7:23AM CONSOL Energy beats by $0.15, misses on revs (CNX) 25.90 : Reports Q1 (Mar) earnings of $1.08 per share, $0.15 better than the First Call consensus of $0.93; revenues rose 18.8% year/year to $1.22 bln vs the $1.24 bln consensus. Global demand for both coal and gas has been adversely impacted by the current economic recession and has led to lower capacity utilization in the industrial production sector. CONSOL Energy believes that a reduction in electricity generation load has been the major factor year-to-date regarding the demand for steam coal and natural gas. Consequently, this has led to higher stockpiles of coal at power generators when compared to historical averages as well as elevated natural gas storage levels as the country enters the shoulder season. CONSOL Energy has revised its production target from 63 mln tons to 62 mln tons for calendar year '09. For 2Q09, CONSOL Energy expects production to be approximately 14.9 mln tons. Co says, "Energy cos with less than stellar financial positions could find it very difficult to obtain reasonable financing terms to maintain their operations. We believe that this will impact supply and could set the stage for higher coal and natural gas prices as early as '10."
7:14AM L-3 Comms beats by $0.03, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (LLL) 73.90 : Reports Q1 (Mar) earnings of $1.66 per share, $0.03 better than the First Call consensus of $1.63; revenues rose 3.7% year/year to $3.64 bln vs the $3.67 bln consensus. Co reaffirms guidance for FY09, sees EPS of $7.17-7.32 vs. $7.30 consensus; sees FY09 revs of $15.5-15.7 bln vs. $15.71 bln consensus.
7:13AM Zimmer Hldgs beats by $0.01, reports revs in-line; guides FY09 EPS in-line (ZMH) 42.29 : Reports Q1 (Mar) earnings of $0.95 per share, $0.01 better than the First Call consensus of $0.94; revenues fell 6.3% year/year to $993 mln vs the $1 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-4.00 vs. $3.88 consensus. The co reaffirmed its full year 2009 sales and earnings guidance. It expects full-year revenues for 2009 to increase between 1% and 3% on a constant currency basis, with revenues anticipated to be flat in the second quarter of the year and improving thereafter. Assuming foreign currency exchange rates remain consistent with current levels, the Company estimates that foreign currency translation will reduce revenue by approximately 4% for the full year 2009. Adjusted diluted earnings per share are expected to show negative growth in the second and third quarters with positive growth in the fourth quarter.
7:12AM AutoNation beats by $0.07, misses on revs (AN) 15.37 : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.16; revenues fell 35.6% year/year to $2.47 bln vs the $2.74 bln consensus. Co says, "During the first quarter AutoNation reduced debt by approximately $500 mln, for a cumulative debt reduction of approximately $1.25 bln, including $635 mln of non-vehicle debt, since January 1, 2008. As a result of these actions and our financial performance we remained in compliance with all of the financial covenants in our debt agreements and improved our leverage ratio to 2.35 as of March 31, '09. Our liquidity remains strong as we ended the quarter with approximately $400 mln of cash and revolver availability. Although first quarter industry sales were lower than expectations, we agree with industry projections that sales rates will improve in the second half of this year."
7:12AM Laboratory Corp beats by $0.05, beats on revs; guides FY09 EPS in-line (LH)62.77 : Reports Q1 (Mar) earnings of $1.22 per share, $0.05 better than the First Call consensus of $1.17; revenues rose 4.8% year/year to $1.16 bln vs the $1.13 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95, excluding non-recurring items, vs. $4.86 consensus. Co expects FY09 revenue growth fo 2.0-4.0% and cash flow of approx $800.0 mln.
7:12AM CME Group reports EPS in-line, misses on revs (CME) 218.56 : Reports Q1 (Mar) earnings of $3.20 per share, in-line with the First Call consensus of $3.20; revenues rose 3.5% year/year to $647 mln vs the $656.1 mln consensus. Average rate per contract increased 12% to 83 cents, up from 74 cents in first-quarter 2008, due to a shift in product mix. Pro forma total operating expenses decreased 9 percent to $252 million, compared with the same period last year, due to ongoing expense discipline during the quarter. First-quarter pro forma operating income was $395 million, a decrease of 27 percent from $540 million for the year-ago period.
