6:56PM O'Reilly Auto beats by $0.08, beats on revs; guides Q3 EPS above consensus; guides FY09 EPS above consensus (ORLY) 40.55 -0.30 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.55; revenues rose 77.6% year/year to $1.25 bln vs the $1.23 bln consensus. Co issuesupside guidance for Q3, sees EPS of $0.53-0.57 vs. $0.52 consensus. Co issues upside guidance for FY09, sees EPS of $2.09-2.13, excluding non-recurring items, vs. $1.97 consensus.
6:46PM Teradyne beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus (TER) 7.82 -0.36 : Reports Q2 (Jun) loss of $0.21 per share, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.24); revenues fell 46.6% year/year to $169.6 mln vs the $127.2 mln consensus. Co issues upside guidance for Q3, sees EPS of ($0.02)-0.02, excluding non-recurring items, vs. ($0.18) consensus; sees Q3 revs of $190-205 vs. $157.22 mln consensus.
6:34PM BioMed Realty beats by $0.05, misses on revs; guides FY09 FFO above consensus (BMR) 11.11 -0.13 : Reports Q2 (Jun) funds from operations of $0.45 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.40; revenues rose 21.6% year/year to $86.1 mln vs the $89.8 mln consensus. Co issues upside guidancefor FY09, sees FFO of $1.64-1.68 vs. $1.61 consensus.
5:37PM AvalonBay beats by $0.02; guides Q3 FFO in-line; guides FY09 FFO below consensus (AVB) 58.81 -0.74 : Reports Q2 (Jun) funds from operations of $1.18 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.16. Co issuesin-line guidance for Q3, sees FFO of $1.07-1.11 vs. $1.10 consensus. Co issues downside guidance for FY09, sees FFO of $4.15-4.30 vs. $4.55 consensus. In May 2009, the Company repaid $19,470,000 in variable rate debt secured by Avalon at Flanders Hill, located in Westborough, MA. Also in May 2009, the Company repaid $105,600,000 in unsecured debt, representing the first tranche of its $330,000,000 unsecured variable rate term loan, pursuant to its scheduled maturity.
5:26PM Goldcorp misses by $0.01, beats on revs (GG) 35.43 -0.71 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.15; revenues fell 0.5% year/year to $628.6 mln vs the $574.9 mln consensus.
5:23PM General Maritime misses by $0.04, misses on revs (GMR) 8.94 -0.28 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.18; revenues rose 2.2% year/year to $70.8 mln vs the $74.2 mln consensus.
5:17PM Assurant beats by $0.42, beats on revs (AIZ) 25.00 -0.88 : Reports Q2 (Jun) earnings of $1.63 per share, $0.42 better than the First Call consensus of $1.21; revenues rose 1.1% year/year to $2.27 bln vs the $2.16 bln consensus. Net earned premiums in the second quarter 2009 were $1.9 bln, a decrease of 6 percent, from $2.0 bln in the same 2008 period, declining across all Assurant businesses.
5:04PM Oceaneering Intl beats by $0.06, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (OII) 46.91 -0.38 : Reports Q2 (Jun) earnings of $0.87 per share,$0.06 better than the First Call consensus of $0.81; revenues fell 9.8% year/year to $451 mln vs the $459.9 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.82-0.90 vs. $0.86 consensus. Co issues in-line guidance for FY09, sees EPS of $3.25-3.45 vs. $3.31 consensus. "Looking longer term, our belief remains unchanged that the oil and gas industry will continue to invest in deepwater to counteract high existing reservoir depletion rates. Deepwater is one of the best frontiers for adding large hydrocarbon reserves with high production flow rates at relatively low per barrel finding and development costs. Therefore, we anticipate demand for our deepwater services"
5:00PM Dresser-Rand beats by $0.18, beats on revs (DRC) 27.99 -0.57 : Reports Q2 (Jun) earnings of $0.74 per share, $0.18 better than the First Call consensus of $0.56; revenues rose 12.0% year/year to $606.1 mln vs the $576 mln consensus. The backlog at June 30, 2009, of $1,535.6 million was 10.1% lower than the $1,707.8 million backlog at June 30, 2008. Bookings for the second quarter 2009 of $404.7 million compare with bookings for the second quarter 2008 of $503.6 million. The market for new unit orders remains slow as end users continue to delay the placement of orders. The Company believes the delays are temporary as inquiries remain steady. While new unit bookings for the first half of the year on a run rate basis were below the low end of the Company's previously reported guidance, it still expects new unit bookings for the full year to be in the range of $700 million to $1.1 billion. The Company continues to believe that its 2009 operating income will be in the range of $320 to $360 million. In line with historical levels, its third quarter 2009 operating income is expected to be in the range of 24% to 26% of the total year.
4:39PM Agnico-Eagle Mines beats by $0.04 (AEM) 52.34 -1.48 : Reports Q2 (Jun) earnings of $0.16 per share, $0.04 better than the First Call consensus of $0.12. In the qtr the co had record gold production of 119,053 ounces. Full year production guidance remains unchanged at 550,000 ounces to 575,000 ounces of gold.
4:38PM Circor beats by $0.07, misses on revs; guides Q3 EPS below consensus, revs below consensus (CIR) 23.99 -1.02 : Reports Q2 (Jun) earnings of $0.45 per share, $0.07 better than the First Call consensus of $0.38; revenues fell 20.4% year/year to $164.5 mln vs the $167.1 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.26-$0.33 vs. $0.42 consensus; sees Q3 revs of $138-$144 mln vs. $164.62 mln consensus. Co states, "We believe that many of our end markets will continue to be affected by the global recession throughout the remainder of 2009... During the downturn, we are working hard to cut costs, reduce inventories, generate cash and maintain a high quality of earnings."
4:34PM California Water beats by $0.04, beats on revs (CWT) 37.50 -0.48 : Reports Q2 (Jun) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.5% year/year to $116.7 mln vs the $114.5 mln consensus.
