improved. Stock futures in both the S&P 500 and the Nasdaq 100 have a lead over fair value. Overnight U.S. dollar LIBOR rates fell more than 20 basis points to a bit below 1.94%. The one-month rate fell 8 basis points to 4.28%. Net long-term Treasury International Capital (TIC) flows for August totaled $14.0 billion, which is below the $30.0 billion that was widely expected.
8:18AM China Techfaith Wireless guides Q3 revenues higher (CNTF) 0.85 : Provider focused on research and development of mobile phone solutions announces that revs for Q3 are expected to be approx US$43.0 million. This represents a growth of approximately 12.0% over the same period in the prior year; furthermore, expected revenue are greater than the previously announced guidance of US$30.0 to US$35.0 mln. The single analyst est is for revs of $31.8 mln... ""Our third quarter revenue were positively impacted by better than expected performance in the LATAM, South East Asian and China markets, despite seasonality and delivery difficulties."
8:15AM Ultratech beats by $0.02, beats on revs (UTEK) 12.03 : Reports Q3 (Sep) earnings of $0.14 per share, $0.02 better than the First Call consensus of $0.12; revenues rose 36.5% year/year to $34.4 mln vs the $33.5 mln consensus.
8:10AM Cypress Semi reports EPS in-line, beats on revs (CY) 3.73 : Reports Q3 (Sep) earnings of $0.30 per share, excluding non-recurring items, in-line with the First Call consensus of $0.30; revenues rose 33.5% year/year to $600.2 mln vs the $575.1 mln consensus.
8:09AM Illinois Tool misses by $0.02, misses on revs; guides Q4 EPS in-line (ITW) 33.68 : Reports Q3 (Sep) earnings of $0.85 per share, $0.02 worse than the First Call consensus of $0.87; revenues rose 10.8% year/year to $4.15 bln vs the $4.2 bln consensus. Co issues in-line guidance for Q4, sees EPS of 0.74-0.82 vs. $0.80 consensus. Co issues below consensus guidance for FY08, sees EPS of 3.24-3.32 vs. $3.43 consensus. The double-digit operating revenue increase in the third quarter consisted of a 6.9% contribution from acquisitions and a 4.7% contribution from currency translation. Base revs declined 0.8% in the quarter due to lower North American and international sales volumes partially offset by higher raw material price recovery. The co now expects full-year acquired revenues on an annualized basis to be in a range of $1.5 to $1.6 bln. It also expects share repurchases for the full-year to be in a range of $1.0-1.2 billion.
8:09AM Peabody Energy beats by $0.51, beats on revs; guides FY08 EPS above consensus (BTU) 24.24 : Reports Q3 (Sep) earnings of $1.38 per share, $0.51 better than the First Call consensus of $0.87; revenues rose 59.0% year/year to $1.91 bln vs the $1.68 bln consensus. Co raises guidance for FY08, sees EPS of $3.00-3.25 vs. $2.86 consensus. Third quarter volumes reached 66.0 mln tons, 6% above year-ago levels. Higher volumes combined with improved pricing in all regions led to record revenues. "While there is uncertainty in today's economy, any easing of demand growth is likely to be offset by diminished global coal ... Supply challenges around the world and lack of capital to respond to market shortages will continue to drive a tight global supply-demand balance for coal. In addition, we believe that the long-term coal demand profile is very strong and will continue to be led by emerging economies."
8:03AM Amphenol beats by $0.03, beats on revs; guides Q4 EPS below consensus; guides FY08 EPS in-line (APH) 27.00 : Reports Q3 (Sep) earnings of $0.63 per share, $0.03 better than the First Call consensus of $0.60; revenues rose 17.7% year/year to $863.7 mln vs the $835 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.58-0.60 vs. $0.62 consensus. Co issues in-line guidance for FY08, sees EPS of $2.36-2.38 vs. $2.37 consensus. Currency translation had the effect of increasing sales by approximately $16 million in the third quarter 2008 compared to the 2007 period.
