Earnings - 2nd Oct 2008

4:06PM AngioDynamics reports EPS in-line, misses on revs; guides FY09 EPS in-line, revs in-line (ANGO) 14.58 -0.75 : Reports Q1 (Aug) earnings of $0.09 per share, in-line with the First Call consensus of $0.09; revenues rose 18.1% year/year to $44.3 mln vs the $45.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.55 vs. $0.57 consensus; sees FY09 revs of $205-210 mln vs. $209.47 mln consensus.

4:05PM Global Payment beats by $0.12, beats on revs; raises FY09 guidance (GPN) 40.78 -3.31 : Reports Q1 (Aug) earnings of $0.71 per share, $0.12 better than the First Call consensus of $0.59; revenues rose 30.5% year/year to $405.8 mln vs the $396 mln consensus. Co raises FY09 guidance, sees EPS of $2.37-2.42 vs. $2.27 consensus; sees FY09 revs of $1.64-1.68 bln vs. $1.66 bln consensus. "We are delighted with our strong first quarter financial performance. Our North America segment reported strong revenue and earnings growth primarily driven by successful pricing initiatives in Canada and a favorable foreign currency exchange benefit. International merchant services results were primarily driven by the favorable impact of our June 30, 2008 U.K. acquisition, in addition to a continued benefit from our sales initiatives in our Asia-Pacific region and a favorable foreign currency benefit in the Czech Republic."

3:39PM Houston Wire & Cable expects earnings for Q3 to be negatively impacted due to the effects of the hurricane season (HWCC) 16.35 -0.63 : Co estimates its EPS will be $0.04-0.07 less than the comparable quarter of 2007 (which based on Q3 2007 EPS of $0.41 would equate to ~$0.34-0.37 vs $0.42 consensus). Operations at the Baton Rouge and Houston facilities, which encompass Corporate Headquarters, were severely disrupted as a result of the storms and loss of electrical power. However, these facilities experienced only minimal physical damage.

3:37PM Energy Conversion accelerates expansion to 420MW by end of FY 2010, 720MW by end of FY 2011 (ENER) 56.37 -5.30 : Co discussed several new strategic initiatives with analysts at its first company-sponsored Investor Day. "We are in the final stages of site selection for a new 120 MW solar-cell manufacturing facility. We are also pleased to announce that we are accelerating the growth of our nameplate capacity to 420 MWs in fiscal year 2010 and to 720 MWs in fiscal 2011. The accelerated expansion in capacity will help us meet the growing global demand for our thin-film, flexible solar laminates earlier than we had previously forecast." The company had previously planned to be at 300MW and 600MW of nameplate capacity in fiscal year 2010 and 2011, respectively. The acceleration of production capacity is being made possible by systems engineering and commitments to operational excellence including better supply chain management and improved efficiencies, throughput and yields. These expansions are expected to be funded by cash on hand and future operating cash flow. The company reiterated its commitment to have 1 GW of nameplate capability in place by fiscal 2012.

1:20PM Fastenal releases comments on September 2008 trends, September sales growth was ~26.4% YoY (FAST) 42.17 -3.09 : Co releases comments on September 2008 trends. Co sales growth from September 2007 to September 2008 was ~26.4%. There were 19 business days in September 2007 and 21 business days in September 2008. Adjusting for the two extra business days in 2008, our daily sales growth from September 2007 to September 2008 was ~14.3%. This daily sales growth was above internal expectation for the month. Co has felt the impact of a weakened economic environment in North America over much of 2007 and 2008. Co trends in September 2008 remained consistent with trends earlier in the third quarter and earlier in the year.

11:25AM Monsanto confirms it raises FY08 guidance to $3.64 (MON) 85.73 -12.23 : Co issues upside guidance for FY08 (Aug), sees EPS of range of $3.64 vs. $3.55 First Call consensus up from $3.58-3.60 previously. The firm cites a strong conclusion to the fiscal year from its Roundup and other glyphosate-related herbicide business paired with the previously announced better-than-anticipated seeds-and-traits performance. Previously, Monsanto indicated it expected the full year gross profit contribution from Roundup for 2009 to be in the range of $2.1 to $2.2 bln. Given additional clarity going into fiscal year 2009, Monsanto now expects that Roundup will generate in the range of $2.3 to $2.4 bln in gross profit in fiscal year 2009. The company also increased the 2012 gross-profit target to $1.9 bln from its original target of $1.8 bln.

9:37AM SandRidge Energy reduces 2009 capital expenditures; 2008 production guidance remains unchanged and production guidance for 2009 is lowered (SD) 17.02 -0.55 : Co announces plans to reduce its 2009 capital expenditure budget to $1.0 bln from previous guidance of $2.0 bln. The $1.0 bln reduction in the 2009 capital expenditure program is a direct response to recent declines in natural gas prices. The 2008 production guidance remains unchanged. The production guidance for 2009 is lowered to 120 Bcfe from 135 Bcfe as a result of the planned reduction in capital expenditures. The reduced 2009 production reflects a 20% growth over expected 2008 production of 100 Bcfe. SandRidge has opened the data room to evaluate the potential sale of its East Texas and North Louisiana Cotton Valley and Haynesville assets. If the company chooses not to sell these assets, it plans to fund its 2009 capital expenditure program with internally generated cash flow and its existing $1.1 bln revolving credit facility. "The ability to pick locations and drill shallow Caballos wells from 3D in the different thrust faults enabled us to significantly cut back our 2009 capex budget by $1.0 billion and continue with production growth guidance of 20%. As we move into 2010 and 2011 with the start-up of Phase 1 and Phase 2 of the Century Plant, we will be able to grow at a rate of 30% or more in those years."

