5:20PM PartnerRe beats by $0.62 (PRE) 55.50 +0.62 : Reports Q3 (Sep) operating earnings of $2.27 per share, $0.62 better than the First Call consensus of $1.65. "In a quarter marked by large hurricane losses and extreme volatility in the financial markets, PartnerRe delivered a 13% operating return on beginning shareholders' equity. In addition, year-over-year, we held GAAP book value per share flat. Our results this quarter and for the year-to-date underscore our excellent risk management, the balance and diversification we have achieved in our underwriting and investment operations, and the strength and resilience of our balance sheet." "2008 has been an extraordinary year on many levels. We are currently in the midst of one of the most severe financial crises since the Great Depression. Despite this, PartnerRe posted an operating return on beginning equity of 15% for the first nine months of the year. We are optimistic that we will finish the full year 2008 with an operating ROE in excess of our long-term target of 13%, barring unusual large losses."
5:17PM Noble Corp beats by $0.13, reports revs in-line (NE) 25.59 -4.79 : Reports Q3 (Sep) earnings of $1.47 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.34; revenues rose 8.9% year/year to $862 mln vs the $870.6 mln consensus. The results for the 2008 third quarter exclude net after-tax charges of $0.04 per share primarily related to losses incurred as a result of Hurricanes Gustav and Ike and, to a lesser extent, expenses related to the ongoing independent investigation of its Nigerian operations. "Our outlook remains positive for the balance of 2008 and for 2009, and is driven by our unprecedented fleet backlog and the high percentage of committed days already under contract for next year."
5:06PM Pulte Homes misses by $0.63, beats on revs (PHM) 9.95 -0.60 : Reports Q3 (Sep) loss of $1.11 per share, $0.63 worse than the First Call consensus of ($0.48); revenues fell 36.7% year/year to $1.56 bln vs the $1.53 bln consensus. "Due to the high degree of uncertainty and volatility, coupled with a lack of visibility surrounding the housing industry and the overall economy, we are not providing earnings guidance for the fourth quarter of 2008," said Dugas. "We are targeting a cash position by the end of 2008 of $1.6 billion to $1.8 billion." ... Co says there were impairments and land-related charges of $266.6 mln for 3Q08. Co has a Qtrly backlog at September 30 of 5,885 homes, valued at $1.7 bln. Says for Q3 generated 3,008 net new orders and closed 5,377 homes.
5:06PM Baidu.com beats by $0.19, reports revs in-line; guides Q4 revs in-line (BIDU) 249.09 +0.42 : Reports Q3 (Sep) earnings of $1.47 per share, $0.19 better than the First Call consensus of $1.28; revenues rose 104.2% year/year to $135.4 mln vs the $134.7 mln consensus. Diluted EPS excluding share-based compensation expenses (non-GAAP) was $1.54. Co issues in-line guidance for Q4, sees Q4 revs of $151-155 mln vs. $151.45 mln consensus "The impact of the 2008 Beijing Olympics on our business was in line with our projection for the quarter. We were also able to improve our operating margin again this quarter, highlighting the scalability of our business."
5:05PM Graco misses by $0.06, misses on revs (GGG) 25.83 -1.97 : Reports Q3 (Sep) earnings of $0.54 per share, $0.06 worse than the First Call consensus of $0.60; revenues were unchanged from the year-ago period at $207.2 mln. Co says, "While economic conditions have made it difficult to see progress in our business, we continue to implement our strategies for growth. The addition of the Airlessco product line in October complements our contractor business and the LubeSci acquisition in late August expands our presence in the industrial lubrication business. The strength of our Industrial and international business thus far has softened the effect on our financial results."
4:54PM LaSalle Hotel beats by $0.09, beats on revs; guides FY08 FFO inline with consensus (LHO) 11.25 -1.63 : Reports Q3 (Sep) funds from operations of $1.09 per share, excluding the $4.3 million settlement expense related to the Meridien litigation, $0.09 better than the First Call consensus of $1.00; revenues rose 7.2% year/year to $195.9 mln vs the $188.5 mln consensus. Co issues inline guidance for FY08, sees FFO of $3.02-3.07, excluding the $4.3 million settlement expense related to the Meridien litigation, vs. $3.03 consensus. "Given the challenging economic environment, we remain active with our operators in our joint efforts to aggressively lower expenses as business levels weaken. Our properties are in excellent physical condition, our balance sheet and liquidity are strong and are both being enhanced by the actions we have announced today."
