5:42PM Pactiv Corp beats by $0.02, reports revs in-line; guides Q4 EPS in-line (PTV) 23.63 -0.63 : Reports Q3 (Sep) earnings of $0.37 per share, excluding $0.01 restructuring credit and excluding a $0.02 gain from a favorable conclusion of a tax audit, $0.02 better than the First Call consensus of $0.35; revenues rose 6.1% year/year to $925 mln vs the $915.9 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.46-0.52, excluding restructuring charges, vs. $0.46 consensus.
5:33PM GAMCO Investors sees Q3 EPS above consensus (GBL) 32.95 +0.50 : Co issues upside guidance; co announces preliminary estimates, sees Q3 EPS of $0.40-0.44 vs $0.30 First Call consensus. Co reports assets under management were $25.6 bln as of September 30, 2008, 9.7% lower than June 30, 2008 AUM of $28.3 bln and 19.1% below September 30, 2007 AUM of $31.6 bln.
5:08PM Hexcel beats by $0.03, beats on revs (HXL) 9.85 +0.72 : Reports Q3 (Sep) earnings of $0.22 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.19; revenues rose 17.9% year/year to $331.4 mln vs the $316.5 mln consensus. Co says, "Despite the dire global economic news, at this stage, we still see strong backlog and demand from space and defense, wind energy and new commercial aircraft in the near term and we still expect to spend $175 mln on capital expenditures in 2008. The focus on alternative energy sources has made demand for wind energy more compelling. More importantly the economics of new, lightweight, wide body aircraft have become a significant proportion of the current and future demand mix leading us to expect growth through out the cycle. However, in light of the unprecedented volatility in the financial markets and concerns over the global economy during the past few weeks, we will prudently monitor the pace of our capital spending plans to maintain alignment with any changes to prior growth assumptions. At this stage, we are targeting 2009 to be free cash flow neutral for the year despite launching the initial capacity increases for the A350 and a new wind blade prepreg plant in Colorado."
4:40PM Texas Instruments misses by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (TXN) 17.98 +0.33 : Reports Q3 (Sep) earnings of $0.43 per share, $0.01 worse than the First Call consensus of $0.44; revs fell 8% year/year to $3.39 bln vs $3.40 bln First Call consensus. Co issues downside guidance for Q4, sees EPS of $0.26-0.32, excluding non-recurring items, vs. $0.43 consensus; sees Q4 revs of $2.830-3.070 bln vs. $3.34 bln consensus. This Q4 EPS estimate excludes a $0.05 benefit from the reinstatement of the federal research tax credit, which was signed into law in October 2008 and was retroactive to the beginning of the year. The estimate also excludes charges of about $0.01 per share associated with the company's restructuring actions in its Wireless business. "Our outlook for the fourth quarter is for revenue to decline substantially based on weak order trends over the past few months... TI also announced today it is taking actions that will reduce expenses by about one-third, or more than $200 million annualized, in its Wireless business, especially in its cellular baseband operation. The company is also actively pursuing the sale of the merchant portion of this operation and is in discussions with potential buyers. In the custom portion of this operation, TI will continue to support select programs."
4:14PM American Express beats by $0.15, misses on revs (AXP) 24.35 +1.02 : Reports Q3 (Sep) earnings of $0.74 per share, $0.15 better than the First Call consensus of $0.59; revenues rose 3.0% year/year to $7.16 bln vs the $7.31 bln consensus. Consolidated provisions for losses totaled $1.4 bln, up 51% from $905 mln a year ago. The co's return on average equity (ROE) was 27.8%, down from 38.2% a year ago. Q3 net loan write-off rate in the U.S. Card Services segment 5.9% vs. 5.3% in Q2 and 4.3% in Q1; provision for losses in the U.S. Card Services segment $941 mln vs. $1.5 bln in Q2. "While we continued to generate a substantial level of earnings this quarter, bottom line results were down from a year ago as growth in Cardmember spending slowed, lending volumes moderated, and we set aside significant additions to our loan loss reserves... We saw clear signs earlier this year of a weakening environment and the recent volatility in the financial markets has reinforced our view that consumer and business sentiment is likely to deteriorate further, translating into weaker economies around the globe well into 2009. Cardmember spending is likely to remain soft. Loan growth will be restrained, in part because of the steps we are taking to reduce credit risks, and credit indicators are likely to reflect the continued downturn in the economy and throughout the housing sector... Against this backdrop, we are moving ahead with reengineering plans that will free up resources by reducing operating costs and staffing levels. We expect to complete aspects of this work shortly and, as indicated earlier, to recognize a restructuring-related charge in the fourth quarter to cover the costs of these actions... Our business model is well positioned to generate earnings and excess capital even in an economic environment that is likely to be among the weakest in many years. We believe we have the capital strength, funding resources and comprehensive liquidity plans to manage successfully through difficult market conditions... We remain confident in our ability to emerge from the downturn in a stronger competitive position and continue to see growth opportunities in the payments sector. For now, though, we plan to be very selective with our investment dollars, balancing near term performance with longer term profitability."
