Earnings -21st Oct 2008

8:59AM Sybase beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs above consensus (SY) 26.60 : Reports Q3 (Sep) earnings of $0.55 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.50; revenues rose 11.2% year/year to $284 mln vs the $275.8 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.60-0.62, excluding non-recurring items, vs. $0.61 consensus; sees Q4 revs of $295-305 mln vs. $301.40 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.02-2.04 vs. $1.98 consensus; sees FY08 revs of $1.122-1.132 vs. $1.12 bln consensus.

8:58AM NVR misses by $1.74, beats on revs (NVR) 553.01 : Reports Q3 (Sep) earnings of $6.12 per share, $1.74 worse than the First Call consensus of $7.86; revenues fell 26.9% year/year to $928.3 mln vs the $890.6 mln consensus. New orders in the third quarter of 2008 decreased 25% to 2,002 units, when compared to 2,660 units in the third quarter of 2007. The cancellation rate in the quarter ended September 30, 2008 was 24% compared to 27% in the third quarter of 2007 and 19% in the second quarter of 2008. Settlements decreased in the third quarter of 2008 to 2,750 units, 21% less than the same period of 2007. The co's backlog of homes sold but not settled at the end of the 2008 quarter decreased on a unit basis by 35% to 4,583 units and 44% on a dollar basis to $1,499,830,000 when compared to the same period last year.

8:34AM AK Steel beats by $0.22, reports revs in-line (AKS) 15.10 : Reports Q3 (Sep) earnings of $1.67 per share, $0.22 better than the First Call consensus of $1.45; revenues rose 25.3% year/year to $2.16 bln vs the $2.16 bln consensus. Co does not provide Q4 EPS guidance, but says that it expects shipments of about 1.4 mln tons. Raw material and energy costs should be lower in Q4 relative to Q3. Average per-ton selling prices should be about 10% lower in Q4.

8:34AM Avery Dennison beats by $0.07, beats on revs; guides FY08 EPS below consensus (AVY) 36.42 : Reports Q3 (Sep) earnings of $0.81 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.74; revenues rose 2.6% year/year to $1.72 bln vs the $1.7 bln consensus. Co issues downside guidance for FY08, sees EPS of 3.15-3.35, excluding non-recurring items, vs. $3.48 consensus. The Company is reducing 2008 guidance due to increased market uncertainty and a slowing economy in the U.S., which is extending to Europe and Asia. Additionally, the Company anticipates that customer inventory reductions will negatively affect sales in the fourth quarter.

8:05AM PACCAR misses by $0.05, misses on revs (PCAR) 29.97 : Reports Q3 (Sep) earnings of $0.82 per share, $0.05 worse than the First Call consensus of $0.87; revenues rose 6.8% year/year to $3.68 bln vs the $3.85 bln consensus. Co says in these turbulent times, it is experiencing lower truck demand in Europe, Mexico and Australia, and continued softness in the US and Canada, which will reduce financial results in Q4 and into 2009.

8:03AM Forest Labs beats by $0.09, beats on revs; guides FY09 EPS above consensus (FRX) 23.72 : Reports Q2 (Sep) earnings of $0.80 per share, $0.09 better than the First Call consensus of $0.71; revenues rose 8.0% year/year to $992.5 mln vs the $975.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $3.30-3.40 vs. $3.26 consensus. "...The FDA recently advised us that it was not able to take final action by the scheduled PDUFA action date of Oct 18, 2008, on our New Drug Application for milnacipran... for the management of fibromyalgia. Based on everything we know we still expect favorable regulatory action in the near future. We are, of course, not able to predict the FDA's resolution of whatever issues it still regards as outstanding. While this delay was unexpected, we and our partner Cypress Bioscience (CYPB) continue to plan for a first calendar quarter 2009 product launch meeting..."

8:02AM OptionsXpress beats by $0.03, beats on revs (OXPS) 12.65 : Reports Q3 (Sep) earnings of $0.40 per share, $0.03 better than the First Call consensus of $0.37; revenues rose 4.4% year/year to $66.9 mln vs the $61.5 mln consensus. Daily average revenue trades (DART) of 47,800, a 30% increase year-over-year. "optionsXpress has thrived in the face of turmoil in the financial markets that began over a year ago. We have delivered solid results and executed our strategies to drive growth... We still firmly believe in the secular market growth story for retail investors using derivatives and continue to see additional growth opportunities like our recent acquisition of Open E Cry and partnership with Indian brokerage Reliance Money. In the short-term, customers have remained engaged and in the longer-term we anticipate that our educational resources, diverse products and robust platform will help customers manage their portfolios through both challenging and more stable conditions."

