9:06AM Overstock.com beats by $0.19, misses on revs (OSTK) 10.30 : Reports Q3 (Sep) loss of $0.07 per share, $0.19 better than the First Call consensus of ($0.26); revenues rose 16.7% year/year to $186.9 mln vs the $189.5 mln consensus. "We have an accounting restatement that mostly reflects fall-out from our Oracle ERP implementation of a few years ago. Dave's letter below explains the problem and the solution. Our 1st Commandment is "Maintain a bullet proof balance sheet," But while the spirit is strong, the flesh made a mistake. The short version is: when we upgraded our system, we didn't hook up some of the accounting wiring; however, we thought we had manual fixes in place. We've since found that these manual fixes missed a few of the unhooked wires. It also turned out there were errors cutting both ways which partially obscured the problem because we relied on reasonability testing to verify certain balances rather than a ground-up reconciliation. Now that we have found these errors, we have called a penalty on ourselves. The total effect of the errors over the five and a half year period (during which we generated nearly $3.5 bln in revenues) is a reduction in revenue of $12.9 mln and a $10.3 mln increase to cumulative net loss. This restatement does not affect previously reported cash flows nor change our thoughts on the business going forward. "Other than that," we are holding our own. Revenue growth was 17% this quarter, down from 26% in the first half, but still above industry average. Expenses remain tightly managed. The net loss for the quarter was just under $1.6 million, a good improvement over last year, though this was partially due to a $2.8 million gain from repurchasing our debt at a discount. We continue to be EBITDA-positive and are generating positive TTM operating cash flows. The path to profitability seems clearer than ever. The key to getting there will be maintaining current levels of technology and G&A costs while growing contribution dollars (which should be easier this quarter). This holiday shopping season and the quarters ahead will be challenging for the retail industry. I believe that in general we are counter-cyclical because in tough times consumers become deal-hunters: it remains to be seen if that dynamic can offset the macro dynamics settling over the whole economy. Yet the last two years were spent leaning out Overstock, and that has positioned us well for this scenario."
8:50AM Hanesbrands expects Q3 EPS of $0.56, excluding impact of Mervyn's bankruptcy, in-line with $0.56 First Call consensus (HBI) 12.76 : Co reports, excluding actions and the impact of the Mervyn's bankruptcy, it anticipates reporting Q3 EPS of $0.56 vs $0.56 First Call consensus. HBI announces that the impact of the Oct 17, 2008, liquidation disclosure by Mervyn's and its affiliated entities, which occurred after HBIs' third quarter ended, will be included in the company's third-quarter results as a material subsequent event. With the subsequent-event impact, HBI now expects pretax charges related to the Mervyn's bankruptcy to be $5.5 mln, or $0.04 per diluted share after tax, for the quarter ended Sep 27, 2008.
8:35AM Gannett beats by $0.01, beats on revs (GCI) 9.64 : Reports Q3 (Sep) earnings of $0.76 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.75; revenues fell 8.9% year/year to $1.64 bln vs the $1.61 bln consensus. The decline in revs was due to softer publishing advertising demand resulting primarily from weak economic conditions in the U.S. and the UK, offset partially by Olympic and political ad spending in Broadcasting and revenues from the consolidation of CareerBuilder and ShopLocal.
8:32AM Exelon misses by $0.06, misses on revs; guides FY08 EPS to low end of range (EXC) 49.88 : Reports Q3 (Sep) earnings of $1.07 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $1.13; revenues rose 2.2% year/year to $5.27 bln vs the $5.46 bln consensus. Co issues guidance for FY08, sees EPS at low end of $4.15-4.30 vs. $4.25 consensus.
8:08AM Liz Claiborne guides in-line for Q3; lowers FY08 guidance (LIZ) 7.30 : Co issues in-line guidance for Q3 (Sep), sees EPS of $0.37-0.42, excluding non-recurring items, vs. $0.38 First Call consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $1.00-1.10 vs. $1.33 consensus, prior guidance $1.40-1.50. Co said, "we began to see real changes in spending patterns in our stores in September, and we saw our department store partners dramatically increase promotional activity at the same time. Traffic in malls and street locations is off in every region, including Europe. Consumer confidence has clearly been impacted in a way we hadn't seen earlier this year. While we have built very solid holiday plans, with strong opening price points and high impact assortments, we are lowering our guidance significantly for the fourth quarter, assuming the cutback in discretionary spending we are seeing right now will last throughout the holiday season, resulting in sales and profitability significantly below our prior expectations."