8:02AM Ceragon expects Q3 revs ~$58 mln vs $58.53 mln First Call consensus; sees EPS of $0.10-0.11 vs. $0.14 First Call consensus (CRNT) 5.57 : Co expects Q3 revs to be ~$58 mln (an increase of about 30% from Q3 of 2007 and in-line with the company's previous guidance) vs. $58.53 mln First Call consensus. As a result of the lower than expected gross margin in Q3, GAAP net income is expected to be approximately $3.2 to $3.6 million, or $0.08 to $0.09 per diluted share, compared with $3.7 million, or $0.11 per diluted share in Q3 of 2007. On a non-GAAP basis, net income for Q3 is expected to be approximately $3.9 million to $4.3 million, or $0.10 to $0.11 per diluted share (consensus $0.14), compared with $4.1 million, or $0.13 per diluted share, in Q3 of 2007. The Company did not give specific EPS guidance for the third quarter; however, the preliminary results are below the range of analysts' estimates according to First Call.
8:02AM Knoll beats by $0.12, beats on revs; guides Q4 EPS above consensus, revs below consensus (KNL) 10.31 : Reports Q3 (Sep) earnings of $0.52 per share, $0.12 better than the First Call consensus of $0.40; revenues rose 11.7% year/year to $283.5 mln vs the $269.8 mln consensus. Co issues guidance for Q4, sees EPS of 0.44-0.47 vs. $0.43 consensus; sees Q4 revs of $278-283 mln vs. $284.32 mln consensus.
8:01AM USA Truck beats by $0.03, beats on revs (USAK) 15.17 : Reports Q3 (Sep) earnings of $0.23 per share, $0.03 better than the First Call consensus of $0.20; revenues rose 19.0% year/year to $146.1 mln vs the $140.7 mln consensus.
8:01AM FalconStor Sftwr lowers guidance; sees Q3 revs $19-19.5 mln vs $22.78 mln First Call consensus (FALC) 3.75 : Co reports preliminary Q3 EPS to be breakeven vs $0.05 First Call consensus, and sees revs of $19-$19.5 mln vs $22.78 mln consensus. Co expects FY08 EPS to be $0.12-$0.14 vs $0.26 First Call consensus, and vs prior guidance of $0.31-$0.36, on revs of $85-$87 mln vs $96 mln consensus. Co states, "The difficult economic conditions at the end of the third quarter resulted in many companies freezing or lowering their information technology spending, which caused our revenues for the quarter to fall short of our projections..."
8:01AM S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -18.80. : Futures currently indicate a downward start to the trading session. Nokia (NOK) posted in-line earnings per share results for its fiscal third quarter. The global leader in handsets sees a sequential volume increase in the fourth quarter and expects its market share will be flat to slightly up. Merrill Lynch (MER) posted a loss of $5.56 per share in the third quarter. The firm incurred $5.7 billion in net write-downs. Citigroup (C) reported a loss of $0.60 per share. Its revenue was down a sharp 23% year-over-year and the bank was hit with $4.4 billion in pretax write-downs. The Swiss government and central bank will inject the equivalent of $5.3 billion of capital into UBS (UBS) and assume $60 billion of risky assets from the financial giant, according to The Wall Street Journal.
7:55AM PPG Industries beats by $0.09, beats on revs (PPG) 44.49 : Reports Q3 (Sep) earnings of $1.37 per share, $0.09 better than the First Call consensus of $1.28; revenues rose 37.5% year/year to $4.22 bln vs the $4 bln consensus. Co states, "...In the quarter, our adjusted earnings per share were comparable with last year despite the negative impacts from two U.S. Gulf Coast hurricanes and significantly weaker automotive OEM production... We have further strengthened our balance sheet by already exceeding our full-year debt-reduction goals and increasing our cash on hand,"
7:52AM Briggs & Stratton beats by $0.23, beats on revs; guides FY09 EPS above consensus (BGG) 12.85 : Reports Q1 (Sep) loss of $0.04 per share, $0.23 better than the First Call consensus of ($0.27). Co issues upside guidance for FY09, sees EPS of $0.81-$1.01 vs. $0.78 consensus. "This range reflects the impact of increased portable generator sales in the first quarter that were not in our initial projections for the year. It also continues to reflect our belief that channel inventories of lawn and garden products are at normal levels as the 2008 season comes to an end and our projections related to our product placement for fiscal 2009 are still valid. However, the forecast range now also reflects the risk that the sales of lawn and garden equipment and pressure washers in the spring of 2009 may be weaker than projected. This could occur because the financial turmoil now taking place is significantly affecting consumer confidence and may also lead channel participants (retailers and equipment manufacturers) to review their working capital commitment. The negative influence of either, or both, of these factors could cause the market for our engines and end products to decline greater than others are forecasting at this time."
