Earnings - 23rd April 2009 (2)

5:23PM Bucyrus beats by $0.08, beats on revs (BUCY) 18.74 -0.48 : Reports Q1 (Mar) earnings of $0.76 per share, $0.08 better than the First Call consensus of $0.68; revenues rose 17.2% year/year to $605.7 mln vs the $561.8 mln consensus. The increase in surface mining original equipment sales for Q1 of 2009 compared to Q1 of 2008 was primarily in electric mining shovels, offset by a decrease in sales from draglines. The increase in surface mining aftermarket parts and service sales was primarily in the Chilean and Australian markets. Moderate increases in sales to customers in Brazil and China offset a decline in Canada. The decrease in surface mining original equipment new orders in the first quarter of 2009 was primarily due to fewer electric mining shovel orders in the quarter

5:10PM Eastman Chem beats by $0.11, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line (EMN) 33.11 +0.26 : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.14; revenues fell 34.6% year/year to $1.13 bln vs the $1.37 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.71 vs. $0.71 consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-3.00 vs. $2.29 consensus. Co says, "While our capacity utilization improved on a sequential basis to slightly above 70% in Q1, the global economic environment remains challenging and visibility for demand continues to be limited. In response to the difficult economic conditions, we have taken a number of cost reduction actions that will positively impact our financial results throughout the year. Assuming improvement in demand increases our capacity utilization to between 75-80% for the remainder of the year."

4:38PM CF Industries beats by $0.52, beats on revs (CF) 66.91 +0.71 : Reports Q1 (Mar) earnings of $1.23 per share, excluding $0.55 in non-recurring items, $0.52 better than the First Call consensus of $0.71; revenues rose 2.0% year/year to $680.6 mln vs the $478.7 mln consensus. Volumes for ammonia and urea were up 77 percent and 13 percent respectively compared to Q1 2008, while volume for UAN was down 26%. Average selling prices for ammonia and urea ammonium nitrate (UAN) solutions were modestly higher than in first quarter 2008 but down significantly compared to Q4 of 2008. For ammonia, the average selling price was $527 per ton, up from $428 in Q1 2008 but down from $653 in 2008's Q4. For UAN, the average selling price was $298 per ton, up from $285 in Q1 2008 but down from $352 in Q4 2008. For urea, the average selling price was $365 per ton, down from $387 in the year-earlier quarter and also down from $480 in Q4 2007. Despite slow domestic demand for phosphate, the co increased segment sales volume by 12% in the quarter by increasing product movement into offshore markets. Average selling prices for phosphate products were modestly lower than in first quarter 2008 but significantly lower than Q4 of 2008. For DAP, the average price was $418 per ton, down from both the $493 per ton in the year-earlier quarter and $906 per ton in Q4 2008. For MAP, the average selling price was $466 per ton, compared to $467 per ton in Q1 2008 and $903 per ton in 2008's Q4. Co says, "Input costs for fertilizer production - including sulfur and ammonia for phosphate and natural gas for nitrogen - have continued to fall well below 2008 levels, with positive margin implications. In addition, we have seen promising levels of ammonia movement to date and, weather permitting, we anticipate a strong spring ammonia season."

4:32PM EZCORP beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides Q4 (Sep) EPS in-line; guides FY09 EPS in-line (EZPW) 13.25 +0.00 : Reports Q2 (Mar) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 37.6% year/year to $156.3 mln vs the $156.1 mln consensus. Co issuesdownside guidance for Q3, sees EPS of $0.34 vs. $0.36 consensus. Co issues in-line guidance for Q4 (Sep), sees EPS of $0.46-$0.48 vs. $0.46 consensus. Co issues in-line guidance for FY09, sees EPS of $1.50-$1.52 vs. $1.52 consensus.

4:23PM Informatica beats by $0.03, reports revs in-line (INFA) 13.35 -0.55 : Reports Q1 (Mar) earnings of $0.18 per share, $0.03 better than the First Call consensus of $0.15; revenues rose 5.2% year/year to $109.1 mln vs the $109.8 mln consensus. "Our record first quarter results reaffirm our sound strategy and the Informatica team's operational discipline, particularly in light of the current global economic recession,"

