5:41PM Bucyrus beats by $0.25, beats on revs; declares quarterly dividend of $0.025 per share (BUCY) 32.75 +1.71 : Reports Q2 (Jun) earnings of $1.08 per share, $0.25 better than the First Call consensus of $0.83; revenues rose 16.7% year/year to $724.4 mln vs the $625 mln consensus. Gross profit for the second quarter of 2009 was $205.3 million, or 28.3% of sales, compared to $174.1 million, or 28.0% of sales, for the second quarter of 2008. The increase in gross profit was primarily due to increased sales in both the surface and underground mining segments. Backlog stood at $1.98 bln ($1.22 bln over next 12 months), down 20% from end of FY08.
5:28PM LDK Solar raises Q2 revs in-line with consensus; expects to record inventory write-down of $150-160 mln (LDK) 10.30 -0.07 : Co raises Q2 rev guidance to $225-235 mln vs $232.11 mln First Call consensus, up from $215-225 mln, and wafer shipments between 230 and 240 megawatts. LDK Solar expects to record a write-down of $150-160 mln against the cost of inventories for a decline in net realizable value of inventories resulting from the continued market price decline for solar wafers. As a result, the gross margin is expected to be negative and LDK Solar expects to report a net loss of $180-200 mln in Q2.
5:25PM Eastman Chem beats by $0.15, misses on revs; guides Q3 EPS above consensus; guides FY09 EPS in-line (EMN) 45.18 +3.00 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.71; revenues fell 31.7% year/year to $1.25 bln vs the $1.35 bln consensus. Co says in the second half of the year, it expects demand to remain similar to current levels and for raw material and energy costs to increase slightly. As a results, co issues upside guidance for Q3, sees EPS of $1.10 vs. $0.82 consensus. Co raises guidance for FY09, sees EPS towards the high end of $2.00-3.00 vs. $2.48 consensus, up from $2.00-3.00
4:32PM Netflix beats by $0.04, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides Q4 (Dec) EPS in-line, revs in-line (NFLX) : Reports Q2 (Jun) earnings of $0.54 per share, $0.04 better than the First Call consensus of $0.50; revenues rose 3.7% year/year to $408.5 mln vs the $409.7 mln consensus. Co reports that it ended the second quarter of 2009 with approximately 10.599 mln total subscribers vs 10.4-10.6 mln guidance, ~10.53 mln street expectation. NFLX sees FY09 ending subs of 11.6-12 mln up from prior guidnace of vs 11.2 -- 11.8 prior guidanceCo issues in-line guidance for Q3, sees EPS of $0.39-0.47 vs. $0.45 consensus; sees Q3 revs of $416-422 mln vs. $417.77 mln consensus. Co issues in-line guidance for Q4 (Dec), sees EPS of $0.36-0.44 vs. $0.39 consensus; sees Q4 (Dec) revs of $431-445 mln vs. $436.34 mln consensus.
4:25PM Woodward Governor beats by $0.05, reports revs in-line; guides FY09 EPS in-line, revs in-line (WGOV) 21.36 +0.94 : Reports Q3 (Jun) earnings of $0.41 per share,$0.05 better than the First Call consensus of $0.36; revenues rose 17.0% year/year to $386 mln vs the $388.3 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.56, excluding non-recurring items, vs. $1.52 consensus; sees FY09 revs of $1.45 bln vs. $1.46 bln consensus. "As the current economic cycle transitions, visibility remains poor. We continue to believe the next 12-15 months will be challenging. We expect our end markets to be mixed with a slight overall decline in 2010. The full year effects of our HRT acquisition should offset the impact of these declines on our sales. We believe the actions we are taking favorably position us in the face of ongoing volatility and will enable us to continue strong cash flow generation."
4:23PM American Express beats by $0.01, misses on revs (AXP) 29.45 +0.69 : Reports Q2 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues fell 18.3% year/year to $6.09 bln vs the $6.29 bln consensus. Consolidated provisions for losses totaled $1.6 bln compared to $1.8 bln in the year-ago period, primarily reflecting lower average cardmember receivables and loans, offset by higher write-offs and past due loans. At the end of the quarter, the co's tier-one risk based capital ratio was 9.6%. Its tier-one common risk based ratio was also 9.6%, which compared favorably to the regulatory benchmark of 4%. The co's return on average equity (ROE) was 13.2%, down from 31.1% a year ago. Return on average common equity (ROCE), which excludes the impact of preferred shares and other adjustments, was 12.0%, down from 30.9% a year ago. "Although it is still too early to point to any sure signs of an economic recovery, the number of cardmembers who are falling behind in their payments, the volume of bankruptcy filings and the level of loan write-offs were better than we had expected. If these trends continue, we expect U.S. lending write-off rates on a managed basis to be below 10 percent for the second half of the year, which is lower than the outlook we offered earlier this year."
4:22PM Deckers Outdoor beats by $0.35, reports revs in-line; guides Q3 (Sep) revs in-line; guides FY09 (Dec) EPS in-line (DECK) 77.21 +3.47 : Reports Q2 (Jun) earnings of $0.26 per share, $0.35 better than the First Call consensus of ($0.09). Q2 gross margin 40% vs 39% consensus. The co currently expects Q3 revs and diluted EPS to increase approximately 14.0% and 10.0%, respectively, over 2008 levels. This calculates to roughly $224.9 mln in revs (vs $210.04 mln consensus). Co issues in-line guidance for FY09 (Dec), sees EPS of flat to slightly over 2008's EPS of $7.27 (vs. $7.38 consensus). The co now expects its full year revs to increase approximately 9% to 10% over 2008, compared to previous guidance of approximately 7% to 9%. This calculates to roughly $751.5-$758.3 mln (vs $768.1 mln consensus).
