Earnings - 12th Dec 2008

9:21AM Steel Dynamics guides to a loss for Q4 (STLD) 10.77 : Co issues downside guidance for Q4 (Dec), sees EPS of ($0.35)-($0.40) vs. $0.15 First Call consensus. The company expects to achieve record annual revenues, operating income, and cash flow from operations during 2008. "We are cautiously optimistic about market conditions as we enter December... We believe that the precipitous decline in ferrous scrap prices has run its course, as prices rose slightly from November to December. A more stable recycled metallic market, combined with lower-cost ferrous scrap inventories at our flat and long product steel operations positions the company to achieve improved operating margins in the first quarter of 2009, as we believe that steel selling prices are at the bottom and could likely see modest increases." The company currently estimates 2009 capital spending to approach $350 million

9:05AM Harsco lowers FY08 EPS, reaffirms FY09 EPS above consensus (HSC) 23.53 : Co lowers FY08 EPS to $3.15-3.20, excluding a previously announced one-time restructuring charge expected in the fourth quarter 2008, vs $3.25 First Call consensus, down from $3.20-3.25, excluding the one-time restructuring charge; co reaffirms FY09 EPS of $3.20-3.30 vs $3.10 consensus. Co lowers its FY08 guidance given the current turmoil and uncertainty in the co's end markets. Co says they are evaluating selected bolt-on acquisition opportunities, and that the co's discretionary cash flows would also allow it to take advantage of opportunities to augment its organic growth in 2009. Co further pointed out that the co is aggressively reducing its cost structure and exiting certain underperforming contracts. Company expects these actions will be accretive to earnings in 2009 and beyond. Co also says Q4 2008 restructuring actions expected to generate savings of ~$30 mln in 2009

9:03AM H.B. Fuller pre-announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus (FUL) 14.05 : Co announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus; now sees FY08 EPS of $1.41 and revs of $1.391 bln

8:02AM InSteel Industries guides below consensus for Q1 (IIIN) 12.00 : Co issues downside guidance for Q1 (Dec), while the Company had not previously provided numerical guidance for the first quarter, it now expects to report a loss for the period vs $0.18 First Call consensus. The Company's order entry rate has continued to trend at severely depressed levels during the quarter due to the tightening in the credit markets, the weakening economic outlook and the inventory destocking measures being pursued by customers to increase their liquidity. Through the first two months of the quarter, shipments were down 39% from the prior year and all of the Company's manufacturing facilities operated on reduced schedules, which will continue through the remainder of the quarter.

8:01AM WW Grainger reports November 2008 sales results (GWW) 66.29 : Co reported sales results for the month of November 2008. Daily sales declined 2% versus November 2007. Sales benefited by ~1 percentage point due to Lab Safety's acquisition of Highsmith. Sales were negatively affected by ~3 percentage points due to foreign exchange. There were two fewer selling days in November 2008 (19) versus November 2007 (21). The 2008 Q4 will have 64 selling days, the same as the 2007 Q4.