Earnings - 30th Jan 2009

9:06AM Overstock.com beats by $0.07, reports revs in-line (OSTK) 9.76 : Reports Q4 (Dec) earnings of $0.04 per share, $0.07 better than the First Call consensus of ($0.03); revenues fell 13.1% year/year to $255.9 mln vs the $258.2 mln single estimate. Co said, "We are preparing for a glut of supply as companies and stores around the country go out of business or close over the near term. We recently leased a large warehouse in Salt Lake City. We are developing a consignment model, where manufacturers and distributors desirous of reducing costs will be able to consign their slow-moving inventory to us, and we will provide handling, storage, sales and fulfillment for these companies. We have the capacity and the expertise to make this work, and the timing is perfect."

8:36AM Chevron reports Q4 results, misses on revs (CVX) 70.62 : Reports Q4 (Dec) earnings of $2.44 per share, including a $600 mln gain from an asset exchange, may not compare to the First Call consensus of $1.81; revenues fell 28.0% year/year to $43.15 bln vs the $47.9 bln consensus. Worldwide oil-equivalent production averaged 2.54 mln barrels per day in the fourth quarter 2008, compared with 2.61 mln barrels per day in the corresponding 2007 period. The decline between periods was primarily associated with the ongoing effect of damage to production facilities caused by hurricanes in the Gulf of Mexico in September 2008. U.S. downstream earned approximately $1.03 bln in the fourth quarter 2008, compared with a loss of $55 mln a year earlier. The improvement between periods was mainly the result of significantly higher margins on the sale of refined products, improved refinery operations and gains on commodity derivative instruments. Refinery crude-input of 930,000 barrels per day in the fourth quarter 2008 was 92,000 higher than the corresponding 2007 period. Co says, "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products. Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago. We achieved much success in 2008. Record earnings and strong cash flows for the year enabled us to invest $23 bln in an attractive portfolio of capital and exploratory projects, buy back $8 bln of our common stock and increase the dividend payment on our common shares for the 21st consecutive year. We enter 2009 with the financial strength to meet the challenges of a difficult economy and with a continued focus on cost management and capital stewardship."

8:22AM L.B. Foster Company beats by $0.06, beats on revs (FSTR) 25.96 : Reports Q4 (Dec) earnings of $0.55 per share, $0.06 better than the First Call consensus of $0.49; revenues rose 26.1% year/year to $143.8 mln vs the $116.5 mln consensus.

8:09AM Exxon Mobil beats by $0.10 (XOM) 77.00 : Reports Q4 (Dec) earnings of $1.55 per share, $0.10 better than the First Call consensus of $1.45; revenues fell 27.4% year/year to $84.7 bln. Oil-equivalent production decreased 3% from the fourth quarter of 2007. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production was down about 1%.

8:06AM American Axle reports Q4 loss of $2.17/share, misses on revs (AXL) 1.40 : Reports Q4 (Dec) loss of $2.17 per share, including tax expense provision, may not compare to the First Call consensus of ($0.60); revenues fell 33.4% year/year to $503 mln vs the $525.2 mln consensus. For '08, there was a 43% year-over-year decline in total light truck production volumes as compared to the full year 2007. Non-GM sales were $544.6 mln, or 26% of total net sales. Co states, "The U.S. automotive industry has been pushed to the verge of collapse due to numerous adverse market, economic and competitive forces. As a result, 2008 proved to be a brutally difficult and demanding year for the entire domestic automotive industry. AAM accepted these challenges head-on and is making the hard, necessary and structural changes to return to profitability."

8:05AM PACCAR beats by $0.01, beats on revs (PCAR) 24.92 : Reports Q4 (Dec) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues fell 10.8% year/year to $2.92 bln vs the $2.77 bln consensus. "One of the positive benefits for all manufacturing industries worldwide is the reduction of commodity prices, such as steel, oil, natural rubber, aluminum and copper. The average cost of these commodities has reduced by approximately one third compared to the levels during the commodity price bubble in 2008, but should further reduce to reach the normalized commodity cost trend of the last ten years. We are working closely with our suppliers who are judiciously managing their businesses through these difficult markets."

8:05AM Simon Properties beats by $0.08, beats on revs; guides FY09 FFO in-line and declares dividend (SPG) 44.44 : Reports Q4 (Dec) funds from operations of $1.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.85; revenues fell 0.6% year/year to $1.03 bln vs the $1.01 bln consensus. Co issues in-line guidance for FY09, sees FFO of $6.40-6.60, excluding non-recurring items, vs. $6.56 consensus. Co declares quarterly dividend of $0.90 per share (unchanged from previous quarter) in a combination of 10% cash and 90% common stock. SPG believes this change in composition will permit them to retain over $925 mln of cash if adopted for all of 2009.

