6:15PM Universal Stainless/Alloy reduces Q4 EPS below consensus, due to lower raw material prices (USAP) 15.55 +0.06 : Co lowers Q4 EPS to $0.00-0.15 vs $0.26 First Call consensus, down from $0.20-0.35; reaffirms revs of $45-55 mln vs $45.2 consensus. The co's total backlog at September 30, 2008 ~$101 mln compared to $97 mln at June 30, 2008. The increased backlog is primarily attributable to tool steel plate and electro-slag remelted products.
6:11PM Medicis beats by $0.05, misses on revs; guides Q4 EPS above consensus, revs below consensus (MRX) 13.08 -0.13 : Reports Q3 (Sep) earnings of $0.27 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.22; revenues rose 4.0% year/year to $115.4 mln vs the $126.3 mln consensus. Co issues upside EPS guidance for Q4, sees EPS of $0.30-0.33, excluding non-recurring items, vs. $0.28 consensus; sees Q4 revs of $125-130 mln vs. $132.51 mln consensus.
5:54PM Las Vegas Sands misses by $0.09 (LVS) 8.00 +0.97 : Reports Q3 (Sep) earnings of $0.02 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.11; revenues rose 67.2% year/year to $1.1 bln vs the $1.16 bln consensus. Co says, "In Q3 of 2008, Las Vegas operations' table games drop was $477.2 million, an increase of 33.9% compared to $356.4 million in Q3 of 2007. Slot machine handle (volume) was $976.6 mln for the quarter, an increase of 57.6% compared to $619.8 million in Q3 of 2007. The increases in table games drop and slot handle are principally the result of the expansion of gaming capacity with the opening of The Palazzo." Co says given current conditions in the capital markets and the global economy and their impact on the co's ongoing operations, the co has chosen to temporarily or indefinitely suspend portions of its development projects and will focus its development efforts on those projects with the highest rates of expected return on invested capital given the liquidity and capital resources available to the co today. As previously announced, the co is in the process of arranging a capital raising transaction. The development plan outlined below is dependent on the co raising additional capital. In Las Vegas, development of the St. Regis Residences will be suspended indefinitely, although the completion of the podium component of the condominium tower, which will generate rental income from currently executed leases, will continue and is expected to be completed during 1Q09. The estimated cost to prepare the site for the delay and to complete the podium portion of the project is ~$95 mln. In Bethlehem, Pennsylvania, we will focus our development efforts on the casino component of Sands Bethlehem, which includes the casino and related amenities including restaurants and a 3,500-space parking garage. We plan to open the casino component in 2Q09. The estimated cost to complete the casino component of the project, including preopening and furniture, fixtures, and equipment costs, is ~$427 mln. In Macao, development of sites five and six on the Cotai Strip will be temporarily suspended until conditions in the capital markets improve. (Briefing.com note: Co issued its 10-Q earlier, then released its press release after their conf call had started.)
5:24PM Liz Claiborne beats by $0.02, misses on revs; guides Q4 EPS below consensus (LIZ) 6.46 -0.27 : Reports Q3 (Sep) earnings of $0.39 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.37; revenues fell 15.9% year/year to $1.01 bln vs the $1.1 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.19-0.24, excluding non-recurring items, vs. $0.25 consensus.
5:04PM American Apparel beats by $0.03, beats on revs; guides FY08 EPS below consensus (APP) 6.60 -0.14 : Reports Q3 (Sep) earnings of $0.16 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.13; revenues rose 45.2% year/year to $154.8 mln vs the $149.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.32-0.36, excluding non-recurring items, vs. $0.37 consensus.
4:49PM TurboChef misses by $0.04, misses on revs (OVEN) 3.97 -0.69 : Reports Q3 (Sep) loss of $0.16 per share, $0.04 worse than the First Call single-anayst est of ($0.12); revenues fell 37.5% year/year to $20.3 mln vs the $42.3 mln single-analyst est.
4:18PM Capstone Turbine misses by a penny, beats on revs (CPST) 1.45 +0.08 : Reports Q2 (Sep) loss per share of $0.06, $0.01 worse than the First Call consensus of ($0.05), revs increase 82% y/y to $13.1 mln vs $11.07 mln consensus. Capstone's backlog at the end of the second quarter was $50.4 mln, an increase of approximately $7.7mln, or 18%, from the prior quarter and an increase of approx $40.0 mln, or 385%, from the same period last year.
4:18PM Focus Media reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs below consensus (FMCN) 16.09 -0.22 : Reports Q3 (Sep) earnings of $0.53 per share, excluding non-recurring items, in-line with the First Call consensus of $0.53; revenues rose 63.6% year/year to $224.8 mln vs the $231.7 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.45-0.46, excluding non-recurring items, vs. $0.57 consensus; sees Q4 revs of $190-200 mln vs. $248.44 mln consensus.
