Earnings - 31st Oct 2008

8:38AM Chevron beats by $0.60, misses on revs (CVX) 74.18 : Reports Q3 (Sep) earnings of $3.85 per share, $0.60 better than the First Call consensus of $3.25; revenues rose 42.9% year/year to $78.87 bln vs the $86.79 bln consensus. Co said, "Earnings for our upstream operations benefited from prices for crude oil that were significantly higher than in last year's third quarter.. This improvement in earnings was tempered, however, by effects of the September hurricanes in the Gulf of Mexico... Earnings for our downstream operations also increased from a year ago, due mainly to improved margins on the sale of refined products... Margins were weak in last year's third quarter, and our downstream business in the United States operated at a loss for that period."

8:38AM Washington Post reports Q3 earnings; beats on revs (WPO) 395.00 : Reports Q3 (Sep) earnings of $7.79 per share, ex-items, may not compare to single analyst estimate of $5.04; revenues increased 10.4% year/year to $1.13 bln vs the $1.08 bln single analyst estimate.

8:35AM Oppenheimer Holdings reports Q3 EPS of ($0.18) vs $1.19 in 3Q07; revs rose 3% YoY to $222.2 mln - no ests (OPY) 17.40 : "The investment environment during the third quarter was as hostile to investors as anything seen in decades.... As previously stated, we continue to believe that the long-term benefit of our January acquisition will be substantial; however we do not foresee a quick return to profitability for the enlarged Capital Markets business segment, given the present state of the markets and of the U.S. economy. Oppenheimer's liquidity remains strong, allowing us to repurchase our shares during the quarter. We do not anticipate a need for additional capital in the near future, either through the issuance of debt or equity. We will continue to manage our business for the long term with a close control of costs and risks within our business."

8:32AM Weyerhaeuser beats by $0.05, misses on revs (WY) 38.68 : Reports Q3 (Sep) loss of $0.01 per share, $0.05 better than the First Call consensus of ($0.06); revenues fell 24.7% year/year to $2.11 bln vs the $2.56 bln consensus. Weyerhaeuser expects fourth quarter earnings from the Timberlands segment to be lower than third quarter. Fee harvest volumes are expected to be lower due to the weak domestic market.

8:32AM Clorox beats by $0.11, beats on revs; reaffirms FY09 guidance (CLX) 59.21 : Reports Q1 (Sep) earnings of $0.95 per share, excluding items, $0.11 better than the First Call consensus of $0.84; revenues rose 11.3% year/year to $1.38 bln vs the $1.35 bln consensus. Co reaffirms guidance for FY09, sees EPS of $3.60-3.75 vs. $3.69 consensus on revs growth of 4-6% (which calc to ~$5.48-5.59 bln vs $5.60 bln First Call consensus). Co still anticipates gross margin will decline in the first half of the fiscal year and increase in the second half of the fiscal year. However, for the full fiscal year, the company now anticipates gross margin improvement in the range of 25-75 basis points. The benefits of cost savings, price increases and favorable product mix are expected to more than offset the anticipated impact of commodity cost pressure for the fiscal year.


8:20AM MDU Resources misses by $0.03, reports revs in-line; guides FY08 EPS below consensus (MDU) 18.92 : Reports Q3 (Sep) earnings of $0.64 per share, $0.03 worse than the First Call consensus of $0.67; revenues rose 7.1% year/year to $1.33 bln vs the $1.34 bln consensus. Co issues downside guidance for FY08, sees EPS of $1.95-$2.10 vs. $2.19 consensus.
8:13AM TrimTabs estimates all equity mutual funds post outflow of $9,227 mln in week ended Wednesday, October 29 : TrimTabs Investment Research estimates that all equity mutual funds posted an outflow of $9,227 million in the week ended Wednesday, October 29, versus an outflow of $6,470 million in the previous week. Equity funds that invest primarily in U.S. stocks posted an outflow of $7,051 million, versus an outflow of $1,920 million in the previous week. Equity funds that invest primarily in non-U.S. stocks had an outflow of $2,176 million, versus an outflow of $4,540 million in the previous week. In addition, bond funds had an outflow of $5,867 million, versus an inflow of $532 million in the previous week, and hybrid funds had an outflow of $2,751 million, versus an inflow of $249 million in the previous week. Separately, TrimTabs reports that exchange-traded funds that invest in U.S. stocks posted an inflow of $903 million, versus outflow of $1,790 million in the previous week. ETFs that invest in non-U.S. stocks had an inflow $1,226 million, versus an inflow $426 million in the previous week. Separately, TrimTabs reports that exchange-traded funds that invest in U.S. stocks posted an outflow of $1.79 billion, versus inflow of $4.21 billion in the previous week. ETFs that invest in non-U.S. stocks had an inflow $426 million, versus an inflow of $522 million in the previous week.


8:04AM Calgon Carbon reports EPS in-line, revs in-line (CCC) 12.17 : Reports Q3 (Sep) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues rose 16.7% year/year to $99.1 mln vs the $99.6 mln consensus.

