Earnings - 4th Nov 2008

6:31PM Ultra Petroleum beats by $0.07, reports revs in-line (UPL) 46.76 +4.29 : Reports Q3 (Sep) earnings of $0.78 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.71; revenues rose 153.9% year/year to $297.6 mln vs the $294.9 mln consensus. Co says, "For 2009, we have hedged 130,000 mmbtu per day at $7.70 per Mcf in Wyoming plus the 200 Mmcf per day that we have as firm capacity on REX that will receive Mid-Continent or East coast natural gas pricing; we are no longer an Opal price taker."

5:52PM Kendle beats by $0.17, reports revs in-line; lowers FY08 EPS in-line, lowers lower end of revs range in-line (KNDL) 21.34 +0.64 : Reports Q3 (Sep) earnings of $0.73 per share, $0.17 better than the First Call consensus of $0.56; revenues rose 24.7% year/year to $124.8 mln vs the $125.9 mln consensus. Co raises EPS guidance for FY08, sees EPS of $2.10-2.25 vs. $2.04 consensus, up from $2.00-2.15; sees FY08 revs of $485-500 mln vs. $493.68 mln consensus, from $490-500 mln.

4:54PM Boston Beer Co misses by $0.14, misses on revs; guides FY08 EPS below consensus (SAM) 36.56 -0.42 : Reports Q3 (Sep) earnings of $0.14 per share, excluding non-recurring items, $0.14 worse than the First Call consensus of $0.28; revenues rose 20.2% year/year to $101.1 mln vs the $102.5 mln consensus. Co issues downside guidance for FY08, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.88 consensus.

4:47PM Titanium Metals beats by $0.01, beats on revs (TIE) 10.55 +0.81 : Reports Q3 (Sep) earnings of $0.22 per share, $0.01 better than the First Call consensus of $0.21; revenues fell 0.6% year/year to $295.4 mln vs the $270.9 mln consensus.

4:34PM USEC Inc. reports EPS in-line, beats on revs; guides FY08 revs below consensus (USU) 4.52 +0.33 : Reports Q3 (Sep) earnings of $0.06 per share, in-line with the First Call consensus of $0.06; revenues fell 7.0% year/year to $590.4 mln vs the $463.1 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of ~$1.6 bln vs. $1.73 bln consensus. Co expects SWU sales in 2008 to be ~20% below the volume sold in 2007 due to the timing of reactor refueling by firm's utility customers. Because a majority of firm's customers refuel their reactors on an 18-to-24 month cycle, co is delivering less SWU this year than the record-setting level seen in 2007. Co's updated outlook assumes lower SWU sales in 2008, partially offset by 2% higher prices billed to customers, as a result of orders shifting into 2009 and higher tails assays requested by customers that results in a reduction in SWU ordered. Co now expects ~$1.2 bln in SWU revenue, or $100 mln less than their previous guidance. Co's prior guidance for $190 mln in uranium revenue and $230 mln in revenue for U.S. government contracts and other is reaffirmed. Below the gross profit line, expenses related to the American Centrifuge project for 2008 are expected to be approximately $115 mln, and total spending on the project is expected to be between $550 and $600 mln.

4:19PM ION Geophysical beats by $0.05, beats on revs; guides FY08 EPS in-line, revs in-line (IO) 6.99 +0.53 : Reports Q3 (Sep) earnings of $0.27 per share, excluding $0.01 of quartler fair value adjustment of preferred stock redemption features and $0.01 in charges related to acquisition of ARAM Systems and Canadian Seismic Rentals, $0.05 better than the First Call consensus of $0.22; revenues rose 25.9% year/year to $218.5 mln vs the $198 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.70-0.80 vs. $0.79 consensus; sees FY08 revs of $780-830 mln vs. $798.61 mln consensus. Co will hold a 2009 guidance call in late December upon the completion of their 2009 plan.

