Earnings - 28th May 2009

4:04PM J. Crew beats by $0.23, beats on revs; guides Q2 EPS above consensus (JCG) 20.37 +0.20 : Reports Q1 (Apr) earnings of $0.34 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.11; revenues rose 1.5% year/year to $345.8 mln vs the $322.1 mln consensus. Co issues upside guidance for Q2, sees EPS of 0.08-0.12 vs. ($0.02) consensus. Inventories at the end of the quarter were $193.9 mln, reflecting the impact of 43 net stores opened since the first quarter of fiscal 2008. Inventory per square foot was flat to last year at the end of the first quarter of fiscal 2008.

8:06AM Trina Solar beats by $0.10, misses on revs (TSL) : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.10 better than the First Call consensus of ($0.08); revenues rose 9.5% year/year to $132.1 mln vs the $142.5 mln consensus. Gross margin was 17.2%, exceeding the Company's previous guidance of between 15% and 17%, compared to 9.6% in the fourth quarter of 2008 For the second quarter of 2009, the Company expects to ship between 60 MW to 65 MW of PV modules. The Company believes gross margin for the second quarter will likely be between 18% and 20%. For the full year of 2009 the Company reiterates the guidance for total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008. As of March 31, 2009, the Company had $194.1 million in cash and cash equivalents, and restricted cash. TheCompany's working capital balance was $81.8 million. Total bank borrowings stood at $320.2 million, of which $14.6 million were long-term borrowings. Shareholders' equity was $423.4 million, compared to $433.1 million as of December 31, 2008. As of April 30, 2009 the Company's total short term credit lines increased to approximately $523 million, which includes approximately $183 million of unused available credit line. The Company increased its foreign currency hedging program during the first quarter of 2009 using foreign currency forward contracts between the Euro and the US dollar, with the goal of mitigating, to some extent, the effects of exchange rate volatility.

8:02AM Freeseas beats by $0.04 (FREE) 2.19 : Reports Q1 (Mar) earnings of $0.29 per share, $0.04 better than the First Call consensus of $0.25; revenues rose 103.7% year/year to $17.6 mln vs the $17.9 mln consensus. Co said, "We have focused on securing attractive rates for our vessels currently operating in the spot market, and are benefiting from the favorable time charter agreements made by the Company last year and that were extended in the first quarter of 2009. We are also very pleased with the upward turn in the Baltic Dry Index, which we feel only begins to explain the potential rate of expansion for operators of Handysize vessels. According to available market data, the worldwide Handysize fleet has been shrinking since the third quarter of 2008. The Handysize segment in which FreeSeas operates is the only dry bulk segment where scrapping exceeded newbuildings, a trend we expect to continue due to the average older age of the segment's fleet. While we acknowledge that numerous challenges remain, we continue to see support in recent weeks towards more favorable rates and are encouraged by the improving strength in the charter market. As a result of this reasonable optimism, our solid results in the first quarter, and our existing charter agreements,we expect to achieve profitability throughout 2009."

7:35AM Genesco beats by $0.13, beats on revs; reaffirms FY10 EPS guidance (GCO)23.70 : Reports Q1 (Apr) earnings of $0.17 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.04; revenues rose 3.8% year/year to $370.4 mln vs the $355.7 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.70-1.80 vs. $1.59 consensus. Co said, "Given the current economic environment, we are pleased with our better than expected performance in the first quarter. Our ability to deliver these results in such turbulent times highlights the benefits of our diversified operating model and the strength and experience of our management team. Both the Journeys Group and Hat World posted strong comparable store sales and operating earnings increases during the quarter. Licensed brands sales were also solid, up 15%. However, Johnston & Murphy and Underground Station remained weak for the first quarter." 

7:03AM Monro Muffler reports EPS in-line, revs in-line; guides Q1 EPS in-line; guides FY10 EPS in-line (MNRO) 26.93 : Reports Q4 (Mar) earnings of $0.15 per share, in-line with the First Call consensus of $0.15; revenues rose 9.3% year/year to $117.1 mln vs the $117 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.42-0.47 vs. $0.46 consensus.  For Q1 co anticipates comparable store sales growth in the range of 4-7%.  Co issues in-line guidance for FY10, sees EPS of $1.30-1.45 vs. $1.44 consensus. For FY10 Co sees comparable store sales growth of 4-7%.

6:36AM Sanderson Farms beats by $0.72, beats on revs (SAFM) 42.04 : Reports Q2 (Apr) earnings of $1.27 per share, $0.72 better than the First Call consensus of $0.55; revenues fell 1.6% year/year to $426.8 mln vs the $408.7 mln consensus. Jumbo wing prices remained strong and averaged $1.39 per pound during 2Q09, compared with the average of $0.97 per pound during 2Q08. Co says, "Much of the market improvement is due to production cuts and resulting reduced supply of chicken in the market. Demand for chicken at retail grocery stores remains strong and the export market improved compared to our first quarter. However, as in the previous two quarters, demand from some food service customers has been adversely affected by the economic downturn, as demand for protein consumed away from home remains soft. We also benefited from lower feed costs during the quarter compared with a year ago. We are cautiously optimistic as we head into the summer months and what is typically a period of better demand for chicken. Broiler egg sets have continued to be lower, which indicates continued lower supply levels. While our industry has never gone through the summer demand season with 5-6% less chicken, we have also never gone through the summer months with the economy and the American consumers as uncertain and cautious as they are today."

5:59AM Big Lots beats by $0.04, reports revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line (BIG) 23.65 : Reports Q1 (Apr) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues fell 0.9% year/year to $1.14 bln vs the $1.13 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.32, excluding non-recurring items, vs. $0.30 consensus. Co anticipates Q2 comparable store sales will decrease 1-3%. Co issues in-line guidance for FY10, sees EPS of $1.85-1.95, excluding non-recurring items, vs. $1.88 consensus.

4:13AM Frontline beats by $0.27, beats on revs (FRO) 22.82 : Reports Q1 (Mar) earnings of $0.97 per share, excluding non-operating items, $0.27 better than the First Call consensus of $0.70; revenues fell 32.4% year/year to $356.6 mln vs the $299.8 mln consensus.