6:29PM Ultra Petroleum beats by $0.03, misses on revs (UPL) 46.82 -0.36 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues fell 38.0% year/year to $168 mln vs the $177.3 mln consensus.Co is confirming its annual natural gas and crude oil production guidance for 2009 of 172 to 177 Bcfe. Production for 2009 is an 18 to 22 percent increase over 2008's record annual production of 145.3 Bcfe. All forecast production growth is generated organically and does not include any contribution from exploratory efforts in Pennsylvania. Production guidance for the remainder of 2009 on a quarterly basis is listed in the table below. Fourth quarter 2009 production is forecast to exceed fourth quarter 2008 volumes by ten percent.
4:54PM Central European Dist beats by $0.03, beats on revs; reaffirms FY09 EPS guidance in-line, revs above consensus (CEDC) 24.26 +0.66 : Reports Q1 (Mar) earnings of $0.21 per share, $0.03 better than the First Call consensus of $0.18; revenues fell 27.0% year/year to $297.8 mln vs the $228 mln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.40-2.65 vs. $2.60 consensus; sees FY09 revs of $1.55-1.68 bln vs. $1.53 bln consensus.
4:37PM Titanium Metals beats by $0.02, misses on revs (TIE) 7.68 -0.01 : Reports Q1 (Mar) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues fell 30.7% year/year to $203.4 mln vs the $239.2 mln consensus. In addition to competitive pricing pressures resulting from lower demand for titanium products, declines in raw material costs, primarily titanium scrap, have also contributed to lower selling prices for certain products under long-term customer agreements, due in part to raw material indexed pricing adjustments included in certain of these agreements. Although the Company believes long-term global demand trends for titanium are favorable, recent adjustments in production schedules for Boeing and Airbus, delays in the development of the Boeing 787 and a weak global economy are expected to continue to impact customer inventory levels, product demand and product selling prices until global economic conditions improve and commercial aerospace production schedules stabilize.
4:30PM Gladstone misses by $0.02 (GLAD) 6.35 +0.02 : Reports Q1 (Mar) net investment income of $0.26 per share, $0.02 worse than the First Call consensus of $0.28. Net increase in net assets resulting from operations for the quarter ended March 31, 2009 was $10.3 mln, or $0.48 per share, as compared to a net decrease in net assets resulting from operations of ($11.9) mln, or ($0.61) per share, for the quarter ended March 31, 2008. Total assets were $411.4 mln at March 31, 2009, as compared to $425.7 mln at September 30, 2008. Net asset value was $12.10 per actual common share outstanding at March 31, 2009, as compared to $12.89 per actual common share outstanding at September 30, 2008.
4:23PM Airgas beats by $0.03, misses on revs (ARG) 43.72 -0.46 : Reports Q4 (Mar) earnings of $0.68 per share, $0.03 better than the First Call consensus of $0.65; revenues fell 8.7% year/year to $992.1 mln vs the $1.02 bln consensus.
4:21PM Cephalon beats by $0.20, misses on revs; guides Q2 revs below consensus; guides FY09 revs in-line (CEPH) 65.88 +0.75 : Reports Q1 (Mar) earnings of $1.47 per share, $0.20 better than the First Call consensus of $1.27; revenues rose 17.3% year/year to $520 mln vs the $533.3 mln consensus. Co issues guidance for Q2, sees basic EPS of $1.40-1.45, not comparable to $1.41 consensus; sees Q2 revs of $515-535 mln vs. $556.75 mln consensus. Co issues guidance for FY09, reaffirms basic EPS guidance of $6.50-6.60, not comparable to $5.79 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.26 bln consensus... Drug sales for Q1 are as follows: Actiq $38.2 mln vs. $47 mln First Call Consensus; Fentora $33.7 mln vs. $39 mln First Call Consensus; Provigil 253.4 mln vs. $271 mln First Call Consensus; Treanda $50.2 mln vs. $42 mln First Call Consensus... The FY09 guidance includes CNS franchise sales of $1.16-$1.19 billion, pain franchise sales which were decreased to $530-$555 million, oncology franchise sales which were increased to $300-$320 million, and other product sales which were decreased to $150-$175 million. "While the economy and various healthcare reform proposals create uncertainty for investors, we are taking steps to continue to build a world class biopharmaceutical company... In the short run, AMRIX and TREANDA will supply growth. Longer term, we expect that our recent business development transactions will enable us to create a new franchise in inflammatory diseases and our clinical development work with NUVIGIL will allow it to reach new markets."