7:40AM Fortune Brands beats by $0.04, beats on revs (FO) 34.85 : Reports Q3 (Sep) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues fell 10.4% year/year to $1.92 bln vs the $1.9 bln consensus. "Given that the current economic environment has become more challenging and uncertain than anyone had anticipated, we are approaching our earnings targets with caution. Fr the fourth quarter, reflecting the economic environment and the impact of our spirits initiatives, we're targeting earnings per share before charges/gains to be down at a low-30s-to-high-40s percentage rate versus $1.39 a year ago. Nearly half of the anticipated fourth-quarter decline is attributable to the Australia RTD tax issue and our spirits route-to-market initiatives. For the full year, we are now targeting 2008 results to be down at a high-teens-to-mid-20s percentage rate compared to $5.06 in 2007." The co also announced that it is now targeting free cash flow for 2008 to be in the range of $475-550 million after dividends and capital expenditures.
7:38AM Ingersoll-Rand reports EPS in-line, revs in-line; guides Q4 EPS in-line; guides FY08 EPS below consensus (IR) 18.14 : Reports Q3 (Sep) earnings of $0.99 per share, in-line with the First Call consensus of $0.99; revenues rose 92.6% year/year to $4.31 bln vs the $4.34 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.55-$0.75, ex-items, vs. $0.75 consensus. Co issues downside guidance for FY08, sees EPS of $3.35-$3.55 vs. $3.58 consensus. "Many of Ingersoll Rand's major end markets continued to experience softening overall demand in the third quarter as weaker activity for complete products in North America was partially offset by growing recurring revenues and modest growth overseas. Third-quarter orders, excluding currency, declined by 1% compared with last year and were significantly below our prior forecast. Based on our recent order pattern and a review of customer and channel activity, we expect flat year-over-year proforma revenues for the fourth quarter of 2008 resulting in sales of approximately $4.1 billion..."
7:37AM T. Rowe Price reports EPS in-line, revs in-line (TROW) 30.96 : Reports Q3 (Sep) earnings of $0.56 per share, in-line with the First Call consensus of $0.56; revenues fell 2.8% year/year to $555 mln vs the $551.6 mln consensus. process. Co said, "To be sure, the dramatically lower valuations have diminished the value of our clients' assets, as well as our own investments in sponsored mutual funds. Further, cash inflows from investors have slowed considerably from the pace of the first half of the year. As a result, our near-term outlook for the firm is for lower earnings in the fourth quarter of this year and into 2009."
7:03AM Cache beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs in-line (CACH) 3.21 : Reports Q3 (Sep) loss of $0.12 per share, $0.01 better than the First Call consensus of ($0.13); revenues fell 4.1% year/year to $58.1 mln vs the $58.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of at the low end of $0.24-$0.29 vs. $0.26 consensus; sees Q4 revs of $77-$79 mln vs. $77.20 mln consensus.
7:01AM Saia beats by $0.02, beats on revs (SAIA) 7.97 : Reports Q3 (Sep) earnings of $0.21 per share, $0.02 better than the First Call consensus of $0.19; revenues rose 10.6% year/year to $274.2 mln vs the $263 mln consensus.
6:05AM Corn Products beats by $0.37, beats on revs; guides FY08 EPS above consensus (CPO) 21.35 : Reports Q3 (Sep) earnings of $1.15 per share, $0.37 better than the First Call consensus of $0.78; revenues rose 23.1% year/year to $1.16 bln vs the $1.02 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.40-3.60 vs. $3.29 consensus.
6:03AM Amer States Water issues downside Q308 EPS guidance (AWR) 30.68 : Co issues downside guidance for Q3 (Sep), sees EPS $0.05 to $0.11 per share lower than Q307 reported EPS of $0.47 (ex-items). Co announces that it EPS, excluding the impact of unrealized gains and losses on purchased power contracts, for Q308 to be lower than the EPS recorded on the same basis for the Q307, due primarily to decreased water consumption and higher operating expenses at its Golden State Water unit, and the unfavorable financial performance of its contracted services at military bases conducted by its American States Utility Services unit and its subsidiaries.
1:06AM Reinsurance Group of America beats by $0.31, misses on revs (RGA) 32.55 : Reports Q3 (Sep) earnings of $1.86 per share, excluding non-recurring items, $0.31 better than the First Call consensus of $1.55; revenues fell 4.9% year/year to $1.31 bln vs the $1.59 bln consensus.
12:26AM Olin misses by $0.04, misses on revs; guides Q4 EPS above consensus (OLN) 16.72 : Reports Q3 (Sep) earnings of $0.68 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.72; revenues rose 43.6% year/year to $502.9 mln vs the $526.4 mln consensus. Co issues upside guidance for Q4, sees EPS of approx $0.65 vs. $0.60 consensus.
12:23AM Bucyrus misses by $0.02, reports revs in-line (BUCY) 21.07 : Reports Q3 (Sep) earnings of $0.85 per share, $0.02 worse than the First Call consensus of $0.87; revenues rose 29.1% year/year to $646 mln vs the $643.4 mln consensus. Backlog as of Sept. 30, 2008 was $2.51 bln, a 73.9% increase from Dec. 31, 2007. $1.446 bln of this backlog is expected to be recognized within 12 months.
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