4:19PM Interactive Brokers beats by $0.01, beats on revs (IBKR) 15.52 +0.33 : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30. "In this difficult climate, being possibly the only firm recording year on year gains in the brokerage segment is a proof of concept event. Best execution prices, industry low commissions and state of the art money management tools give the edge to our customers over others. The better our customers do the more business we do... Constantly seeking our customers' advantage ultimately inures to our own benefit."
4:18PM Capital One beats by $0.08, beats on revs (COF) 27.83 +1.36 : Reports Q2 (Jun) loss of $0.65 per share, including TARP charges, $0.08 better than the First Call consensus of ($0.73); revenues rose 1.4% year/year to $4.15 bln vs the $3.88 bln consensus. Tangible common equity to tangible managed assets, or TCE ratio, increased to 5.7%, up 90 bpsfrom the March 31, 2009, ratio of 4.8%. Provision expense was down $228.1 mln q/q as the expected increase in charge-offs in the second quarter was more than offset by the $166.2 mln allowance release in the quarter vs an increase in allowance of $124.1 mln in the first quarter. The managed net charge-off rate for the National Lending segment increased 49 bps in the second quarter of 2009 to 8.04% from 7.55% in the first quarter of 2009. U.S. Card charge off increased 84 bps to 9.23%. Total co delinquency rate for the segment was 5.82% as of June 30, 2009, an increase of 12 bps from 5.70% as of March 31, 2009. For U.S. cards, delinquncies declined 31 bps to 4.77%.
4:18PM Riverbed Technology reports EPS in-line, misses on revs (RVBD) : Reports Q2 (Jun) earnings of $0.14 per share, in-line with the First Call consensus of $0.14; revenues rose 12.3% year/year to $91.6 mln vs the $93.6 mln consensus.
4:17PM Healthways beats by $0.02, beats on revs; guides Q3 EPS in-line; raises FY09 EPS above consensus, raises revs in-line (HWAY) 13.52 +0.01 : Reports Q2 (Jun) earnings of $0.26 per share, $0.02 better than the First Call consensus of $0.24; revenues fell 7.9% year/year to $177.8 mln vs the $172.4 mln consensus. Co issues in-line guidancefor Q3, sees EPS of $0.20-0.24 vs. $0.23 consensus. Co raises EPS guidance for FY09, sees EPS of $0.97-1.05, excluding non-recurring items, vs. $0.96 consensus, up from $0.90-1.04; raises FY09 revs of $685-700 mln vs. $688.46 mln consensus, up from $652-680 mln.
4:12PM Amazon.com reports EPS in-line, revs in-line; guides Q3 revs in-line (AMZN)93.87 +5.08 : Reports Q2 (Jun) earnings of $0.32 per share, in-line with the First Call consensus of $0.32; revenues rose 14.5% year/year to $4.65 bln vs the $4.69 bln consensus. AMZN Q2 gross margin 27.4% vs 23.6% consensus. Co issues in-line guidance for Q3, sees Q3 revs of $4.75-5.25 bln vs. $4.92 bln consensus. Operating income is expected to be between $120 mln and $210 mln, or between 22% decline and 36% growth compared with third quarter 2008. This guidance includes approximately $95 mln for stock-based compensation and amortization of intangible assets, and it assumes, among other things, that no additional business acquisitions or investments are concluded and that there are no further revisions to stock-based compensation estimates... Excluding the $227 mln unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 20% compared with second quarter 2008. Free cash flow increased 89% to $1.54 bln for the trailing twelve months, compared with $0.82 bln for the trailing twelve months ended June 30, 2008.
4:12PM Airgas beats by $0.01, beats on revs; guides Q2 EPS in-line; guides FY10 EPS in-line (ARG) 41.38 +1.25 : Reports Q1 (Jun) earnings of $0.66 per share, $0.01 better thanthe First Call consensus of $0.65; revenues fell 12.3% year/year to $979.3 mln vs the $963.2 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.64-$0.69 vs. $0.69 consensus. Co issues in-line guidance for FY10, sees EPS of $2.65-$2.85 vs. $2.77 consensus, and vs prior guidance of $2.60-$2.90.
4:12PM Chubb beats by $0.19; raises FY09 EPS guidance above consensus (CB)42.51 +0.97 : Reports Q2 (Jun) earnings of $1.49 per share, $0.19 better than the First Call consensus of $1.30. Co raises guidance for FY09, sees EPS of $5.20-5.50 vs. $5.15 consensus, up from $4.80-5.20. The combined loss and expense ratio for the first six months was 87.0% in 2009, compared to 86.2% in 2008. Catastrophe losses in the first half accounted for 1.2 percentage points of the combined ratio in 2009 and 3.6 points in 2008. The expense ratio for the first six months was 30.5% in 2009 and 30.1% in 2008.
4:11PM Starent Networks beats by $0.08, beats on revs (STAR) : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.17; revenues rose 27.9% year/year to $78.3 mln vs the $76 mln consensus.:
4:10PM Sunpower beats by $0.10, beats on revs; guides FY09 EPS above consensus, revs above consensus (SPWRA) 24.85 +0.82 : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.14; revenues rose 39.4% year/year to $298 mln vs the $263.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.15-1.60 vs. $0.96 consensus; sees FY09 revs of $1.35-1.7 bln vs. $1.32 bln consensus. Co reiterates FY09 capex guidance of $250-300 mln and production guidance of 400 MW.