4:21PM American Express beats by $0.20, misses on revs (AXP) 20.97 +1.54 : Reports Q1 (Mar) earnings of $0.32 per share, $0.20 better than the First Call consensus of $0.12; revenues fell 18.1% year/year to $5.93 bln vs the $6.45 bln consensus. Consolidated provisions totaled $1.8 bln compared to $1.2 bln in the year-ago period, primarily reflecting additions to the lending credit reserves in view of increased write-offs and past due loans. At the end of the quarter, the company's tier-one risk based capital ratio was 14.8%. Its tangible common equity to risk weighted assets of 10.1% was relatively high compared to most bank holding companies. The company's return on average equity (ROE) was 16.3%, down from 35.9% a year ago. Return on average common equity (ROCE), which excludes the impact of preferred shares and other adjustments, was 16.7 percent, down from 35.7 percent a year ago. "While we did see some recent improvement in early delinquency rates, overall credit indicators reflected rising unemployment levels and the broad-scale weakness in the economy. Based on current indicators, we expect second quarter U.S. lending write-off rates on a managed basis to rise between 200 and 250 basis points over the first quarter levels. We expect an additional increase of 50 basis points or less in the third quarter, before leveling off during the fourth quarter3. We continue to be very cautious about the economic outlook and plan to initiate additional reengineering efforts in the second quarter to help further reduce our operating costs. Our goal is to remain in a position to generate profits in excess of our dividend and be able to take competitive advantage of opportunities as the economy begins to rebound... Also, if permitted by our supervisors and if supported by the results of the stress assessment, we intend to repay the government investment of preferred shares and warrants."

4:18PM Western Digital beats by $0.18, beats on revs (WDC) 21.79 -0.32 : Reports Q3 (Mar) earnings of $0.30 per share, excluding $14 mln for in-process research and development related to the SiliconSystems acquisition, and $4 mln associated with the restructuring plan announced Dec 17th 2008, $0.18 better than the First Call consensus of $0.12; revenues fell 24.6% year/year to $1.59 bln vs the $1.48 bln consensus. The co generated $355 mln in cash from operations during the March quarter, ending with total cash and cash equivalents of $1.6 bln. "We are pleased with our financial performance in the March quarter, reflecting continued profitability and cash generation... We managed our market segment participation, product mix and costs to optimize our returns in a challenging environment. We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 bln quarterly revenue level and the effects of these actions are already showing up in our results.

4:17PM Synaptics beats by $0.05, beats on revs; guides Q4 revs above consensus (SYNA) 31.72 +0.32 : Reports Q3 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.33; revenues rose 27.6% year/year to $100.6 mln vs the $93.7 mln consensus. Co issues upside guidance for Q4 (Jun), sees Q4 revs of $105-115 mln vs. $102.39 mln consensus. "Revenue from PC applications exceeded our expectations, and we furthered our penetration of the mobile phone market, where the installed base of capacitive interface solutions continues to be very low..."

4:17PM Riverbed Technology beats by $0.01, beats on revs (RVBD) 14.59 -0.27 : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 21.2% year/year to $88.5 mln vs the $85.1 mln consensus.

4:17PM Cheesecake Factory beats by $0.07, beats on revs (CAKE) 14.92 -0.11 : Reports Q1 (Mar) earnings of $0.17 per share, $0.07 better than the First Call consensus of $0.10; revenues fell 0.3% year/year to $392.8 mln vs the $382.3 mln consensus.

4:14PM Sunpower misses by $0.19, misses on revs; guides FY09 EPS in-line, revs in-line (SPWRA) 25.93 -1.37 : Reports Q1 (Mar) earnings of $0.05 per share, $0.19 worse than the First Call consensus of $0.24; revenues fell 21.8% year/year to $214 mln vs the $269.1 mln consensus. Sunpower also revised its 2009 capital expenditure outlook from $350 mln - $400 mln to $250 mln - $300 mln . Sunpower also revised its 2009 capital expenditure outlook from $350-400 mln to $250-300 mln. Non-GAAP gross margins fell 506 bps to 24.3% from 29.9%. Co issues in-line guidance for FY09, sees EPS of 1.25-1.75 vs. $1.90 consensus.

4:11PM Amgen misses by $0.07, misses on revs; guides FY09 EPS in-line, revs in-line (AMGN) 46.82 +1.71 : Reports Q1 (Mar) earnings of $1.08 per share, $0.07 worse than the First Call consensus of $1.15; revenues fell 8.4% year/year to $3.31 bln vs the $3.63 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.55-4.75 vs. $4.62 consensus; lowers FY09 revs guidance to $14.4-14.8 vs. $14.9 bln consensus. Q1 Drug sales: Enbrel: $758 mln vs. $900 mln First Call Consensus; Neulasta and Neupogen: $1073 mln vs. $1188 mln First Call Consensus; Aranesp: $626 mln vs. $668 mln First Call Consensus; Epogen: $565 mln vs. $604 mln First Call Consensus.

4:10PM Juniper Networks reports EPS in-line, revs in-line (JNPR) : Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, in-line with the First Call consensus of $0.17; revenues fell 7.1% year/year to $764.2 mln vs the $764.4 mln consensus. "The reduction in revenue was a reflection of the current macro economic environment and I am pleased with how quickly the team was able to implement cost reductions and deliver on our operating margin and EPS targets. In addition, we posted strong cash flows from operations and maintained a strong balance sheet. We will continue to take the actions needed in order to align our cost-structure with anticipated revenue levels."

