5:37PM Phillips-Van Heusen beats by $0.03, beats on revs; guides Q4 EPS in-line; guides FY09 EPS below consensus, revs in-line (PVH) 15.51 -1.20 : Reports Q3 (Oct) earnings of $1.10 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.07; revenues rose 4.5% year/year to $727.5 mln vs the $713.2 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.35-0.45, excluding non-recurring items, vs. $0.58 consensus. Co issues downside EPS guidance for FY09, sees EPS of $3.00-3.10, excluding non-recurring items, vs. $3.21 consensus; sees FY09 revs of $2.51-2.53 bln vs. $2.45 bln consensus.
4:03PM Pacific Sunwear reports EPS in-line, revs in-line (PSUN) 1.32 +0.04 : Reports Q3 (Oct) earnings of $0.01 per share, excluding a $0.06 charge, in-line with the First Call consensus of $0.01; revenues fell 5.4% year/year to $323.6 mln vs the $320.7 mln consensus. Co issues guidance for Q4, sees EPS of ($0.08)-(0.03), including a gain of $0.11, may not be comparable to $0.07 consensus.
1:46PM United Tech reaffirms 2008 outlook; sees FY08 EPS of $4.90-4.95 vs $4.94 First Call consensus and and cash flow from operations less capital expenditures equal to or in excess of net income (UTX) 48.00 -0.16 :
8:35AM Medtronic updates revenue and EPS guidance for fiscal year 2009; sees FY09 revs of $14.6-$15 blns vs $15.1 bln consensus (MDT) : Co announces that based upon year to date results and an anticipated $300-$400 mln negative revenue impact in the second half of the fiscal year from current exchange rates, the co projected fiscal year 2009 revenue of $14.6-$15 bln (vs $15.1 bln consensus), adjusted from previous guidance of $15-$15.5 bln. The co stated it was comfortable with the midpoint of that range. The co also revised EPS guidance based upon two factors not contemplated in the previous guidance of $2.94-$3.02. The first factor is a $0.03 per share charge associated with the write off of inventory made obsolete by the recent launch of angioplasty products on a rapid exchange delivery system in the United States. The second factor is the recently closed acquisition of CryoCath Technologies which is expected to have a $0.01 per share dilutive impact in fiscal 2009. Taking these factors into account, the co projected fiscal year 2009 diluted earnings per share of $2.90-$2.98 (not clear if this is comparable to consensus of $2.99). The company stated it was comfortable with the midpoint of that range.
8:30AM Corning withdraws fourth-quarter and 2009 guidance, expect Q4 sales to be below previous guidance and EPS to be at the low end or below guidance range (GLW) 9.01 : Co has withdrawn its previously disclosed financial guidance for the fourth quarter and 2009. "We now expect our fourth-quarter sales to be below our guidance range of $1.1-1.2 bln (vs $1.33 bln First Call consensus), and EPS to be at the low end or below our guidance range of $0.20-0.28*(vs $0.25 First Call consensus). The retail environment and the LCD supply chain are both extremely uncertain. As a result, since the display business is a significant contributor to our overall results, we are unable to offer revised guidance for the fourth quarter or for 2009 at this time." Co will make further LCD glass manufacturing capacity reductions in the fourth quarter, with a resulting impact on gross margins in the Display Technologies segment and the company overall. Co will have restructuring charges in both the fourth quarter of this year and in the first half of 2009 as the company adjusts its capacity and fixed cost structure to reflect the lower demand.
8:10AM Hewlett-Packard guides above consensus for Q4; issues in-line Q1 guidance, mixed FY09 guidance (HPQ) 29.34 : Co issues upside guidance for Q4 (Oct), sees EPS of $1.03, excluding non-recurring items, vs. $1.00 First Call consensus; sees Q4 (Oct) revs of $33.6 bln vs. $33.09 bln consensus. Co issues in-line guidance for Q1 (Jan), sees EPS of $0.93-0.95, excluding non-recurring items, vs. $0.93 consensus; sees Q1 (Jan) revs of $32-32.5 bln vs. $33.72 bln consensus. Co issues mixed guidance for FY09 (Oct), sees EPS of $3.88-4.03, ex items, vs. $3.85 consensus; sees FY09 (Oct) revs of $127.5-130 bln vs. $135.06 bln consensus. In providing its outlook for the first fiscal quarter and the full fiscal year 2009, the company has taken into consideration the current economic environment and the relative strength of the U.S. dollar. Based on current currency exchange rates, the company now expects an unfavorable year-over-year currency impact on revenue of approximately 5 percentage points in the first quarter and roughly 6 - 7 percentage points for the full year and this impact is reflected in its outlook.