4:18PM Andersons beats by $0.06, beats on revs; reaffirms FY08 EPS guidance (ANDE) 23.29 -2.37 : Reports Q3 (Sep) earnings of $0.70 per share, $0.06 better than the First Call consensus of $0.64; revenues rose 63.6% year/year to $906 mln vs the $806.5 mln consensus. Co reaffirms guidance for FY08, sees EPS of $3.50-$4.00 vs. $4.32 consensus. "As we noted in the second quarter press release our former guidance was heavily influenced by the reported and expected performance of our Plant Nutrient Group. This is again true of our current guidance, which is primarily attributed to the aforementioned decline in global fertilizer prices. The current guidance is also partially attributable to the economics in the ethanol industry. Numerous other factors will also have a bearing on the full year outcome, such as; grain prices, timing of railcar sales, and the performance of our equity investments, which include Lansing Trade Group and the ethanol production facilities."

4:08PM Wilson Greatbatch beats by $0.12, beats on revs; maintains 2008 guidance (GB) 21.81 +0.01 : Reports Q3 (Sep) earnings of $0.44 per share, $0.12 better than the First Call consensus of $0.32; revenues rose 72.4% year/year to $136.2 mln vs the $128.4 mln consensus. "Despite the turmoil in the broader economy, we are confident in the stability of our core markets and our ability to drive efficiency throughout our operations. As a result of our financial discipline, we believe we will continue to improve our operating margins and generate improved earnings and operating cash flows. We remain committed to increasing shareholder value and achieving our stated guidance."

4:07PM Blue Nile misses by $0.01, misses on revs (NILE) 28.25 -0.48 : Reports Q3 (Sep) earnings of $0.15 per share, $0.01 worse than the First Call consensus of $0.16; revenues rose 0.1% year/year to $67.4 mln vs the $68.8 mln consensus. The deterioration in the economic climate and the uncertainty surrounding consumer spending patterns combine to create a lack of visibility into expectations for the upcoming holiday season. As a result of the uncertainty in the external environment, the Company is not providing financial guidance at this time for the fourth quarter and fiscal year.

8:35AM Denbury Resources beats by $0.12, beats on revs (DNR) 11.78 : Reports Q3 (Sep) earnings of $0.63 per share, $0.12 better than the First Call consensus of $0.51; revenues rose 61.8% year/year to $410.3 mln vs the $387.6 mln consensus. Production for the quarter was 45,913 BOE/d, a 12% increase over third quarter 2007 production after adjusting the 2007 period to remove production from the Company's Louisiana natural gas properties sold in December 2007 and February 2008, and a 2% sequential decrease when compared to second quarter of 2008 average production. The co is leaving its prior guidance for 2008 unchanged, except for a slight adjustment to account for the deferred production, or an adjusted guidance of approximately 19,850 Bbls/d for estimated tertiary production and 46,650 BOE/d for the entire Company. The Company currently estimates that it will spend between $900 mln and $950 mln in 2008, less than its current budget of $1.0 bln, although a portion of the unused budget may be carried over into 2009. Based on current commodity prices of $65.00 per Bbl and $6.50 per Mcf, we project that we will borrow between $400 mln and $500 mln by the end of 2009, far less than our availability under our bank credit line, a bank line that was increased in early October 2008 from $350 mln to $750 mln.

8:32AM FirstEnergy beats by $0.12; raises FY08 EPS above consensus (FE) 53.21 : Reports Q3 (Sep) earnings of $1.54 per share, $0.12 better than the First Call consensus of $1.42. Co issues upside guidance for FY08, sees EPS of $4.30-4.40 vs. $4.26 consensus, prior guidance $4.25-4.35.

8:09AM Rowan Cos beats by $0.13, misses on revs (RDC) 18.44 : Reports Q3 (Sep) earnings of $1.00 per share, $0.13 better than the First Call consensus of $0.87; revenues rose 5.0% year/year to $527.1 mln vs the $539.7 mln consensus. Co states, "Continuing weakness in capital markets and commodity prices will, eventually, affect customer demand for our products and services, though we have experienced little impact thus far. To the contrary, we have over the past two months added significantly to our backlog of business, including almost $300 million of term drilling contracts for our two newbuild jack-ups to be delivered later this month.."