8:01AM Precision Castparts misses by $0.02, reports revs in-line (PCP) 62.50 : Reports Q2 (Sep) earnings of $1.89 per share, $0.02 worse than the First Call consensus of $1.91; revenues rose 5.9% year/year to $1.82 bln vs the $1.83 bln consensus.

7:48AM Brinker reports EPS in-line, beats on revs (EAT) 10.22 : Reports Q1 (Sep) earnings of $0.20 per share, in-line with the First Call consensus of $0.20; revenues fell 6.6% year/year to $984.4 mln vs the $848.7 mln consensus. The company expects fiscal 2009 earnings per diluted share, before special items and excluding the operating results of Macaroni Grill, to decline between 15%-25% as compared to fiscal 2008. This compares to the co's previous guidance of 8%-10% growth from fiscal 2008. The revised guidance is based on a full year fiscal 2009 decrease in comparable restaurant sales of approximately two to four percent. The company also expects to spend approximately $135-$145 mln on capital expenditures in fiscal 2009, a reduction of $40 mln from previous guidance, and will continue to evaluate capital spending throughout the remainder of the year.

7:36AM Jefferies Group misses by $0.06, misses on revs (JEF) 16.89 : Reports Q3 (Sep) loss of $0.12 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of ($0.06); revenues fell 17.9% year/year to $274.6 mln vs the $303.4 mln consensus. The net loss excludes approximately $11 million, or $(0.06) per share, relating to amounts owed Jefferies by Lehman Brothers. "Our excess liquidity and solid business base will help to position our platform to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."

7:35AM Monro Muffler beats by $0.01, beats on revs; guides Q3 EPS in-line; guides FY09 EPS in-line, revs in-line (MNRO) 20.53 : Reports Q2 (Sep) earnings of $0.38 per share, $0.01 better than the First Call consensus of $0.37; revenues rose 7.1% year/year to $119.9 mln vs the $117.8 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.27-0.29 vs. $0.27 consensus. Co issues in-line guidance for FY09, sees EPS of $1.14-1.19 vs. $1.17 consensus; sees FY09 revs of $460-465 mln vs. $463.55 mln consensus. "Sales were driven largely by strong in-store sales execution and continued effective advertising campaigns. Comparable store sales increased 4.5% and were at the high end of the Company's previously estimated range of 3% to 5%."

7:35AM Manpower misses by $0.01, misses on revs; guides Q4 EPS below consensus (MAN) 30.94 : Reports Q3 (Sep) earnings of $1.42 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $1.43; revenues rose 7.6% year/year to $5.7 bln vs the $5.86 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.97-1.01 vs. $1.42 consensus.

7:33AM 3M beats by $0.04, misses on revs; guides FY08 EPS in-line (MMM) 57.51 : Reports Q3 (Sep) earnings of $1.42 per share, $0.04 better than the First Call consensus of $1.38; revenues rose 6.2% year/year to $6.56 bln vs the $6.65 bln consensus. Co issues in-line guidance for FY08, sees EPS of $5.40-5.48 vs. $5.45 consensus; operating margins are expected to be between 22.5-23%. The company anticipates a full-year tax rate of 31.5-32% and capital expenditures of $1.3 to $1.4 bln. All estimates quoted exclude special items. "Our diversified business portfolio served us well in the third quarter, as 3M employees once again delivered consistent results with 23 percent-plus operating margins in a highly challenging economic environment."

7:32AM Caterpillar misses by $0.02; reaffirms guidance for FY08 (CAT) 40.90 : Reports Q3 (Sep) earnings of $1.39 per share, $0.02 worse than the First Call consensus of $1.41; revenues rose 13.9% year/year to $12.15 bln vs the $12.43 bln consensus. Co issues maintains guidance for FY08, sees EPS of about $6.00 vs. $6.04 consensus; sees FY08 revs of above $50 bln vs. $50.42 bln consensus. Co said, "Demand in emerging markets and commodity prices at levels that encourage investment in mining and energy have helped offset negative economic conditions in much of the developed world... The 2009 economic outlook is extremely uncertain at this time, with substantial turmoil in financial markets and unprecedented government intervention around the world... Our current outlook for 2009 calls for sales and revenues to be about flat with our full-year 2008 results. In 2009 we expect pockets of strength in global mining, energy markets and in the area of emerging market infrastructure development to offset acute weakness in North America, Europe and Japan. Further, we are confident that our integrated service businesses, which have grown significantly this year, will offer revenue and earnings support in the coming year. That said, given the recent economic turmoil, we will issue our 2009 profit per share outlook with our year-end release in January.