9:20AM Core Labs reports Hurricane Ike to have minimal effect on Q3 and full-year 2008 earnings (CLB) 93.68 : Co announces that it believes Hurricane Ike will have minimal effect on third quarter and full-year 2008 earnings per diluted share from its operations. Co expects 2008 third quarter revenue of $202-204 mln vs $206.59 mln First Call consensus. Earnings per diluted share from operations are now expected to range between $1.57-1.63, an increase of ~1%, or $0.02 per diluted share, over prior guidance vs $1.63 First Call consensus.

9:20AM ClickSoftware raises FY08 revenue guidance above consensus; issues Q3 rev guidance above consensus (CKSW) 1.93 : Based on preliminary estimates, the Company expects revenues for 3Q08 at an approximate range of $15.5-16 mln (vs $12.49 mln First Call consensus). With a significant number of contracts already in hand, and revenues from these contracts planned to be recognized in the third and fourth quarters of 2008, the Company currently expects that it shall achieve annual revenues in the range of approximately $52-54 mln dollars (vs $48.74 mln First Call consensus), exceeding the annual guidance of $48-50 mln and bringing the year-over-year growth to the approximate range of 30% to 35%.

9:16AM Molex lowers Q1 EPS and revs guidance (MOLX) 22.19 : Co sees Q1 EPS $0.31-0.35, ex items, down from prior guidance of $0.36-0.41, vs $0.38 First Call consensus; revs $840-845 mln, down from prior guidance of $860-880 mln, vs $870.47 mln First Call consensus. These changes are due to reduced demand primarily from the telecom / data infrastructure and automotive markets. The industrial and consumer electronic markets are also below the Company's original outlook as customers remain cautious in their procurement and forecasting given the significant uncertainty in the global economy.

9:01AM RPM lowers FY09 guidance (RPM) 19.37 : Co reported that it has changed its outlook for its fiscal 2009 earnings to $1.75 to $1.85 per share (vs $1.86 First Call consensus), down from prior guidance of approximately $1.85 per share. Co cited current economic headwinds, sustained volatility in financial markets, weak domestic market conditions for its consumer segment and raw material cost pressure in both segments as the principal reasons behind the revised outlook.

8:44AM Brush Engineered Materials cuts FY08 EPS guidance below consensus (BW) 17.89 : Co lowers FY08 guidance to $1.45-$1.60 vs First Call consensus of $1.80 and vs prior guidance of $1.75-$2.00. Approximately one-third of the expected decrease is related to the Q3 with the balance expected in Q4. Co reports that over the past few weeks it has seen new widespread weakness in the global consumer electronics, telecom and automotive markets affecting expected demand from both the Specialty Engineered Alloys and Engineered Materials Systems segments. In addition, the company has also been affected by the impact of Hurricane Ike which has temporarily reduced shipments to the oil & gas market and the Boeing strike which is reducing shipments to the commercial aerospace market.

7:38AM Constellation Brands beats by $0.01, misses on revs; guides FY09 EPS in-line (STZ) 21.63 : Reports Q2 (Aug) earnings of $0.45 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.44; revenues rose 7.2% year/year to $956.5 mln vs the $966.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.68-1.76, excluding non-recurring items, vs. $1.72 consensus. For FY09, the co sees mid to high single-digit growth in organic net sales combined with the incremental benefit from the Beam Wine Estates acquisition, impact of reporting the joint venture for the Matthew Clark wholesale business under the equity method, and divestiture of the Almaden, Inglenook and certain Pacific Northwest wine brands, are expected to result in reported net sales increasing mid single-digits from net sales for fiscal 2008.

6:38AM Westar Energy lowers FY08 EPS guidance (WR) 23.21 : Co issues downside guidance for FY08 (Dec), sees EPS of $1.35-1.45, excluding non-recurring items, vs. $1.51 First Call consensus. Co announces that abnormally cool weather had an adverse impact on its Q3 earnings. Preliminary information for Q3 indicates that cooling degree days for the third quarter were 14% below normal which the co estimates will reduce EPS about $0.10 per share. Based on this preliminary information, the WR is revising its previously announced FY08 EPS guidance of $1.50 to $1.65 per share, excluding the one-time tax benefit recorded in the first quarter, to a range of $1.35 to $1.45 per share.

12:15AM LaBranche provides anticipated Q308 results (LAB) 4.73 : Co issues upside guidance for Q3 (Sep), sees EPS of 0.20-0.24, excluding unrealized loss attributable to the decline in the estimated fair value of co's stake in NYX shares , vs. $0.05 First Call consensus. This estimated pro forma net income is primarily attributable to increased principal trading revenues at the co's specialist and market-making segment. Revenues in the specialist and market-making segment increased in both the cash equities specialist and non-cash equities market-making divisions.
12:10AM UDR prices 8.0 mln common shares at $24.25/share (UDR) 24.70 :
12:05AM Hartmarx misses by $0.09, misses on revs; guides Q4 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs below consensus (HMX) 1.74 : Reports Q3 (Aug) loss of $0.07 per share, $0.09 worse than the First Call consensus of $0.02; revenues fell 8.3% year/year to $124 mln vs the $129.9 mln consensus. Co issues downside guidance for Q4, sees EPS of $(0.05)-(0.10), excluding non-recurring items, vs. $0.09 consensus; sees Q4 revs of $115.0-125.0 mln vs. $149.92 mln consensus. Co issues downside guidance for FY08, sees EPS of $(0.25)-(0.35) vs. ($0.04) consensus; sees FY08 revs of $490.0-500.0 mln vs. $531.32 mln consensus.