5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."
5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."
5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.
4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."
4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.
4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.
4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."
4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.
9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."
8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.
8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.
8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."
8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.
8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.
7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."
6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."
6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.
6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.
12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.
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