6:41PM Kilroy Realty beats by $0.11, beats on revs (KRC) 26.11 -1.97 : Reports Q3 (Sep) funds from operations of $1.00 per share, $0.11 better than the First Call consensus of $0.89; revenues rose 18.4% year/year to $77.1 mln vs the $69.6 mln consensus.
4:43PM CF Industries beats by $0.13, misses on revs; Co's Board authorizes repurchase of up to $500 mln in co's common stock (CF) 45.25 +0.86 : Reports Q3 (Sep) earnings of $3.70 per share, excluding $2.88 in mark-to-market adjustments on natural gas derivatives, $0.13 better than the First Call consensus of $3.57; revenues rose 75.0% year/year to $1.02 bln vs the $1.03 bln consensus. Co's Board authorizes repurchase of up to $500 mln in co's common stock. Co reports that average selling prices for all nitrogen products increased from both the year-earlier quarter and Q2 of 2008. For ammonia, the average selling price was $571 per ton, up from $370 in Q3 2007 and $513 in Q2 of 2008. For urea, average selling price was $596 per ton, up from $334 in the year-earlier quarter and $417 in 2008's Q2. For UAN, the average selling price was $339 per ton, up from $230 in the year-earlier quarter and $313 in Q2 2008. Co says "Recent volatility in the financial and commodities markets has created some uncertainty about prospects in North American agriculture, but we believe the underlying fundamentals remain quite positive, with the basic drivers of long-term food and fertilizer demand intact. Some wholesalers and retailers have pushed back the timing of fall purchases due to the late start of fall field work, and this timing likely added to the normal seasonal price 'sloppiness' during Q3. Prices for urea especially have come off earlier highs. CEO pointed to his co's strong bookings under its FPP - orders booked at very favorable margins - as an indicator of "locked-in" demand for the fall season. CEO also says, on the cost side, there have been significant reductions in costs for natural gas, the primary raw material for nitrogen, and for sulfur and ammonia, major cost components in phosphate... says the underlying fundamentals for this fall and spring of 2009 remain positive."
4:20PM PAREXEL beats by $0.01, misses on revs; guides Q2 below consensus; lowers FY09 guidance (PRXL) 13.70 -1.27 : Reports Q1 (Sep) earnings of $0.23 per share, $0.01 better than the First Call consensus of $0.22; revenues rose 26.4% year/year to $263 mln vs the $274.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.18-0.20 vs. $0.27 consensus; sees Q2 revs of $265-275 mln vs. $306.73 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.07-1.13, down from $1.09-1.17, vs. $1.14 consensus; sees FY09 revs of $1.1-1.13 bln, down from $1.215-1.245 bln, vs. $1.23 bln consensus. Backlog at the end of September was $2.061 billion. Foreign exchange movements account for 70% of the downward revision in service revenue guidance for Fiscal Year 2009. The reported backlog included gross new business wins of $347 million, an increase in backlog of $117 mln related to the ClinPhone acquisition, cancellations of approximately $83 million, and a negative impact from foreign exchange rates of $116 mln. The net book-to-burn ratio (defined as gross new business less cancellations divided by service revenue) was approximately 1.0 in the quarter.
4:20PM Hanger Orthopedic beats by $0.01, beats on revs; reaffirms Q4; guides FY08 EPS in-line (HGR) 12.26 -1.08 : Reports Q3 (Sep) earnings of $0.23 per share, $0.01 better than the First Call consensus of $0.22; revenues rose 10.1% year/year to $178.7 mln vs the $174.6 mln consensus. Co reaffirms Q4 guidance. Co issues in-line guidance for FY08, sees EPS of $0.80-0.82 vs. $0.82 consensus. "We are very satisfied with our third quarter results which are the eleventh consecutive quarter in meeting or exceeding First Call consensus estimates. For the second consecutive quarter, the 7.3% same-center sales growth in our patient care division exceeded our expectations. Our distribution business, which represents 11.7% of our total sales for the quarter, also delivered solid performance with sales growth of 15.9% in the third quarter. We are generating strong cash flow from operations and have sufficient cash to continue to execute our growth strategy, while meeting our near term obligations. Our balance sheet and liquidity are also strong, with $53.5 million of cash along with $38.2 million available on our revolving credit facility which will provide security and flexibility in these unprecedented, volatile financial market conditions. We are proud of what our team has accomplished so far in 2008 and excited as we wind up 2008 and look forward to 2009."