4:54PM Terex misses by $0.25, beats on revs; lowers guidance for FY08 (TEX) 16.72 : Reports Q3 (Sep) earnings of $1.08 per share, excluding non-recurring items, $0.25 worse than the First Call consensus of $1.33; revenues rose 14.5% year/year to $2.51 bln vs the $2.43 bln consensus. Co lowers guidance for FY08, sees EPS of $5.81-5.91 vs. $6.50 consensus; sees FY08 revs of $10.0-10.3 vs. $10.36 bln consensus. "In the fourth quarter, we expect a further 18% workforce reduction, compared to June 2008, to better align our cost structure with expected customer demand. Additionally, temporary shutdowns of our manufacturing facilities were implemented in the third quarter and will continue to be used to reduce production output. We will re-evaluate our team member levels in the first quarter of 2009 based on customer order rates and production levels... We expect 2009 net sales, including the effect of announced acquisitions, to be similar to 2008 full year net sales, driven by continued strong results in Cranes and Mining, offset by lower net sales in AWP, Materials Processing and Construction (FY08 rev consensus is $10.3 bln, FY09 rev consensus is $10.2 bln). The Cranes and Mining businesses continue to grow, in particular in developing markets, where we expect current positive trends to continue. Beginning in the fourth quarter of 2008, for the next twelve months we expect net sales for AWP to be down 30%-40%, for Materials Processing to be down 15%-20% and for Construction to be down 25%-35% versus the prior twelve month period. In light of these overall expectations, we have taken or initiated several actions to properly size our organization and production levels. Additionally, we have further heightened our focus on cash generation during this time of uncertain access to credit."
4:39PM Gardner Denver beats by $0.13, reports revs in-line; guides Q4 EPS in-line (GDI) 22.28 -2.06 : Reports Q3 (Sep) earnings of $0.88 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.75; revenues rose 5.1% year/year to $480.3 mln vs the $479.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.93-0.99, excluding non-recurring items, vs. $0.93 consensus. Co says,"GDI expects orders for its compressor and vacuum products to slow in the fourth quarter of 2008, driven by declining demand in the United States and Europe, partially offset by continued growth in Asia. We expect to see stable demand through the end of the year for OEM, marine, locomotive, and process applications. Demand is expected to continue to decline for our lower horsepower and general industrial products. We anticipate revenue growth to slow in Q4 of 2008 as a result of this order outlook, partially offset by a reduction in backlog as operational improvements are achieved."
4:36PM Omniture reports EPS in-line, revs in-line; guides Q4 in-line (OMTR) 11.24 +0.57 : Reports Q3 (Sep) earnings of $0.11 per share, in-line with the First Call consensus of $0.11; revenues of $79.7 mln vs the $79.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.12-0.13 vs. $0.13 consensus; sees Q4 revs of $84-86 mln vs. $86.41 mln consensus.
4:33PM Cohen & Steers misses by $0.05, misses on revs (CNS) 15.33 -1.09 : Reports Q3 (Sep) earnings of $0.20 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.25. The third quarter 2008 results exclude an after-tax expense of approximately $0.20 per share associated with losses recorded on available-for-sale securities, primarily from investments in Federal National Mortgage Association preferred securities and a $0.04 per share increase to tax expense associated primarily with available-for-sale securities. Assets under management were $24.6 billion at September 30, 2008, a decrease of 8.7% from $27.0 billion at June 30, 2008 and a decrease of 29.1% from $34.7 billion at September 30, 2007.
4:30PM Covance reports EPS in-line, misses on revs; guides FY08 EPS in-line (CVD) 66.47 -4.33 : Reports Q3 (Sep) earnings of $0.80 per share, in-line with the First Call consensus of $0.80; revenues rose 11.1% year/year to $440.1 mln vs the $452.9 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.18 vs. $3.18 consensus. "Net orders in the third quarter were $1.78 billion, driving our backlog over $4.2 billion and representing a book-to-bill ratio of 4.04:1. Excluding the $1.27 billion dedicated net order from Eli Lilly, net orders were $506 million. Both central laboratories and clinical development continued to deliver strong net orders in the quarter."
4:26PM Con-way beats by $0.16, beats on revs; guides FY08 EPS in-line (CNW) 33.48 -1.38 : Reports Q3 (Sep) earnings of $0.81 per share, $0.16 better than the First Call consensus of $0.65; revenues rose 23.4% year/year to $1.37 bln vs the $1.29 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.60-2.80 vs. $2.74 consensus.
4:22PM Lam Research beats by $0.01, reports revs in-line (LRCX) 19.21 -1.58 : Reports Q1 (Sep) earnings of $0.26 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.25; revenues fell 35.6% year/year to $440.4 mln vs the $440.8 mln consensus. "The Company's ongoing results for the September quarter exclude certain costs for restructuring activities and asset impairments related to the integration of SEZ, net tax expense on accelerated tax planning strategy, and interest on the tax liability associated with the outcome of our previously disclosed voluntary internal stock option review. The Company's June 2008 quarter excluded certain SEZ integration costs, a net foreign tax benefit, foreign currency gains on the purchase of SEZ, and costs associated with our voluntary internal stock option review. Management uses the presentation of ongoing gross margin, ongoing operating income, ongoing net income, and ongoing diluted earnings per share to evaluate the Company's operating and financial results..."
