6:37PM O'Reilly Auto beats by $0.07, reports revs in-line; guides Q2 EPS in-line; guides FY09 EPS above consensus (ORLY) 37.24 -1.40 : Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.40; revenues rose 80.1% year/year to $1.16 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.51-0.55, excluding non-recurring items, vs. $0.52 consensus. Co issues upside guidance for FY09, sees EPS of $1.92-1.96, excluding non-recurring items, vs. $1.85 consensus.
6:12PM Kirby Corp beats by $0.05; sees Q1 EPS in-line with consensus, FY09 above (KEX) 30.50 +0.90 : Reports Q1 (Mar) earnings of $0.57 per share, excluding a $0.50 charge, $0.05 better than the First Call consensus of $0.52; revenues fell 16.0% year/year to $277.7 mln vs the $300.5 mln consensus. Co sees Q1 EPS of $0.45-0.55 vs $0.52 consensus; sees FY09 EPS of $2.55-2.65 vs $2.50 consensus. Co's capital spending guidance range was lowered slightly to $180-190 mln, which includes ~$135 mln for the construction of 46 new tank barges and five towboats."
6:08PM ProLogis misses by $0.04 (PLD) 8.46 +0.63 : Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.70. "Taking into consideration additional asset sale and refinancing agreements and the remaining capital requirements related to our development pipeline, we believe we have substantially addressed our anticipated cash needs through 2012. Our swift execution of these de-leveraging initiatives enables us to further enhance our focus on operating property performance, completing and leasing properties in our development portfolio and pursuing opportunities to generate value from our land bank."
6:05PM Cliffs Natural Resources beats by $0.07, misses on revs (CLF) 21.03 +0.82 : Reports Q1 (Mar) loss of $0.07 per share, $0.07 better than the First Call consensus of ($0.14); revenues fell 6.0% year/year to $464.8 mln vs the $527.7 mln consensus. Co says,in North American, Lower expected year-over-year volume and the related reduction in leverage over fixed costs, combined with significant depreciation and amortization in the segment, are expected to result in average cost of sales per ton in 2009 of $125 to $135... in Asia/Pacific, Iron Ore 2009 sales volume is expected to be 8.0 million tonnes, with production of 8.2 million tonnes. With annual price settlements for iron ore in 2009 not yet concluded, the Company is currently unable to provide guidance on average revenue per tonne in its Asia Pacific Iron Ore business segment. Cliffs expects Asia Pacific Iron Ore costs per tonne of approximately $45 to $55... reagarding the Sonoma Coal, Cliffs has a 45% economic interest in the Sonoma Coal Project and expects total production of approximately 3.1 million tonnes for 2009, down from a previous production estimate of 3.5 million tonnes. Sonoma is expected to have sales volume of 3.3 million tonnes and an approximate 60%/40% mix between thermal and metallurgical coal, respectively. Per-tonne costs at Sonoma are expected to be $75 to $85, down from a previous expectation of $85 to $95. The decrease from previous expectations is a result of lower-than-anticipated contract mining costs and royalties.
6:01PM Cabot misses by $0.16, misses on revs (CBT) 15.12 +0.92 : Reports Q2 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of ($0.11); revenues fell 40.2% year/year to $470 mln vs the $543.5 mln consensus. Co says, "We are encouraged by the monthly volume increases in many of our key businesses. While this may be an early indication that customer de-stocking is coming to an end, we remain cautious in the near term. Having said that, we are particularly pleased with our volume improvement in China as we are well positioned there with low cost operations, new capacity coming on line and an already strong market position in that region. We are actively managing our global capacity and working with customers to meet their needs in the new environment. The restructuring of our operations is well underway and will allow us to fully utilize a more efficient global asset base."
5:32PM Owens-Illinois beats by $0.19, misses on revs (OI) 18.46 +0.53 : Reports Q1 (Mar) earnings of $0.55 per share, $0.19 better than the First Call consensus of $0.36; revenues fell 22.5% year/year to $1.52 bln vs the $1.66 bln consensus. "Challenging market conditions will likely persist over the next several quarters, resulting in lower year-over-year demand and continued temporary production curtailments. However, we expect that shipments will improve sequentially in the second quarter due to seasonally stronger demand and as inventory de-stocking pressures subside. Our strategic footprint alignment initiative and moderating cost inflation also should benefit future earnings. Overall, we expect second quarter 2009 adjusted net earnings will decline on a year-over-year basis, but will improve from first quarter 2009 results."
5:31PM California Water beats by $0.04, beats on revs (CWT) 39.91 +0.57 : Reports Q1 (Mar) earnings of $0.12 per share, $0.04 better than the First Call consensus of $0.08; revenues rose 18.8% year/year to $86.6 mln vs the $77.2 mln consensus.
5:27PM Equity Res beats by $0.02, misses on revs; guides Q2 FFO in-line (EQR) 22.58 +1.05 : Reports Q1 (Mar) funds from operations of $0.57 per share, $0.02 better than the First Call consensus of $0.55; revenues rose 2.5% year/year to $515.1 mln vs the $522.9 mln consensus. Co issues in-line guidance for Q2, sees FFO of $0.53-0.58 vs. $0.54 consensus. The second quarter 2009 guidance midpoint assumes no additional gains from debt extinguishment.