4:09PM Buffalo Wild Wings misses by $0.06, beats on revs (BWLD) 29.06 +1.51 : Reports Q3 (Sep) earnings of $0.25 per share, $0.06 worse than the First Call consensus of $0.31; revenues rose 28.8% year/year to $106.1 mln vs the $104.4 mln consensus. Buffalo Wild Wings sees FY08 revs up over 25%; consensus ests are for rev growth of ~26%. Company-owned restaurant sales grew 30.3% to $95.5 mln. Same-store sales increased 6.8% at company-owned restaurants and 2.1% at franchised restaurants. "Throughout 2008, we have had great same-store sales as well as improved restaurant-level cash flows and leveraging of general and administrative expenses. For the full year of 2008, we expect about 15% unit growth, over 25% revenue growth, and 20 to 25% net earnings growth. We are confident in our ability to grow Buffalo Wild Wings in 2009 and beyond. We are also conservative given the current economic environment. In 2009, we are committed to our goal of 15% unit growth, with about 40% of the new unit growth expected to be company-owned restaurants, and our development pipeline for both company-owned and franchised restaurants is strong. We are committed to driving revenue growth, through strong same-store sales and increasing our average weekly sales volumes. And, we are committed to growing net earnings, through improving our restaurant-level performance and leveraging our general and administrative expenses..."
4:09PM American Fincl beats by $0.03; guides FY08 EPS in-line; guides FY09 EPS above consensus (AFG) 19.59 -0.66 : Reports Q3 (Sep) earnings of $0.98 per share, $0.03 better than the First Call consensus of $0.95. Co issues in-line guidance for FY08, sees EPS of $3.90-4.10 vs. $3.97 consensus. Co issues upside guidance for FY09, sees EPS of $3.65-3.85 vs. $3.62 consensus. "The 2009 earnings guidance reflects strong projected earnings growth in our annuity operations and higher investment income in our property and casualty operations. These increases will be offset by the effects of a more competitive property and casualty marketplace. This level of earnings will result in returns on equity in the range of 12%-15%, consistent with our long-term goals. These expected results exclude the potential for significant catastrophe and crop losses and adjustments to asbestos and environmental reserves."
4:06PM Plum Creek beats by $0.01, misses on revs; guides Q4 EPS below consensus (PCL) : Reports Q3 (Sep) earnings of $0.40 per share, $0.01 better than the First Call consensus of $0.39; revenues rose 1.7% year/year to $414 mln vs the $419.8 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.17-0.22 vs. $0.39 consensus.
4:05PM Zoran beats by $0.24, beats on revs; guides Q4 EPS below consensus, revs below consensus (ZRAN) 6.04 -0.15 : Reports Q3 (Sep) earnings of $0.27 per share, excluding non-cash charges of $167.6 mln, $0.24 better than the First Call consensus of $0.03; revenues fell 2.0% year/year to $126.1 mln vs the $124.6 mln consensus. Co issues downside guidance for Q4, sees EPS of ($0.15)-($0.20), excluding non-recurring items, vs. $0.00 consensus; sees Q4 revs of $85-90 mln vs. $114.14 mln consensus.
4:05PM Masimo beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (MASI) 24.32 -1.67 : Reports Q3 (Sep) earnings of $0.22 per share, $0.06 better than the First Call consensus of $0.16; revenues rose 21.3% year/year to $78.1 mln vs the $75.5 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.71 up from $0.64 vs. $0.65 consensus; sees FY08 revs of $303 mln up from $300 mln vs. $301.25 mln consensus.
4:04PM Atheros Communications beats by $0.02, reports revs in-line (ATHR) 16.13 +0.21 : Reports Q3 (Sep) earnings of $0.37 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.35; revenues rose 29.9% year/year to $138.1 mln vs the $137.6 mln consensus. "We are pleased to report our 14th consecutive quarter of revenue growth," said Dr. Craig Barratt, president and chief executive officer. "Our 14 percent sequential increase in revenue was driven by strength in each of our three channels - PC, Networking and Consumer. Demand for our expanded family of 802.11n products was particularly strong while our 802.11g solutions continue to be incorporated into a wide variety of value-oriented laptops, networking products and consumer devices,"
4:02PM Intevac beats by $0.06, beats on revs (IVAC) 6.79 -0.14 : Reports Q3 (Sep) loss of $0.15 per share, $0.06 better than the First Call consensus of ($0.21); revenues fell 43.6% year/year to $28.6 mln vs the $27.7 mln consensus. "Third-quarter results that exceeded our guidance, demonstrating that we are continuing to control the company's expenses in light of current market conditions," commented Kevin Fairbairn, president and chief executive officer of Intevac. "During the quarter we entered into an alliance with TES Co., Ltd. that covers product development, manufacturing and sales of Intevac's Lean Etch(TM) in Korea and China and TES' CVD semiconductor equipment products in the rest of the world. This alliance is a groundbreaking business model for the semiconductor industry that enables both companies to offer a wider portfolio of products to our customers while leveraging our respective product development and manufacturing capabilities."