4:33PM Flowserve beats by $0.13, misses on revs; raises FY09 EPS in-line (FLS) 72.19 -0.90 : Reports Q2 (Jun) earnings of $1.92 per share, includes $0.25 in realignment charges,$0.13 better than the First Call consensus of $1.79; revenues fell 6.0% year/year to $1.1 mln vs the $1.17 bln consensus. Co raises EPS guidance for FY09, sees EPS of $7.15-7.75, including up to $0.50 per share in realignment charges, vs. $7.25 consensus, up from $6.75-7.50.
4:30PM Hartford Financial beats on bottom line; lowers FY09 guidance, but remains above consensus (HIG) 14.96 +0.20 : Reports Q2 (Jun) earnings of $1.90 per share, $0.74 better than the First Call consensus of $1.16. Co sees FY09 EPS of $0.00-0.20 vs. ($0.21) consensus, down from prior guidance for 2009 core earnings per diluted share was between $0.05 and $0.45. Guidance assumes U.S. equity markets produce an annualized return of 9.0% (including 7.2% stock appreciation and 1.8% dividends) from the S&P 500 level of 980 on July 28, 2009... Unrealized loss position declined as a result of credit spread tightening, which contributed to a 33% increase in book value per share to $32.20 since the end of the first quarter of 2009. Book value per share represents a YoY decline of 42%. Net realized capital loss for the second quarter of 2009 was $649 mln, after tax, primarily due to impairments of $207 mln and an approximately $300 mln charge related to the company's obligations to Allianz arising from the June 2009 closing of the company's investment agreement with the U.S. Treasury. Second quarter 2008 results included a net realized capital loss of $156 mln, after tax. Second quarter 2009 results benefited from a DAC unlock gain of $360 mln, after tax, or $1.11 per diluted share, from the impact of rising global equity markets in the second quarter on the company's quarterly revision of its estimates of future gross profits in its life operations. "Profitability remains strong in our ongoing property and casualty operations, which is particularly noteworthy at this stage in the pricing cycle... We continue to win our share of new business in this competitive environment. The relationships we have fostered over the years with our agents and customers, as well as our continued investments in product, service and technology have allowed us to take advantage of the increased insurance shopping in the industry."
4:28PM Tesoro beats by $0.07, misses on revs (TSO) 13.07 -0.02 : Reports Q2 (Jun) loss of $0.33 per share, $0.07 better than the First Call consensus of ($0.40); revenues fell 53.0% year/year to $4.18 bln vs the $5.37 bln consensus. Co says "The outlook for the third quarter is that we expect to continue to see difficult market conditions. In July, record product inventories and narrow heavy-light crude oil differentials continued to hamper margins. We are prepared for this environment to persist. Already, we are seeing temporary closures and units running at less than full rates at a number of refineries. We remain committed to our 2009 goals of lowering our cash break-even costs, gaining sustainable improvements in our capture of available margins and funding our capital program through operating cash flow. We believe that our markets and assets continue to hold competitive advantages, and our management team is prepared for both the political and consumer-related challenges that may lie ahead..."
4:26PM Crown Castle beats by $0.04, beats on revs; guides Q3 EPS above consensus; guides FY09 EPS above consensus (CCI) 27.06 -0.41 : Reports Q2 (Jun) loss of $0.41 per share, $0.04 better than the First Call consensus of ($0.45); revenues rose 8.0% year/year to $409.8 mln vs the $404.8 mln consensus. Co issues upside guidance for Q3, sees EPS of ($0.11)-0.04 vs. ($0.06) consensus. Co issues upside guidance for FY09, sees EPS of ($0.60)-(0.28) vs. ($0.62) consensus. "Based on the strong results in the first half of the year, including the new tenant application volume, and our expectations for the second half of 2009, we have raised our full year 2009 Outlook, which now suggests annual site rental revenue and Adjusted EBITDA growth of 9% and 14%, respectively."
4:26PM Covance beats by $0.03, beats on revs; raises FY09 EPS range (CVD) 50.15 -0.07 : Reports Q2 (Jun) earnings of $0.66 per share, $0.03 better than the First Call consensus of $0.63; revenues rose 5.9% year/year to $489.2 mln vs the $447.5 mln consensus. Co raises range for FY09 EPS to $2.60-$2.80 (vs. $2.62 consensus), up from previous range of $2.50-$2.70.
4:26PM Amkor beats by $0.06, beats on revs; guides Q3 EPS above consensus (AMKR) 5.60 -0.18 : Reports Q2 (Jun) earnings of $0.05 per share, $0.06 better than the First Call consensus of ($0.01); revenues fell 26.6% year/year to $507 mln vs the $471.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.17-0.22 vs. $0.06 consensus. Co sees Q3 net sales up 17% to 21% from the second quarter of 2009 (vs up 9.2% consensus) and a gross margin between 23-25%. "Our strategy of managing and aligning costs with customer demand is working. We achieved gross margin of 20% for the quarter, up sequentially from 12% in the first quarter of 2009, despite a $7 million charge to exit our manufacturing operations in Singapore. At the same time, we continued our disciplined approach in making capital spending decisions, which allowed us to generate free cash flow and strengthen our cash position. We are seeing improvement in customer demand for the second half of 2009."