4:19PM Covanta beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (CVA) 19.14 -1.61 : Reports Q3 (Sep) earnings of $0.32 per share, $0.04 better than the First Call consensus of $0.28; revenues rose 24.5% year/year to $438.7 mln vs the $391.7 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.90-$1.00 vs. $0.97 consensus.
4:18PM IRobot beats by $0.06, beats on revs; issues FY08 guidance (IRBT) 11.13 : Reports Q3 (Sep) earnings of $0.15 per share, $0.06 better than the First Call consensus of $0.09; revenues rose 44.8% year/year to $92.4 mln vs the $74.8 mln consensus. Based on financial results for the first nine months of 2008 and the acquisition of Nekton, management today is increasing its outlook for revenue and adjusting its pre-tax expectations for full year to reflect the previously disclosed impact of the acquisition and current market conditions. Pre-tax income excluding Nekton remains consistent with the low end of prior guidance, and the high end of the range has been adjusted to reflect market uncertainty. The effective tax rate is expected to be 48.8 percent for the full year. Co issues guidance for FY08, sees EPS of $0.08-0.10 vs. $0.14 consensus; sees FY08 revs of $310-315 mln vs. $294.52 mln consensus.
4:18PM Ryland Group misses by $0.27, beats on revs (RYL) 17.90 -1.10 : Reports Q3 (Sep) loss of $1.15 per share, ex-items, $0.27 worse than the First Call consensus of ($0.88); revenues fell 26.2% year/year to $543.8 mln vs the $511.7 mln consensus. New orders of 1,284 units for the quarter ended September 30, 2008, represented a decrease of 31.6%, compared to new orders of 1,876 units for the same period in 2007.
4:18PM Nutrisystem misses by $0.04, misses on revs; guides FY08 revs below consensus (NTRI) 11.30 +0.08 : Reports Q3 (Sep) earnings of $0.45 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.49; revenues fell 13.5% year/year to $162.7 mln vs the $166.5 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of $690-700 mln vs. $710.00 mln consensus. "Our third quarter performance was impacted by weaker than anticipated demand in September which we expect to continue through October and the balance of 2008 given the difficult macroeconomic conditions. With an expanded product offering for 2009, our revised guidance provides us with flexibility to assess and react to the market going into first quarter of 2009."
4:16PM Axsys Technologies beats by $0.15, beats on revs; guides FY08 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs below consensus (AXYS) 56.49 : Reports Q3 (Sep) earnings of $0.71 per share, $0.15 better than the First Call consensus of $0.56; revenues rose 43.4% year/year to $64.8 mln vs the $61.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.28-$2.30 (vs. $2.12 consensus), up from its previous range of $2.09-$2.15; sees FY08 revs of $242-$244 mln (vs. $240.14 mln consensus), up from the previous range of $237-$241 mln. Co issues mixed guidance for FY09, sees EPS of $2.66-$2.72 vs. $2.62 consensus; sees FY09 revs of $278-$282 mln vs. $286.17 mln consensus.
4:15PM Citrix Systems beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs in-line (CTXS) : Reports Q3 (Sep) earnings of $0.43 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.37; revenues rose 14.0% year/year to $399 mln vs the $391.5 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.46-0.48, excluding non-recurring items, vs. $0.45 consensus; sees Q4 revs of $425-440 mln vs. $434.49 mln consensus.
4:11PM F5 Networks beats by $0.04, reports revs in-line; guides Q1 EPS above consensus, revs in-line (FFIV) 19.78 +0.04 : Reports Q4 (Sep) earnings of $0.24 per share, including SBC and $5.30 mln loss on facility exit and sublease, $0.04 better than the First Call consensus of $0.20; revenues rose 3.4% year/year to $171.3 mln vs the $171.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of 0.26-0.27 vs. $0.24 consensus; sees Q1 revs of 172-174 mln vs. $174.90 mln consensus. The company also announced today that its board of directors approved the repurchase of up to an additional $200 mln of the company's outstanding co mmon stock.
4:09PM Amazon.com beats by $0.02, reports revs in-line; guides Q4 revs below consensus (AMZN) 49.99 : Reports Q3 (Sep) earnings of $0.27 per share, $0.02 better than the First Call consensus of $0.25; revenues rose 30.7% year/year to $4.26 bln vs the $4.27 bln consensus. Net income includes a benefit of $15 million related to net foreign currency remeasurements. Co issues downside guidance for Q4, sees Q4 revs of $6.0-7.0 bln vs. $7.05 bln consensus. Operating income is expected to be between $145-305 mln, or between 46% decline and 13% growth compared with fourth quarter 2007. This guidance includes approximately $85 mln for stock-based compensation and amortization of intangible assets, and it assumes, among other things, that no additional business acquisitions or investments are concluded and that there are no further revisions to stock-based compensation estimates.
