5:47PM Vornado Rlty Trust sees Q1 FFOs and revs above consensus (VNO) 47.00 +6.70 : Co sees adjusted funds from operations of $1.70 vs $1.52 First Call consensus; sees revs fo $682.0 mln vs $650.7 mln consensus.
4:11PM Capital One misses by $0.31, misses on revs; expects managed charge-off dollars in 2009 will be higher than the prior projection of $8.6 bln (COF) 15.05 +1.67 : Reports Q1 (Mar) loss of $0.39 per share, $0.31 worse than the First Call consensus of ($0.08); revenues fell 5.6% year/year to $3.7 bln vs the $4.17 bln consensus. "While our first quarter results reflected significant pressures from the worsening economy, our balance sheet remained a source of strength... We continued to build our allowance, increase coverage ratios, and manage our capital levels well in excess of regulatory requirements. While we remain cautious about near-term economic challenges, we are confident that our balance sheet provides the stability to weather the current economic crisis and the flexibility to generate value on the other side." The company added $124.1 million to allowance for loan losses in anticipation of higher expected charge-offs in 2009. Allowance as a percent of reported loans increased 36 basis points in the first quarter of 2009 to 4.8 percent. The coverage ratio does not include the $9.5 billion of Chevy Chase Bank loans that were added to the balance sheet in the first quarter. Capital One now expects that managed charge-off dollars in 2009 will be higher than the $8.6 billion outlook for 2009 projected in the fourth quarter of 2008. The company has chosen not to specifically update its outlook for managed charge-offs given significant uncertainty in the economy.
4:10PM Cree beats by $0.02, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (CREE) 26.06 -0.32 : Reports Q3 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.11; revenues rose 4.9% year/year to $131.1 mln vs the $130.6 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.13-0.15, excluding non-recurring items, vs. $0.13 consensus; sees Q4 revs of $137-143 mln vs. $136.42 mln consensus. "Growth in LED lighting partially offset lower demand for auto, mobile and consumer applications in Q3, and we target total LED revenue to rebound in Q4 driven by increased demand for commercial lighting and video screens. As we look ahead to Fiscal 2010, we are targeting our LED lighting and LED component product lines to continue to grow, and we are planning to continue to invest in R&D and capacity to enable this growth."
4:10PM Seagate Tech reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs in-line (STX) 6.67 +0.21 : Reports Q3 (Mar) loss of $0.45 per share, in-line with the First Call consensus of ($0.45); revenues fell 30.7% year/year to $2.15 bln vs the $2.01 bln consensus. Co issues in-line guidance for Q4, sees EPS of ($0.29)-($0.39) vs. ($0.30) consensus; sees Q4 revs of $1.9-2.2 bln vs. $1.98 bln consensus. For the June quarter, in light of the company's view of the current market environment, the company is planning for the overall demand for disk drives to be relatively flat as compared to the March quarter. The co believes opportunities exist to reduce operating costs in product development, marketing/administrative and manufacturing areas to target a cost structure that generates positive cash flow and earnings within its fiscal year 2010.
4:08PM Gilead Sciences beats by $0.07, beats on revs (GILD) 43.73 -0.04 : Reports Q1 (Mar) earnings of $0.66 per share, $0.07 better than the First Call consensus of $0.59. Q4 Drug Sales: Truvada - $590.4 mln vs. $570 mln First Call Consensus; Atripla - $509.9 mln vs. $503 mln First Call Consensus; Viread - $160.6 mln vs. $164 mln First Call Consensus; Ambisome - $64.3 mln vs. $74 mln First Call Consensus
4:05PM Nabors Ind beats by $0.09, misses on revs (NBR) 14.58 +1.17 : Reports Q1 (Mar) earnings of $0.65 per share, $0.09 better than the First Call consensus of $0.56; revenues fell 13.5% year/year to $1.14 bln vs the $1.2 bln consensus. "There are increasing signs that our business may well be bottoming out in the seasonally low second quarter, but the timing of the inevitable recovery remains difficult to predict. The strength of our International business and our smaller Alaskan and US Offshore operations should serve to mitigate the loss of income from our US and Canadian drilling and well servicing operations. Our investments in new and upgraded rigs over the last four years have substantially been returned through term contracts in force in our US land drilling unit. These rigs should support our results through 2010 and will enhance our leverage when market conditions improve."
4:02PM Hudson City Banc beats by $0.01 (HCBK) 12.53 : Reports Q1 (Mar) earnings of $0.26 per share, $0.01 better than the First Call consensus of $0.25. The Board of Directors declared a quarterly cash dividend of $0.15 per share, a 7.1% increase as compared to $0.14 per share from the prior quarter.