4:11PM Netflix beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs below consensus; guides FY08 EPS in-line, revs below consensus (NFLX) 23.80 +0.50 : Reports Q3 (Sep) earnings of $0.33 per share, $0.02 better than the First Call consensus of $0.31; revenues rose 16.1% year/year to $341.3 mln vs the $342.6 mln consensus (note that on 10/6/2008 co guided EPS of $0.26-0.34). Co issues mixed guidance for Q4, reiterates EPS of $0.30-0.38 vs. $0.33 consensus; cuts Q4 revs to $351-357 mln, previous $353-359 mln, vs. $358.82 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.24-1.32 vs. $1.26 consensus; sees FY08 revs of 1.356-1.362 bln vs. $1.36 bln consensus.
4:11PM Nabors Ind reports EPS in-line, beats on revs (NBR) 16.43 +0.92 : Reports Q3 (Sep) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 17.5% year/year to $1.44 bln vs the $1.41 bln consensus. Co says, "Our 2009 earnings per diluted share will also be impacted by newly promulgated accounting rules effective January 1, 2009 that will apply to our 0.94% coupon convertible debt issue. We estimate the impact to be ~$0.25 per diluted share in 2009, solely attributable to non-cash charges." Co continues to believe the long-term challenges associated with production decline rates in North American gas and the world's more significant oilfields augur for a strong outlook for their business in spite of short-term volatility. Whatever the extent of the current demand diminution, it is simply a matter of time until these decline rates rebalance the supply.
4:09PM SanDisk misses by $0.32, beats on revs (SNDK) 14.42 -1.09 : Reports Q3 (Sep) loss of $0.59 per share, excluding non-recurring items, $0.32 worse than the First Call consensus of ($0.27); revenues fell 20.8% year/year to $821.5 mln vs the $778.1 mln consensus. "While third quarter revenue was down year-over-year, record megabyte sales demonstrate the resiliency and breadth of our channels and the elasticity of our end markets in the face of deteriorating global macroeconomic conditions. However, excess inventories resulted in severe pricing pressures and a disappointing loss for the quarter including $109 million of inventory related charges. To further strengthen our balance sheet we are taking decisive actions including: restructuring of our Fab joint ventures, deep cuts to our 2009 fab capacity investments, and substantial expense reduction measures for 2009..."
4:04PM JDA Software beats by $0.07, beats on revs (JDAS) 12.01 +0.44 : Reports Q3 (Sep) earnings of $0.42 per share, $0.07 better than the First Call consensus of $0.35; revenues rose 5.1% year/year to $98.4 mln vs the $94.6 mln consensus. Co said, "Despite the current economic climate, we ended the third quarter with record software revenues and EBITDA. Furthermore, this was the second quarter in 2008 that we achieved record software license revenues, illustrating the strength of our value proposition and a healthy pipeline".
4:02PM A-Power Energy Provides a Follow up Q&A to its October 15th Conference Call (APWR) 5.93 +0.66 : The co says they would like to provide, as a follow up to the management conference call on Wednesday, October 15, a summary of the most common questions received from investors since that call and management's responses to those questions. "... We believe the stock is currently undervalued and are discussing the opportunity to repurchase stock with our lawyers. We will make an announcement if and when a stock repurchase program is implemented... We are in the process of interviewing several CFO candidates and are being highly selective on who we hire. Based on our aggressive search campaign, hope to bring on a new full time CFO in the next 30 to 60 days... A-Power has sufficient cash on its balance sheet, a cash flow positive business and no debt. We are continuously evaluating new opportunities that will be accretive to earnings, although as of today, we have no plans to raise additional capital in the equity markets.
9:04AM China Security and Surveillance reaffirms Q3 EPS guidance of $0.43-0.45 vs $0.44 First Call consensus; reaffirms FY08 guidance (CSR) 10.56 : Co reaffirms guidance for Q3 (Sep), sees EPS of $0.43-0.45 vs. $0.44 First Call consensus; sees Q3 (Sep) revs of $110-115 mln vs. $111.98 mln consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $1.60-1.77, excluding non-recurring items, vs. $1.66 consensus; sees FY08 (Dec) revs of $400-410 mln vs. $403.91 mln consensus. Co said, "We continue to see strong demand for security related products in China and view the global economic downturn as an opportunity to further expand our market position. Our backlog remains strong and our overall number of security projects continues to accelerate which should position us for solid growth for the remainder of this year as well as in 2009. We are pleased to reassure our shareholders that we will meet our 3Q08 and FY08 financial forecasts and look forward to reporting our official 3Q08 financial results toward the end of October."
8:01AM PetMed Express beats by $0.05, beats on revs (PETS) 14.20 : Reports Q2 (Sep) earnings of $0.25 per share, $0.05 better than the First Call consensus of $0.20; revenues rose 15.7% year/year to $59.6 mln vs the $58.7 mln consensus. "We are pleased to report that we had a highly profitable quarter by reducing operating expenses as a percentage of sales by 200 basis points compared to the same quarter last year. Our reorder sales increased by 18%, from $35.0 mln to $41.4 mln for the quarters ended September 30, 2007 and 2008, respectively, and for the six months ended September 30, 2008 our reorder sales increased by 17%, to $87.6 mln, compared to $75.0 mln for the six months in the prior year. Our new order sales increased by 11% to $18.2 mln for the quarter ended September 30, 2008, compared to $16.5 mln for the same quarter the prior year."