9:22AM Eagle Materials beats by $0.02, misses on revs (EXP) 15.71 : Reports Q2 (Sep) earnings of $0.36 per share, $0.02 better than the First Call consensus of $0.34; revenues fell 15.0% year/year to $178.9 mln vs the $192.9 mln consensus.
8:20AM Haemonetics beats by $0.06, beats on revs; raises FY09 guidance (HAE) 49.59 : Reports Q2 (Sep) earnings of $0.58 per share, $0.06 better than the First Call consensus of $0.52. Company raised its annual revenue guidance to 12-14% growth on stronger than planned sales of plasma disposables, blood bank disposables, and equipment sales, with strong contribution from each of the geographies. This equates to upside guidance for revs of $578.4-588.7 mln vs. $577.46 mln consensus. For FY09 EPS, co now sees EPS of $2.38-2.44 vs. $2.38 consensus.
8:08AM Tyler Tech beats by $0.07, beats on revs; guides FY08 EPS above consensus, revs in-line (TYL) 11.60 : Reports Q3 (Sep) earnings of $0.20 per share, excluding impact of non-cash legal settlement related to warrants, $0.07 better than the First Call consensus of $0.13; revenues rose 25.0% year/year to $68.6 mln vs the $66.6 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.57-0.60, excluding non-recurring items, vs. $0.54 consensus; sees FY08 revs of $262.0-265.0 mln vs. $264.63 mln consensus.
8:05AM Arch Coal beats by $0.09, reports revs in-line, lowers FY08 EPS guidance (ACI) 18.50 : Reports Q3 (Sep) earnings of $0.68 per share, $0.09 better than the First Call consensus of $0.59; revenues rose 28.4% year/year to $769.5 mln vs the $764.1 mln consensus. Based on the current expectations, co anticipates 2008 sales volume from company-controlled operations to be in the 132-135 mln ton range, excluding purchased coal from third parties. Co lowers FY08 guidance, sees FY08 EPS of $2.30-2.55, down from prior guidance of $2.50-2.85, vs $2.69 First Call consensus. Capital spending is projected to remain in the $310-340 mln range, excluding reserve additions. Based on Arch's current expected production during the next two years, co now has unpriced volumes of 30-40 mln tons in 2009 and 75-85 million tons in 2010. Milder weather patterns and slowing U.S. economic activity have impacted coal consumption in 2008. On the domestic demand side, the Edison Electric Institute estimates that year-to-date electric power demand has declined ~1.0% through the third week of October. This decline reflects cooler weather trends affecting major coal consuming regions this summer, along with weaker economic conditions in the country's industrial and commercial segments. Arch estimates that year-to-date coal consumption for power generation has declined roughly 0.5% through September 30. On the supply-side, year-to-date U.S. coal production has increased ~13 mln tons through the third week of October, according to government estimates. Nearly one-half of the estimated production increase is attributable to Central Appalachia, where further production increases are being hampered by severe cost pressures and labor challenges, regulatory hurdles and difficult geologic conditions, as demonstrated by recent announcements of production cutbacks and force majeures in the region.
7:37AM FPL Group misses by $0.13, beats on revs; guides FY08 EPS in-line; guides FY09 EPS in-line (FPL) 43.20 : Reports Q3 (Sep) earnings of $1.25 per share, excluding non-recurring items, $0.13 worse than the First Call consensus of $1.38; revenues rose 17.7% year/year to $5.39 bln vs the $4.66 bln consensus. Co issues in-line guidance for FY08, sees EPS coming in at low end of $3.83-3.93 vs. $3.87 consensus. Co issues in-line guidance for FY09, sees EPS of $4.05-4.25 vs. $4.16 consensus. Co also issues in-line guidance for FY10, sees EPS of $4.50-4.90 vs $4.65 consensus. In light of the current economic and credit environment, FPL Group will be reducing capital expenditures at both businesses for 2009. Original plans called for capital expenditures of ~ $7 bln in 2009, but the revised plan now calls for ~ $5.3 bln. Of the $1.7 bln reduction, ~ $1.3 bln involves the deferral of new project development at FPL Energy, including wind energy projects. FPL Energy had previously planned to add ~ 1,500 megawatts in 2009, but the revised plan is to build ~ 1,100 megawatts. In addition, FPL plans to reduce 2009 capital expenditures by ~ $400 mln for projects associated with system growth that is no longer expected.