11:08AM A-Power Energy wins two contracts totaling $75.3 mln for Anhui Wenergy's Biomass-Based micro-grid electricity-generation systems projects (APWR) 6.87 +0.36 : Co announces it has signed contracts with the subsidiaries of Anhui Wenergy to build two micro-grid electricity-generation systems in Anhui Province based on biomass as the primary fuel. The total value of the two contracts is $75.3 mln. Pursuant to the contracts, A-Power will design, assemble, install, test and deliver two 30MW electricity-generation systems using biomass as fuel at Wenergy's DG plants in Shucheng County and Hanshan County in Anhui Province. The two projects are expected to be completed and in operation by August 2010.
11:00AM Teck Cominco announces bridge and term loan extension - $4.4 bln of 2009 payments deferred (TCK) 7.67 +0.26 : The co announces that it has entered into a commitment letter to amend its existing $4 billion senior term loan facility and $5.81 billion senior bridge loan facility. The lenders have agreed, on the conditions set out in the commitment letter, among other things, to: defer $4.4 billion of payments previously scheduled in 2009, extend the maturity date of $3.5 billion of the Bridge Facility from October 29, 2009 to October 30, 2011, and reschedule approximately $3.3 billion of amortization payments under the Term Facility, with 50% of that rescheduled amount payable in quarterly installments during 2012. Under the commitment letter, Teck will be required to reduce the approximately S$5.2 billion currently outstanding under the Bridge Facility to $3.5 billion by October 30, 2009, with the remaining amounts outstanding under the Bridge Facility being due October 30, 2011. Changes to the existing amortization schedule under the Term Facility will be subject to individual lender consent, with holders of 83.6% of the Term Facility loans having provided commitments under the commitment letter. Based on the commitments of the holders of 83.6% of the Term Facility loans, semiannual amortization payments of $418 million will be due at the end of April and October of 2010 and 2011 and quarterly payments of $418 million will be due at the end of each calendar quarter in 2012. (stock is halted)
9:05AM UAL Corp. beats by $0.45, misses on revs (UAUA) 5.87 : Reports Q1 (Mar) loss of $4.00 per share, $0.45 better than the First Call consensus of ($4.45); revenues fell 21.7% year/year to $3.69 bln vs the $3.8 bln consensus. Mainline capacity is expected to be down 9.0% to 10.0% year-over-year for the full year 2009. Despite these large capacity reductions, the company expects mainline CASM, excluding fuel, profit sharing programs and certain accounting charges, for the full year 2009 to be up only 1.0% to 2.0% year-over-year, a reduction of approximately $150 million from prior company guidance, as United continues its progress on cost control. As a part of the company's cash conservation efforts, the non-aircraft capital expenditure plan has been reduced by $100 million, from $450 million to $350 million for the full year 2009. The company expects scheduled debt and capital lease payments of $665 million for the remainder of 2009.
9:01AM NVR beats by $0.71, beats on revs (NVR) 456.46 : Reports Q1 (Mar) earnings of $3.02 per share, $0.71 better than the First Call consensus of $2.31; revenues fell 35.8% year/year to $558.6 mln vs the $518.6 mln consensus. New orders in the first quarter of 2009 decreased 11% to 2,426 units, when compared to 2,731 units in the first quarter of 2008. The cancellation rate in the first quarter of 2009 was 15% compared to 22% in the first quarter of 2008 and 30% in the fourth quarter of 2008. The average sales price of new orders in the first quarter of 2009 declined by 12% from the first quarter of 2008. Settlements decreased in the first quarter of 2009 to 1,773 units, 28% less than the same period of 2008.The Company's backlog of homes sold but not settled at the end of the 2009 quarter decreased on a unit basis by 29% to 3,817 units from the same period last year. On a dollar basis, backlog dropped to $1,139,210,000, a decline of 41% when compared to the same period last year.
8:36AM USG Corp beats by $0.38, misses on revs (USG) 9.53 : Reports Q1 (Mar) loss of $0.35 per share, excluding $0.07 in restructuring/impairment charges, $0.38 better than the First Call consensus of ($0.73); revenues fell 25.8% year/year to $864 mln vs the $952.1 mln consensus. Co says, "The significant cost-reduction initiatives we implemented last year helped to mitigate the impact of an exceptionally weak housing market, a decline in commercial construction and contractions in most international markets. Our liquidity position remains solid and provides us sufficient funds to meet the ongoing needs of the business."
8:35AM AK Steel beats by $0.08, slight miss on revs (AKS) 10.25 : Reports Q1 (Mar) loss of $0.67 per share, $0.08 better than the First Call consensus of ($0.75); revenues fell 48.5% year/year to $922.2 mln vs the $929.3 mln consensus. Co says it expects slightly higher shipments in Q2 relative to Q1. However, Q2 average per-ton selling price should be 4% below Q1 levels. Co also expects to benefit from lower operating and raw material costs in Q2 relative to Q1 and to incur an operating loss of approximately $50 mln, a 50% improvement from Q1.
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