4:23PM Intel beats by $0.08, beats on revs; plans Q2 revs to be flat sequentially (INTC) 16.01 +0.03 : Reports Q1 (Mar) earnings of $0.11 per share, $0.08 better than the First Call consensus of $0.03; revenues fell 26.1% year/year to $7.14 bln vs the $6.98 bln consensus. Co issues rev outlook for Q2, plans Q2 revs flat from Q1, equates to ~$7.1 bln vs. $7.05 bln consensus. Co reports Q1 gross margins of 45.6% vs 43.55% consensus. Gross margin percentage for Q2 is expected to be in the mid-40s. Spending (R&D plus MG&A) for Q2 is expected to be approximately flat to the first quarter and restructuring and asset impairment charges of approximately $115 million. Co says the effective tax rate was 1%, lower than the expectation of approximately 27%. "We believe PC sales bottomed out during the first quarter and that the industry is returning to normal seasonal patterns."
4:18PM CSX Corp beats by $0.11, misses on revs (CSX) 28.39 -0.50 : Reports Q1 (Mar) earnings of $0.62 per share, $0.11 better than the First Call consensus of $0.51; revenues fell 17.0% year/year to $2.2 bln vs the $2.26 bln consensus. Co says, "The volume declines were driven by significant weakness in industrial production, housing starts, and consumer spending, as well as in the agriculture and energy sectors."
7:51AM Fastenal misses by $0.01, misses on revs (FAST) 38.18 : Reports Q1 (Mar) earnings of $0.33 per share, $0.01 worse than the First Call consensus of $0.34; revenues fell 13.6% year/year to $489.3 mln vs the $498 mln consensus.
GWW - Beats estimates although posting year/year decrease in earnings
7:49AM Johnson & Johnson beats by $0.04; reaffirms FY09 EPS guidance (JNJ) 51.15 : Reports Q1 (Mar) earnings of $1.26 per share, $0.04 better than the First Call consensus of $1.22; revenues fell 7.2% year/year to $15.03 bln vs the $15.43 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.45-4.55, ex items vs. $4.49 consensus.
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