7:35AM BB&T Corp misses by $0.01, misses on revs; (BBT) : Reports Q3 (Sep) earnings of $0.64 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.65; revenues fell 11.2% year/year to $1.82 bln vs the $1.87 bln consensus. BB&T's third quarter net income produced annualized returns on average assets and average shareholders' equity of 1.04% and 10.86%, respectively, compared to prior year returns of 1.37% and 14.24%, respectively. Nonperforming asset levels and credit losses increased further in the third quarter of 2008 compared to the second quarter of 2008. Nonperforming assets, as a percentage of total assets, increased to 1.20% at Sept. 30, compared to .95% at June 30. BB&T's tangible capital ratio was 5.8% at Sept. 30, up from 5.7% at June 30, and the Tier 1 leverage ratio was 7.6%, up from 7.2% last quarter. In addition, BB&T's Tier 1 risk-based capital and total risk-based capital ratios were 9.4% and 14.4%, respectively, up from 8.9% and 14.0%, respectively, at June 30. BB&T's risk-based capital ratios are significantly higher than an average of its peers and remain well above regulatory standards for well-capitalized banks. The net interest margin was 3.66% for the current quarter, up from 3.65% for the second quarter of 2008 and up from 3.45% in the third quarter last year. The increase marks the fourth consecutive quarter that BB&T's margin has improved.
7:35AM Huntington Banc beats by $0.04; guides FY08 EPS above consensus (HBAN) 8.60 : Reports Q3 (Sep) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24. Reports $125.4 mln of provision for credit losses, up from $120.8 mln in Q2, and $41.6 mln higher than net charge-offs. Reports 3.29% net interest margin, unchanged from the 2008 second quarter. Co issues upside guidance for FY08, sees EPS of $1.12-$1.16 vs. $1.09 consensus.
7:33AM Sonoco Products misses by $0.04, misses on revs; guides Q4 EPS below consensus; guides FY08 EPS below consensus (SON) 22.70 : Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.64; revenues rose 3.3% year/year to $1.06 bln vs the $1.1 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.60-0.64, excluding non-recurring items, vs. $0.66 consensus. Co issues downside guidance for FY08, sees EPS of $2.36-2.40, excluding non-recurring items, vs. $2.45 consensus. Base earnings in the third quarter of 2008 excluded an after-tax charge of $.03 per diluted share stemming from previously announced restructuring actions. Sonoco had previously provided full-year guidance of $2.44 to $2.47 per diluted share. This revised guidance assumes an effective tax rate of approximately 30 percent in the fourth quarter and assumes no significant change in anticipated sales volume.
7:32AM CEMEX S.A. reports Q3, misses on revs (CX) 7.71 : Reports Q3 (Sep) revenues fell 4.9% year/year to $5.8 bln vs the $5.9 bln consensus. Lower sales in the quarter were mainly the result of lower volumes which were partially mitigated by better supply-demand dynamics in most of our markets. The infrastructure sector was the main driver of demand in most of our markets. EBITDA decreased 4% in the third quarter of 2008 to $1.3 bln versus the same period of 2007, mainly due to the exclusion of our Venezuelan operations starting August 1, 2008. Operating income in the Q3 decreased 13% to $818 mln compared to $940 mln in the same period last year.
