Earnings - 8th June 2009

8:40AM Diodes raises Q2 guidance due to continued improvement in demand and order rates (DIOD) 15.68 : Co raises Q2 guidance due to continued improvement in demand and order rates, primarily in Asia, the Company is raising its previous guidance and now expects Q2 revenue to increase 22-30% over Q1 revenue (which calc to revs ~$95.22-101.47 mln vs $93.47 mln First Call consensus), up from prior guidance of 14-22%. Co is also raising its guidance for gross margin and now expects Q2 gross margin to be ~24 to 28% versus the prior guidance of 20 to 24%. The revenue increase is driven primarily by demand for the products utilized in equipment such as LCD televisions and panels, set-top boxes, mobile handsets and netbooks as well as the production ramp up of previous design wins, which are leading to market share gains. Co continues to expect operating expenses to be in line with Q1 2009 levels. In accordance with FSP APB 14-1, GAAP results will include ~$2.2 million of non-cash interest expense from the amortization of debt discount related to the Company's Convertible Senior Notes. In addition, the Company expects income tax expense to be ~$2.0 to 2.5 million as the effective tax rate for Q2 of 2009 is based on improved profitability from Q1 of 2009 and will include non-cash U.S. income tax expense associated with repatriating earnings of foreign subsidiaries to the U.S. parent during Q1 of 2009.

1:45AM General Mills sees FY09 EPS above previous guidance; provides early outlook on FY10 sales expectations (GIS) 52.16 : In anticipation of meetings with European investors this week, co says that its current estimates of FY09 EPS exceed the most recent guidance of $3.87 to $3.89 excluding certain items (First Call consensus: $3.90). Preliminary year-end estimates exceed the co's prior 2009 EPS guidance by several cents, reflecting good operating performance and a lower fourth-quarter tax rate. Co also commented on reported net sales expectations for its three major business segments in fiscal 2010, which will include 52 weeks. General Mills said that its U.S. Retail business segment has demonstrated strong growth in fiscal 2009. Through the first nine months, reported net sales grew 10% with pound volume increasing 4%. The rate of U.S. Retail net sales growth is expected to moderate in 2010 from the levels seen in 2009 when significant input cost inflation necessitated stronger pricing actions by food manufacturers. General Mills currently anticipates that 2010 input cost inflation will be quite low, and that its net sales growth will be volume driven with little contribution from pricing. For General Mills' International segment, foreign currency exchange is expected to have a negative impact on reported results in fiscal 2009 and 2010. Through the first nine months of 2009, International segment net sales grew at a 10% rate on a constant-currency basis, but translation effects reduced reported net sales growth by 6 percentage points to 4%. General Mills affirmed that in 2010, the co expects its International segment to record strong sales growth on a constant-currency basis. The Bakeries and Fooservice segment says it is on track to meet its 2009 profit target. Co currently expects 2010 reported net sales for its Bakeries and Foodservice segment will be below 2009 levels. Underlying business trends are expected to show continued good sales growth for branded product lines. General Mills said it would provide specific guidance for its 2010 financial targets on July 1, but the co expressed comfort with the current Reuters mean consensus EPS estimate of $4.15 for FY10.