7:54AM Quality Systems reports EPS in-line, beats on revs (QSII) 36.23 : Reports Q2 (Sep) earnings of $0.42 per share, excluding non-recurring items, in-line with the First Call consensus of $0.42; revenues rose 30.7% year/year to $59 mln vs the $57.6 mln consensus.

7:52AM HMS Holdings beats by $0.02, beats on revs; guides FY08 EPS above consensus, revs above consensus; guides FY09 EPS below consensus, revs above consensus (HMSY) 22.72 : Reports Q3 (Sep) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 30.0% year/year to $49 mln vs the $44.7 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.77 (from $0.75) vs. $0.76 consensus; sees FY08 revs of $181 mln vs. $175.92 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.96 vs. $0.98 consensus; sees FY09 revs of $214 mln vs. $207.76 mln consensus.

7:34AM Progress Energy misses by $0.06, misses on revs; guides FY08 EPS below consensus (PGN) 40.88 : Reports Q3 (Sep) earnings of $1.17 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $1.23; revenues fell 2.0% year/year to $2.7 bln vs the $2.97 bln consensus. Co issues downside guidance for FY08, sees EPS of $2.95-3.05, excluding non-recurring items, vs. $3.06 consensus.

7:31AM Cummins misses by $0.02, misses on revs (CMI) 31.68 : Reports Q3 (Sep) earnings of
$1.17 per share, $0.02 worse than the First Call consensus of $1.19; revenues rose 9.5% year/year to $3.69 bln vs the $3.75 bln consensus. Co states, "While we expect the fourth quarter to bring more economic challenges - especially in the U.S. and Europe - Cummins has never been better positioned to ride out a turbulent economy than it is today... Our debt is less than 15 percent of our total capital. We have healthy cash balances and our business operations continue to generate cash. We also have a $1.1 billion revolving credit line for additional liquidity."

7:13AM Burger King misses by $0.01, reports revs in-line; reaffirms FY09 EPS guidance (BKC) 20.25 : Reports Q1 (Sep) earnings of $0.38 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.39; revenues rose 12.0% year/year to $674 mln vs the $667.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.54-1.59 vs. $1.56 consensus.

7:10AM Apt Inv & Mgt beats by $0.04; guides Q1 (Mar) FFO in-line; reaffirms FY08 FFO guidance (AIV) 13.05 : Reports Q3 (Sep) funds from operations of $0.84 per share, $0.04 better than the First Call consensus of $0.80. Co issues in-line guidance for Q1 (Mar), sees FFO of $0.71-0.81, excluding non-recurring items, vs. $0.78 consensus. Co reaffirms guidance for FY08, sees FFO of $3.33-3.43, excluding non-recurring items, vs. $3.20 consensus. Guidance excludes adjustments for the $0.21 per share impact of the August 29th special dividend and $0.06 per share effect of casualty losses associated with Hurricane Ike and Tropical Storm Fay.

7:02AM Emergency Medical Services beats by $0.21, beats on revs; guides FY08 EPS above consensus (EMS) 30.98 : Reports Q3 (Sep) earnings of $0.66 per share, $0.21 better than the First Call consensus of $0.45; revenues rose 28.2% year/year to $679.3 mln vs the $602.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.90-2.00 vs. $1.73 consensus, up from previously announced guidance of $1.70 - $1.75.

7:02AM Inspire Pharm beats by $0.05, beats on revs; reaffirms FY08 revs guidance (ISPH) 3.35 : Reports Q3 (Sep) loss of $0.17 per share, $0.05 better than the First Call consensus of ($0.22); revenues rose 63.9% year/year to $20 mln vs the $18 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $62-76 mln vs. $69.25 mln consensus.

7:00AM American Electric beats by $0.12; guides FY08 EPS in-line (AEP) 33.20 : Reports Q3 (Sep) earnings of $1.16 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.04. Co issues in-line guidance for FY08, sees EPS of $3.15-3.25 vs. $3.19 consensus.

6:35AM Aon beats by $0.06, reports revs in-line (AOC) 38.10 : Reports Q3 (Sep) earnings of $0.69 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.63; revenues rose 5.6% year/year to $1.85 bln vs the $1.84 bln consensus.

6:33AM Magellan Health beats by $0.04, misses on revs; reaffirms FY08 EPS guidance (MGLN) 34.18 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 17.6% year/year to $656.5 mln vs the $667 mln consensus. Co reaffirms guidance for FY08, sees EPS of $1.95-2.17 vs. $2.05 consensus. Co said, "Looking ahead to next year, we are in the process of finalizing budgets for 2009 and plan to provide guidance in December as is our custom. In advance of that formal announcement, however, our directional guidance for 2009 is that segment profit will be moderately lower than our guidance range for 2008 of $215 million to $225 million. This directional guidance reflects continued strong earnings growth for NIA and ICORE and earnings improvement in our public sector behavioral business offset by certain contract losses, including our current TennCare business, and margin compression in the commercial behavioral health business."

