Earnings - 15th July 2009

11:41AM Digital River announces preliminary second quarter financial results at the high end of guidance range (DRIV) 36.64 +1.20 : Co announces it is outsourcing the majority of its global customer service operations and realigning certain other resources to support growth opportunities. These two actions will result in the elimination of approximately 120 positions globally, largely related to the outsourcing of customer service operations. At the same time, the company plans to add new positions, primarily to its sales and product development organizations. This organizational change is expected to drive efficiencies for Digital River beginning in the fourth quarter of 2009. Co also says while the quarterly closing process is not final, management currently expects second quarter revenue and earnings per share results to be at the high end of the guidance range provided on April 29, 2009. (Briefing.com note: The co previously guided for Q2 EPS of $0.39-0.42, on revs of $95-97 mln. Q2 consensus is $0.41/$96.38 mln)

8:30AM Campbell Soup reaffirms FY09 guidance, says adjusted EPS growth to exceed 5-7% range (CPB) 29.39 : Guidance equates to exceeding a range of $2.19-2.24, consensus is $2.17. The company expects its fiscal 2009 sales, EBIT and EPS growth rates to be negatively impacted by approximately 5 percentage points as a result of currency translation.

8:01AM Bemis raises Q2 & FY09 EPS guidance above consensus (BMS) 25.13 : Coraises guidance for Q2 (Jun), sees EPS of approx $0.47 vs. $0.41 First Call consensus, prior guidance $0.35-0.43. Co raises guidance for FY09 (Dec), sees EPS of $1.68-1.75 vs. $1.59 consensus, prior guidance $1.50-1.70. Results for the second quarter of 2009 benefited from lower raw material costs related to second quarter shipments, as well as the positive impact of cost management initiatives implemented during the fourth quarter of 2008 and the first quarter of 2009.

7:55AM WW Grainger beats by $0.07, reports revs in-line (GWW) 82.58 : Reports Q2 (Jun) earnings of $1.21 per share, $0.07 better than the First Call consensus of $1.14; revenues fell 12.7% year/year to $1.53 bln vs the $1.52 bln consensus. Co said, "We have not seen an indication of an economic turnaround at this point but our results indicate that we are gaining market share during this recession. We are in a great position to grow when the economy eventually recovers. We're expanding our sales force to improve customer coverage. Also during the quarter, we announced two ways we'll expand our geographic coverage outside of North America by making small, additional investments in India and in Japan."

7:54AM Abbott Labs reports EPS in-line, revs in-line; guides Q3 EPS in-line; reaffirms FY09 EPS guidance (ABT) 46.49 : Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, in-line with the First Call consensus of $0.89; revenues rose 2.5% year/year to $7.5 bln vs the $7.55 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.88-0.90, excluding non-recurring items, vs. $0.90 consensus. Co reaffirms guidance for FY09, sees EPS of $3.65-3.70, excluding non-recurring items, vs. $3.69 consensus.