4:09PM Juniper Networks beats by $0.01, beats on revs (JNPR) 26.55 +1.05 : Reports Q2 (Jun) earnings of $0.19 per share, $0.01 better than the First Call consensus of $0.18; revenues rose 2.9% year/year to $786.4 mln vs the $767.3 mln consensus. JNPR's non-GAAP operating margin for 2Q09 increased to 18.1% from 16.4% in 1Q09 and decreased from 23.6% in the prior year second quarter. Capital expenditures as well as depreciation and amortization expense during the second quarter of 2009 were $45.2 million and $37.8 million, respectively. "We continue to take a disciplined approach to controlling operating expenses as we navigate this challenging economic period," said Kevin Johnson, Juniper's CEO. "With service provider sales relatively flat quarter-over-quarter, our sequential revenue increase was supported by double digit quarter-over-quarter growth in the enterprise market. A solid product portfolio, compelling value proposition, and improved sales and marketing execution are enabling us to expand and diversify our customer base."
4:05PM CA Inc beats by $0.04, beats on revs; guides FY10 EPS above consensus, revs above consensus (CA) 19.12 +0.37 : Reports Q1 (Jun) earnings of $0.42 per share,$0.04 better than the First Call consensus of $0.38; revenues fell 3.4% year/year to $1.05 bln vs the $1.03 bln consensus. Co issues upside guidance for FY10, sees EPS of $1.60-$1.70 vs. $1.57 consensus; sees FY10 revs of $4.30-$4.40 blnvs. $4.21 bln consensus. The company continued to see significant demand during the first quarter for its application, infrastructure, and service management products along with strong demand for its workload automation and mainframe products. Total first quarter bookings were adversely affected by a reduction in professional services bookings and a softening in demand for products aimed at small and medium size businesses and consumer products markets.
4:05PM Burl Nrth Santa Fe beats by $0.17, misses on revs (BNI) 79.20 +2.42 : Reports Q2 (Jun) earnings of $1.18 per share, $0.17 better than the First Call consensus of $1.01; revenues fell 25.9% year/year to $3.32 bln vs the $3.43 bln consensus. Co says "We are beginning to see BNSF's volumes stabilize in our more economic sensitive businesses, and because of our continued focus on productivity combined with our long-term market opportunities, we are well positioned to benefit when the economy recovers...."
4:02PM EZCORP misses by $0.01, beats on revs; reaffirms Q4 EPS guidance (EZPW)11.81 +0.28 : Reports Q3 (Jun) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues rose 36.7% year/year to $147.8 mln vs the $136.1 mln consensus. Co reaffirms guidance for Q4, sees EPS of $0.41-0.43 vs. $0.42 consensus.
4:01PM Align Tech beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus (ALGN) 9.46 +0.12 : Reports Q2 (Jun) earnings of $0.07 per share,$0.06 better than the First Call consensus of $0.01; revenues fell 4.5% year/year to $76.3 mln vs the $69.7 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.03-0.05 vs. $0.03 consensus; sees Q3 revs of $71-75 mln vs. $68.88 mln consensus.
4:01PM J&J Snack Foods beats by $0.15, misses on revs (JJSF) 39.37 +0.36 : Reports Q3 (Jun) earnings of $0.80 per share, $0.15 better than the First Call consensus of $0.65; revenues rose 1.7% year/year to $179.8 mln vs the $183.5 mln consensus.
9:14AM Philip Morris International beats by $0.06, reports revs in-line; raises FY09 EPS guidance (PM) 43.88 : Reports Q2 (Jun) earnings of $0.83 per share, $0.06 better than the First Call consensus of $0.77; revenues fell 8.6% year/year to $6.13 bln vs the $6.17 bln consensus. Co raises guidance for FY09, sees EPS of $3.10-3.20, up from prior $2.85-3.00, vs. $3.12 consensus.
9:08AM Nucor beats by $0.16, beats on revs (NUE) 44.28 : Reports Q2 (Jun) loss of $0.43 per share, $0.16 better than the First Call consensus of ($0.59) and better than its June 16 guidance of $(0.65)-(0.55); revenues fell 65.1% year/year to $2.48 bln vs the $2.35 bln consensus. Co says overall steel mill utilization increased slightly to 46% in Q2 from 45% in Q1. Co says as expected and as discussed in its guidance, Q2 results include a substantially greater burden than Q1 from the accelerated consumption of high-cost pig iron inventories at its sheet mills. This impact was partially offset by the strong focus on overall cost reductions. Co expects the overhang from the high-cost pig iron will continue to impact results through Q3. Co says if it continues to see improvement in order entry and operating rates, its raw material destocking process would be accelerated with a corresponding improvement in earnings. The Q3 outlook suggests that, in spite of the continued strong negative impact of finishing up high-cost pig iron inventories, Nucor should see further earnings improvement in Q3; however, the uncertainty in the economy is still very high. Currently Nucor is concerned that the marginal uptick in orders is not representative of an increase in "real" demand but more a result of both inventory adjustments and concern over rising prices.
8:57AM Reliance Steel misses by $0.28, misses on revs; calls Q2 the most difficult operating environment that it has ever experienced (RS) 37.00 : Reports Q2 (Jun) loss of $0.08 per share, $0.28 worse than the First Call consensus of $0.20; revenues fell 40.7% year/year to $1.24 bln vs the $1.46 bln consensus. This was the co's first quarterly net loss since becoming a public company in 1994. Co says Q2 was the most difficult operating environment that it has ever experienced. Carbon steel prices fell sharply during the quarter, much more than expected, which caused increased destocking activity and much lower gross profit margins than anticipated. However, the co says it does believe that the worst is behind it, but overall the co does not anticipate any meaningful improvement in demand for the balance of the year. Co says there is some good news, however, on the pricing side where it appears that the co has bounced off the bottom as pricing on most all its products is increasing some. That, coupled with a better inventory position, should lead RS to better gross profit margins in 2H09. Co is not comfortable providing Q3 earnings guidance, except to state that the co does expect to be profitable. Current Q3 consensus is a profit of $0.43 per share.