6:33AM Scotts Miracle-Gro reports EPS in-line, revs in-line (SMG) 25.24 : Reports Q4 (Sep) loss of $0.27 per share, in-line with the First Call consensus of ($0.27); revenues rose 6.9% year/year to $544.2 mln vs the $541.3 mln consensus.

6:31AM Barnes Group misses by $0.03, misses on revs (B) 14.15 : Reports Q3 (Sep) earnings of $0.51 per share, $0.03 worse than the First Call consensus of $0.54; revenues fell 6.5% year/year to $337.1 mln vs the $365.4 mln consensus.

6:26AM KBR Inc. beats by $0.01, beats on revs (KBR) 14.07 : Reports Q3 (Sep) earnings of $0.44 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.43; revenues rose 38.6% year/year to $3.02 bln vs the $2.97 bln consensus. Co estimates $0.04 to $0.05 negative impact in Q3 related to Hurricane Ike. Backlog at the end of Sept. 30, 2008 increased 27% from same period last year.

6:22AM Chart Indust beats by $0.01, misses on revs; guides FY08 EPS below consensus, revs below consensus (GTLS) 15.86 : Reports Q3 (Sep) earnings of $0.70 per share, $0.01 better than the First Call consensus of $0.69; revenues rose 15.1% year/year to $188.4 mln vs the $205.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $2.55-2.65 vs. $2.64 consensus; sees FY08 revs of $750-770 mln vs. $781.87 mln consensus.

6:20AM MDC Holdings reports Q3 (Sep) results, beats on revs (MDC) 31.22 : Reports Q3 (Sep) loss of $2.55 per share, may not be comparable to the First Call consensus of ($1.10); revenues fell 47.4% year/year to $361.3 mln vs the $347.1 mln consensus.

6:17AM EV3 beats by $0.14, beats on revs; guides Q4 EPS in-line, revs below consensus (EVVV) 6.48 : Reports Q3 (Sep) earnings of $0.04 per share, excluding non-recurring items, $0.14 better than the First Call consensus of ($0.10); revenues rose 64.5% year/year to $107 mln vs the $105.6 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.04-0.06, excluding non-recurring items, vs. ($0.05) consensus; sees Q4 revs of $102.0-107.0 mln vs. $110.04 mln consensus.

6:12AM Alliant Energy misses by $0.01, reports revs in-line; guides FY08 EPS above consensus (LNT) 32.53 : Reports Q3 (Sep) earnings of $0.99 per share, excluding discontinued operations, $0.01 worse than the First Call consensus of $1.00; revenues rose 8.0% year/year to $980.3 mln vs the $978 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.65-2.75, excluding non-recurring items, vs. $2.64 consensus.

6:05AM Advanced Medical Optics beats by $0.03, reports revs in-line; guides FY08 EPS in-line, revs in-line (EYE) 4.73 : Reports Q3 (Sep) earnings of $0.15 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.12; revenues rose 0.9% year/year to $275.6 mln vs the $275 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.70-0.80, excluding non-recurring items, vs. $0.73 consensus; sees FY08 revs of $1.17-1.2 bln vs. $1.18 bln consensus.

4:19AM NYSE Euronext reports EPS in-line, beats on revs (NYX) 28.10 : Reports Q3 (Sep) earnings of $0.72 per share, excluding non-recurring items, in-line with the First Call consensus of $0.72; non-GAAP revenues rose 16.5% year/year to $1.16 bln vs the $0.82 bln consensus. Net revenues (defined as total revenues less direct transaction costs comprised of activity assessment, liquidity payments, and routing and clearing fees) for the three months ended September 30, 2008 were $724 mln, a $4 mln or 1% increase as compared to net revenues of $720 mln for the comparable period a year ago.

1:22AM InterDigital beats by $0.07, misses on revs (IDCC) 20.42 : Reports Q3 (Sep) earnings of $0.16 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.09; revenues fell 2.6% year/year to $55.1 mln vs the $57.5 mln consensus.
1:19AM On The Wires : Titan Pharma (TTP) announces it has received an Office Action from the U.S. Patent and Trademark Office rejecting the claims in the co's method of use patent application for the use of Probuphine in the treatment of opioid addiction and chronic pain. Probuphine is Titan's subcutaneous implant formulation in development that delivers six months of buprenorphine, and is presently covered by U.S. and European patents licensed from MIT with terms that expire in 2009 and 2010 respectively. This does not impact the expected data exclusivity protection following product approval of 3 years in the U.S. and 10 years in Europe. Titan is preparing a response to this Office Action to be submitted to the PTO.

12:00AM MicroStrategy beats by $0.10, reports revs in-line (MSTR) 43.55 : Reports Q3 (Sep) earnings of $0.90 per share, $0.10 better than the First Call consensus of $0.80; revenues fell 0.7% year/year to $90.6 mln vs the $90.5 mln consensus.