4:10PM Netflix beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (NFLX) 45.32 -0.56 : Reports Q1 (Mar) earnings of $0.37 per share, $0.06 better than the First Call consensus of $0.31; revenues rose 9.6% year/year to $394.1 mln vs the $390.9 mln consensus. Co issues in-line guidancefor Q2, sees EPS of $0.44-$0.53 vs. $0.47 consensus; sees Q2 revs of $403-$409 mln vs. $407.67 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.56-$1.72 vs. $1.60 consensus; sees FY09 revs of $1.63-$1.67 bln vs. $1.64 bln consensus. Gross subscriber additions for the quarter totaled 2,413,000, representing 30 percent year-over-year growth from 1,862,000 gross subscriber additions in the first quarter of 2008 and 16 percent quarter-over-quarter growth from 2,085,000 gross subscriber additions in the fourth quarter of 2008. Churn for the first quarter of 2009 was 4.2 percent compared to 3.9 percent for the first quarter of 2008 and 4.2 percent for the fourth quarter of 2008.

4:09PM Amazon.com beats by $0.10, beats on revs; guides Q2 revs in-line (AMZN)80.61 +1.41 : Reports Q1 (Mar) earnings of $0.41 per share, $0.10 better than the First Call consensus of $0.31; revenues rose 18.2% year/year to $4.89 bln vs the $4.76 bln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $4.3-4.75 bln vs. $4.61 bln consensus. Operating income is expected to be between $110 mln and $190 mln, or decline between 49% and 12% compared with second quarter 2008 vs ~$172 mln consensus. The second quarter 2008 results include the $53 mln non-cash gain recognized on the sale of the Company's European DVD rental assets. CEO said, "We're grateful and excited that Kindle sales have exceeded our most optimistic expectations".

4:07PM Con-way misses by $0.20, misses on revs (CNW) 22.21 +0.00 : Reports Q1 (Mar) loss of $0.42 per share, excluding non-recurring items, $0.20 worse than the First Call consensus of ($0.22); revenues fell 19.8% year/year to $962.9 mln vs the $1.06 bln consensus. "Until we see some balance restored between supply and demand in the freight markets, and a more stable pricing environment, we must be cautious about our outlook for 2009,"

4:07PM Deckers Outdoor beats by $0.29, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY09 EPS above consensus, revs in-line (DECK) 63.80 +0.38 : Reports Q1 (Mar) earnings of $0.93 per share, $0.29 better than the First Call consensus of $0.64; revenues rose 37.6% year/year to $134.2 mln vs the $119.3 mln consensus. Co issues mixed guidance for Q2, sees EPS of ($0.15)-($0.10) vs. $0.26 consensus; sees Q2 revs up 10% YoY, or roughlyl $114.25 mln vs. $103.86 mln consensus. Co issues mixed guidance for FY09, sees EPS of flat to up slightly over 2008 EPS of $7.27, vs. $7.09 consensus; sees FY09 revs up 7-9% YoY, or roughly $737.7-751.5 mln vs. $748.15 mln consensus. The Q2 guidance assumes a gross profit margin of approximately 39% and SG&A as a percentage of sales of approximately 43% due to the shift of approximately $2 million in expenses, consisting primarily of marketing costs, into the second quarter from the first quarter.A significant amount of the Company's operating expenses are fixed and spread evenly on an absolute dollar basis throughout each quarter, resulting in the greatest impact on earnings in the lowest volume sales quarter, which has historically been the second quarter... The Company's gross profit margin for the first quarter was 43.9% compared to 47.3% for the first quarter of last year. Gross profit margin decreased primarily due to the wholesale business growing at a higher rate than the eCommerce business for the first quarter of 2009 as well as higher levels of closeout sales than in the first quarter of 2008. First quarter 2008 margins were also positively impacted by a reduction in the estimate for sales returns.

4:05PM Burl Nrth Santa Fe beats by $0.18, misses on revs (BNI) 67.85 +1.42 : Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.18 better than the First Call consensus of $0.96. EPS excluded a $0.19 per share charge related to an unfavorable coal rate case decision and an $0.08 per share loss on unwinding interest rate hedges on debt no longer expected to be issued. revenues fell 19.6% year/year to $3.42 bln vs the $3.68 bln consensus. Operating expenses for the first quarter of 2009 were $2.76 billion compared with first-quarter 2008 operating expenses of $3.39 billion. The $631 million decrease in operating expenses was driven by strong cost controls, decreased unit volumes and lower fuel prices, which decreased fuel expenses by about $300 million.