4:25PM AFLAC beats by $0.06, misses on revs; guides Q3 EPS above consensus; guides FY09 EPS in-line; announces dividend, acquisition (AFL) 35.45 -1.15 : Reports Q2 (Jun) earnings of $1.20 per share, $0.06 better than the First Call consensus of $1.14; stronger yen/dollar exchange rate increased operating EPS by $0.05 during the quarter; revenues fell 0.5% year/year to $4.31 bln vs the $4.68 bln consensus. Net earnings in Q2 included after-tax realized investment losses of $249 million, or $.53 per diluted share. Of the realized investment losses in Q2, $104 million resulted from the impairment of Aflac's holdings in CIT, which were sold at the impaired book value subsequent to the conclusion of Q2; realized $93 million of impairment losses on perpetual, or so-called "hybrid," securities of two issuers. No impairment charges will be recorded on a statutory accounting basis for these perpetual securities. Total investments and cash at the end of June were $65.6 billion, compared with $61.7 billion at March 31, 2009. The increase in total investments and cash reflected improvement in the fair values of investments. Gross unrealized losses on investment securities classified as available for sale were $4.9 billion at June 30, 2009, compared with $5.9 billion at March 31, 2009. ratio. 'Although our statutory financial statements for the first half of the year are not yet final, we estimate that ourrisk-based capital ratio was 459% at June 30, 2009, compared with 479% at the end of March'. Aflac also announced its planned acquisition of Continental American Insurance Company (CAIC) for $100 million to increase U.S. presence. The purchase will be funded with internal capital, and the transaction is expected to close in the fourth quarter of 2009. Co issues upside guidance for Q3, sees EPS of $1.19-1.22 vs. $1.16 consensus. Co issues in-line guidance for FY09, sees EPS of $4.59-4.73 vs. $4.67 consensus. board of directors declared the third quarter cash dividend. Announced third quarter dividend of $.28 per share.
4:20PM American Capital Agency beats by $0.34, beats on revs (AGNC) 23.94 -0.06 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.34 better than the First Call consensus of $1.14. Co reports $20.76 book value per common share as of June 30, 2009, an increase of 8%, or $1.50 per share, from March 31, 2009; 3.55% average net interest rate spread for the quarte. Co says, "Our results for the quarter benefited from several factors, including slower than expected prepayment speeds, a larger investment portfolio, lower funding costs and improved valuations on higher coupon agency securities."
4:20PM Trinity Industries beats by $0.16, beats on revs; issues mixed guidance (TRN)15.00 -0.58 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items,$0.16 better than the First Call consensus of $0.27; revenues fell 24.3% year/year to $716.1 mln vs the $676.3 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.22-0.30 vs. $0.21 consensus. Co issues sees breakeven Q4 EPS vs. $0.14 consensus... At the end of the second quarter, the Company performed testing of its goodwill on the balance sheet. In the current depressed state of the railcar market, it was determined that a pre-tax impairment of $325.0 million was required for goodwill related to the Rail Group. The goodwill on the balance sheet was the result of acquisitions made by the Company in 1998 and 2001. The amount of goodwill remaining on the balance sheet as of June 30, 2009 was $180.8 million, of which $122.5 million relates to the Rail Group. The charge does not result in a reduction of the Company's available lines of credit.
4:18PM Portfolio Recovery Assoc. beats by $0.03, beats on revs (PRAA) 42.76 +0.00 : Reports Q2 (Jun) earnings of $0.76 per share, $0.03 better than the First Call consensus of $0.73; revenues rose 11.8% year/year to $71.1 mln vs the $69.4 mln consensus. "Portfolio Recovery Associates posted a solid second-quarter 2009 performance, despite the impact of a still-weak economy. Improved collector productivity together with strong overall growth from our fee-for-service businesses, which saw revenue rise 62% to $17.1 million from a year ago, were key drivers of the Company's."
4:16PM Visa beats by $0.03, reports revs in-line; affirms its financial outlook through FY10 (V) 66.78 +0.48 : Reports Q3 (Jun) earnings of $0.67 per share, excluding non-recurring items and sale of VisaNet do Brasil, $0.03 better than the First Call consensus of $0.64, co reports $0.98 adjusted EPS including the sale of VisaNet do Brasil; revenues rose 2.0% year/year to $1.65 bln vs the $1.64 bln consensus. Co affirms its financial outlook through FY10; sees annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions; sees annual adjusted diluted class A common stock earnings per share growth of greater than 20%. Annual adjusted operating margin in the low 50% range. Though slightly negative in the U.S., payments volume continued to grow on a constant dollar basis in all other regions globally. Total processed transactions, which represent transactions processed by VisaNet through June 30, 2009, totaled 10.3 bln, an 8% increase over the prior year.
4:15PM Cerner reports EPS in-line, misses on revs; guides Q3 EPS in-line, revs below consensus; guides FY09 EPS in-line, revs in-line (CERN) 65.13 +0.95 : Reports Q2 (Jun) earnings of $0.55 per share, in-line with the First Call consensus of $0.55; revenues rose 0.2% year/year to $403.8 mln vs the $421.5 mln consensus. Co issues mixed guidancefor Q3, sees EPS of $0.57-0.63 vs. $0.63 consensus; sees Q3 revs of $410-430 mln vs. $446.53 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50 vs. $2.43 consensus; sees FY09 revs of $1.7-1.75 bln vs. $1.73 bln consensus. "We continue to believe the Health Information Technology for Economic and Clinical Health (HITECH) provisions in the American Recovery and Reinvestment Act of 2009 (ARRA) represent a substantial opportunity for Cerner in coming years. And the investment from the ARRA could create the level of systemic change in the U.S. healthcare system that will improve safety and quality while also saving our nation hundreds of billions of dollars annually."
4:14PM Digital River beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line (DRIV) 39.99 -0.52 : Reports Q2 (Jun) earnings of $0.42 per share,$0.01 better than the First Call consensus of $0.41; revenues fell 1.8% year/year to $96.6 mln vs the $96.5 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.38-$0.41 vs. $0.45 consensus; sees Q3 revs of $96.5-$98.5 mln vs. $97.76 mln consensus. "Even though our year-over-year results continue to be tempered by the slow economy, we remain encouraged by the growth in our sales pipeline, our new product roadmap, and our recent wins in the business-to-business software market. We are maintaining an outlook of cautious optimism for 2009."