8:03AM Arch Coal beats by $0.05, beats on revs; maintains cautious outlook (ACI)16.79 : Reports Q4 (Dec) earnings of $0.44 per share, $0.05 better than the First Call consensus of $0.39; revenues rose 13.3% year/year to $729.9 mln vs the $713.9 mln consensus. Given the current weakness in U.S. coal markets, Arch has reduced its production targets in 2009. "It is extremely difficult to forecast 2009 with any precision at this time due to the current state of flux in the economy and in global steam and metallurgical coal markets. As such, Arch is adopting a cautious approach to 2009 and has elected against attempts to project earnings per share or EBITDA at this time." Arch expects the first quarter of 2009 to be the weakest operating period of the year -- and substantially below the fourth quarter of 2008 -- given the challenges already experienced at West Elk.

7:36AM Flowserve expects '08 EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50" (FLS) 50.27 : Co issues guidance for '08, says it expects EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50", vs First Call consensus of $7.42. Co also announces its 2009 EPS target range of $7.25-$8.00, excluding $0.50/share of restructruing charges, vs First Call consensus is $7.53. Co states,"We are extremely pleased with our record full year bookings, our record year end backlog, our strong cash flow and our strong balance sheet. And, while we have seen some customers delay orders because of the current global financial conditions or re-bid large projects to attain lower commodity prices, like those of steel, we continue to see generally solid levels of quote activity."

7:13AM Procter & Gamble reports EPS in-line, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (PG) 58.22 : Reports Q2 (Dec) earnings of $1.58 per share, in-line with the First Call consensus of $1.58; revenues fell 3.2% year/year to $20.37 bln vs the $20.64 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.78-0.86 vs. $0.85 consensus. Co issues in-line guidance for FY09, sees EPS of $4.20-4.35 vs. $4.29 consensus. The Co modified the Q3 guidance range to reflect the high level of market volatility and uncertainty that exists today. Operating margin, which includes the impact of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year. The Co's tax rate on continuing operations is expected to be between 27 and 28%. For the January - March quarter, organic sales are expected to grow 2 to 5%. Organic volume is expected to decline 2 to 3%. Foreign exchange is estimated to reduce net sales by high-single-digits, and the net impact of acquisitions and divestitures is expected to be neutral to net sales growth for the quarter. Total sales are expected to be down 2 to 7%. For the 2009 fiscal year, the Co expects organic sales to grow by 2 to 5%. Organic volume is expected to be flat to down 2%. Foreign exchange remains highly volatile and is expected to reduce sales by about 5%. The net impact of acquisitions and divestitures is estimated to be flat to negative 1%. Total sales growth is expected to be flat to negative 4%.

7:04AM Ametek reports EPS in-line, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AME) 31.82 : Reports Q4 (Dec) earnings of $0.66 per share, excluding restructuring charge, in-line with the First Call consensus of $0.66; revenues rose 6.9% year/year to $623.7 mln vs the $660.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.54-0.58 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.60 vs. $2.45 consensus. Co estimates Q109 and FY09 revenue to be down slightly from Q108 and FY08, respectively.

7:01AM Honeywell reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance (HON) 32.67 : Reports Q4 (Dec) earnings of $0.97 per share, in-line with the First Call consensus of $0.97; revenues fell 6.1% year/year to $8.71 bln vs the $8.97 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.20-3.55 vs. $3.20 consensus.

2:07AM 3Par beats by $0.03, beats on revs (PAR) 8.35 : Reports Q3 (Dec) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues rose 56.5% year/year to $48.2 mln vs the $44 mln consensus.

1:45AM CEMEX reports Q408 results (CX) 7.98 : Reports Q4 (Dec) revenues decreased 23% year/year to $4.5 bln vs the $4.793 bln First Call consensus. Co reports a Q408 majority net loss of $707 mln compared with a net profit of $538 mln a year ago. A 35% decline in operating income, losses on financial instruments and an impairment expense all contributed to weak net results, the co said in a statement. "Lower sales in the quarter were primarily attributable to lower volumes, which were partially mitigated by better price resiliency in most of our markets," Cemex added. "The infrastructure sector was the main driver of demand in most of the markets we serve," the co said.