4:15PM American Medical beats by $0.10, beats on revs; guides Q2 EPS above consensus; raisesaFY09 EPS above consensus (AMMD) 12.13 -0.41 : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.15; revenues rose 2.7% year/year to $123.6 mln vs the $119.7 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.22-0.26, excluding non-recurring items, vs. $0.20 consensus. Co raises guidance for FY09, sees EPS of $0.96-1.07, excluding non-recurring items, vs. $0.80 consensus, up from $0.86-0.99.
4:10PM Las Vegas Sands beats by $0.03, beats on revs (LVS) 11.51 +2.01 : Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.02); revenues were unchanged from the year-ago period at $1.08 bln. Co says the steady execution of the business plan it presented in November 2008, including the implementation of its cost savings program, continues to be its primary focus as it navigates through the current challenging economic conditions. Co has made notable progress during the quarter on each of the three basic objectives of its plan first, to maximize its cash flow from current operations in Las Vegas and Macao, including through theimplementation of ~$470 mln in annualized cost savings... The Venetian Macao continues to attract large numbers of visitors, and it remained pleased with its gaming volumes overall, which have held up relatively well despite the challenging operating environment.Visits to The Venetian Macao increased to over 6.0 mln during Q1 of 2009, representing a 14.1% increase compared to visits in Q1 of 2008. According to the Statistics and Census Service of Macao, visitor arrivals to the Macao market decreased by ~9.6% during Q1 of 2009 compared to the same quarter in 2008... The co's current developments in Bethlehem, Pennsylvania and Singapore remain on track. In less than three weeks, on May 22nd, co plans the debut and soft opening of its newest property, Sands Bethlehem, with a formal grand opening celebration planned for June 9th. This expansive complex, developed on the site of Pennsylvania's historic Bethlehem Steel Works in the Lehigh Valley, will bring a unique entertainment destination, including a slot floor with 3,000 of the most popular slot machines featuring the latest releases from the major slot manufacturers, to one of the few gaming markets in the country that has experienced healthy growth throughout 2008 and into 2009. In Singapore, co continues to target a late 2009 / early 2010 opening of Marina Bay Sands. Both its construction timeline and development budget remain on track for this important project.
4:06PM Xenoport beats by $0.01, beats on revs (XNPT) 14.78 +0.17 : Reports Q1 (Mar) loss of $0.29 per share, $0.01 better than the First Call consensus of ($0.30); revenues rose 75.3% year/year to $26.3 mln vs the $19.9 mln consensus.
4:05PM Dolan Media beats by $0.05, beats on revs; guides FY09 EPS above consensus, revs above consensus (DM) 12.20 +0.13 : Reports Q1 (Mar) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 54.0% year/year to $63.9 mln vs the $59.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.70-0.80 vs. $0.58 consensus; sees FY09 revs of $240-252 mln vs. $238.61 mln consensus.
4:01PM Plantronics beats by $0.17, beats on revs; guides Q1 EPS above consensus, revs above consensus (PLT) 13.57 +0.12 : Reports Q4 (Mar) earnings of $0.01 per share,$0.17 better than the First Call consensus of ($0.16); revenues fell 29.7% year/year to $146.8 mln vs the $129.6 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.08-0.12 vs. $0.04 consensus; sees Q1 revs of $145-150 mln vs. $137.93 mln consensus.
9:33AM Vornado Rlty Trust beats by $0.15, beats on revs (VNO) 51.92 0.54 : Reports Q1 (Mar) funds from operations of $1.73 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $1.58; revenues rose 5.1% year/year to $682 mln vs the $650 mln consensus.