4:10PM Express Scripts beats by $0.02, reports revs in-line; guides FY09 EPS above consensus (ESRX) 71.76 +0.65 : Reports Q2 (Jun) earnings of $0.88 per share, $0.02 better than the First Call consensus of $0.86; revenues fell 0.5% year/year to $5.5 bln vs the $5.46 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.72-3.82, excluding any impact related to NextRX transaction, vs. $3.58 consensus. Co is increasing guidance due to strong underlying fundamentals in the core business. "We have made significant progress during the quarter toward closing the NextRx transaction by clearing regulatory hurdles and securing favorable financing. We look forward to completing the acquisition in the fourth quarter and commencing our alliance with WellPoint, where together we plan to tackle the nation's priority to improve health outcomes and reduce waste,"
4:04PM Akamai Tech misses by $0.01, misses on revs (AKAM) 20.40 -0.05 : Reports Q2 (Jun) earnings of $0.40 per share, $0.01 worse than the First Call consensus of $0.41; revenues fell 2.7% year/year to $204.6 mln vs the $211 mln consensus. Co said, "Our operating performance reflects solid execution in the face of difficult market conditions for many of our clients... In today's challenging environment, our scale and strong balance sheet give us the flexibility to support changing customer requirements, particularly in the media and entertainment vertical where traffic growth has been accelerating. Further, we continued to experience good traction with our newer, value-added solutions, such as application performance services and dynamic site acceleration."
4:03PM ManTech beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs in-line (MANT) 45.08 +0.04 : Reports Q2 (Jun) earnings of $0.80 per share, $0.08 better than the First Call consensus of $0.72; revenues rose 10.6% year/year to $514.1 mln vs the $500.3 mln consensus. Co issuesupside EPS guidance for Q3, sees EPS of $0.77-0.80 vs. $0.76 consensus; sees Q3 revs of $525-555 mln vs. $534.48 mln consensus. Co raises EPS guidance for FY09, sees EPS of $3.03-3.10 vs. $2.96 consensus, up from $2.91-3.01; sees FY09 revs of $2.03-2.10 bln vs. $2.03 bln consensus.
1:32PM Borg Warner misses by $0.12, misses on revs (BWA) 34.68 -0.89 : Reports Q2 (Jun) loss of $0.05 per share, $0.12 worse than the First Call consensus of $0.07; revenues fell 39.6% year/year to $916.2 mln vs the $970.4 mln consensus. Net debt decreased $71.8 mln since the end of 2008 and net debt to capital ratio was 22.5%. Commenting on the remainder of the year, co said "With the uncertainty surrounding the fate if General Motors and Chrysler behind us, we now have more clarity on the state of the industry. However, the breadth and duration of the global recession is still an open question that concerns us and, as a result, we approach the near-term with caution. That said, we now believe that production levels for the second half of 2009 will be incrementally stronger than the first half. As a result, we expect to be profitable in the second half, which is consistent with our previously stated targets of positive cash flow and earnings for full year 2009." (stock is halted)
8:34AM Syntel beats by $0.10, beats on revs; guides FY09 EPS above consensus, revs above consensus (SYNT) 37.00 : Reports Q2 (Jun) earnings of $0.61 per share, $0.10 better than the First Call consensus of $0.51; revenues fell 3.2% year/year to $100.1 mln vs the $96.9 mln consensus. Gross margin improved to 48.2% in the second quarter, compared to 41.1% in the prior-year period and 46.5% in the 1Q09. Co issues upside guidance for FY09, sees EPS of $2.40-2.50 vs. $2.20 consensus; sees FY09 revs of $395.0-415.0 mln vs. $394.05 mln consensus.
8:31AM ConocoPhillips beats by $0.02, misses on revs (COP) 44.90 : Reports Q2 (Jun) earnings of $0.87 per share, $0.02 better than the First Call consensus of $0.85; revenues fell 50.4% year/year to $35.4 bln vs the $39.08 bln consensus. Second-quarter 2009 earnings were lower than second-quarter 2008 earnings primarily due to lower estimated realized prices, partially offset by lower estimated taxes and higher estimated volumes. In addition, second-quarter 2009 included a $192 million positive alignment of first-quarter estimated net income to LUKOIL's reported results, compared with a $120 million negative alignment in the same period of last year.
8:18AM Tidewater misses by $0.01, misses on revs (TDW) 47.73 : Reports Q1 (Jun) earnings of $1.79 per share, excluding a $0.93 charge from the co's Venezuala Operations,$0.01 worse than the First Call consensus of $1.80; revenues fell 4.0% year/year to $326.6 mln vs the $334 mln consensus.
8:07AM Affiliated Managers beats by $0.04, beats on revs (AMG) 62.71 : Reports Q2 (Jun) earnings of $1.00 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.96; revenues fell 34.9% year/year to $201.2 mln vs the $194.5 mln consensus.
8:04AM Hecla Mining beats by $0.02, beats on revs (HL) 2.99 : Reports Q2 (Jun) net of breakeven, $0.02 better than the First Call consensus of ($0.02); revenues rose 10.5% year/year to $74.6 mln vs the $52.6 mln consensus. Cash costs of $3.38 per ounce of silver after by-product credits compared with cash costs of $3.43 per ounce in the second quarter of 2008 and cash costs of $4.67 per ounce in the first quarter of 2009. The average market price for silver in the second quarter was $13.73 per ounce or 20% lower compared to the same period a year ago, while the average price for gold increased 3% to $922 per ounce. Average prices for zinc in the second quarter of 2009 improved 26% compared with the first quarter of 2009 and for lead, prices increased 31% in the second quarter of 2009 compared with the first quarter of 2009. The company is on-track to meet its full year production guidance of 10-11 million ounces of silver. Cash costs of $3.38 per ounce of silver in the second quarter and cash costs of $4.01 per ounce of silver in the first six months of 2009 are below full year guidance of $6.00 per ounce. Second half cash costs are expected to be slightly higher than for the second quarter since Hecla will not have as much benefit from hydroelectric power at the Greens Creek mine. Hecla is revising anticipated full year cash costs per ounce downward to $4.50 per ounce of silver.