7:24AM Parker-Hannifin beats by $0.11, reports revs in-line; guides FY09 EPS in-line (PH) 39.20 : Reports Q1 (Sep) earnings of $1.50 per share, $0.11 better than the First Call consensus of $1.39; revenues rose 10.0% year/year to $3.06 bln vs the $3.04 bln consensus. Co issues lowers guidance for FY09, sees EPS of $5.35-5.75 vs. $5.55 consensus. Previous guidance for earnings from continuing operations was $5.65 to $6.05 per diluted share. In addition to financial results, Parker also reported an increase of 1 percent in total orders for the quarter ending September 30, 2008 compared with the same quarter a year ago.
7:24AM United Tech earnings correction - Comparable actual is $1.36 vs $1.32 consensus (UTX) 49.25 : Earlier we incorrectly reported UTX earnings. We have updated our original comment. The company reported Q3 EPS of $1.36, excluding charges which compares to the $1.32 First Call consensus. See 7:06 comment for the full earnings report.
7:21AM Aladdin Knowledge Systems beats by $0.19, beats on revs; guides FY08 EPS above consensus, revs above consensus (ALDN) 9.43 : Reports Q3 (Sep) GAAP loss of $0.02 per share, $0.19 better than the First Call consensus of ($0.21); revenues rose 21.5% year/year to $31.7 mln vs the $29.9 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.04-$0.10 vs. $0.00 consensus; sees FY08 revs of $124-$134 mln vs. $124.71 mln consensus.
7:17AM Werner Enterprises beats by $0.05, reports revs in-line (WERN) 17.64 : Reports Q3 (Sep) earnings of $0.31 per share, $0.05 better than the First Call consensus of $0.26; revenues rose 14.5% year/year to $584.1 mln vs the $581.1 mln consensus.
7:15AM CIT Group reports Q3 (Sep) results (CIT) 4.68 -0.85 : Reports Q3 (Sep) loss of $1.13 per share, includes items, may not be comparable to the First Call consensus of $0.19. The loss included a $455 million pre-tax ($364 million after-tax) non-cash write-down of goodwill and other intangible assets of the Vendor Finance business segment, which does not affect the tangible capital of the Company. During the quarter, we prepaid $2.1 billion in bank borrowings and repaid $1.5 billion of unsecured term debt and the remainder of outstanding commercial paper. We ended the third quarter with $7.7 billion of cash, including $4.5 billion of corporate cash, $1.0 billion of cash and short-term investments at CIT Bank (available to fund commercial originations by the bank), $1.3 billion of other cash balances and $0.9 billion of restricted cash (largely related to securitizations). The amounts above include approximately $600 million held in the Reserve Primary Fund, a money market fund investment in orderly liquidation.
7:08AM Harley-Davidson misses by $0.08, reports revs in-line; guides FY08 EPS below consensus (HOG) 24.53 : Reports Q3 (Sep) earnings of $0.71 per share, $0.08 worse than the First Call consensus of $0.79; revenues fell 7.7% year/year to $1.42 bln vs the $1.42 bln consensus. Co narrows its guidance for FY08, sees EPS of $3.00-3.10 vs. $3.14 consensus, from $3.00-3.18. The co also said for the full year 2008, it has narrowed its shipment expectations to 303,500 to 306,000 Harley-Davidson motorcycles, from 303,500 to 307,500 units previously. The co comments about its financing unit saying "We also have been able to maintain Harley-Davidson Financial Services' position as a stable, consistent source of financing for dealers and retail customers during these turbulent conditions in the credit markets..." Co also said "Although Harley-Davidson retail motorcycle sales in international markets overall continued to grow double digits in the quarter, unit sales in several European countries slowed more than we anticipated during September as a result of deteriorating economic conditions..."