4:09PM C.R. Bard beats by $0.02, reports revs in-line (BCR) 78.25 -1.16 : Reports Q3 (Sep) earnings of $1.10 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.08; revenues rose 13.2% year/year to $616.8 mln vs the $611.7 mln consensus.
4:06PM OSI Pharm reports EPS in-line, misses on revs (OSIP) 35.71 -1.61 : Reports Q3 (Sep) earnings of $0.56 per share, in-line with the First Call consensus of $0.56; revenues fell 5.8% year/year to $94.6 mln vs the $97.6 mln consensus.
4:06PM Tractor Supply beats by $0.06, beats on revs; reaffirms FY08 EPS guidance, revs guidance (TSCO) : Reports Q3 (Sep) earnings of $0.53 per share, $0.06 better than the First Call consensus of $0.47; revenues rose 16.6% year/year to $733.9 mln vs the $705.8 mln consensus. Co reaffirms guidance for FY08, sees EPS of $2.49-2.55 vs. $2.50 consensus; sees FY08 revs of $2.98-3.03 bln vs. $2.98 bln consensus.
4:06PM Chipotle Mexican Grill reports EPS in-line, revs in-line; reaffirms FY08 comparable restaurant sales; announces $100 mln share repurchase program (CMG) 41.08 -2.26 : Reports Q3 (Sep) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 18.9% year/year to $340.5 mln vs the $340 mln consensus. Co reports Q3 Comparable restaurant sales increased 3.1% vs. 1.8% Street expectation. Co reaffirms FY08 comparable restaurant sales increases in the mid to low single digits, sees FY09 comparable restaurant sales increases in the low single digits. Co also announces $100 mln share repurchase program.
4:05PM Robt Half reports EPS in-line, misses on revs (RHI) 17.30 -1.42 : Reports Q3 (Sep) earnings of $0.43 per share, in-line with the First Call consensus of $0.43; revenues fell 1.6% year/year to $1.16 bln vs the $1.19 bln consensus. Co says Q3 results clearly were impacted by the turmoil in the global financial markets. Clients became increasingly cautious with their hiring actions as the quarter progressed.
4:04PM Amerigroup beats by $0.23, reports revs in-line; guides FY08 EPS above consensus; guides FY09 EPS above consensus, revs in-line (AGP) 17.82 -1.84 : Reports Q3 (Sep) earnings of $0.74 per share, $0.23 better than the First Call consensus of $0.51; revenues rose 8.8% year/year to $1.12 bln vs the $1.13 bln consensus. Co issues upside guidance for FY08, sees EPS of $2.58-2.63, excluding non-recurring items, vs. $2.35 consensus. Co issues mixed guidance for FY09, sees EPS of $2.62-2.77, excluding the impact of the FASB Staff Position APB 14-a, Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement), which is expected to decrease earnings by $0.12 per diluted share in 2009 vs. $2.50 consensus; sees FY09 revs of $4.8-4.9 bln vs. $4.97 bln consensus.
2:51PM Energen beats by $0.17, beats on revs; guides FY08 EPS above consensus; guides FY09 EPS below consensus (EGN) 29.22 -2.10 : As mentioned at 14:45, EGN reported Q3 (Sep) earnings of $1.01 per share, $0.17 better than the First Call consensus of $0.84; revenues rose 19.7% year/year to $330.3 mln vs the $301 mln consensus. Co issues upside guidance for FY08, sees EPS of $4.35-4.55 vs. $4.28 consensus. Co issues downside guidance for FY09, sees EPS of $3.70-4.10, down from $5.15-5.55, vs. $4.80 consensus. Co also revised it capital spending outlook for 2009 increased to ~$295 mln.
9:57AM Fuqi Intl: Top buy idea ahead of quarter earnings; Expect upside results and increased guidance - Merriman (FUQI) 8.03 -0.28 : Merriman is expecting upside to Q3 estimates and guidance. Firm says mgmt already reaffirmed Q3 guidance on Sep 24, giving firm very strong comfort in meeting Q3 results. However, firm actually expects upside to Q3 expectations driven by continued market share gains within the wholesale jewelry channel (due to FUQI's strong capital position), the contribution of Temix following its acquisition, better-than-expected gross margins and any commodity hedging gains. Firm also believes mgmt will increase FY08 guidance towards their estimate. At this point, firm's FY08 EPS estimate of $1.21 is well above mgmt's guidance of $1.07-1.09, as well as the consensus estimate of $1.14.