9:30AM Wynn Resorts misses by $0.29, reports revs in-line (WYNN) 42.81 +0.00 : Reports Q1 (Mar) loss of $0.27 per share, $0.29 worse than the First Call consensus of $0.02; revenues fell 5.0% year/year to $740 mln vs the $742.6 mln consensus. Co reports Table games win percentage of 17.7% was below the property's expected range of 21% to 24% and the 19.9% in the first quarter of 2008. Construction continues on a further expansion of Wynn Macau. Encore at Wynn Macau is expected to open in 2010, adding a fully-integrated resort hotel to Wynn Macau with approximately 400 luxury suites and four villas, along with restaurants, retail and gaming space. The current project budget is approximately $700 million. As of March 31, 2009, we have incurred $254.6 million associated with the construction of Encore at Wynn Macau.our business transformation is reflected in our operating segment performance."
8:24AM Pegasystems beats by $0.13, beats on revs (PEGA) 17.36 : Reports Q1 (Mar) earnings of $0.23 per share, $0.13 better than the single analyst est of $0.10; revenues rose 28.7% year/year to $62.4 mln vs the $58.9 mln single analyst est. Co says, "We expect these challenging conditions will continue and so we are working hard on building pipeline and backlog for the remainder of 2009."
8:08AM Precision Castparts misses by $0.01, misses on revs (PCP) 77.39 : Reports Q4 (Mar) earnings of $1.87 per share, $0.01 worse than the First Call consensus of $1.88; revenues fell 9.2% year/year to $1.6 bln vs the $1.77 bln consensus. "During our fourth quarter, we faced some strong headwinds - slower-than-expected recovery from the Boeing strike, lower metal selling prices, and weakening foreign currencies, and our operations were equal to the challenge," Donegan said. "During the first quarter and into the second quarter of fiscal 2010, our aerospace customers are making corrections to their inventories that will take some anticipated growth out of their schedules and will impact each of our three operating segments. The second quarter will also have its seasonal challenges of scheduled forge shutdowns for maintenance and extended holidays in our European operations. All of our efforts will be directed at minimizing the impact to our results. Looking beyond these headwinds, however, we regain traction, and we see sales and margin growth resuming in our third and fourth quarters as the base build schedules start to stabilize, and 787 production work begins."
7:34AM IntercontinentalExchange beats by $0.14, reports revs in-line (ICE) 90.43 : Reports Q1 (Mar) earnings of $1.09 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.95; revenues rose 12.1% year/year to $232 mln vs the $230.3 mln consensus. The increase in transaction and clearing revenue was driven primarily by new products, strong trading volume in ICE's futures segment, the launch of ICE Clear Europe in November 2008, an increase of participants in ICE's markets and the Creditex acquisition. Total volume for ICE Futures Europe represented the highest quarterly contract volume in exchange history.
7:33AM Foundation Coal misses by $0.06, misses on revs (FCL) 20.67 : Reports Q1 (Mar) loss of $0.10 per share, $0.06 worse than the First Call consensus of ($0.04); revenues fell 2.9% year/year to $395.3 mln vs the $400.8 mln consensus. Co said, "Despite the economic downturn, Foundation expects to ship up to 2 million more tons of coal in 2009 than in 2008. Currently, Foundation is engaged in conversations with several steam coal customers regarding the potential need to defer coal shipments due to logistical challenges arising from growing inventories and reduced electricity demand. Up to this point negotiated customer deferrals have not occurred. However, as reflected in our new shipment guidance, the deferral of some 2009 shipments now appears probable, and Foundation will work with its customers to achieve a solution that benefits both parties and preserves the present value of each contract. While the range of possible outcomes is broad due to today's dynamic market environment, under the current shipment scenario, Foundation continues to forecast record financial performance and positive free cash flow for the full year 2009 based on our favorable hedged position."
7:11AM Archer-Daniels misses by $0.12, misses on revs (ADM) 26.17 : Reports Q3 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.12 worse than the First Call consensus of $0.49; revenues fell 20.7% year/year to $14.84 bln vs the $16.94 bln consensus. Co said, "While the quarterly results were adversely impacted by two significant, unusual items, our underlying performance was solid in view of the global economic conditions and the associated challenges faced by our industry... Our financial condition is strong, and we remain focused on managing risks and costs as we execute our long-term growth strategy."