7:32AM Lockheed Martin beats by $0.03, misses on revs; guides FY08 EPS in-line, revs in-line; guides FY09 EPS below consensus, revs below consensus (LMT) 93.22 : Reports Q3 (Sep) earnings of $1.92 per share, $0.03 better than the First Call consensus of $1.89; revenues fell 4.7% year/year to $10.58 bln vs the $10.74 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.55-7.70 vs. $7.75 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus. Co issues downside guidance for FY09, sees EPS of $7.65-7.90 vs. $8.39 consensus; sees FY09 revs of $44.25-45.25 bln vs. $45.73 bln consensus.


7:29AM Western Union misses by $0.01, reports revs in-line; withdraws long-term growth objectives (WU) 20.38 : Reports Q3 (Sep) earnings of $0.33 per share, $0.01 worse than the First Call consensus of $0.34; revenues rose 9.6% year/year to $1.38 bln vs the $1.38 bln consensus. Consistent with its practice, the company plans to issue 2009 guidance in January. The company noted, however, that as a result of the uncertainty surrounding the outlook for the global economy and the negative impact that the translation of the weakening euro is likely to have on revenue growth, management believes it prudent at this time to withdraw the previously stated long-term growth objectives for revenue and earnings per share.

7:10AM Astec Industries beats by $0.16, reports revs in-line (ASTE) 21.91 : Reports Q3 (Sep) earnings of $0.71 per share, $0.16 better than the First Call consensus of $0.55; revenues rose 15.0% year/year to $237.4 mln vs the $237.1 mln consensus.


7:08AM Celanese beats by $0.01, beats on revs; guides FY08 EPS below consensus (CE) 19.69 : Reports Q3 (Sep) earnings of $0.78 per share, excluding a net of $20 million of other charges and adjustments primarily associated with the insurance recovery, the planned Pampa plant shutdown and costs related to the company's revitalization of its Industrial Specialties businesses, $0.01 better than the First Call consensus of $0.77; revenues rose 15.9% year/year to $1.82 bln vs the $1.72 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.40-3.55 vs. $3.83 consensus. For the remainder of 2008, the company expects the economic slowdown in North America and Europe to continue and also sees recent signs of slowing growth in Asia linked to the global credit crisis.

7:06AM Coach reports EPS in-line, misses on revs; guides Q2 EPS above consensus, revs below consensus; reaffirms FY09 EPS, lowers FY09 revs guidance (COH) 18.63 : Reports Q1 (Sep) earnings of $0.44 per share, in-line with the First Call consensus of $0.44; revenues rose 11.2% year/year to $753 mln vs the $761.1 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.77 vs. $0.75 consensus; sees Q2 revs of $1.05 bln vs. $1.09 bln consensus. Co issues mixed guidance for FY09, reaffirms EPS of about $2.25 vs. $2.20 consensus; lowers FY09 revs growth to about 10%, down from prior 13% estiamte (which calc to about $3.5 bln vs. $3.55 bln consensus). Direct-to-consumer sales, which now include our China business, increased 16% to $592 million from $511 million last year on a comparable basis. North American comparable store sales for the quarter rose 0.6%. In Japan, sales rose 12% on a constant-currency basis, while dollar sales rose 22%, adjusted for a stronger yen. Indirect sales decreased 3% to $160 million in the first quarter from the $166 million reported for the prior year on a comparable basis. This decline was due to reduced shipments into U.S. department stores, as the company continues to tightly manage inventories in that channel given weakening sales at POS. International POS sales posted strong gains in the period, driven by both distribution and comparable location sales gains.

7:05AM Ametek beats by $0.03, beats on revs; raises FY08 EPS guidance (AME) 34.48 : Reports Q3 (Sep) earnings of $0.66 per share, $0.03 better than the First Call consensus of $0.63; revenues rose 22.4% year/year to $647.4 mln vs the $638.6 mln consensus. Co issues raises FY08 EPS guidance to $2.55-2.57 vs. $2.53 consensus; sees FY08 revs up approximately 20% over 2007, or roughly $2.56 bln vs. $2.58 bln consensus.

