Earnings - 16th June 2009

4:06PM Adobe Systems reports EPS in-line, beats on revs; guides Q3 EPS in-line (ADBE) 28.17 -0.65 : Reports Q2 (May) earnings of $0.35 per share, in-line with the First Call consensus of $0.35; revenues fell 20.5% year/year to $704.7 mln vs the $694.8 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.30-0.37 vs. $0.33 consensus.

9:31AM Life Partners Holdings sees Q1 EPS of $0.53 vs $0.54 single analyst est (LPHI)17.22 +0.38 : Co issues downside guidance for Q1 (May), sees EPS of $0.53 vs. $0.54 single analyst est; sees Q1 (May) revs of $27.4 mln vs. $29.50 mln single analyst est. Co says "We are continuing to see growth within the life settlement industry and, as a leader in this industry, we are continuing to grow as well. As the financial markets remain turbulent, we expect the interest in life settlements to continue. This is because the gains from life settlements come from the inherent value in these policies and not from market appreciation..."

9:08AM Nucor guides Q2 loss slightly better than consensus (NUE) 45.75 : Co issues guidance for Q2 (Jun), sees EPS of ($0.65)-($0.55) vs. ($0.69) First Call consensus. Co said, "Order entry has improved in recent weeks. Nevertheless, the economic outlook remains very uncertain in light of the continuing severe structural challenges facing the U.S. and global economies. We believe this period of economic and steel industry distress will present unusually attractive growth opportunities for Nucor."

9:03AM STEC Inc raises guidance above consensus for Q2 (STEC) 18.02 : Co raises guidance for Q2 (Jun), sees EPS of $0.32-0.36 vs. $0.21 First Call consensus, prior guidance $0.20-0.22; sees Q2 (Jun) revs of $82-84 mln vs. $69.05 mln consensus, prior guidance $68-70 mln. The increased Non-GAAP diluted earnings per share and revenue guidance are primarily the result of increases in the Company's ZeusIOPS sales which now are estimated to exceed $55 million during the second quarter of 2009. The Company had previously estimated revenue from ZeusIOPS SSDs to surpass $65 million during the first half of 2009. With this increase in revenue, the Company now expects ZeusIOPS SSD sales to exceed $80 million during the first half of 2009. (Stock is halted.)

8:35AM Providence Service Corp expects Q2 EPS of at least $0.36 vs $0.38 First Call consensus (PRSC) 9.78 : Co says, "We continued to see operating results strengthen in April and May. The payer environment continues to stabilize, Medicaid enrollment is increasing, and the benefits of recent cost cutting programs continued to enhance our results in the second quarter."

8:07AM Best Buy beats by $0.08, reports revs in-line; comparable store sales -6.2%; reaffirms FY10 EPS guidance (BBY) 38.66 : Reports Q1 (May) earnings of $0.42 per share, ex items, $0.08 better than the First Call consensus of $0.34; revenues rose 12.3% year/year to $10.1 bln vs the $10.13 bln consensus. Co reports -6.2% comparable store sales for Q1. The company noted that while traffic trends showed less volatility in the fiscal quarter, domestic comparable store sales declines were highest during the month of May as the company faced difficult comparisons versus the impact of government stimulus checks issued in the prior year. The company had previously indicated that it anticipates comparable store sales declines to be greater during the fiscal first half of the year than the second half. The company said it believes its domestic segment market share gains accelerated in the quarter, growing nearly 200 basis points for the three months ending April 30, 2009. These better-than-expected market share gains were led by notebook computers, flat-panel televisions, digital imaging and mobile phones. Market share gains accelerated in March and April as the company realized benefits from changes in the competitive environment as well as from transitions to new product models accomplished earlier than its competition. Co reaffirms guidance for FY10, sees EPS of $2.50-2.90 vs. $2.79 consensus.

7:05AM Smithfield Foods beats by $0.05, misses on revs (SFD) 11.18 : Reports Q4 (Apr) loss of $0.55 per share, $0.05 better than the First Call consensus of ($0.60); revenues fell 0.6% year/year to $2.85 bln vs the $3.06 bln consensus. Co said, "We are constantly evaluating options associated with pushing off near term maturities, seeking permanent covenant relief and reducing our overall debt levels. Toward that end, I am pleased to report that we are continuing discussions regarding refinancing with various lenders, well in advance of current maturities. In addition, we have made significant progress on improving our balance sheet, reducing debt and increasing liquidity... As we move into fiscal 2010, our highest priority is on continuing the restructuring of the Pork Group, continuing to reduce debt, improving liquidity and strengthening the balance sheet... We believe that the A(H1N1) virus had only a short-term effect on U.S. fresh pork demand, which hurt our business last month".

7:04AM FactSet beats by $0.01, reports revs in-line; guides Q4 EPS above consensus, revs in-line (FDS) 50.92 : Reports Q3 (May) earnings of $0.73 per share, excluding an income tax benefit, $0.01 better than the First Call consensus of $0.72; revenues rose 4.7% year/year to $154.4 mln vs the $155.2 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.73-0.75 vs. $0.72 consensus; sees Q4 revs of $152-157 mln vs. $155.45 mln consensus. Co's Q3 operating margins rose to 34.5%.