8:04AM The Medicines Co beats by $0.02, misses on revs (MDCO) 8.39 : Reports Q2 (Jun) GAAP earnings of $0.07 per share, $0.02 better than the First Call consensus of $0.05; revenues rose 20.1% year/year to $104.2 mln vs the $106.6 mln consensus. Angiomax U.S. sales increased by 17% to $98.8 mln in the second quarter of 2009 compared to $84.5 mln in the second quarter of 2008. Angiomax/Angiox international net revenue in the second quarter of 2009 increased by 96% to $4.5 mln compared to $2.3 mln in the second quarter of 2008. Briefing.com note: Non-GAAP net income was $0.24, excluding the transaction costs associated with the Targanta acquisition, stock-based compensation expense and non-cash income taxes.
7:35AM ViroPharma beats by $0.02, beats on revs (VPHM) 6.90 : Reports Q2 (Jun) earnings of $0.20 per share, $0.02 better than the First Call consensus of $0.18; revenues rose 25.1% year/year to $81.9 mln vs the $75.5 mln consensus. For FY09 co sees Net Cinryze sales of $80-95 mln.
7:33AM Coca-Cola Ent beats by $0.16, misses on revs; guides FY09 EPS above consensus (CCE) 18.41 : Reports Q2 (Jun) earnings of $0.67 per share, $0.16 better thanthe First Call consensus of $0.51; revenues fell 0.4% year/year to $5.91 bln vs the $5.99 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.44-1.49 vs. $1.33 consensus. This range includes an expected negative currency impact of approximately 15 cents per share and excludes nonrecurring items. The company also expects strong free cash flow of approximately $650 million and capital expenditures of approximately $900 million. Free cash flow will continue to be used primarily for debt reduction. The effective tax rate for 2009 is expected to be 26 percent to 27 percent. In North America, the company expects full-year 2009 revenue to increase in a low to mid single-digit range (consensus is for a 1.5% increase in revs). Volume will decline and cost of goods per case is expected to increase in a mid to high single-digit range, driven principally by the mix impact of increased sales of purchased finished goods and increased commodities cost. North American operating income will increase approximately 10 percent.
7:33AM General Dynamics beats by $0.04, reports revs in-line; guides FY09 EPS in-line (GD) 53.74 : Reports Q2 (Jun) earnings of $1.61 per share, $0.04 better than the First Call consensus of $1.57; revenues rose 10.9% year/year to $8.1 bln vs the $8.13 bln consensus. Co issues rasises guidance for FY09, to EPS of $6.05-6.15 vs. $6.15 consensus.
7:33AM Southern Co beats by $0.02, misses on revs (SO) 32.00 : Reports Q2 (Jun) earnings of $0.61 per share, $0.02 better than the First Call consensus of $0.59; revenues fell 7.8% year/year to $3.88 bln vs the $4.28 bln consensus. "The economy continued to have a negative impact on earnings in the second quarter, as evidenced by a decrease in electricity sales. Industrial sales sustained the greatest impact, dropping 17.6 percent in the second quarter, compared with the second quarter last year. Other negative drivers included decreased industrial base revenues."
7:31AM Wright Express beats by $0.17, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs above consensus (WXS) 27.15 : Reports Q2 (Jun) earnings of $0.57 per share, excluding items, $0.17 better than the First Call consensus of $0.40; revenues fell 29.3% year/year to $78.6 mln vs the $74.5 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.54-0.59 vs. $0.44 consensus; sees Q3 revs of $78-83 mln vs. $79.35 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.94-2.04 vs. $1.68 consensus; sees FY09 revs of $300-310 mln vs. $299.40 mln consensus.
7:30AM Stratasys beats by $0.02, beats on revs (SSYS) 12.49 : Reports Q2 (Jun) earnings of $0.05 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.03; revenues fell 21.4% year/year to $24.6 mln vs the $23.5 mln consensus. "We are beginning to observe signs that market conditions have stabilized. Although the challenging economic environment continued and order activity remained depressed in the second quarter, positive indicators have recently emerged within the sales channel. We are cautiously optimistic that we may realize improved market conditions in the coming quarters. Our new personal 3D printer, the uPrint, continues to be well received following its successful launch in January. Although 3D printer sales have been slowed by the economic downturn, our pipeline of opportunities has grown significantly, which should bode well when market conditions improve."
7:25AM Penske Auto beats by $0.07, misses on revs (PAG) 19.21 : Reports Q2 (Jun) earnings of $0.22 per share, $0.07 better than the First Call consensus of $0.15; revenues fell 30.4% year/year to $2.32 bln vs the $2.36 bln consensus. Total retail sales revs decreased 28.1% versus the comparable prior year period, driven principally by continuing broad-based weakness in the new vehicle market in the U.S. and the U.K. Same-store total retail revenues declined 31.3%. Excluding changes relating to exchange rates, total retail revenues on a same-store basis declined 24.9%. Despite the challenging operating environment, same-store service and parts revenues declined only 4.4% excluding changes relating to exchange rates. "The performance of our business in the second quarter improved over the first quarter. While market conditions are difficult, the cost reduction initiatives we implemented helped us remain profitable this year despite our decreased revenues. I am encouraged that our sales levels continued to improve sequentially. In fact, same-store retail revenues in the second quarter increased 8.1% compared to the first quarter of this year, including increases of 11.9% and 5.9%, respectively, in new and used retail sales revenues."
7:19AM Timken misses by $0.09, misses on revs; guides FY09 EPS below consensus (TKR) 20.26 : Reports Q2 (Jun) loss of $0.21 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of ($0.12); revenues fell 46.0% year/year to $828.9 mln vs the $878.5 mln consensus. Co issues downside guidance for FY09, sees EPS of ($0.40)-($0.90), excluding non-recurring items, vs. $0.04 consensus. The decline in sales was due to weaker demand across most of the co's end markets, lower steel surcharges and currency, which were partially offset by improved pricing. The co expects the impact of the global recession to be greater than previously anticipated, due not only to the depth and breadth of decline across end-markets, but also the compounding factor of inventory destocking throughout the supply chain. Mobile Industries sales are expected to be down approximately 35 to 40% for the year, driven by lower North American light-vehicle production, and significant declines in heavy-truck builds in North America and Europe. Process Industries sales are expected to be down by about 30 to 35% in 2009, with broad-based volume declines in most end markets, especially heavy industrial equipment. Sales in the Aerospace and Defense segment are expected to be up roughly 5% for 2009, driven by a strong defense sector, while recent softening in the civil sector is expected to have a minimal effect, given current order backlogs. Steel Group sales are expected to decline approximately 60 to 65% for the year due to lower demand and surcharges across all sectors.