7:29AM Alberto-Culver reports EPS in-line, beats on revs (ACV) 21.67 : Reports Q4 (Sep) earnings of $0.31 per share, in-line with the First Call consensus of $0.31; revenues rose 7.3% year/year to $385.9 mln vs the $375.2 mln consensus.
7:28AM Verizon reports EPS in-line, revs in-line (VZ) 25.08 : Reports Q3 (Sep) earnings of $0.66 per share, in-line with the First Call consensus of $0.66; revenues rose 4.1% year/year to $24.75 bln vs the $24.52 bln consensus. For the qtr, the co reported: 1) 2.1 million total retail net additions including customers from acquisitions; 2) 70.8 million total customers; 68.8 million retail customers, up 11.3%; and 3) 12.5% increase in total revenues; data revenues up 42.5%; 44.2% EBITDA margin on service revenues
7:08AM Central European Dist gives prelim Q3 results: sees revs of $450-455 mln vs $434.33 mln First Call consensus (CEDC) 18.57 : Co sees sees FY08 $2.75-2.85 vs $2.79 First Call consensus; sees revs $1650-1800 mln vs $1.70 bln First Call consensus. These strong trends are highlighted by organic growth in Poland of approximately 7% and over 25% in Russia. The Company expects to see the strongest brands getting stronger in this consolidating environment, especially in the Russian market where its brand Green Mark, the number one brand in Russia in terms of volume and value was up over 40% in volume terms in the third quarter 2008. The Company's premium vodka brands which include Parliament (volume growth over 20%) and Bols (volume growth over 15%) have continued to not only outperform the market for vodka brands in Russia and Poland but also accelerating gross margins which are estimated to be between 25% to 26% for the 3rd quarter 2008, as compared to 20.6% in the 3rd quarter 2007.
5:16AM Boardwalk Pipeline beats by $0.18, beats on revs (BWP) 21.07 : Reports Q3 (Sep) earnings of $0.47 per share, $0.18 better than the First Call consensus of $0.29; revenues rose 42.1% year/year to $191.6 mln vs the $186.4 mln consensus.
5:13AM Humana beats by $0.02, misses on revs; guides Q4 EPS below consensus; guides FY08 EPS below consensus; guides FY09 EPS above consensus (HUM) 36.27 : Reports Q3 (Sep) earnings of $1.49 per share, excluding r$0.40 in realized losses primarily associated with other-than-temporary impairments in the co's investment and securities lending portfolios as well as sales of distressed financial institution securities, $0.02 better than the First Call consensus of $1.47; revenues rose 13.1% year/year to $7.15 bln vs the $7.34 bln consensus. Co issues guidance for Q4, sees EPS of $1.00-1.10, includes ($0.10) net investment income, may not be comparable vs. $1.20 consensus. Co issues guidance for FY08, sees EPS of $3.80-3.90, includes realized investment losses, may not be comparable, vs. $4.37 consensus. Co issues upside guidance for FY09, sees EPS of $5.90-6.10 vs. $5.85 consensus.
3:19AM Sohu.com beats by $0.13, beats on revs; guides Q4 EPS above consensus, revs above consensus, and announces $150 mln share repurchase program (SOHU) 44.73 : Reports Q3 (Sep) earnings of $1.08 per share, $0.13 better than the First Call consensus of $0.95; revenues rose 134.2% year/year to $120.7 mln vs the $114.7 mln consensus. Co issues upside guidance for Q4, sees EPS of $1.20-1.25 vs. $1.08 consensus; sees Q4 revs of $118.0-122.0 mln vs. $116.47 mln consensus. Co announces $150 mln share repurchase program.
3:08AM BE Aerospace beats by $0.06, reports revs in-line; guides FY08 EPS above consensus; guides FY09 revs in-line (BEAV) 9.76 : Reports Q3 (Sep) earnings of $0.59 per share, excluding acquisition, integration and transition costs of approximately $0.06 per share, and debt prepayment costs of approx $0.03 per diluted share, $0.06 better than the First Call consensus of $0.53; revenues rose 37.3% year/year to $587.8 mln vs the $588.2 mln consensus. Co issues upside guidance for FY08, sees EPS of approx $2.19, excluding non-recurring items, vs. $2.13 consensus. Co issues in-line guidance for FY09, sees FY09 revs of $2.5 bln vs. $2.58 bln consensus. Depending on market conditions, the co expects to invest approx $125 mln in its distribution segment inventories to complete the transition of the HCS business to its inventory stocking business model. At that level of investment and based on earnings guidance for 2009 of $2.00 per diluted share (exclusive of acquisition, integration and transition costs of approx $0.10 per share) the co expects free cash flow in 2009 of approx $65 mln.
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