9:23AM Genzyme beats by $0.04, misses on revs; guides FY09 EPS in-line (GENZ) 68.32 : Reports Q3 (Sep) earnings of $1.04 per share, $0.04 better than the First Call consensus of $1.00; revenues rose 20.8% year/year to $1.16 bln vs the $1.18 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.70 vs. $4.67 consensus. Non-GAAP earnings are projected to rise to approx $7.00 per diluted share by 2011. Co reported Myozyme sales of $76.7 mln vs $78.1 mln street expectation; Fabrazyme sales of $125.6 mln vs $128.17 mln street expectation; Renagel sales of $171 mln vs $173.89 mln street expectation; Thymoglobulin sales of $45.5 mln vs $48.8 mln street expectation; Synvisc sales of $67.5 mln vs $71.2 mln street expectation; Tyrogen sales of $38.2 mln vs $37.3 mln street expectation; Cerezyme sales of $309.3 mln vs $318.3 mln street expectation.
8:40AM ConocoPhillips beats by $0.33, misses on revs (COP) 53.96 : Reports Q3 (Sep) earnings of $3.39 per share, $0.33 better than the First Call consensus of $3.06; revenues rose 51.8% year/year to $70 bln vs the $73.17 bln consensus. "Our U.S. operations were impacted by Hurricanes Gustav and Ike during the quarter, but despite these impacts, our overall operating performance was good... Our upstream business continued to benefit from the strong commodity price environment and we produced 2.2 million BOE per day, including an estimated 0.4 million BOE per day from our LUKOIL Investment segment. In our downstream business, we benefited from stronger global marketing margins and were able to slightly improve our overall realized refining margin in spite of a decrease in global refining crack spreads. Our worldwide refining crude oil capacity utilization rate was 87%, reflecting the impact of hurricane-related downtime... In terms of the fourth quarter, we anticipate the company's E&P segment production will be higher than the third quarter. We expect full-year 2008 production to be slightly below 1.8 mln BOE per day due to the impact of higher prices on production-sharing-contract volumes and lost production associated with Hurricanes Gustav and Ike. We anticipate exploration expenses to be in the range of $400 mln for the quarter... In our downstream business, the fourth-quarter crude oil capacity utilization rate is expected to be in the mid-90-percent range. Turnaround costs are anticipated to be approximately $75 mln before-tax for the quarter... Share repurchases have continued into the fourth quarter. Through the end of October, we will have purchased approximately $8 bln of our shares in 2008 under the previously announced program. Share repurchase levels for the balance of the year will depend on market conditions and capital commitments."
8:32AM Northwest Airlines beats by $0.10, reports revs in-line (NWA) 12.03 : Reports Q3 (Sep) earnings of $0.35 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.25; revenues rose 12.4% year/year to $3.8 bln vs the $3.78 bln consensus. Regarding the effect the current economic environment will have on industry demand, analysts have recently noted that during even the most severe historical economic downturns, industry system-wide operating revenues have declined by no more than 1.2 percent on a year-over-year basis. If the current economic landscape were to yield a similar case scenario, the resulting decrease in revenues for an airline the size of Northwest would be approximately $150 million annually. Offsetting that potential decline, the projected reduction in crude oil prices, based on forward prices as of October 20th, from the full year 2008 average of $104 per barrel to the 2009 full year average of $78 per barrel would result in over $1 billion of reduced annual fuel costs.
8:19AM Wabtec beats by $0.03, beats on revs; guides FY08 EPS in-line (WAB) 45.58 : Reports Q3 (Sep) earnings of $0.68 per share, $0.03 better than the First Call consensus of $0.65; revenues rose 11.5% year/year to $396 mln vs the $386.9 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.66-$2.70 vs. $2.68 consensus, on sales growth of 13-15%. Co states, "...Although it's prudent to be cautious in light of uncertain economic and financial conditions around the world, we're confident in our prospects for the rest of this year and beyond. Our diversified business model is serving the company well, and we are continuing to execute our long-term growth strategies: global and market expansion, new products and technologies, aftermarket expansion, and acquisitions..."
8:05AM Rohm and Haas beats by $0.04, beats on revs (ROH) 69.68 : Reports Q3 (Sep) earnings of $0.90 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.86; revenues rose 12.1% year/year to $2.47 bln vs the $2.44 bln consensus. Briefing note: Co is being aquired by Dow Chemical (DOW).
8:03AM Northrop Grumman beats by $0.08, beats on revs; raises FY08 EPS guidance (NOC) 44.84 : Reports Q3 (Sep) earnings of $1.50 per share, $0.08 better than the First Call consensus of $1.42; revenues rose 6.5% year/year to $8.38 bln vs the $8.19 bln consensus. Co raises guidance for FY08, to EPS of $5.10-5.20 vs. $5.13 consensus, prior guidance $4.90-5.15.
8:00AM McDonald's beats by $0.07, beats on revs (MCD) 55.13 : Reports Q3 (Sep) earnings of $1.05 per share, $0.07 better than the First Call consensus of $0.98; revenues rose 6.2% year/year to $6.27 bln vs the $6.18 bln consensus. McDonald's U.S. delivered its highest sales increase of 2008, with third quarter comparable sales up 4.7% and operating income growth of 9%. Throughout the quarter, the U.S. featured core menu classics including the Big Mac, Southern-style chicken products and value-based beverages that offer menu variety and everyday affordability that resonate with consumers.