8:34AM Ensco beats by $0.12, reports revs in-line (ESV) 38.42 : Reports Q2 (Jun) earnings of $1.59 per share, $0.12 better than the First Call consensus of $1.47; revenues fell 16.0% year/year to $511.6 mln vs the $515.8 mln consensus. "While we have already passed the half-way mark in terms of funding our deepwater rig expansion program, revenues from the deepwater segment are just beginning to ramp up. In addition to contributions from our deepwater expansion program, we anticipate that current weakness in the premium jackup market will be partially offset by disciplined expense management."
8:31AM Eagle Materials beats by $0.02, misses on revs (EXP) 27.44 : Reports Q1 (Jun) earnings of $0.27 per share, $0.02 better than the First Call consensus of $0.25; revenues fell 27.7% year/year to $127.9 mln vs the $133.9 mln consensus. U.S. construction activity continued to contract during the quarter. Weak residential construction activity and waning commercial construction put downward pressure on cement and wallboard sales volumes. Industry cement and wallboard shipments for the quarter were each down approximately 30% compared to the same period in the prior year. Cement industry production capacity utilization rates were approximately 80% during the quarter and wallboard industry production capacity utilization rates remained near 50% during the quarter. Despite the difficult economic climate, the decline in sales volumes was offset by lower operating costs across nearly all of our businesses and lower financing costs associated with lower borrowing levels during this year's first quarter.
8:31AM Temple-Inland beats by $0.13, misses on revs (TIN) 15.07 : Reports Q2 (Jun) earnings of $0.24 per share, $0.13 better than the First Call consensus of $0.11; revenues fell 8.6% year/year to $906 mln vs the $922 mln consensus. "As we look forward, economic conditions, while still uncertain, appear to be stabilizing. The actions we have taken to improve asset utilization, drive down costs, match our production to our demand and profitably grow our business, position us to continue to deliver solid relative results."
8:10AM Union Pacific beats by $0.02, misses on revs; says it appears that volume levels may have hit the bottom (UNP) 59.23 : Reports Q2 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.76; revenues fell 27.7% year/year to $3.3 bln vs the $3.51 bln consensus. Excluded from the second quarter 2009 net income is $72 mln, or $0.14 per diluted share, related to a June land sale to Colorado`s Regional Transportation District. Business volumes, as measured by total revenue carloads, were down 22 percent versus the second quarter 2008. Reflecting lower volumes, year-over-year freight revenues declined 28 percent to $3.1 bln in the second quarter 2009. Lower fuel surcharge revenue in the second quarter, down over $500 mln year-over-year, contributed to this decline. Although we expect it will be some time before the economy recovers, it appears that volume levels may have hit the bottom as the economy seems to have stabilized."
8:07AM Sigma-Aldrich reports EPS in-line, misses on revs; expects FY09 EPS to exceed 2008's $2.65 (SIAL) 50.63 : Reports Q2 (Jun) earnings of $0.68 per share, in-linewith the First Call consensus of $0.68; revenues fell 10.1% year/year to $522 mln vs the $531.6 mln consensus. Co expects to report 2009 diluted EPS slightly above the $2.65 reported for 2008, vs consensus of $2.70. Mgmt reaffirmed its FY09 organic sales growth expectation in a low single digit range. This sales growth is expected to result from new product launches and other global sales initiatives. Demand for SIAL's products, particularly from the pharmaceutical and hi-tech industries, is expected to continue to reflect the uncertainty in these markets.
8:05AM Alaska Air beats by $0.19, beats on revs (ALK) 20.74 : Reports Q2 (Jun) earnings of $0.72 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $0.53; revenues fell 9.3% year/year to $843.9 mln vs the $808.4 mln consensus. Mainline RPM's fell 5.3% YoY at Alaska Air and 12.4% YoY at Horizon Air. ASM's fell 6.2% at Alaska Air and 12.3% at Horizon Air. CEO says the quarter's earnings were shaped by a steep decline in fuel prices, network adjustments and employees' hard work and attention to customers. Co says, "While there's more to do, we're seeing clear signs that what we're doing is working." Co notes they expect the economy to be very challenging for the foreseeable future. The company plans to maintain a healthy level of cash with a continued focus on improving revenues and reducing costs.
8:04AM LIFE TIME Fitness beats by $0.05, reports revs in-line; raises FY09 EPS guidance (LTM) 23.55 : Reports Q2 (Jun) earnings of $0.46 per share, $0.05 better thanthe First Call consensus of $0.41; revenues rose 10.4% year/year to $212.5 mln vs the $211.6 mln consensus. Co raises guidance for FY09, sees EPS of $1.65-1.75, up from $1.55-1.70, vs. $1.60 consensus; sees FY09 revs of $830-860 mln vs. $839.73 mln consensus. Memberships increased 11.1% to 608,281 at June 30, 2009, from 547,497 at June 30, 2008.