7:10AM EMC Corp reports EPS in-line, misses on revs (EMC) 12.70 : Reports Q1 (Mar) earnings of $0.16 per share, in-line with the First Call consensus of $0.16; revenues fell 9.2% year/year to $3.15 bln vs the $3.25 bln consensus. EMC's best estimate is that 2009 global IT spending will decline as a percentage in the very-high-single-digit to very-low-double-digit range compared with 2008. EMC also expects second-quarter 2009 global IT spending will probably be flat compared with the first quarter of 2009, and the second half of 2009 will be stronger than the first half of the year. Co says in 2009, savings from cost reduction actions are expected to reduce the company's 2008 cost base by $450 mln, up $100 mln from the company's previous estimate of $350 mln. The savings are expected to be weighted toward the latter half of 2009. Due to pressure on IT spending, EMC anticipates lower gross and operating margins for 2009 compared with 2008. Operating profitability should show signs of improvement from first-quarter 2009 levels in the second half of 2009.
7:09AM Penn Natl Gaming beats by $0.06, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs above consensus (PENN) 27.71 : Reports Q1 (Mar) earnings of $0.40 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.34; revenues fell 0.2% year/year to $612.2 mln vs the $608.2 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.35 vs. $0.34 consensus; sees Q2 revs of $595.6 mln vs. $611.19 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.38 vs. $1.33 consensus; sees FY09 revs of $2.49 bln vs. $2.47 bln consensus.
7:05AM Raytheon beats by $0.10, beats on revs; raises FY09 guidance (RTN) 41.30 : Reports Q1 (Mar) earnings of $1.11 per share, $0.10 better than the First Call consensus of $1.01; revenues rose 9.9% year/year to $5.88 bln vs the $5.6 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.55-4.70 vs. $4.62 consensus; sees FY09 revs of $24.4-24.9 bln vs. $24.6 bln consensus.
7:02AM AmerisourceBergen beats by $0.06, misses on revs; raises FY09 guidance range (ABC) 34.75 : Reports Q2 (Mar) earnings of $0.95 per share, $0.06 better than the First Call consensus of $0.89; revenues fell 2.5% year/year to $17.31 bln vs the $17.93 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.18-3.30 vs. $3.19 consensus, prior guidance $3.08-3.25.
7:01AM Diamond Offshore beats by $0.29, reports revs in-line (DO) 71.12 : Reports Q1 (Mar) earnings of $2.51 per share, $0.29 better than the First Call consensus of $2.22; revenues rose 12.7% year/year to $885.7 mln vs the $878.5 mln consensus.
6:37AM NII Holdings beats by $0.07, reports revs in-line (NIHD) 14.33 : Reports Q1 (Mar) earnings of $0.43 per share, $0.07 better than the First Call consensus of $0.36; revenues fell 3.2% year/year to $961.3 mln vs the $958.3 mln consensus. The Company's 2009 outlook for consolidated operating revenue remains in the range of $4.1 bln to $4.3 bln, and its 2009 outlook for OIBDA remains in the range of $1.0 bln to $1.1 bln. Because of its revised outlook for net subscriber additions for the year, the Company is reducing its 2009 capital expenditure outlook to a range of $750 mln to $800 mln, down from its previous estimate of $800 mln to $850 mln.