7:56AM Ryder System misses by $0.05, reports revs in-line; guides Q4 EPS below consensus; guides FY08 EPS below consensus (R) 44.03 : Reports Q3 (Sep) earnings of $1.22 per share, $0.05 worse than the First Call consensus of $1.27; revenues fell 1.3% year/year to $1.63 bln vs the $1.63 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.03-1.13 vs. $1.23 consensus. Co issues downside guidance for FY08, sees EPS of $4.43-4.53 vs. $4.68 consensus.
7:55AM Allegheny Tech beats by $0.07, beats on revs; guides Q4 EPS below consensus (ATI) 24.73 : Reports Q3 (Sep) earnings of $1.45 per share, $0.07 better than the First Call consensus of $1.38; revenues rose 4.3% year/year to $1.39 bln vs the $1.33 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.00-1.10 vs. $1.33 consensus. Co says demand and pricing for some of its major products are clearly being impacted by the growing uncertainties in the US and global economies, the impact from the strike at Boeing and the delay in its 787 program, and rapidly falling prices of certain raw materials. Prices of many of the raw materials it uses have fallen significantly due to reduced global demand and deleveraging of certain traded commodities. As a result, some orders have slowed and the co believes that a number of its customers are adjusting the timing of their projects until these raw material prices adjust and stabilize.
7:38AM General Dynamics beats by $0.08, misses on revs (GD) 55.48 : Reports Q3 (Sep) earnings of $1.59 per share, $0.08 better than the First Call consensus of $1.51; revenues rose 4.5% year/year to $7.14 bln vs the $7.37 bln consensus. Operating margins increased in each of General Dynamics' four business groups during the third quarter of 2008. Company-wide, operating margins were 13.1 percent, a 140-basis-point improvement compared to the third quarter of 2007.
7:38AM Reynolds American beats by $0.10, reports revs in-line (RAI) 16.20 : Reports Q3 (Sep) earnings of $1.29 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $1.19; revenues fell 1.1% year/year to $2.27 bln vs the $2.25 bln consensus. The co had previously expected full-year 2008 earnings in line with the prior year. However, RAI now expects to deliver full-year earnings growth in the low single digits... "While third-quarter cigarette volume declined 7.5 percent from the prior- year quarter, we did see continued improvements in our cigarette volume trend. About 45 percent of the third-quarter decline came from non-support brands, including some low-margin brands that were delisted. Third-quarter cigarette volume was also negatively impacted by a reduction that normalized wholesale inventory levels," Delen, chairman and CEO said.
7:36AM AT&T misses by $0.04, reports revs in-line (T) 25.73 : Reports Q3 (Sep) earnings of $0.67 per share, $0.04 worse than the First Call consensus of $0.71; revenues rose 4.0% year/year to $31.34 bln vs the $31.32 bln consensus. Trends in business services continue to be stable, with a major turnaround in wholesale revenue growth. The co had 2.0 million net gain in total wireless subscribers. Co had strong ramp in AT&T U-verse TV subscribers, with a net subscriber gain of 232,000 to reach 781,000 in service; solidly on track to exceed 1 million subscribers in service by the end of 2008.
7:35AM Foundation Coal reports wider than expected loss, beats on revs; lowers FY08 guidance below consensus (FCL) 21.15 : Reports Q3 (Sep) loss of $0.46 per share, excluding non-recurring items, $0.43 worse than the First Call consensus of ($0.03); revenues rose 14.0% year/year to $409.4 mln vs the $405.2 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.27-0.65 vs. $0.66 consensus. "Third quarter results were substantially below our expectations due to the approximately 800,000 ton production shortfall in the East. We are clearly disappointed with these results. However, we have taken steps to address the issues that impacted our third quarter performance, and we have carefully reassessed the impacts of geological conditions, regulatory activity and labor constraints on our Eastern operations. Based on this reassessment, we are adjusting our guidance to ensure that our targets are achievable based upon the current operating environment... Though we have taken steps to mitigate the impacts... increased inspections in the East and a limited supply of labor in Central Appalachia appear to be persistent issues affecting all Eastern producers. Given this operating environment and the production constraints at our Emerald Mine, we are adjusting our 2008 adjusted EBITDA guidance to a range of $300-320 mln, and our 2009 adjusted EBITDA guidance to a range of $525-625 mln. Based on our current committed and priced position and our outlook for pricing on our open tons, we believe these ranges are achievable and appropriately reflect our current view of the operating landscape."