7:49AM UPS reports EPS in-line, misses on revs; guides Q3 EPS below consensus (UPS) 52.30 : Reports Q2 (Jun) earnings of $0.49 per share, in-line with the First Call consensus of $0.49; revenues fell 16.7% year/year to $10.83 bln vs the $11.02 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.45-0.55 vs. $0.59 consensus. Average daily volume in the U.S. Domestic Package segment declined 4.6% in the quarter. Air volume was flat while ground volume declined 5.4%. U.S. domestic package revenue per piece was down 7.8% due to the decrease in fuel surcharges, the continuing trend toward lighter-weight packages and changes in product mix. Even with the volume decline, this business gained market share. Effective cost management reduced labor hours, miles driven and block hours flown by a greater percentage than volume declines. However, savings from these reductions were not enough to offset fully the impact from lower revenue. As a result, the segment posted lower operating profit and margin... "Although declines in economic indicators are less dramatic than earlier in the year, questions remain as to when business activity will begin to strengthen... The business environment in the third quarter should be similar to the second quarter."
7:40AM Occidental Petro beats by $0.04, misses on revs (OXY) 69.99 : Reports Q2 (Jun) earnings of $0.84 per share, $0.04 better than the First Call consensus of $0.80; revenues fell 48.2% year/year to $3.69 bln vs the $3.82 bln consensus. Oil and gas segment earnings were $1.1 bln for 2Q09, compared with $3.8 bln for the same period in 2008. The decrease in 2Q09 segment earnings reflected lower crude oil and natural gas prices and higher DD&A rates, partially offset by higher oil and gas sales volumes and lower operating expenses.
7:37AM Bristol-Myers beats by $0.09, beats on revs; raises FY09 EPS above consensus (BMY) 20.29 : Reports Q2 (Jun) earnings of $0.56 per share, ex-items, $0.09 better than the First Call consensus of $0.47; revenues rose 3.5% year/year to $5.38 bln vs the $5.3 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.95-2.05, excluding non-recurring items, vs. $1.92 consensus, up $1.85-2.00 previously. Key 2009 guidance assumptions include low single-digit revenue growth (consensus calls for 3.7% rev growth) -- (high single digit growth excluding foreign exchange); a full-year gross margin improvement of approximately 200 bps; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 25%. The co reaffirms guidance that it expects non-GAAP EPS from continuing operations attributable to the co to grow at a minimum 15% compounded annual growth rate, from the 2007 base through 2010 (consensus calls for 12% EPS growth in FY10) without rebasing for the sale of the ConvaTec business, excluding the impact of any U.S. healthcare reforms, costs associated with productivity transformation initiatives and other specified items that have not yet been identified and quantified. The planned acquisition of Medarex is expected to decrease the co's earnings per share by $0.02 to $0.03 in 2009 and $0.07 to $0.09 in 2010 (included in guidance).
7:37AM ITT Educational beats by $0.14, beats on revs; guides FY09 EPS above consensus (ESI) : Reports Q2 (Jun) earnings of $1.87 per share, $0.14 better than the First Call consensus of $1.73; revenues rose 28.7% year/year to $317.1 mln vs the $307.4 mln consensus. Co issues upside guidance for FY09, sees EPS of $7.55-7.85 vs. $7.20 consensus. Co says interest in its programs across all six schools of study was incredibly strong in Q2, which led to an impressive increase in new student enrollment compared to the prior year. As it entered Q3, inquiries from prospective students for its programs of study remained robust, and the co believes that the economic conditions that are stimulating this extraordinary demand may persist throughout the remainder of 2009. New student enrollment increased 33.5% yr/yr to 19,692. Total student enrollment increased 26.2% to 69,127.
7:37AM AT&T beats by $0.03, reports revs in-line (T) 24.84 : Reports Q2 (Jun) earnings of $0.54 per share, $0.03 better than the First Call consensus of $0.51; revenues fell 0.4% year/year to $30.73 bln vs the $30.66 bln consensus. Co reports total wireless subscribers, which include prepaid and reseller results in addition to postpaid, increased by 1.4 mln in the second quarter to reach 79.6 mln, up 6.7 mln over the past year.Average monthly postpaid churn improved to 1.09%, the lowest level in the co's history. Co reports more than 2.4 mln iPhone Activations. Co reports AT&T U-verse TV subscribers in service increased by 248,000 in the second quarter to reach 1.6 mln, up more than 1 mln over the past year. Total AT&T U-verse broadband subscribers nearly tripled over the past year to reach 1.6 mln.
7:35AM Intl Game Tech beats by $0.04, beats on revs (IGT) 17.49 : Reports Q3 (Jun) earnings of $0.22 per share, $0.04 better than the First Call consensus of $0.18; revenues fell 22.9% year/year to $522.1 mln vs the $510.7 mln consensus.
7:35AM Mead Johnson Nutrition beats by $0.16, reports revs in-line; guides FY09 EPS above consensus (MJN) 34.02 : Reports Q2 (Jun) earnings of $0.65 per share, $0.16 better than the First Call consensus of $0.49; revenues fell 1.4% year/year to $719 mln vs the $725.7 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.15-2.25 vs. $2.01 consensus. The increase in guidance is driven by a lower effective tax rate than previously estimated and better-than-expected margins delivered in the second quarter. Key assumptions underlying this non-GAAP estimate include: an increase in net sales between 5 percent and 6 percent, excluding the effect of foreign exchange; EBIT margin expansion driven by higher gross margins; an effective tax rate between 30 percent and 31 percent; and 204.6 million basic and diluted shares outstanding.