4:14PM Starbucks misses by $0.03, misses on revs; co is not providing specific quarterly EPS targets for fiscal 2009 (SBUX) 10.20 -0.35 : Reports Q4 (Sep) earnings of $0.10 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.13; revenues rose 3.0% year/year to $2.52 bln vs the $2.58 bln consensus. Co details various scenarios for their 2009 outlook: As a baseline for its fiscal 2009 non-GAAP EPS expectations, the co is using FY08 consolidated comparable store sales of negative 3% and non-GAAP EPS of $0.71. In addition, non-GAAP EPS for fiscal 2009 excludes up to an estimated $0.12 per share in lease exit costs associated with the fiscal 2008 U.S. and Australia store closure decisions. Co believes that if it were to report a 2% decline in consolidated comparable store sales in FY09, the co would deliver GAAP EPS of about $0.78 per share, or non-GAAP EPS of approximately $0.90 per share. If the current environment worsens, the co believes even a 5% decrease in consolidated comparable store sales would result in GAAP EPS of approximately $0.68 per share, or non-GAAP EPS of around $0.80 per share. In the event of further deterioration in consumer spending and its associated impact on traffic, co believes a 7% decline in consolidated same store sales would lead to GAAP EPS of approximately $0.59 per share, or non-GAAP EPS relatively flat year-over-year. (Consensus for FY09 EPS is $0.87). The co is not providing specific quarterly EPS targets for fiscal 2009, however, in addition to lease exit costs, the first quarter will also be impacted by Starbucks significant investment in its field organization through the leadership conference in late October. Starbucks fiscal first quarter 2009 is also expected to be the toughest comparable period year-over-year. Starbucks 2009 U.S. store opening target is now approximately a negative 20 net new stores, which includes a nearly 225 co-operated store decline and approximately 205 net new licensed stores. Internationally, Starbucks is now planning to open approximately 700 net new stores in fiscal 2009, two-thirds of which are expected to be licensed, as it factors in the current global economic climate, with a more cautious approach in the UK and Western Europe. The co's outlook for capital expenditures in fiscal 2009 has been further reduced to approximately $700 mln, reflecting lower store opening targets for its International segment. Starbucks remains committed to maintaining its credit ratings, and plans to use its free cash flow to reduce short-term borrowings during fiscal 2009.
4:09PM American Science & Engineering beats by $0.13, beats on revs (ASEI) : Reports Q2 (Sep) earnings of $0.83 per share, $0.13 better than the First Call consensus of $0.70; revenues rose 49.7% year/year to $56.3 mln vs the $54.5 mln consensus. "Revenue growth was outstanding at 50% with increased revenues across all primary business areas. Our continued focus on strategic priorities has driven growth and improved operating income, resulting in a 63% increase in net income and greatly improved earnings per share. Bookings for the quarter increased 68% with $93.5 million in new orders reflecting the continued strength of our Z Backscatter Van for force protection, counter-drug and anti-terrorism applications..."
4:08PM EnerNOC beats by $0.09, beats on revs; guides Q4 revs below consensus (ENOC) 7.21 -1.05 : Reports Q3 (Sep) loss of $0.16 per share, $0.09 better than the First Call consensus of ($0.25); revenues rose 131.4% year/year to $44.2 mln vs the $38.3 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of ~$19 mln vs. $25.10 mln consensus. Co sees revs of $19 mln as a result of the co having already recognized in the second and third quarters of 2008 the capacity-based revenue from PJM's 2008-2009 Emergency Load Response Program. The co continues to expect its 2008 gross margin to be higher than its full year 2007 gross margin of 36% and is currently trending in line with its most recent operating expense guidance. The co continues to expect to have between 2,000 and 2,200 megawatts of demand response capacity under management by the end of 2008 and to generate positive cash flow from operations in the second half of 2009, with 2010 being its first full year of profitability.
4:08PM Rockwell Automation beats by $0.10, misses on revs (ROK) 24.88 -0.62 : Reports Q4 (Sep) earnings of $1.08 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.98; revenues rose 8.3% year/year to $1.48 bln vs the $1.5 bln consensus.
4:06PM Orbitz beats by $0.11, beats on revs (OWW) 3.18 -0.01 : Reports Q3 (Sep) earnings of $0.12 per share, excluding non-cash impairment charge of $3.56/share, $0.11 better than the First Call consensus of $0.01; revenues rose 8.6% year/year to $240 mln vs the $226.3 mln consensus. Co states, "The economic and industry outlook for the fourth quarter has deteriorated markedly over the past six weeks... Our businesses performed solidly in the third quarter despite the cutbacks in U.S. airline capacity. However, beginning in October, we have experienced a slowdown in all of our businesses around the world. Although we are continuing to implement initiatives to grow our business, we do not expect to be able to offset the slowdown in the global economy. Therefore, we expect growth in gross bookings and revenue to fall below our long-term target range of nine to twelve percent in the fourth quarter of 2008 and in 2009. In response to these industry trends, we are currently re-evaluating all of our operating costs in light of lower demand. Further, we expect to reduce our U.S. workforce by approximately 10% by the end of 2008, generating approximately $20 million in annualized savings in labor costs.