7:06AM United Tech beats by $0.04; raises bottom end of FY08 EPS guidance - Correction (UTX) : Reports Q3 (Sep) earnings of $1.36 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.32; revenues rose 6.9% year/year to $14.81 bln vs the $15.12 bln consensus. Co raises bottom end of earnings for FY08, sees EPS of $4.90-4.95, from prior guidance of $4.80-4.95, vs. $4.93 consensus. "While we did see order rates slow in some businesses in the quarter given the current turmoil, our backlogs across UTC remain strong. We are confident our balanced portfolio, global footprint, and strong aftermarket presence will enable us to deliver on our guidance... In the face of ongoing economic challenges, we continue to aggressively reduce costs and restructure our businesses. In the third quarter, we spent $93 million on restructuring, and we're on track to spend around $300 mln for the full year. We also spent $950 million for share repurchase in the quarter for a total of $2.5 billion year to date and now expect share repurchase to be around $3 bln for 2008. We believe these actions, together with the balance of UTC's businesses, will position us to outperform peers in 2009."
7:04AM Hershey Foods misses by $0.01, beats on revs; reaffirms FY08 EPS guidance (HSY) 32.97 : Reports Q3 (Sep) earnings of $0.64 per share, excluding $0.10 pre-tax charge, $0.01 worse than the First Call consensus of $0.65; revenues rose 6.4% year/year to $1.49 bln vs the $1.45 bln consensus. Co reaffirms guidance for FY08, sees EPS in the lower range of $1.85-1.90 vs. $1.83 consensus and net sales growth of 3-4% y/y or $5.10-5.14 bln vs. $5.11 bln First Call Consensus. "In 2009, we expect net sales growth of 2-3 percent as the pricing action previously announced will be partially offset by lower volumes. We expect 2009 earnings per share-diluted from operations to increase, however, it will be at a rate below our long-term objective of 6-8 percent growth due to higher commodity prices, which remain at levels well above a year ago
despite recent declines, as well as greater levels of consumer investment."
7:03AM Textron misses by $0.02, misses on revs; guides Q4 EPS below consensus (TXT) 19.07 : Reports Q3 (Sep) earnings of $0.85 per share, $0.02 worse than the First Call consensus of $0.87; revenues rose 13.6% year/year to $3.53 bln vs the $3.59 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.80-$0.90, excluding non-recurring items, vs. $1.05 consensus.
7:02AM Baxter beats by $0.06, beats on revs; guides Q4 EPS in-line; guides FY08 EPS above consensus (BAX) 58.58 : Reports Q3 (Sep) earnings of $0.88 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.82; revenues rose 14.6% year/year to $3.15 bln vs the $3.07 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.88-0.90, excluding non-recurring items, vs. $0.90 consensus. Co issues upside guidance for FY08, sees EPS of $3.35-3.37, excluding non-recurring items, vs. $3.30 consensus.
6:52AM PNC Bank misses by $0.17, misses on revs (PNC) 61.50 : Reports Q3 (Sep) earnings of
$0.71 per share, $0.17 worse than the First Call consensus of $0.88; revenues fell 5.5% year/year to $1.65 bln vs the $1.82 bln consensus.
6:29AM Continental Air beats by $0.23, beats on revs (CAL) 12.84 : Reports Q3 (Sep) loss of $1.32 per share, excluding $91 mln of previously announced special items, $0.23 better than the First Call consensus of ($1.55); revenues rose 8.8% year/year to $4.16 bln vs the $4.11 bln consensus. Passenger revenue grew 7.1% compared to Q307. RPMs decreased 2.3% year/year on a decrease in capacity fo 0.1%, resulting in a Q3 load factor of 82.0%.
6:18AM UnitedHealth reports EPS in-line, revs in-line; guides Q4 EPS in-line (UNH) 21.67 : Reports Q3 (Sep) earnings of $0.73 per share, excluding non-recurring items, in-line with the First Call consensus of $0.73; revenues rose 7.9% year/year to $20.16 bln vs the $20.04 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.77-0.80 vs. $0.77 consensus.
12:18AM Zoltek updates Q408 and FY08 outlook (ZOLT) 9.98 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of approx $51.0 mln vs. $52.39 mln First Call consensus. Co issues in-line guidance for FY08 (Sep), sees FY08 (Sep) revs of $186.0 mln vs. $186.99 mln consensus. Co believes it can achieve a run rate of $500 mln of sales by FY11.
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