7:06AM Steven Madden beats by $0.01, reports revs in-line; guides FY09 EPS in-line (SHOO) 30.15 : Reports Q1 (Mar) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 6.9% year/year to $107.4 mln vs the $106.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.95 vs. $1.88 consensus. Co's sales are expected to decline 2% to 4% for FY09 (we have calculated this to be FY09 revs of $439-448 mln vs $454.6 mln consensus). Same store sales increased 7.6% in the first quarter of 2009 compared to a decrease of 3.7% in the first quarter of 2008. Gross margin improved to 40.5% as compared to 40.0% in the first quarter of 2008.
7:04AM Emergency Medical Services beats by $0.06, reports revs in-line (EMS) 35.77 : Reports Q1 (Mar) earnings of $0.56 per share, $0.06 better than the First Call consensus of $0.50; revenues rose 8.3% year/year to $613 mln vs the $617 mln consensus.
6:11AM Cognizant Tech beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus (CTSH) 25.90 : Reports Q1 (Mar) GAAP earnings of $0.38 per share,$0.01 better than the GAAP First Call consensus of $0.37; revenues rose 16.0% year/year to $745.9 mln vs the $734.3 mln consensus. Co issues guidance for Q2, sees GAAP EPS of $0.37-0.42 vs. $0.37 GAAP consensus; sees Q2 revs of At least $760 mln vs. $748.51 mln consensus.
6:10AM Macerich beats by $0.10; guides FY09 FFO in-line (MAC) 19.17 : Reports Q1 (Mar) funds from operations of $1.16 per share, $0.10 better than the First Call consensus of $1.06; revenues fell 3.1% year/year to $210.8 mln. Co issues in-line guidance for FY09, sees FFO of $4.25-4.55 vs. $4.40 consensus, adjusted to reflect the impact of issuing 90% of its dividend in stock. The new FFO guidance range assumes the same total FFO but factors in new shares issued for the dividend.
4:03AM Nordic American Tanker reports Q109 EPS and declares dividend (NAT) 36.49 : Co's board declares a dividend of $0.88 per share in respect of Q109. This compares with a dividend of $1.18 per share which was declared in respect of Q108. Net income for Q109 was $0.46 per share based on the weighted average number of shares outstanding during the quarter, 37,424,291, compared to $0.78 per share for Q108 (No First Call estimates available). As of the end of Q109, NAT does not have any net debt. At the time of this release, the co has not drawn on its $500 mln revolving credit facility. The credit facility, which matures in September 2013, is not subject to reduction by the lenders and there is no obligation to repay principal during the term of the facility.
2:10AM Granite Construction reports Q109 results (GVA) 39.63 : Reports Q1 (Mar) earnings of $0.23 per share, excludes items, $0.31 better than the First Call consensus fo ($0.08); revenues declined 23.6% year/year to $347.4 mln vs the $383.44 mln consensus. Co expects Granite East to continue to deliver gross margins in the mid-teens while building a strong backlog of work. Bidding pipeline remains full. Co is tracking more than $4 bkn worth of various infrastructure-related projects that are expected to bid between now and the end of 2009. 2009 outlook includes revenue expectations for Granite West to be in the range of $1.6-1.9 bln with a corresponding gross profit margin percentage between 14-17%. Granite East 2009 revenue is expected to be in the range of $675.0-775.0 mln with a corresponding gross profit margin percentage between 13-15%. In addition, net income attributable to noncontrolling interest in joint ventures for the total co is expected to be approx $25.0-35.0 mln.
1:49AM Vulcan Materials misses by $0.22, misses on revs (VMC) 50.50 : Reports Q1 (Mar) loss of $0.29 per share, $0.22 worse than the First Call consensus of ($0.07); revenues fell 26.6% year/year to $600.3 mln vs the $690.4 mln consensus. Aggregates shipments declined 30%, reducing earnings $0.58 per diluted share. Aggregates pricing increased 2% overall, with wide variations across markets. Aggregates unit variable production costs were flat and cash fixed costs decreased 21%. Asphalt material margins recovered from the depressed prior year levels. Co expects higher selling prices for products in 2009 to help offset the earnings effects of lower volumes. The average selling price for asphalt mix in 2009 should increase from 2008 as shipments reflect sales orders that include recovery of the sharp increase in liquid asphalt cost that peaked in late 2008. Co expects to reduce total debt by $200 mln during 2009. For FY09, co expects capital spending to be approx $200 mln, down from the $354 mln spent in 2008.
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