7:34AM Kimberly-Clark beats by $0.22, beats on revs; guides FY09 EPS above consensus (KMB) 54.46 : Reports Q2 (Jun) earnings of $1.16 per share, ex-items, $0.22better than the First Call consensus of $0.94; revenues fell 5.6% year/year to $4.73 bln vs the $4.62 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.10-$4.25 vs. $4.12 consensus. Co states, "Business conditions remained challenging in the second quarter, as the economic environment and weak foreign currency rates continued to impact our results. However, the underlying strength of our business performance was encouraging, as we were able to mostly offset the significant drag from currency effects, higher pension expense and the charges for our organization optimization initiative. I'm particularly pleased with the improvement in gross margin, reflecting our focus on revenue realization and sustainable cost reduction. Moreover, we continued to deliver on our targeted growth initiatives, with double-digit organic top-line growth in developing and emerging markets and excellent results in Health Care..."
7:33AM FLIR Systems reports EPS in-line, misses on revs; lowers FY09 rev guidance, narrows EPS guidance (FLIR) 23.56 : Reports Q2 (Jun) earnings of $0.35 per share, in-linewith the First Call consensus of $0.35; revenues rose 6.5% year/year to $278 mln vs the $296.8 mln consensus. Co issues downside guidance for FY09, sees EPS at low end of prior range, expects to be in range of $1.40-1.47 vs. $1.47 consensus; sees FY09 revs of $1.1-1.15 vs. $1.22 bln consensus. "We are pleased with our performance in the second quarter. Gross and operating margins remained at record levels, operating cash flow remained strong, and backlog in our commercial businesses increased significantly. We achieved this performance through continued solid execution in a difficult economy, as all three divisions once again improved gross and operating margins over the prior year."
7:33AM Celgene reports EPS in-line, beats on revs (CELG) 47.19 : Reports Q2 (Jun) earnings of $0.46 per share, in-line with the First Call consensus of $0.46; revenues rose 10.0% year/year to $628.7 mln vs the $620.9 mln consensus. REVLIMID Net Product Sales Increased 22% to $397 Million; VIDAZA Net Product Sales Increased 54% to $92 Million; THALOMID Net Product Sales Totaled $105 Million.
7:33AM 3M beats by $0.26, beats on revs; guides FY09 EPS above consensus (MMM)64.67 : Reports Q2 (Jun) earnings of $1.20 per share, excluding special items, $0.26 better than the First Call consensus of $0.94; revenues fell 15.1% year/year to $5.72 bln vs the $5.41 bln consensus. Co raises the lower end of their guidance for FY09, sees EPS of $4.10-4.30 up from $3.90-4.30 vs. $3.97 consensus. The co also raised its 2009 sales expectations. 3M now expects 2009 organic sales volume to decline between 10 percent and 13 percent, versus a previous planning assumption of negative 11 percent to negative 15 percent. Operating income margins increased 50 basis points year-on-year to 22.6 percent. 3M's Health Care and Consumer and Office businesses each delivered double-digit year-on-year profit improvements.
7:32AM Reynolds American beats by $0.13, misses on revs; raises FY09 EPS guidance (RAI) 41.18 : Reports Q2 (Jun) earnings of $1.29 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.16; revenues fell 3.8% year/year to $2.25 bln vs the $2.27 bln consensus. Co raises guidance for FY09, sees EPS of $4.40-4.60, excluding items, up from prior $4.15-4.45, vs. $4.34 consensus.
7:20AM L-3 Comms beats by $0.13; beats on revs; raises FY09 EPS, still in-line; reaffirms FY09 revs guidance (LLL) 71.52 : Reports Q2 (Jun) earnings of $1.90 per share,$0.13 better than the First Call consensus of $1.77; revenues rose 5.6% year/year to $3.93 bln vs the $3.84 bln consensus. Co reaffirms rev guidance for FY09, sees FY09 revs of $15.5-15.7 bln vs. $15.65 bln consensus, co raises FY09 EPS guidance sees EPS of $7.25-7.35 vs. $7.29 consensus; from $7.17-7.32 previously. Co says, "We expect to continue to have opportunities to grow our businesses in the second half of 2009, maintain our strong program performance, deliver value for our customers and execute our plan for the year."
7:11AM Wyeth beats by $0.09, beats on revs; raises FY09 EPS guidance (WYE) 46.86 : Reports Q2 (Jun) earnings of $0.94 per share, $0.09 better than the First Call consensus of $0.85; revenues fell 4.2% year/year to $5.7 bln vs the $5.58 bln consensus. Co raises guidance for FY09, sees EPS of $3.48-3.58, excluding items, up from prior guidance of $3.33-3.53, vs. $3.46 consensus.
7:10AM Laboratory Corp beats by $0.03, reports revs in-line; guides FY09 EPS in-line (LH) 67.81 : Reports Q2 (Jun) earnings of $1.30 per share, excluding non-recurring items,$0.03 better than the First Call consensus of $1.27; revenues rose 3.6% year/year to $1.19 bln vs the $1.18 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.85-4.95 (prior range $4.75-4.95), excluding non-recurring items, vs. $4.87 consensus. Co expects revenue growth of approx 4.0% in FY09.
7:10AM Celestica beats by $0.01, beats on revs; guides Q3 EPS in-line, revs in-line (CLS) 8.08 : Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items,$0.01 better than the First Call consensus of $0.10; revenues fell 25.3% year/year to $1.4 bln vs the $1.39 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.11-0.17 vs. $0.13 consensus; sees Q3 revs of $1.43-1.58 bln vs. $1.49 bln consensus.