7:14AM Watson Pharm beats by $0.04, beats on revs; guides FY09 EPS above consensus (WPI) 34.65 : Reports Q2 (Jun) earnings of $0.61 per share, $0.04 better thanthe First Call consensus of $0.57; revenues rose 8.8% year/year to $677.8 mln vs the $663.7 mln consensus. Co issues raises guidance for FY09, sees EPS of $2.50-2.58 vs. $2.45 consensus.
7:13AM Lazard beats by $0.20, beats on revs; increses quarterly dividend by 25% to $0.125 per share (LAZ) 30.56 : Reports Q2 (Jun) earnings of $0.34 per share, ex-items, $0.20 better than the First Call consensus of $0.14; operating revs fell 19.3% year/year to $398.8 mln vs the $315.1 mln consensus. Co also increses quarterly dividend by 25% to $0.125 per share. Co had financial restructuring revs of $93.2 mln, a record, up from $32.7 mln YOY. "Of course, we are pleased with these results and to have raised the dividend. We have performed well in these turbulent markets. Although the markets may continue to be erratic and the general economy may lag, we feel 'it is the end of the beginning' of the stabilization of the financial sector. We believe there is a need by major corporate leaders to go beyond surviving the downturn and start thinking about future growth. In thinking about the future, we are planning for a gradual increase in traditional M&A activity, reaching the prior period highs in about four years. In addition, new markets such as China, India, Brazil, Australia and Russia are becoming more active. We also are broadening our client base through new hires and initiatives such as Lazard Middle Market and Wealth Management. We also expect the pace of our other advisory activities, including advice to governments and sovereign funds, as well as capital markets advice to major corporates, will continue to increase. We believe high levels of defaults will continue over the next four years and, therefore, our restructuring business will continue to be very active."
7:12AM Universal Stainless & Alloy beats by $0.09, misses on revs (USAP) 18.00 : Reports Q2 (Jun) loss of $0.06 per share, $0.09 better than the First Call consensus of ($0.15); revenues fell 51.5% year/year to $30.8 mln vs the $37.1 mln consensus. Co said, "In a sign that business is starting to return, total order entry has improved each month since April. However, bookings are well below normal levels and our backlog has dropped to $38 million at June 30 as our end markets remain challenged and inventory restocking has not resumed in the supply channel. Our lean operations, low fixed costs and continued aggressive working capital management should allow us to generate positive cash flow and maintain our strong financial position in the third quarter in spite of the current low volume environment."
7:11AM Nu Skin beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs above consensus (NUS) 16.91 : Reports Q2 (Jun) earnings of $0.36 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.30; revenues rose 0.3% year/year to $322.6 mln vs the $309.1 mln consensus. Co issues guidance for Q3, sees EPS of $0.32-0.34, excluding non-recurring items, vs. $0.29 consensus; sees Q3 revs of $312-317 mln vs. $312.03 mln consensus. Co issues raises guidance for FY09, sees EPS of $1.23-1.28, excluding non-recurring items, vs. $1.18 consensus; sees FY09 revs of $1.26-1.27 bln vs. $1.24 bln consensus.
7:10AM Wyndham Worldwide beats by $0.04, reports revs in-line; guides Q3 EPS below consensus; guides FY09 revs in-line (WYN) 12.67 : Reports Q2 (Jun) earnings of $0.41 per share, ex-items, $0.04 better than the First Call consensus of $0.37; revenues fell 18.7% year/year to $920 mln vs the $917.4 mln consensus. Co issues downside guidancefor Q3, sees adjusted EPS of $0.53-$0.57 vs. $0.58 consensus. Co issues in-line guidancefor FY09, sees FY09 revs of $3.50-3.90 bln vs. $3.6 bln consensus.
7:10AM Enterprise Acquisition and ARMOUR Residential REIT announce $250 mln merger (EST) 9.85 : Enterprise Acquisition and ARMOUR Residential REIT announce that they have signed an agreement and plan of merger pursuant to which Enterprise will merge with a wholly-owned subsidiary of ARMOUR. The transaction is expected to be completed early in the fourth quarter of 2009, pending approval by Enterprise's stockholders and warrant holders and subject to certain closing conditions. As a result of the merger, the holders of common stock and warrants of Enterprise will become holders of securities of ARMOUR and will receive like securities of ARMOUR, on a one-to-one basis, in exchange for their existing Enterprise securities. The holders of Enterprise's common stock and warrants will own the same proportion of ARMOUR's securities as their current holdings in Enterprise, except as increased by the cancellation of founder's shares and the conversion of public shares by any holder thereof exercising its conversion rights. ARRM will not be receiving any consideration, including any shares in ARMOUR, as a result of the transaction other than the management fees ARRM will be paid pursuant to the management agreement. As a condition of the transaction, Enterprise's warrant holders will be asked to amend the strike price of their warrants to increase the exercise price of Enterprise's warrants from $7.50 per share to $11.00 per share and extend the expiration date of the warrants by one year to November 7, 2012.
7:10AM Jones Apparel beats by $0.22, beats on revs (JNY) 11.90 : Reports Q2 (Jun) earnings of $0.29 per share, excluding items, $0.22 better than the First Call consensus of $0.07; revenues fell 3.0% year/year to $804 mln vs the $776.9 mln consensus. These results exclude charges related to the consent solicitation of noteholders, the cash tender offer for outstanding 4.250% Senior Notes due November 2009 and the termination of the revolving credit facility, and certain other charges.