7:34AM PetroQuest Energy misses by $0.02, beats on revs (PQ) 9.40 : Reports Q3 (Sep) earnings of $0.32 per share, $0.02 worse than the First Call consensus of $0.34; revenues rose 19.7% year/year to $78.43 bln vs the $0.09 bln consensus. Co guides Q4 production volumes of gas in 97-102 mmcfe/d range, capex spend of $250-260 mln. In Octorber, the co entered a hedge in the form of a swap for 10,000 mmbtu. Charles T. Goodson, Chairman, Chief Executive Officer and President said, "Despite lower commodity prices and a recent decrease to our capital budget, we still expect to see reserve growth between 20% and 30% from the drill-bit during 2008 without a meaningful change to our percentage of undeveloped reserves... At September 30, 2008, the basis differential at Centerpoint East, the index used for pricing our Oklahoma and Arkansas production, experienced a significant widening relative to Henry Hub. As a result, we experienced negative price-related reserve revisions that resulted in a non-cash ceiling test writedown of $19.4 million, or $12.2 million on an after-tax basis."

7:33AM GrafTech Intl beats by $0.10, beats on revs (GTI) 8.31 : Reports Q3 (Sep) earnings of $0.55 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.45; revenues rose 25.7% year/year to $315.8 mln vs the $303.2 mln consensus. Co expects net sales to increase approx 18-20% (previous range called for 20-22%). Operating income is targeted for growth of approx 35% to range of $315-330 mln (previous range $320-330 mln). Co sees Q408 and FY09 as "challenging environment for both of our busines segments."

7:32AM Am Superconductor misses by $0.01, misses on revs; reaffirms FY09 EPS guidance, revs guidance (AMSC) 13.24 : Reports Q2 (Sep) loss of $0.10 per share, $0.01 worse than the First Call consensus of ($0.09); revenues rose 87.0% year/year to $40.4 mln vs the $41.1 mln consensus. Co reaffirms guidance for FY09, sees net loss of ($0.35)-($0.30) vs. ($0.34) consensus; sees FY09 revs of $175-$185 mln vs. $178.47 mln consensus.

7:11AM Marvel Enterprises beats by $0.19, beats on revs; raises FY08 guidance; guides FY09 EPS and revs below consensus (MVL) 30.88 : Reports Q3 (Sep) earnings of $0.64 per share, $0.19 better than the First Call consensus of $0.45; revenues rose 47.7% year/year to $182.5 mln vs the $146.1 mln consensus. Co raises guidance for FY08, sees EPS of $2.45-2.65, up from $1.55-1.75, vs. $1.93 consensus; sees FY08 revs of $640-670 mln, up from $450-480 mln, vs. $527.86 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.00-1.35 vs. $1.94 consensus; sees FY09 revs of $415-460 mln vs. $617.81 mln consensus. Co has raised its 2008 financial guidance to reflect the Q3 recognition and expected Q4 recognition of substantial box office and DVD revenues from Marvel's Iron Man feature film, as well as modestly improved expectations for its licensing business. Iron Man box office and DVD revenues had previously been anticipated primarily in 2009. Including the $90 million in Film Production segment revenues recorded in Q3 2008, Marvel now anticipates total 2008 Film Production segment revenues of approximately $245-275 million, compared to its August 5, 2008 estimate of $65 - $80 million, which was updated on September 29 to an estimate of $125-140 million. Co's 2009 financial guidance reflects a discount of 10-15% related to the potential effect of an economic recession on Marvel's business.

7:05AM Holly beats by $0.13, reports revs in-line (HOC) 19.13 : Reports Q3 (Sep) earnings of $1.00 per share, $0.13 better than the First Call consensus of $0.87; revenues rose 42.3% year/year to $1.72 bln vs the $1.71 bln consensus.

7:03AM Church & Dwight beats by $0.04, misses on revs; reaffirms FY08 EPS guidance (CHD) 59.43 : Reports Q3 (Sep) earnings of $0.73 per share, $0.04 better than the First Call consensus of $0.69; revenues rose 8.7% year/year to $630.7 mln vs the $643.1 mln consensus. Co reaffirms guidance for FY08, sees EPS of $2.83-2.85 vs. $2.85 consensus. "Organic sales growth across all segments, gross margin expansion and marketing spending are expected to be strong in the fourth quarter of 2008. Marketing programs will be focused on key brands and trademarks including ARM & HAMMER, Trojan, SpinBrush, OxiClean and First Response." The Company expects to meet or exceed all of its stated long-term goals in 2009 including organic sales growth of 3% to 4%, 100 basis points increase in gross margin and 60 to 70 basis point improvement in operating margin. The Company will provide its specific 2009 guidance in February 2009, consistent with past practice.