7:35AM Merck beats by $0.01, reports revs in-line; guides FY08 EPS in-line (MRK) 29.97 : Reports Q3 (Sep) earnings of $0.80 per share, excluding $0.29 of restructuring charges, $0.01 better than the First Call consensus of $0.79; revenues fell 2.1% year/year to $5.94 bln vs the $5.98 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.28-$3.32, ex-items, vs. $3.28 consensus. Merck anticipates 2005-2010 compound annual Non-GAAP EPS growth in mid-to-high single-digits, excluding certain items, with GAAP EPS compound annual growth rate expected to increase by double-digits over same period. Co states, "...As part of the 2008 restructuring plan, Merck expects to eliminate approximately 7,200 positions, 6,800 active employees and 400 vacancies, across all areas of the company worldwide by the end of 2011. About 40% of the total reductions will occur in the United States. To streamline management layers across the company, Merck will reduce its total number of senior and mid-level executives by approximately 25%..."
7:35AM Boeing misses by $0.02; won't update guidance until strike has concluded (BA) 46.40 : Reports Q3 (Sep) earnings of $0.96 per share, $0.02 worse than the First Call consensus of $0.98; revenues fell 7.4% year/year to $15.29 bln vs the $14.61 bln consensus. Co said, "While the suspension of commercial airplane deliveries had a major impact on the quarter, we effectively executed the remainder of our business and kept our focus on the strong balance sheet we have built over the past few years... That balance sheet, along with our broad-based, record $349 billion backlog, gives us exceptional flexibility for weathering an extended work stoppage and for adapting to circumstances that may arise from the global financial crisis and softening global economy." Due to the uncertain length of the labor strike, Boeing will update its financial guidance after conclusion of the strike upon completing an assessment of future results. The company continues to focus on maintaining its financial strength and improving business performance. Market demand for deliveries of new, fuel-efficient commercial airplanes remains strong, exceeding the available supply.
7:32AM CNX Gas beats by $0.02, beats on revs (CXG) 20.29 : Reports Q3 (Sep) earnings of $0.45 per share, $0.02 better than the First Call consensus of $0.43; revenues rose 95.9% year/year to $216.9 mln vs the $198.1 mln consensus. The 2008 production guidance has been increased again, to 74 Bcf, which now represents a 27% growth in production from the 58.2 Bcf achieved in 2007. CNX Gas continues to see better-then-expected results in its development program and its shale exploration program. Production guidance for 2009 has also been raised, to 85 Bcf. CNX Gas maintains its strategic vision of producing 100 Bcf by 2010 and will continue to re-invest in its core business as long as we can earn a meaningful spread over our cost of capital.
7:32AM Kimberly-Clark beats by $0.01, reports revs in-line; guides Q4 EPS below consensus (KMB) 61.67 : Reports Q3 (Sep) earnings of $1.02 per share, $0.01 better than the First Call consensus of $1.01; revenues rose 8.2% year/year to $5 bln vs the $4.99 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.02-1.07 vs. $1.12 consensus. "The effects of recent changes in currency exchange rates, including currency translation and transaction losses at K-C de Mexico, will have an adverse impact on our fourth quarter results by more than 10 cents per share versus our previous plan."
7:09AM Wachovia reports loss of $11.89 per share (WB) 6.09 : Reports Q3 (Sep) loss of $11.89 per share, $11.91 worse than the First Call consensus of $0.02. Net loss of $23.9 bln includes the following on a pre-tax basis: $18.8 bln of goodwill impairment; $4.8 bln credit reserve build to a 3.24 percent reserve-to-loan ratio; $2.5 bln of market disruption losses including $1.2 bln of securities impairments; $310 million principal investing loss. Wachovia's core businesses generated higher loans and average core deposits, as well as strength in traditional banking and insurance fees; however, market-related businesses and deposit trends reflected market turmoil. The General Bank grew revenue 8% over last year and maintained industry-leading customer satisfaction. The retail brokerage business increased in both the number and quality of financial advisors and generated solid cross-sales with other Wachovia businesses. Sales growth in the Wealth Management business offset declines in equity valuations. The Corporate and Investment Bank continued to execute on its transition to a more customer-centric model. "Wachovia's third quarter results were very much in line with our expectations... We believe that it was prudent for Wachovia to put these losses behind them... The asset write-downs, reserve build, and other items are consistent with our acquisition assumptions. The goodwill impairment will have no impact on tangible capital or our planned capital raise. Monday, Wachovia issued preferred stock to Wells Fargo as contemplated in our share exchange agreement, which represents 39.9 percent of Wachovia's voting power, and we're on track to complete the merger as planned in the fourth quarter."
7:06AM PF Chang's beats by $0.06, misses on revs; guides FY08 EPS in-line (PFCB) 17.62 : Reports Q3 (Sep) earnings of $0.31 per share, excluding non cash asset impairment charges, $0.06 better than the First Call consensus of $0.25; revenues rose 10.4% year/year to $298.4 mln vs the $303.2 mln consensus. Co lowers guidance for FY08, sees EPS of $1.34-1.40 down from $1.36-1.42 vs. $1.38 consensus, reflecting expectations of continued economic pressure on consumers for the remainder of the year. This guidance excludes the impact of the asset impairment charges recognized during the third quarter as well as the impact of anticipated restructuring charges to be recognized during the fourth quarter, both of which the Company anticipates reflecting within discontinued operations effective fourth quarter upon restaurant closure.