7:07AM SAVVIS Comm beats by $0.08, beats on revs (SVVS) 12.98 : Reports Q2 (Jun) loss of $0.12 per share, $0.08 better than the First Call consensus of ($0.20); revenues rose 3.3% year/year to $219.9 mln vs the $212.9 mln consensus. "Although we are seeing an improving overall environment, we still expect our third quarter revenue to be down sequentially. However, given our sales funnel and the quality of engagements to date, we are targeting a return to top- and bottom-line growth during the fourth quarter." Reflecting its first half results, Savvis now expects the following for full year 2009: Adjusted EBITDA of $195 to $210 million, an increase over previous guidance of $190 to $200 million, Total cash capital expenditures of $110 to $140 million, including $10 million to be expended in 2009 for the expansion of the financial data center complex in metro New York and cash interest expense (net) of approximately $40 to $45 million -- Adjusted free cash flow of $25 to $45 million, an increase over previous guidance of $20 to $35 million.
7:03AM American Tower misses by $0.03, beats on revs (AMT) 33.53 : Reports Q2 (Jun) earnings of $0.14 per share, $0.03 worse than the First Call consensus of $0.17; revenues rose 7.5% year/year to $423.4 mln vs the $414.5 mln consensus. Co sees core rental and mgmt segment growth of 10% YoY. Net income was negatively impacted by certain discrete items in the Company's tax provision, which resulted in an effective tax rate of approximately 50% for the three months ended June 30, 2009. Based on its outlook for 2009, the Company estimates that its effective tax rate for the full year will be approximately 42% to 44%.
6:48AM Scotts Miracle-Gro beats by $0.07, reports revs in-line; reaffirms FY09 EPS guidance (SMG) 40.83 : Reports Q3 (Jun) earnings of $2.32 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $2.25; revenues rose 9.3% year/year to $1.28 bln vs the $1.28 bln consensus. Co reaffirms guidance for FY09, sees EPS of $2.35-2.45 vs. $2.46 consensus. "Our investment in marketing, sales and innovation -- along with outstanding support from our retail partners -- has driven impressive growth throughout the season. Through the third quarter, each of our categories of lawn and garden in the U.S. reported strong growth. More impressively, on a year-to-date basis, consumer purchases are higher in every state and we have seen double-digit improvements in consumer purchases in 45 states. Our strong year-to-date performance, coupled with ongoing margin improvement and a commitment to drive our fall business, gives us continued confidence in our earnings guidance of $2.35-2.45 per share on an adjusted basis. While we expected revenue to decline slightly this year due to the economy, this team has done an outstanding job managing the bottom line. We now feel confident that Scotts LawnService will report record profits this year and dramatically improved operating margin. We continue to believe this unit will be a key driver of long-term growth."
6:35AM Arctic Cat beats by $0.13, beats on revs; reaffirms FY10 revs guidance (ACAT)5.10 : Reports Q1 (Jun) loss of $0.33 per share, $0.13 better than the First Call consensus of ($0.46); revenues fell 26.1% year/year to $69.4 mln vs the $67 mln consensus. Coreaffirms guidance for FY10, sees FY10 revs of $425-460 mln vs. $443.71 mln consensus. Co assumes it will increase FY10 gross margins by 300 bps. Arctic Cat has not provided fiscal 2010 earnings per share guidance, although the company expects improved per share results compared with fiscal 2009 (co earned -$0.43 in FY09 vs the -$0.45 current consensus). We continue to expect that this will be a challenging year for the recreational products industry in this recessionary economic environment... Economic conditions remained difficult during the quarter and continued to affect the recreational products market overall. Given the current recessionary environment, we are pleased with the company's improved results on lower sales. We made significant progress on our goals to reduce our cost structure and strengthen the balance sheet."
6:35AM World Acceptance beats by $0.12, beats on revs (WRLD) 24.58 : Reports Q1 (Jun) earnings of $0.81 per share, excluding a $0.05 gain, $0.12 better than the First Call consensus of $0.69; revenues rose 13.6% year/year to $100.2 mln vs the $96 mln consensus. Key return ratios for the first quarter included a 10.8% return on average assets and a 19.2% return on average equity.
6:35AM Medco Health Solutions beats by $0.04, beats on revs; raises FY09 EPS range above consensus (MHS) 51.39 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65; revenues rose 16.9% year/year to $14.93 bln vs the $14.55 bln consensus. Co raises its EPS range for FY09, now sees EPS of $2.76-$2.81 (vs. $2.74 consensus), up from the previous range of $2.67-$2.77. Total prescription volume, adjusting for the difference in days supply between mail-order and retail, was 224.9 mln, representing a 13.5% increase over the second quarter of 2008. Mail-order prescription volume was 25.9 mln, a 1.5% decrease from second-quarter 2008. As experienced in the first quarter, significant new business wins drove strong growth in retail volumes, reaching 147.6 mln, for a 23.4% increase over second-quarter 2008. The strong growth in retail volumes caused the adjusted mail-order penetration rate to decrease 5.3%age points from second-quarter 2008 to 34.4%.
6:35AM Rubicon Tech beats by $0.03, beats on revs; guides Q3 revs in-line (RBCN)12.00 : Reports Q2 (Jun) loss of $0.15 per share, $0.03 better than the First Call consensus of ($0.18); revenues fell 72.2% year/year to $3.2 mln vs the $2.5 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of approx $4.5 mln vs. $4.44 mln consensus. Co expects net loss in 3Q of $2.5 mln. Raja Parvez, President and CEO noted, "We saw an improvement in the LED market in the second quarter. This improvement has initially been focused in the Taiwan and Korea markets and is driven primarily by the increased rate of adoption of LED backlighting for notebook and netbook computers as well as a rush to bring LED backlit LCD televisions to market by some of the large consumer electronics companies." Mr. Parvez continued, "We believe that the LED market will continue to strengthen throughout the remainder of the year and into 2010. Based on the improving market environment, we are working on bringing manufacturing capacity back on-line." Co notes a weak pricing environment presents a challenge to improving profitability. William Weissman, Chief Financial Officer said, "Since we are still early in the recovery, the pricing environment has been very difficult. However, sapphire capacity is beginning to tighten and we expect to see some improvement in the fourth quarter."