7:02AM RTI Intl Metals misses by $0.09, beats on revs (RTI) 16.68 : Reports Q3 (Sep) earnings of $0.49 per share, $0.09 worse than the First Call consensus of $0.58; revenues fell 7.8% year/year to $150.6 mln vs the $147.1 mln consensus. Co said, "In light of the current economic uncertainties and the overall short-term softening in demand for titanium, we are delaying our expansion projects by up to one year and now expect them to be operational in 2011 to mirror current market demand. We anticipate that the majority of our capital expenditures related to these facilities will occur in late 2009 and throughout 2010. We continue to expect mill product shipments for 2008 to range between 14 and 15 million pounds and total sales that are slightly lower than 2007. However, as a result of the current softening in demand, and the continued uncertainty as we head toward year-end, we are reducing our operating income guidance for 2008 to approximately 35% to 40% below 2007."

6:46AM Emerson beats by $0.02, reports revs in-line (EMR) 32.56 : Reports Q4 (Sep) earnings of $0.88 per share, $0.02 better than the First Call consensus of $0.86; revenues rose 11.1% year/year to $6.7 bln vs the $6.71 bln consensus.

6:33AM Myriad Genetics beats by $0.16, beats on revs (MYGN) 62.13 : Reports Q1 (Sep) earnings of $0.30 per share, $0.16 better than the First Call consensus of $0.14; revenues rose 52.4% year/year to $73.6 mln vs the $70.4 mln consensus. As of Sept 30, 2008, the co says it remains in strong financial condition, with approximately $443 mln in cash, cash equivalents and marketable investment securities. The co has no debt or convertible securities.

6:15AM W&T Offshore misses by $0.03; declares special dividend (WTI) 17.41 : Reports Q3 (Sep) earnings of $0.79 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.82; revenues rose 13.6% year/year to $289.8 mln vs the $276.3 mln consensus. Co sees total Q4 production of (Bcfe) 12.9 - 15.6. Co declares special dividend of $20.84 mln (approx $0.2729 per share) payable on Dec. 22, 2008. Record date is Dec. 1, 2008.
consensus of $0.64; revenues rose 50.9% year/year to $2.82 bln vs the $2.89 bln consensus.

1:39AM UBS AG reports Q308 results (UBS) 16.18 : Co reports Q3 Group net profit attributable to UBS shareholders of CHF 296 mln, in line with 16 October 2008 pre-announcement. Items affecting third quarter results included a gain on own credit of CHF 2,207 mln and a tax credit of CHF 913 mln. Net new money outflows in the two wealth management businesses of CHF 45.8 bln; Business Banking Switzerland had additional net outflows of CHF 3.5 bln; Global Asset Management had net outflows of CHF 34.4 bln. Risk positions: Results were impacted by realized and unrealized losses of $4.4 bln on legacy risk positions, mainly on exposures related to US residential real estate-related securities and other credit positions. UBS continued to reduce exposures to risk positions throughout the quarter, largely through sales and to a lesser extent further writedowns. Exposures to US residential real estate-related positions were reduced by almost 50% by quarter end. Tier 1 ratio is 10.8% with a total capital adequacy ratio of 14.9%. Operating expenses will continue to be trimmed where possible and Q408 results will be impacted by a possible reversal of own credit gains and a loss on the equity in the fund to be controlled by the Swiss National Bank.

1:28AM Jacobs reports EPS in-line, beats on revs; guides FY09 EPS in-line (JEC) 35.91 : Reports Q4 (Sep) earnings of $0.92 per share, in-line with the First Call consensus of $0.92; revenues rose 40.2% year/year to $3.2 bln vs the $3.06 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.55-4.05 vs. $3.99 consensus. Co announces backlog totaling $16.7 bln at Sept. 30 compared to $13.6 bln at Sept. 30, 2007.

1:17AM Forest Oil misses by $0.12, beats on revs (FST) 25.84 : Reports Q3 (Sep) earnings of $1.26 per share, excluding non-recurring items, $0.12 worse than the First Call consensus of $1.38; revenues rose 51.5% year/year to $474.2 mln vs the $464.8 mln consensus.