6:36AM Marriott beats by $0.10, reports revs in-line; guides Q2 EPS below consensus; guides FY09 EPS in-line (MAR) 19.59 : Reports Q1 (Mar) earnings of $0.24 per share, $0.10 better than the First Call consensus of $0.14; revenues fell 14.8% year/year to $2.51 bln vs the $2.5 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.20-0.23 vs. $0.26 consensus. Co issues in-line guidance for FY09, sees EPS of $0.88-1.02 vs. $0.88 consensus. Co says the current global economic and financial climate continues to make predictions very difficult. For the second quarter of 2009, the co expects North American comparable systemwide REVPAR to decline 22 to 25% and comparable systemwide REVPAR outside North America to decline roughly 17 to 20% on a constant dollar basis. Based on those assumptions, total fee revenue could total $245 mln to $255 mln and owned, leased, corporate housing and other revenue, net of direct expenses, could total $10 mln to $15 mln. In the second quarter, the co expects Timeshare sales and services revenue, net of direct expenses, to total about $10 mln. Second quarter Timeshare contract sales are expected to total $175 mln to $185 mln. The co expects that general, administrative and other expenses will decline from $184 mln in 2008 to about $135 mln to $140 mln in the second quarter of 2009, a decline of roughly 25% from 2008. For the full year 2009, the co expects the business environment to remain unpredictable and, therefore, is unable to give its typical annual guidance. Instead, the co is providing the following assumptions, which it is using internally for planning purposes. For systemwide hotels outside North America, the co assumes a 13 to 16% decline in REVPAR on a constant dollar basis. For North American comparable systemwide hotels, the co assumes a 17 to 20% decline in REVPAR. Room growth is expected to total over 30,000 rooms in 2009 as most hotels expected to open are already under construction or undergoing conversion from other brands. All in all, fee revenue under these assumptions could total roughly $1,050 mln to $1,100 mln in 2009. The co estimates that incentive management fees in 2009 would derive largely from international markets. Owned, leased, corporate housing and other revenue, net of direct expenses, could total $55 mln to $65 mln in 2009. The timeshare business is more complex to forecast and model, particularly in this weak economic environment. In 2009, if adjusted Timeshare segment contract sales total roughly $800 mln, then adjusted Timeshare sales and services revenue, net of direct expenses, could total approx $55 mln. Base management fees associated with the timeshare business are likely to increase and timeshare site, regional and corporate overhead is likely to decline in 2009. Rental demand remains weak, in part due to a change in marketing strategy, and maintenance fees on unsold units are likely to increase. In addition, recent reductions in timeshare inventory spending are expected to slow reportability of revenue at some projects. While the co expects to complete an additional timeshare note sale in 2009, pricing is likely to remain unfavorable, so no note sale gain is assumed. Under this scenario, adjusted Timeshare segment results for 2009 could total approx $30 mln. The co anticipates that adjusted general, administrative and other expenses will decline from $751 mln to about $580 mln to $600 mln reflecting substantial savings compared to 2008 as a result of restructuring efforts and cost controls... The co expects investment spending in 2009 will decline by at least 50% from 2008 levels to approx $350 mln to $400 mln, including $30 mln for maintenance capital spending, $90 mln to $105 mln for capital expenditures, $70 mln to $80 mln for net timeshare development, $80 mln to $90 mln in new mezzanine financing and mortgage loans, $40 mln to $55 mln for contract acquisition costs and $40 mln in equity and other investments.
6:35AM Alexion Pharma beats by $0.02, reports revs in-line; reaffirms FY09 revs guidance (ALXN) 35.31 : Reports Q1 (Mar) earnings of $0.16 per share, $0.02 better thanthe First Call consensus of $0.14; revenues rose 78.7% year/year to $81.3 mln vs the $82 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.00-1.05, does not compare to $0.76 consensus due to exclusion of stock based compensation; sees FY09 revs of $360-375 mln vs. $375.50 mln consensus.
6:10AM Potash beats by $0.16, misses on revs; guides Q2 EPS below consensus; lowers FY09 EPS below consensus (POT) 80.99 : Reports Q1 (Mar) earnings of $1.02 per share, $0.16 better than the First Call consensus of $0.86; revenues fell 51.2% year/year to $922.5 mln vs the $975.5 mln consensus. Co issues downside guidance for Q2, sees EPS of $1.10-1.50 vs. $2.21 consensus. Co lowers guidance for FY09, sees EPS of $7.00-8.00 vs. $9.65 consensus, down from $10.00-12.00. Co said, "The first quarter demonstrated the benefits of our potash strategy of matching supply to market demand, as well as our ability to remain profitable even during periods of demand deferral... While buyers have delayed purchases since the fourth quarter of 2008, the need for potash and other fertilizers cannot be denied. The fundamentals of our business remain extremely favorable, with historically low global grain stocks, supportive crop prices, depleting customer potash inventories and expectations of tight potash supply/demand dynamics for at least the next five years." Potash movement was extremely slow in the first quarter as all major offshore markets destocked inventories and many buyers waited for the outcomes of contract negotiations with China and India. By the end of the quarter, Brazil and Southeast Asian customers had worked through significant portions of their inventories and gradually began placing new orders at spot market prices of approximately $750 per tonne, comparable to spot prices before the financial downturn. A sharp decline in sales volumes significantly impacted first-quarter potash gross margin, which fell to $166.6 million from $514.6 million in the same quarter of 2008. Sales volumes to North American customers declined 86 percent, while offshore volumes fell 78 percent. Only 0.5 million tonnes were sold in the quarter, compared to 2.5 million tonnes in first-quarter 2008.