7:08AM EMC Corp beats by $0.01, beats on revs; guides FY09 EPS above consensus (EMC) 14.41 : Reports Q2 (Jun) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues fell 11.3% year/year to $3.26 bln vs the $3.2 bln consensus. Co issues guidance for FY09, sees EPS of $0.82 vs. $0.78 consensus; sees FY09 revs of $13.8 bln, including $200 million of revenues from Data Domain, may not be comparable to $13.49 bln consensus. Consolidated third-quarter revenues are expected to increase 2% to 3% from the second quarter 2009 excluding revenues from the acquisition of Data Domain, and are expected to increase 4% to 5% including revenues from the acquisition of Data Domain. "This marks another quarter of solid execution, and I am proud of the EMC and VMware teams around the world that produced these results. We are focused on four of the hottest and fastest-growing areas of IT spending - next-generation fully virtualized data centers; cloud computing; virtualized desktops and clients; and next-generation backup, recovery and archive solutions. This, together with our market leading products, solutions, services and proven go-to-market model gives us confidence that EMC will continue to gain market share this year. When IT markets resume to more normal spending rates, we expect EMC will return to generating double-digit revenue growth."
7:08AM Zimmer Hldgs beats by $0.02, reports revs in-line; reaffirms FY09 guidance (ZMH) 42.62 : Reports Q2 (Jun) earnings of $0.98 per share, $0.02 better than the First Call consensus of $0.96; revenues fell 5.5% year/year to $1.02 bln vs the $1.02 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.85-4.00 vs. $3.88 consensus. Co also reaffirmed its full year 2009 sales and earnings guidance. Full year revenues for 2009 are expected to increase between 1% and 3% on a constant currency basis. Assuming foreign currency exchange rates remain consistent with current levels, the Company estimates that foreign currency translation will reduce revenue for 2009 by approximately 2.5%.
7:06AM CME Group beats by $0.14, reports revs in-line (CME) 272.70 : Reports Q2 (Jun) earnings of $3.37 per share, $0.14 better than the First Call consensus of $3.23; revenues rose 15.1% year/year to $648 mln vs the $651.5 mln consensus. 2Q09 average daily volume was 10.4 mln contracts, down 19% compared with second-quarter 2008, but in line with first-quarter 2009 volume. The total pro forma average rate per contract for CME Group increased 5% from 2Q08 to 82 cents, but decreased 2% compared with 83 cents in 1Q09.
7:06AM Raytheon beats by $0.11, reports revs in-line; guides FY09 EPS in-line, revs in-line (RTN) 44.99 : Reports Q2 (Jun) earnings of $1.24 per share, excludes items, $0.11better than the First Call consensus of $1.13; revenues rose 4.3% year/year to $6.13 bln vs the $6.18 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-4.75 (prior range $4.55-4.70), excluding non-recurring items, vs. $4.73 consensus; sees FY09 revs of $24.5-25.0 bln vs. $24.78 bln consensus. Co reports total bookings for the second quarter 2009 of $7.6 bln compared to $6.0 bln in 2Q08. Co ends 2Q09 with a backlog of $37.3 bln compared to $38.9 bln at the end of 2008 and $37.5 bln at the end of 2Q08. Due to a change in Missile Defense Agency priorities, on June 10, 2009 the Kinetic Energy Interceptor program was terminated for convenience, resulting in a $2.4 bln reduction of backlog at the end of the 2Q09. Bookings during the 2Q09 largely offset the impact of the KEI program.
7:03AM Terra Industries misses by $0.10, misses on revs (TRA) 26.83 : Reports Q2 (Jun) earnings of $0.81 per share, excluding non-recurring items, $0.10 worse than the First Call consensus of $0.91; revenues fell 46.2% year/year to $453.5 mln vs the $567.9 mln consensus. This $389.6 mln decrease in revenues from the 2008 to the 2009 second quarter was due to lower nitrogen products selling prices and sales volumes. These factors were caused by continued weakness in nitrogen markets due to the general economic slowdown, and customers' reluctance to replenish inventories.
7:01AM Diamond Offshore beats by $0.15, reports revs in-line (DO) 87.90 : Reports Q2 (Jun) earnings of $2.79 per share, $0.15 better than the First Call consensus of $2.64; revenues fell 0.8% year/year to $946.4 mln vs the $942.5 mln consensus.
6:49AM Goodrich beats by $0.04, misses on revs; guides FY09 EPS in-line, revs in-line (GR) 53.05 : Reports Q2 (Jun) earnings of $1.15 per share, excludes discontinued operations and includes $0.21 pension plan expense and $0.05 gain related to revision of estimates for certain long-term contracts, $0.04 better than the First Call consensus of $1.11; revenues fell 8.1% year/year to $1.7 bln vs the $1.74 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-4.75 (prior range $4.50-4.75) vs. $4.65 consensus; sees FY09 revs of $6.9 bln vs. $6.88 bln consensus. Co believes aftermarket sales in each of the third and fourth quarters of 2009 will be higher than we experienced during 2Q09. Co continues to expect FY09 sales to be about $6.9 bln, representing an expected sales decrease of about 2-3% compared to 2008. The 2009 sales expectations, compared to 2008, include unfavorable sales impacts of approximately $163 mln, or 2% of sales, related to foreign currency exchange rate fluctuations and lower sales of approx $125 mln related to the formation of the Rolls-Royce engine controls joint venture. Large commercial airplane original equipment sales are expected to increase slightly in 2009, compared to 2008. This expectation is based on the latest 2009 delivery estimates from Boeing and Airbus of about 480 deliveries each. Defense and space sales of both original equipment and aftermarket products and services are expected to increase by about 12% in 2009, compared to 2008.