4:03PM Bidz.com beats by $0.02, reports revs in-line; reaffirms FY08 EPS in-line, lowers revs below consensus (BIDZ) 5.86 -0.32 : Reports Q3 (Sep) earnings of $0.13 per share, $0.02 better than the First Call consensus of $0.11; revenues rose 38.2% year/year to $55.4 mln vs the $55.9 mln consensus. Co reaffirms in-line EPS guidance for FY08, sees EPS of $0.56-0.59 vs. $0.57 consensus; lowers FY08 revs of $215-225 mln vs. $239.94 mln consensus, down from $240-245 mln.
8:09AM Houston Wire & Cable beats by $0.01, beats on revs; guides FY08 EPS below consensus (HWCC) 12.44 : Reports Q3 (Sep) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues fell 0.1% year/year to $98.8 mln vs the $96.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $1.30-$1.40 vs. $1.51 consensus. Co staes, "Traditionally, the fourth quarter is a slower time of year for our business. This, coupled with the continued economic slow down, hurricane impact and declining commodity prices, cause us to revise our 2008 earnings estimate..."
8:06AM Tyson Foods misses by $0.03, beats on revs (TSN) 7.46 : Reports Q4 (Sep) earnings of $0.15 per share, excluding impairment charge, $0.03 worse than the First Call consensus of $0.18; revenues rose 9.5% year/year to $7.2 bln vs the $6.98 bln consensus. Co states, "Currently, we are six weeks into the new fiscal year, and we are facing multiple challenges," Bond said. "Tight global credit is affecting exports in the short term; however, we believe the underlying demand for our protein products is still strong. While input cost volatility and pricing pressure continues in chicken, our team is making very good progress improving our chicken business, just as we improved beef and pork. We have the right business strategy, and throughout the organization, we are focused on improving our execution in 2009."
7:55AM Fuel-Tech misses by $0.01, reports revs in-line; guides FY08 EPS below consensus, revs below consensus (FTEK) 11.42 : Reports Q3 (Sep) earnings of $0.09 per share, $0.01 worse than the First Call consensus of $0.10; revenues rose 55.9% year/year to $23.7 mln vs the $23.6 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.15-$0.17 vs. $0.31 consensus; sees FY08 revs of $79-$81 mln vs. $88.30 mln consensus.
7:17AM ArQule beats by $0.16, beats on revs; guides FY08 EPS above consensus, revs above consensus (ARQL) 2.49 : Reports Q3 (Sep) loss of $0.26 per share, $0.16 better than the First Call consensus of ($0.42); revenues fell 2.6% year/year to $2.7 mln vs the $2.2 mln consensus. Co issues upside guidance for FY08, sees EPS of ($1.16)-($1.28) vs. ($1.58) consensus; sees FY08 revs of $12.2-13.2 vs. $10.47 mln consensus.
6:08AM Yucheng Technologies beats by $0.03, beats on revs; guides FY08 revs above consensus (YTEC) 7.94 : Reports Q3 (Sep) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.20; revenues rose 57.3% year/year to $23.6 mln vs the $18.3 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $93.0-97.0 mln vs. $88.56 mln consensus. Co maintains original net profit guidance of $14.7-15.2 mln.
2:33AM Perfect World beats by $0.04, beats on revs; issues in-line Q4 revenue guidance and authorizes share buyback up to $100 mln (PWRD) 17.99 : Reports Q3 (Sep) earnings of $0.49 per ADS, $0.04 better than the First Call consensus of $0.45; revenues rose 97.3% year/year to $56.2 mln vs the $54.5 mln consensus. Co issues in-line guidance for Q4; sees revenue of RMB401-420 mln vs the RMB409.4 mln First Call consensus. Board authorizes co to repurchase up to $100 mln of ADSs.
1:44AM American Electric refines 2009 ongoing earnings guidance to reflect regulatory, economic factors; reaffirms FY08 EPS guidance (AEP) 30.87 : Co reaffirms guidance for FY08 (Dec), sees EPS of $3.15-3.25, excluding non-recurring items, vs. $3.17 First Call consensus. Co narrows guidance for FY09 (Dec), sees EPS of $3.00-3.40 (previous range $3.20-3.50), excluding non-recurring items, vs. $3.34 consensus. "We have established a relatively wide range for our 2009 guidance to cover various potential regulatory outcomes as well as the decision on our Electric Security Plan in Ohio," said Michael G. Morris, AEP chairman, president and chief executive officer. "We expect the decision from the Public Utilities Commission of Ohio after the first of the year. We also have lowered our earnings expectations for 2009 to reflect current economic realities.
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