7:49AM Valero Energy beats by $0.09, misses on revs (VLO) 20.74 : Reports Q1 (Mar) earnings of $0.59 per share, $0.09 better than the First Call consensus of $0.50; revenues fell 50.5% year/year to $13.82 bln vs the $19.86 bln consensus. The increase in operating income was mainly due to higher refining margins on gasoline and secondary products, such as fuel oil, asphalt, and petroleum coke. Also contributing to the increase in operating income versus the first quarter of 2008 was a decline in refining operating expenses due primarily to lower energy costs. Partially offsetting the increase in first quarter 2009 operating income was the significant decline in sour crude oil discounts and lower diesel and jet fuel margins. Throughput volumes also declined due to downtime at certain refineries.
7:45AM Fortune Brands guides Q1 above consensus; reaffirms FY09 guidance; lowers annual dividend to $0.76 from $1.76 (FO) 36.52 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.30, excluding non-recurring items, vs. $0.18 First Call consensus. Co reaffirms guidance for FY09 (Dec), sees EPS of $2.00-2.50 vs. $2.22 consensus. Co said, "Each of our businesses performed at or above our expectations in navigating what we expected to be the most difficult quarter of the year". The company also announced a series of initiatives designed to increase free cash flow, thereby strengthening its balance sheet and enhancing its ability to pay down debt and capitalize on potential value-creating opportunities. As a result of these initiatives, the company boosted its 2009 target for free cash flow from the range of $100-200 million to the range of $400 million, after dividends and capital expenditures. Co also announces a reduction in the dividend to an annual rate of $0.76 per share - payable 19 cents per quarter.
7:35AM Coca-Cola Ent beats by $0.15, beats on revs; guides FY09 EPS above consensus (CCE) 15.13 : Reports Q1 (Mar) earnings of $0.20 per share, $0.15 better thanthe First Call consensus of $0.05; revenues rose 3.2% year/year to $5.05 bln vs the $4.86 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.24-1.29 vs. $1.20 consensus. "We remain cautious about the rest of the year, however, as the first quarter is our smallest reporting period and general economic conditions remain challenging, both in North America and Europe."
7:34AM Mead Johnson Nutrition beats by $0.15, revs in-line; guides FY09 EPS above consensus (MJN) 26.25 : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.42; revenues fell 1.5% year/year to $693.0 mln vs the $693.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.90-2.05, excluding non-recurring items, vs. $1.87 consensus. Co expects full-year results will be driven by double-digit revenue gains in key growth markets in Asia and Latin America and supported by innovative new products scheduled for launch in the US and internationally through the remainder of 2009..
7:33AM EMCOR Group beats by $0.22, misses on revs; reaffirms FY09 EPS guidance, revs guidance (EME) 19.35 : Reports Q1 (Mar) earnings of $0.55 per share, $0.22 better than the First Call consensus of $0.33; revenues fell 16.1% year/year to $1.39 bln vs the $1.51 bln consensus. Co reaffirms guidance for FY09, sees EPS of "base line" EPS of $1,80 vs. $1.91 consensus; sees FY09 revs of $6-6.3 bln vs. $6.19 bln consensus. Contract backlog as of March 31, 2009 was $3.67 billion, compared to contract backlog of $4.39 billion as of March 31, 2008 and $4.00 billion at December 31, 2008. The decline in backlog was principally attributable to reduced contract awards in the hospitality / gaming sectors, particularly in Las Vegas, and in the commercial sector partially offset by growth in the transportation, industrial, institutional and water and wastewater sectors.
7:06AM DineEquity beats by $0.43, beats on revs; reaffirms key financial performance guidance metrics for 2009 (DIN) 26.14 : Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.43 better than the First Call consensus of $0.29; revenues fell 15.5% year/year to $374.2 mln vs the $364.3 mln consensus. IHOP's domestic system-wide same-store sales increased 2.0% for the first quarter 2009 compared to the same quarter last year, reflecting higher average guest check and slightly positive guest traffic. Same-store sales for Applebee's company-operated restaurants decreased 3.2% for the first quarter 2009 compared to the same quarter last year. Co reiterated its key financial performance guidance metrics for 2009, which include: Applebee's company-operated same-store sales performance ranging between negative 2% to negative 5% for fiscal 2009 with domestic system- wide same-store sales expected to be similar to that of company-operated restaurants for the year. Improved operating margin at Applebee's company-operated restaurants expected by 50 to 150 basis points. IHOP's system-wide same-store sales performance to range between positive 1% and negative 1%.
7:06AM Under Armour beats by $0.05, beats on revs (UA) 21.70 : Reports Q1 (Mar) earnings of $0.08 per share, $0.05 better than the First Call consensus of $0.03; revenues rose 27.1% year/year to $200 mln vs the $182.1 mln consensus.
7:02AM Group 1 Auto beats by $0.10, misses on revs (GPI) 18.11 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.14; revenues fell 32.2% year/year to $1.02 bln vs the $1.14 bln consensus.