5:17PM ITC Holdings reports Q1 EPS of $0.57 vs $0.57 First Call consensus; revs rose 10% YoY to $155.9 mln vs $147.70 mln First Call consensus (ITC) 45.03 +0.94 : Co sees FY09 $2.20-2.30 vs $2.32 First Call consensus.
5:12PM Oceaneering Intl beats by $0.12, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (OII) 44.41 +2.43 : Reports Q1 (Mar) earnings of $0.80 per share, $0.12 better than the First Call consensus of $0.68; revenues fell 0.2% year/year to $435 mln vs the $461.5 mln consensus. Co issues downside guidancefor Q2, sees EPS of $0.75-0.85 vs. $0.82 consensus. Co issues upside guidance for FY09, sees EPS of $3.10-3.60 vs. $3.20 consensus. Much uncertainty remains in predicting the rate of subsea field development order flow. Given our first quarter performance and outlook for the rest of the year, we are now anticipating that our EPS in 2009 will not follow our historical quarterly pattern.
5:08PM Essex Property beats by $1.01; guides FY09 FFO below consensus (ESS)67.02 +3.61 : Reports Q1 (Mar) funds from operations of $2.50 per share, $1.01 better thanthe First Call consensus of $1.49. Co issues downside guidance for FY09, sees FFO of $5.19-5.49, excluding non-recurring items, vs. $5.64 consensus.
4:47PM Arris beats by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (ARRS) 10.11 +0.50 : Reports Q1 (Mar) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues fell 13.3% year/year to $253.5 mln vs the $255.3 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-$0.24 vs. $0.18 consensus; sees Q2 revs of $270-$290 mln vs. $267.64 mln consensus.
4:44PM Sequenom reports Q1 results (SQNM) 14.91 +0.53 : Co reports Q1 EPS of ($0.29) vs ($0.24) First Call consensus; revs $8.7 mln vs $11.16 mln First Call consensus. On a consolidated basis the company is expected to report a 2009 loss of between $62-67 mln, which includes approximately $12 mln in non-cash FAS 123R expenses. On a consolidated basis, the company is expected to have a cash burn of between $45-52 mln.
4:43PM General Maritime beats by $0.05, beats on revs (GMR) 8.64 +0.02 : Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.30; revenues rose 35.9% year/year to $82.9 mln vs the $81.8 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the co's fleet decreased by 12.0% to $30,724 per day for the three months ended March 31, 2009 compared to $34,918 for the prior year period. The co's average daily rates for vessels on spot charters decreased by 24.8% to $26,445 for the three months ended March 31, 2009 compared to $35,155 for the prior year period.
4:37PM Tetra Tech beats by $0.02, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY09 EPS above consensus, revs below consensus (TTEK)24.07 +1.29 : Reports Q2 (Mar) earnings of $0.27 per share, excluding non-recurring items,$0.02 better than the First Call consensus of $0.25; revenues rose 15.6% year/year to $332.2 mln vs the $329.3 mln consensus. Co issues in-line EPS guidance for Q3, sees EPS of $0.29-0.31 vs. $0.30 consensus; sees Q3 revs of $330-350 mln vs. $369.16 mln consensus. Co issues in-line EPS guidance for FY09, sees EPS of $1.12-1.17, excluding $0.05 gain, vs. $1.16 consensus; sees FY09 revs of $1.35-1.40 bln vs. $1.41 bln consensus.
4:34PM CBL & Assoc beats by $0.07, beats on revs; guides FY09 FFO above consensus (CBL) 7.76 +0.88 : Reports Q1 (Mar) funds from operations of $0.78 per share, excluding non-cash impairment charge, $0.07 better than the First Call consensus of $0.71; revenues fell 3.5% year/year to $271.1 mln vs the $266.7 mln consensus. Co issues upside guidance for FY09, sees FFO of $2.95-3.09 vs. $2.94 consensus. Same Center NOI declined 1.2% for the quarter ended March 31, 2009, from the prior-year period. Stabilized mall occupancy was 89.1% as of March 31, 2009.
4:33PM Genco Shipping & Trading beats by $0.06, reports revs in-line; co's cash dividends and share repurchases will be suspended (GNK) 17.52 +0.88 : Reports Q1 (Mar) earnings of $1.32 per share, $0.06 better than the First Call consensus of $1.26; revenues rose 5.4% year/year to $96.7 mln vs the $96 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet decreased 7.5% to $33,203 per day for the three months ended March 31, 2009 compared to $35,891 for the three months ended March 31, 2008. On January 26, 2009, the co announced that it had entered into an agreement with DnB NOR Bank ASA and Bank of Scotland PLC as the lead arrangers to amend its $1.4 bln credit facility. Under terms of the amended ten-year $1.4 bln facility, the collateral maintenance requirement is waived until such time that GNK is in a position to satisfy the requirement as well as continue to comply with all other covenants and certain other conditions previously announced. GNK continues to be able to borrow the undrawn portion of the loan during the waiver period. Amounts borrowed under the amended facility began to reduce on March 31, 2009 at $12.5 million per quarter and will bear interest at LIBOR plus 2.00%. The co also announced that, under the terms of the amended credit facility, its cash dividends and its share repurchases will be suspended, effective immediately. GNK will be able to reinstate its cash dividends and share repurchases once the Company can represent that it is in a position to again satisfy the collateral maintenance covenant. The amendment to the credit facility places no further restrictions on uses of the Company's cash.
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