7:03AM Wyeth reports EPS in-line, misses on revs; guides FY08 EPS in-line (WYE) 34.78 : Reports Q3 (Sep) earnings of $0.90 per share, excluding non-recurring items, in-line with the First Call consensus of $0.90; revenues rose 3.7% year/year to $5.83 bln vs the $5.9 bln consensus. The 2008 third quarter results excluded charges of $115.2 mln ($79.8 mln after-tax or $0.06 per share-diluted) related to the co's productivity initiative. Co issues in-line guidance for FY08, sees EPS of $3.49-3.55 vs. $3.54 consensus.
7:02AM Philip Morris International beats by $0.03, beats on revs; reaffirms FY08 EPS guidance (PM) 42.16 : Reports Q3 (Sep) earnings of $0.93 per share, $0.03 better than the First Call consensus of $0.90; revenues rose 17.5% year/year to $6.95 bln vs the $6.57 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.32-$3.38 vs. $3.33 consensus. "We continue to witness robust business momentum, demonstrated by a strong increase in organic volume and solid net revenue and income growth, all of which lead us to reaffirm our annual earnings guidance".
6:07AM Air Products beats by $0.01, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus (APD) 56.88 : Reports Q4 (Sep) earnings of $1.26 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.25; revenues rose 14.5% year/year to $2.71 bln vs the $2.64 bln consensus. Co issues downside guidance for Q1, sees EPS of $1.15-1.21 vs. $1.27 consensus. Co issues downside guidance for FY09, sees EPS of $5.10-5.35 vs. $5.46 consensus.
6:07AM Dover beats by $0.03, reports revs in-line (DOV) 30.33 : Reports Q3 (Sep) earnings of $1.01 per share, $0.03 better than the First Call consensus of $0.98; revenues rose 5.4% year/year to $2 bln vs the $2 bln consensus."We are pleased to report another solid quarter. Our EPS of $1.01 represents a continuation of our strong 2008 performance and is the first time in Dover's history that quarterly EPS has exceeded $1.00. In addition to our revenue growth, we exhibited operating margin improvement of 30 basis points over last year to 15.9%. We also delivered free cash flow of $306 million in the quarter representing 15.6% of revenue, while our year-to-date free cash flow was $607 million, or 10.4% of revenue.
6:03AM Knight Capital Group beats by $0.16, beats on revs (NITE) 14.35 : Reports Q3 (Sep) earnings of $0.40 per share, $0.16 better than the First Call consensus of $0.24; revenues rose 31.7% year/year to $269.9 mln vs the $211.5 mln consensus.
5:10AM Baker Hughes misses by $0.06, misses on revs (BHI) 38.95 : Reports Q3 (Sep) earnings of $1.29 per share, excluding tax benefit, $0.06 worse than the First Call consensus of $1.35; revenues rose 12.4% year/year to $3.01 bln vs the $3.09 bln consensus. Disruptions from the hurricanes in the GoM negatively impacted EPS by $0.11 per diluted share.
1:28AM SkyWest issues downside guidance for Q308 (SKYW) 13.88 : Co issues downside guidance for Q3 (Sep), sees EPS of $0.42-0.46 vs. $0.51 First Call consensus. Co attributes shortfall to financial difficulties at Midwest Airlines and operating subsidiaries SkyWest Airlines and Atlantic Southeast Airlines, both of which have experienced a reduction in the block hours scheduled by its major partners which has resulted in a reduction of profitability under these agreements. The financial impact of block hour reductions, as scheduled by its major partners, was larger than SkyWest originally anticipated.
1:18AM Allegiant Travel beats by $0.06, beats on revs (ALGT) 35.81 : Reports Q3 (Sep) earnings of $0.24 per share, $0.06 better than the First Call consensus of $0.18; revenues rose 35.5% year/year to $116.9 mln vs the $114.7 mln consensus. Co expects year-over-year departures to be flat and expects a decline in ASMs of approx 3%. Co expects Q109 year-over-year departure growth of approx 5% and ASM growth of approx 7%.
12:08AM Wipro reports EPS in-line, misses on revs (WIT) 8.13 : Reports Q2 (Sep) earnings of $0.14 per share, excluding non-recurring items, in-line with the First Call consensus of $0.14; revenues rose 16.0% year/year to $1.38 bln vs the $1.45 bln consensus. Co expects margins to remain stable, with a mildly positive bias, its co-chief executive stated. Co sees stable pricing with pressure from some customers. Co expects revenue from IT Services business to be approx $1.121 bln.
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