7:05AM Pfizer beats by $0.02, reports revs in-line; guides FY08 (Dec) revs in-line (PFE) 17.34 : Reports Q3 (Sep) earnings of $0.62 per share, $0.02 better than the First Call consensus of $0.60; revenues of $11.97 bln were flat y/y and roughly in-line with $1.201 bln consensus. Co issues in-line guidance for FY08 (Dec), sees FY08 (Dec) revs of 48-49 vs. $48.73 bln consensus. Frank D'Amelio, Chief Financial Officer, commented, "In addition, we have increased our guidance to at least a $2.0 billion reduction of absolute adjusted total costs(2) at the end of 2008 compared with 2006 on a constant currency basis(3). At the end of third-quarter 2008, cost reductions under this program totaled $1.7 billion."

7:03AM Regions Fincl misses by $0.12 (RF) 10.64 : Reports Q3 (Sep) earnings of $0.15 per share, excluding merger related expenses, $0.12 worse than the First Call consensus of $0.27. In the third quarter, Regions either sold or transferred to held for sale approximately $430 million of non-performing loans and foreclosed properties. Losses on those transactions totaled $186 million and largely accounted for the linked-quarter increase in net loan charge-offs and other real estate expense.

7:02AM Quest Diagnostics beats by $0.04, misses on revs; guides FY08 EPS in-line (DGX) 42.60 : Reports Q3 (Sep) earnings of $0.86 per share, $0.04 better than the First Call consensus of $0.82; revenues rose 3.4% year/year to $1.83 bln vs the $1.85 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.17-3.22 vs. $3.18 consensus.

6:50AM Schering-Plough beats by $0.08, beats on revs (SGP) 14.50 : Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.31; revenues rose 62.7% year/year to $4.58 bln vs the $4.48 bln consensus. Sales of TEMODAR, a treatment for certain types of brain tumors, grew 27 percent to $273 million, with higher sales in all geographic regions. Global sales of NASONEX, an inhaled nasal corticosteroid for allergies, rose 6 percent to $258 million versus the 2007 period, due to increased sales in international markets, partially offset by a decline in U.S. sales. Sales of PEGINTRON for hepatitis C increased 6 percent to $235 million in the 2008 third quarter, primarily due to favorable foreign exchange. In the women's health franchise, sales for FOLLISTIM/PUREGON, a fertility treatment, for the third quarter of 2008 were $142 million. Sales of NUVARING, a contraceptive product, in the 2008 third quarter were $118 million. These women's health products were obtained as part of the OBS acquisition. Global sales of CLARINEX, a nonsedating antihistamine, in the third quarter of 2008 were $176 million, an increase of 3 percent as compared to the third quarter of 2007. International sales of prescription CLARITIN were $87 million in the third quarter of 2008, a 5 percent increase compared to sales of $83 million in the third quarter of 2007 due primarily to foreign exchange. Animal Health sales totaled $759 million in the 2008 third quarter.

6:30AM Lexmark misses by $0.02, beats on revs; guides Q4 EPS below consensus (LXK) 28.99 : Reports Q3 (Sep) earnings of $0.63 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.65; revenues fell 5.8% year/year to $1.13 bln vs the $1.1 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.70-0.80, excluding non-recurring items, vs. $0.82 consensus.

6:15AM DuPont beats by $0.05, beats on revs; guides Q4 EPS below consensus; guides FY08 EPS below consensus (DD) 36.17 : Reports Q3 (Sep) earnings of $0.56 per share, $0.05 better than the First Call consensus of $0.51; revenues rose 9.3% year/year to $7.3 bln vs the $7.1 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.20-0.25, includes hurricane-related business interruption impacts of approx $0.10, vs. $0.50 consensus. Co issues downside guidance for FY08, sees EPS of $3.25-3.30, excluding non-recurring items, vs. $3.48 consensus. Co expects weakening demand in N. American and Western European markets. The co recorded a one-time pre-tax charge of $227 mln or $.16 per share in Q3 for costs associated with clean up, restoration of manufacturing operations, and lost inventory resulting from hurricanes.

6:07AM ICON plc beats by $0.03, reports revs in-line (ICLR) 32.44 : Reports Q3 (Sep) earnings of $0.35 per share, $0.03 better than the First Call consensus of $0.32; revenues rose 35.1% year/year to $225.5 mln vs the $225 mln consensus.

12:26AM Logitech Intl SA misses by $0.04, misses on revs (LOGI) 18.27 : Reports Q2 (Sep) earnings of $0.39 per share, $0.04 worse than the First Call consensus of $0.43; revenues rose 11.6% year/year to $664.7 mln vs the $672.1 mln consensus. Gross margin for Q2 was 34.3% vs 36.3% in Q208. Co expects growth of 6-8% in sales and 3-5% in operating income, revised from the original target of 15% growth for both. LOGI continues to expect FY09 gross margin to be above its long-term target range of 32-34%.