6:08AM Cash America beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (CSH) 26.24 : Reports Q2 (Jun) earnings of $0.54 per share, $0.02 better than the First Call consensus of $0.52; revenues rose 1.8% year/year to $252.4 mln vs the $249.1 mln consensus. Management believes that the revenue challenges facing the cash advance product, including the regulatory changes impacting markets that were profitable in 2008, such as Pennsylvania, Florida, Minnesota and Ohio, will become less of a factor in year over year comparisons in the second half of the year if loan demand increases for the cash advance product. Co issues in-line guidance for Q3, sees EPS of $0.70-0.75 vs. $0.75 consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.15 vs. $3.05 consensus.
6:07AM Thermo Fisher beats by $0.08, beats on revs; guides FY09 EPS in-line, revs above consensus (TMO) 41.82 : Reports Q2 (Jun) earnings of $0.74 per share, ex-items, $0.08 better than the First Call consensus of $0.66; revenues fell 8.3% year/year to $2.48 bln vs the $2.39 bln consensus. Co issues raises guidance for FY09, sees EPS of $2.85-3.10, excluding non-recurring items, vs. $2.89 consensus, from $2.80-3.10 previously; raises FY09 revs to a range of $9.80-10.10 bln vs. $9.75 bln consensus, previously $9.6-9.9 bln. Co says, "We are raising our annual revenue guidance to a range of $9.80-10.10 billion, primarily due to a more favorable foreign exchange climate at this point in the year and our acquisition of Biolab. This would lead to a 4% to 7% decline over our 2008 results. We are also raising the low end of our adjusted EPS guidance by $.05 to a range of $2.85-3.10 for the year, which would result in a 1% to 9% decline in adjusted EPS compared with our 2008 adjusted EPS of $3.13."
6:07AM Potash misses by $0.07, misses on revs; guides Q3 EPS below consensus; guides FY09 EPS below consensus (POT) 88.93 : Reports Q2 (Jun) earnings of $0.62 per share, $0.07 worse than the First Call consensus of $0.69; revenues fell 67.3% year/year to $856 mln vs the $981.3 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.80-1.20 vs. $1.56 consensus. Co issues downside guidance for FY09, sees EPS of $4.00-5.00 vs. $5.24 consensus. Potash buyers continued to operate conservatively during the second quarter, carefully managing cash in a tough economy and waiting for price definition. Co now expects 2009 potash sales volumes to be in the range of 4.5-5.0 million tonnes.
6:02AM Newmont Mining misses by $0.04, misses on revs (NEM) 41.98 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.47; revenues rose 6.8% year/year to $1.61 bln vs the $1.64 bln consensus. The Company revised the top end of its 2009 equity gold sales outlook from 5.5 to 5.4 million ounces. With a revised 2009 equity gold sales outlook of 5.2 to 5.4 million ounces, the Company's outlook for 2009 costs applicable to sales remains unchanged at between $400 and $440 per ounce. The Company's costs applicable to sales forecast for 2009 now assumes an oil price of $70 per barrel and an Australian dollar exchange rate of 0.75 for the balance of the year.
4:51AM EnCana beats by $0.25, misses on revs (ECA) 52.57 : Reports Q2 (Jun) earnings of $1.22 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.97; revenues fell 49.3% year/year to $3.76 bln vs the $4.44 bln consensus. Co's financial performance was enhanced by its commodity price hedges, which contributed a $900 mln after-tax gain, or $1.20 per share, to cash flow in the second quarter. Second quarter natural gas and oil production remained flat at 4.6 bln cubic feet equivalent per day compared to 2Q08. Free cash flow was $1.1 bln, down 8%.
12:58AM Tupperware beats by $0.25, beats on revs; guides Q3 EPS in-line; guides FY09 EPS above consensus (TUP) 30.75 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.61; revenues fell 10.1% year/year to $524.7 mln vs the $485.6 mln consensus. exchange. Co notes April guidance range for EPS was $0.57-0.62. The increase in adjusted EPS vs last year came primarily from an improved sales mix, lower promotional spend, the benefit of expense saving action plans and lower costs of procured items. Co issues in-line guidance for Q3, sees EPS of $0.33-0.38, excluding non-recurring items, vs. $0.38 consensus. Q3 sales outlook is for an increase of 4-6% in local currency. Co issues upside guidance for FY09, sees EPS of $2.59-2.64, excluding non-recurring items, vs. $2.31 consensus. FY09 sales are expected to increase in local currency vs 2008 by 3-5%.
12:50AM Range Resources beats by $0.03, misses on revs (RRC) 44.78 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.18; revenues fell 44.6% year/year to $192.5 mln vs the $250.3 mln consensus. For the quarter, production averaged 434 Mmcfe per day, comprised of 351 Mmcf per day of gas and 13,816 barrels per day of oil and natural gas liquids. Wellhead prices, including cash-settled derivatives, averaged $6.18 per mcfe, a 32% decrease over the prior-year period. The average gas price was $5.85 per mcf, a 31% decrease, and the average oil price decreased 16% to $60.88 a barrel. Marcellus Shale production is on plan and now exceeds 50 Mmcfe per day net and is expected to approach the higher end of the previously announced target of 80 - 100 Mmcfe per day net by year end. From inception, Range has drilled and completed 46 horizontal Marcellus Shale wells, of which 41 are on production. Range currently estimates that of these, 24 wells (those with at least 120 days of production history) have an average gross ultimate recovery of 4.4 Bcfe.
12:34AM Teck Resources beats by $0.06 (TCK) 22.58 : Reports Q2 (Jun) earnings of $0.44 per share, excludes items, $0.06 better than the $0.38 First Call consensus; revenues decreased 5.4% year/year to $1.71 bln (no consensus estimates).
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