7:34AM Syneron Medical gives Q3 preliminary results, sees Q3 EPS of $0.11-0.13 vs $0.27 First Call consensus; sees revs of $29-30 mln vs $35.83 mln First Call consensus (ELOS) 11.35 : Co also expects gross margins of 76% - 77%. Syneron's balance sheet and cash position remain strong. The Company maintains a cash position (including long-term deposits) of about $220 million and no debt. Shareholders' equity totaled $255 - $256 million as of September 30, 2008.
7:31AM Weatherford reports EPS in-line, beats on revs (WFT) 14.69 : Reports Q3 (Sep) earnings of $0.53 per share, in-line with the First Call consensus of $0.53; revenues rose 28.9% year/year to $2.54 bln vs the $2.48 bln consensus.
7:30AM Hormel Foods lowers FY08 guidance, sees FY08 EPS of $2.03-2.09 vs $2.25 First Call consensus (HRL) 33.94 : Co is lowering its expectation for fiscal 2008 earnings. "The recent decline in global financial markets has negatively impacted our rabbi trust investment performance. This is one factor that will prevent us from reaching the earnings range articulated in our third quarter conference call. Although we correctly anticipated a significant shortfall in earnings at Jennie-O Turkey Store during the Q4, we are also experiencing greater than expected cost pressures and unfavorable product mix changes in our Grocery Products and Refrigerated Foods segments. Given the current investment results for the rabbi trust and our expected operating results for fiscal 2008, we are lowering our full year guidance to $2.03-2.09 from our earlier guidance range of $2.22-2.28 (vs $2.25 First Call consensus). However, we expect to beat fiscal year 2007 results for the full year on a segment operating profit basis."
7:00AM Novartis AG misses by $0.03, misses on revs (NVS) 50.94 : Reports Q3 (Sep) earnings of $0.92 per share, $0.03 worse than the First Call consensus of $0.95; revenues rose 11.8% year/year to $10.75 bln vs the $10.93 bln consensus. "Novartis is positioning itself for continued growth and success in a demanding environment. Despite the economic uncertainty in the world markets, Novartis is on track for another year of record results in 2008, continuing to build momentum by focusing on innovation and performance." Novartis reaffirms expectations for another year of record net sales and earnings in 2008 from continuing operations now focused solely on healthcare. Net sales from continuing operations for the Group are expected to rise at a mid-single-digit rate in local currencies. The strong momentum in Pharmaceuticals has confirmed expectations for a new growth cycle in the second half of 2008, with the Division's net sales now expected to grow at a mid-single-digit rate in 2008 in local currencies. Sandoz net sales are now expected to grow at a low-single-digit rate for the full year in local currencies.
6:56AM Eaton beats by $0.07, reports revs in-line; guides Q4 EPS below consensus; guides FY08 EPS below consensus (ETN) 44.42 : Reports Q3 (Sep) earnings of $1.95 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.88; revenues rose 24.7% year/year to $4.11 bln vs the $4.15 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.70-1.80 vs. $1.91 consensus. Co issues downside guidance for FY08, sees EPS of $7.45-7.55 vs. $7.60 consensus. Co said, "The severe issues in world financial markets have started to impact markets for our products. While it is not possible to forecast with precision the prospective impact upon our end markets, prudence suggests anticipating a significant slowdown... While our year-over-year end market growth in the third quarter was 2 percent, we anticipate fourth quarter growth in our end markets to be flat with the prior year."
6:31AM Hasbro beats by $0.03, beats on revs (HAS) 30.13 : Reports Q3 (Sep) earnings of $0.89 per share, $0.03 better than the First Call consensus of $0.86; revenues rose 6.5% year/year to $1.3 bln vs the $1.27 bln consensus.
6:19AM Halliburton beats by $0.02, beats on revs (HAL) 18.26 : Reports Q3 (Sep) earnings of $0.76 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.74; revenues rose 23.5% year/year to $4.85 bln vs the $4.64 bln consensus.
6:08AM Mattel misses by $0.05, reports revs in-line (MAT) 14.45 : Reports Q3 (Sep) earnings of $0.66 per share, $0.05 worse than the First Call consensus of $0.71; revenues rose 5.9% year/year to $1.95 bln vs the $1.96 bln consensus.
6:07AM New Oriental Education & Technology beats by $0.16, beats on revs; guides Q2 revs in-line (EDU) 57.70 : Reports Q1 (Aug) earnings of $1.27 per share, excluding share-based comp, $0.16 better than the First Call consensus of $1.11; revenues rose 46.8% year/year to $118.3 mln vs the $108.4 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $46.0-48.0 mln vs. $46.05 mln consensus.
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