8:09AM S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -4.60. : Futures point to a negative start, but pare some losses after Hewlett Packard (HPQ) gave upside fiscal fourth quarter and fiscal year 2009 earnings guidance. The Treasury bought $33.6 billion in preferred stock of 21 banks. US Bancorp (USB) received $6.6 billion and Capital One Financial (COF) received $3.56 billion. Yahoo! (YHOO) cofounder Jerry Yang is stepping down once a replacement CEO is found following criticism of his rejection of Microsoft's (MSFT) $47.5 billion buyout offer earlier this year. Executives at General Motors (GM), Ford (F), Chrysler and the head of the United Auto Workers will testify at a Senate Banking Committee hearing regarding possible aid for the struggling automakers. Treasury Secretary Paulson, Fed Chairman Bernanke and FDIC Chairman Bair are set to testify about TARP before the House Financial Services Committee at 9:30 AM ET. In earnings news, Home Depot (HD) reported earnings of $0.45 per share, which was better than than consensus estimate of $0.38. Given the macro economic weakness and weak housing markets, Home Depot expects fiscal year 2008 sales could be down as much as 8%, which is larger than the expected decline of 6.5%. Hewlett-Packard (HPQ) forecast fiscal year 2009 earnings of between $3.88 and $4.03, which topped the consensus estimate of $3.85.
7:59AM GigaMedia reports EPS in-line, revs in-line (GIGM) 5.00 : Reports Q3 (Sep) earnings of $0.18 per share, excluding non-recurring items, in-line with the First Call consensus of $0.18; revenues rose 16.2% year/year to $45.7 mln vs the $46.1 mln consensus.
7:41AM Double Hull Tankers misses by $0.01, beats on revs (DHT) 4.60 : Reports Q3 (Sep) earnings of $0.31 per share, $0.01 worse than the First Call consensus of $0.32; revenues rose 53.8% year/year to $31 mln vs the $30.1 mln consensus. Co decides to increase the dividend by $0.05 to $0.30 per share for the third quarter of 2008. The dividend will be paid on Dec 11, 2008 to shareholders of record as of the close of business on Dec 2, 2008. The recent cut in OPEC production and the highly uncertain global economic conditions are expected to have a negative effect on the future demand for oil and hence the demand for oil transportation. Longer voyages, slower steaming and port delays assist in the better balancing of demand and supply factors.
6:14AM Mothers Work reports Q408 results; provides Q109 and FY09 guidance (MWRK) 7.00 : Reports Q4 (Sep) loss of $0.44 per share, excludes restructuring and other charges, consistent with revised guidance. No First Call estimates are available. Revenues decreased 3.9% year/year to $130.5 mln. No estimates are available. Co sees FY09 EPS of $0.23-0.63, excluding items. Co sees Q109 net sales of $136.5-138.5 mln, comp store sales of flat to +1.5% and EPS of $(0.10)-$(0.00).
6:04AM Home Depot beats by $0.07, reports revs in-line; expects FY08 EPS will decline by approx 24% (HD) 20.00 : Reports Q3 (Oct) earnings of $0.45 per share, $0.07 better than the First Call consensus of $0.38; revenues fell 6.2% year/year to $17.78 bln vs the $17.74 bln consensus. Given the continued softness in the housing and home improvement markets as well as negative macro economic conditions, co now believes that FY08 sales could be down as much as 8% for the year (consensus estimates call for a decline of ~6.5%). Co expects that EPS from continuing operations will decline by approx 24%, consistent with previous guidance. FY08 EPS guidance excludes its store rationalization charge from the closing of 15 stores and removal of 50 stores from its future growth pipeline.
5:09AM Sigma Designs lowers Q3 revenue guidance; comments on Q4 guidance (SIGM) 8.37 : Co issues downside guidance for Q3 (Oct), sees Q3 (Oct) revs of $46.5 mln vs. $58.98 mln First Call consensus. Co's outlook for Q409 is for revenue to be flat to -10.0% from Q309.
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