6:10AM RadioShack beats by $0.12, beats on revs (RSH) 10.80 : Reports Q1 (Mar) earnings of $0.34 per share, $0.12 better than the First Call consensus of $0.22; revenues rose 5.6% year/year to $1 bln vs the $0.94 bln consensus. Q109 comparable same-store sales for co-operated stores and kiosks increased 5.0% compared with Q108. The increase was primarily attributable to the strong performance of digital converter boxes, postpaid wireless and flat-panel televisions, which was partially offset by a decline in GPS, wireless accessories, digital cameras and digital music players.
6:08AM SunTrust Banks beats by $0.19, beats on revs (STI) 15.40 : Reports Q1 (Mar) loss of $0.46 per share, excluding non-recurring items, $0.19 better than the First Call consensus of ($0.65); revenues rose 16.3% year/year to $2.24 bln vs the $2.06 bln consensus. 2008. The majority of the first quarter loss to common shareholders was attributable to a non-cash, after-tax charge of $714.8 mln, or $2.03 per share, related to the impairment of goodwill. The goodwill impairment charge had no impact on the regulatory capital and tangible equity ratios. The estimated Tier 1 capital and tangible common equity to tangible asset ratios at March 31, 2009 were 11.00% and 5.82%, an increase of 13 and 23 basis points, respectively, compared to December 31, 2008, primarily due to the decrease in tangible assets related to the December sale of securities. Co has "substantial available liquidity due to inflows of high quality deposits and longer term financing sources, although weak demand remains for loans from higher quality borrowers."
6:03AM Thermo Fisher misses by $0.08, misses on revs; lowers FY09 EPS guidance (TMO) 35.19 : Reports Q1 (Mar) earnings of $0.62 per share, excluding non-recurring items,$0.08 worse than the First Call consensus of $0.70; revenues fell 11.7% year/year to $2.26 bln vs the $2.42 bln consensus. Co lowers guidance for FY09, sees EPS of $2.80-3.10 vs. $3.15 consensus; sees FY09 revs of $9.6-9.9 bln vs. $10.14 bln consensus.
5:52AM CNH Global misses by $0.75, misses on revs (CNH) 15.55 : Reports Q1 (Mar) loss of $0.53 per share, excluding non-recurring items, $0.75 worse than the First Call consensus of $0.22; revenues fell 25.5% year/year to $3.05 bln vs the $3.46 bln consensus. For Q209, CNH expects global agricultural equipment industry retail unit sales to reflect increasing levels of farmer uncertainty related to economic conditions, tight financial and credit conditions in certain markets and adverse weather impacts which could also delay planting activities in some areas. Consequently, in the second quarter, co expects worldwide industry retail unit sales of Over-40 horsepower tractors to decline by 20% and industry retail unit sales of combines to be down 25 to 30%. In the second quarter, co expects the Under-40 horsepower tractor segment in North America to be down 25 to 30%. They also expect weakness in global construction equipment industry retail unit sales to continue throughout 2009, with full year industry retail unit sales down 35 to 40% compared with full year 2008. For FY09, co expects significant industry sales declines to occur in all major markets. They don't expect that global or OECD GDP will grow and we expect construction activity levels will continue to weaken. Co expects signs of recovery in Q409. Pending such positive impact, stimulus actions may only serve to offset new declines in other types of construction spending. For the second quarter of 2009, CNH expects global construction equipment industry retail unit sales to be down 40 to 45% compared with Q208. 2009 CNH Outlook CNH expects Equipment Operations Net Sales for FY09 to be down 15 to 25% from 2008 as some first-half strength in North American high horsepower tractors and combines is offset by declines in all other agricultural equipment markets, further weakness in construction equipment sales and effects of translating foreign sales into the stronger U.S. dollar.
2:39AM Suncor Energy beats by $0.12 (SU) 23.75 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.12. The decrease in earnings was primarily due to lower price realizations, as benchmark commodity prices were significantly weaker in Q109 compared to the same period in 2008. This was partially offset by increased margins in downstream business segment and reduced oil sands royalty expenses. Oil sands production contributed an average 278,000 barrels per day in Q109, compared to Q108 production of 248,000 bpd. Natural gas production averaged 219 mln mmcfe per day in Q109, compared to 229 mmcfe per day in Q108.
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