7:01AM Waters beats by $0.16, misses on revs (WAT) 37.70 : Reports Q1 (Mar) earnings of $0.74 per share, $0.16 better than the First Call consensus of $0.58; revenues fell 10.4% year/year to $333.1 mln vs the $337.5 mln consensus.
6:50AM Scotts Miracle-Gro beats by $0.01, misses on revs; guides FY09 EPS below consensus (SMG) 37.64 : Reports Q2 (Mar) earnings of $1.25 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.24; revenues rose 0.2% year/year to $960.1 mln vs the $1014.1 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.20-2.30, excluding non-recurring items, vs. $2.37 consensus. Co says, "In the face of a deteriorating economy, the lawn and garden category continues to show its resiliency, and we continue to see the power of our brands. The strong level of consumer demand in the category now gives us confidence that adjusted earnings will be in the upper half of our guidance of $2.10 to $2.30 per share. While it's still early, we could see upside to our projections if current trends in the core business continue throughout the balance of the lawn and garden season. The results so far in April are encouraging, as the past two weeks have each resulted in record levels of consumer purchases of our products at our major retail partners in the United States."
6:46AM Coventry Health Care beats by $0.05, beats on revs; guides FY09 EPS in-line, revs in-line (CVH) 14.21 : Reports Q1 (Mar) earnings of $0.30 per share, $0.05 better thanthe First Call consensus of $0.25; revenues rose 21.5% year/year to $3.57 bln vs the $3.39 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.70-1.90 vs. $1.79 consensus; sees FY09 revs of $13.59-13.99 vs. $13.49 bln consensus.
6:23AM ICON plc beats by $0.01, reports revs in-line (ICLR) 15.96 : Reports Q1 (Mar) earnings of $0.35 per share, $0.01 better than the First Call consensus of $0.34; revenues rose 9.2% year/year to $219.8 mln vs the $221.9 mln consensus. Co's operating margins expanded to 12.2% from 10.7%; net new business wins in the quarter of $265 mln represent a book-to-bill ratio of 1.2. "Demonstrating our confidence in the long term health of the market, on April 20th we acquired the assets of the former Qualia Clinical Services, a Phase I facility based in Omaha, Nebraska, and intend to reopen the unit in May. This investment is expected to be moderately dilutive to 2009 earnings (approx 4 - 6c). Excluding this, we continue to expect to achieve the 2009 guidance given in January, albeit at the lower end." Previous guidance called for FY09 EPS of $1.40-1.52 vs $1.44 First Call consensus; for FY09 revs of $930-980 vs $930 mln consensus.
6:15AM Becton Dickinson beats by $0.02, reports revs in-line; reaffirms FY09 EPS guidance (BDX) 64.89 : Reports Q2 (Mar) earnings of $1.18 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.16; revenues fell 0.4% year/year to $1.74 bln vs the $1.76 bln consensus. Excluding the specified item, co reaffirms that diluted EPS from continuing operations for FY09 will increase approx 9-11% over diluted EPS from continuing operations of $4.46 for FY08. Co expects that reported diluted EPS from continuing operations for the FY09 will increase 7-9%.
6:08AM AMEDISYS beats by $0.02, misses on revs; guides FY09 EPS in-line, revs in-line (AMED) 32.93 : Reports Q1 (Mar) earnings of $0.99 per share, $0.02 better than the First Call consensus of $0.97; revenues rose 60.4% year/year to $341.8 mln vs the $345.5 mln consensus. Co issues in-line guidance for FY09, sees EPS of $4.0-4.30, excluding non-recurring items, vs. $4.18 consensus; sees FY09 revs of $1.425-1.475 bln vs. $1.46 bln consensus.
12:41AM Jacobs misses by $0.01, misses on revs; guides FY09 EPS below consensus (JEC) 45.55 : Reports Q2 (Mar) earnings of $0.88 per share, $0.01 worse than the First Call consensus of $0.89; revenues rose 11.7% year/year to $2.98 bln vs the $3.13 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.10-3.50 (previous $3.55-3.90) vs. $3.59 consensus. Co announces backlog totaling $16.6 bln at March 31, 2009, including a technical professional services component of $8.1 bln. This compares to total backlog and technical professional services backlog of $16.2 bln and $7.6 bln, respectively, at March 31, 2008.
12:37AM DaVita beats by $0.01, reports revs in-line (DVA) 44.53 : Reports Q1 (Mar) earnings of $0.92 per share, $0.01 better than the First Call consensus of $0.91; revenues rose 7.7% year/year to $1.45 bln vs the $1.46 bln consensus. Operating income guidance for FY09 remains unchanged at a range of $820-$880 mln. However, as a result of adopting SFAS No. 160, the classification of noncontrolling interests was changed to no longer be deducted from our operating income as previously reported. Therefore, operating income guidance based on the current presentation under SFAS No. 160 is projected to be in the range of $870-$930 mln, even though the underlying fundamental economics of the business have not changed. In addition, operating cash flow guidance is now projected to be in the range of $550-$600 mln.
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