6:33AM SPX Corp beats by $0.08, misses on revs; lowers FY09 EPS guidance (SPW)53.93 : Reports Q2 (Jun) earnings of $0.80 per share, $0.08 better than the First Call consensus of $0.72; revenues fell 20.7% year/year to $1.19 bln vs the $1.24 bln consensus. Co lowers guidance for FY09, sees EPS of $4.00-4.30 vs. $4.14 consensus, prior guidance $4.40-4.80.
6:12AM WellPoint beats by $0.07, reports revs in-line; guides FY09 revs in-line (WLP)54.38 : Reports Q2 (Jun) earnings of $1.50 per share, excluding net investment losses, $0.07better than the First Call consensus of $1.43; revenues fell 1.4% year/year to $15.27 bln vs the $15.41 bln consensus. Medical enrollment totaled 34.2 mln members at June 30, 2009, a decrease of 1.1 mln members, or 3.0%, from 35.3 mln at June 30, 2008. The decline in membership was most significant in the Local Group business, which experienced a 734,000-member reduction from the prior year quarter, primarily due to in-group enrollment losses caused by the rise in unemployment. Enrollment in State Sponsored business declined by 300,000 members, as the co withdrew from certain programs for which actuarially-sound reimbursement could not be obtained. Membership declines were also experienced in the Individual and Senior businesses. These enrollment declines were partially offset by growth of more than 200,000 members in the National business. The benefit expense ratio was 82.9% in 2Q09, a decrease of 40 basis points from 83.3% in the prior year quarter. The decrease was driven by the Consumer reporting segment and included higher-than-anticipated favorable prior year reserve development. The Consumer benefit expense ratio also improved due to plan design and pricing changes in the Medicare Advantage product portfolio, and the co's withdrawal from certain State Sponsored programs. Co issues guidance for FY09, sees EPS of $5.06-5.12, includes net investment loses of $0.54/share and may not be comparable to $5.68 consensus; sees FY09 revs of $60.6 bln vs. $61.28 bln consensus. YE09 medical enrollment is now expected to be approx 33.6 mln members. The benefit expense ratio is now expected to be approx 82.9%. Operating cash flow is now expected to exceed $2.9 bln.
6:08AM Praxair misses by $0.03, misses on revs; guides Q3 EPS below consensus; guides FY09 EPS in-line, revs below consensus (PX) 76.40 : Reports Q2 (Jun) earnings of $0.96 per share, $0.03 worse than the First Call consensus of $0.99; revenues fell 25.7% year/year to $2.14 bln vs the $2.29 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.95-1.00 vs. $1.04 consensus. Co issues mixed guidance for FY09, sees EPS of $3.85-4.05 vs. $4.01 consensus; sees FY09 revs of in the area of $9 bln vs. $9.22 bln consensus. Underlying sales were 12% below the prior year, excluding the negative effects of foreign currency and cost pass-through. Overall volumes declined by 14%, and were partially offset by higher pricing. quarter. Operating margin improved to 20.9% as cost reductions more than offset volume declines.
6:04AM Tyco Electronics beats by $0.03, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (TEL) 20.66 : Reports Q3 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.14; revenues fell 33.7% year/year to $2.51 bln vs the $2.49 bln consensus. sequentially. Adjusted operating margin increased from 3% to 5% due to higher sales, coupled with continued strong productivity gains. Co issues upside guidance for Q4, sees EPS of $0.22-0.29, excluding non-recurring items, vs. $0.15 consensus; sees Q4 revs of $2.53 bln vs. $2.49 bln consensus. Co expects Electronic Components segment to return to profitability in Q4.
6:03AM Time Warner Cable beats by $0.12, reports revs in-line (TWC) 33.89 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.79; revenues rose 4.1% year/year to $4.47 bln vs the $4.44 bln consensus. Customer relationships were 14.7 million as of June 30, 2009. Primary service units, which represent the total of all video, high-speed data and voice subscribers, totaled 26.2 million with net additions of 150,000 during the second quarter of 2009. Revenue generating units, approached 35.0 million - reflecting net additions of 204,000 during the second quarter of 2009. Triple Play subscribers exceeded 3.3 million (almost 23% of total customer relationships), benefiting from 90,000 net additions during the second quarter of 2009. Nearly 56% of customers received bundled services as of June 30, 2009.
1:18AM Arcelor Mittal misses by $0.36, reports revs in-line; expects 3Q09 EBITDA of $1.4-1.8 bln vs $1.95 bln consensus (MT) 36.58 : Reports Q2 (Jun) basic loss of $0.57 per share, $0.36 worse than the First Call consensus of ($0.21); revenues fell 59.9% year/year to $15.18 bln vs the $15.2 bln consensus. Total steel shipments for the three months ended June 30, 2009 were 17.0 mln metric tonnes as compared with steel shipments of 16.0 mln metric tonnes for the three months ended March 31, 2009 and 29.8 mln metric tonnes for the three months ended June 30, 2008. The sharp decrease year-on-year resulted from reduced steel production in response to falling demand amid the global economic crisis. Flat Carbon Americas: Total steel shipments in the Flat Carbon Americas segment were 3.5 mln metric tonnes for the three months ended June 30, 2009, as compared with steel shipments of 3.6 mln metric tonnes for the three months ended March 31, 2009. Sales declined to $2.8 bln for the three months ended June 30, 2009 as compared with sales of $3.2 bln for the three months ended March 31, 2009, due to both lower volumes and prices (an 11.5% decrease in average steel selling price). The segment recorded an operating loss of $0.4 bln for the three months ended June 30, 2009 as compared with an operating loss of $0.7 bln for the three months ended March 31, 2009. The operating loss in the second quarter of 2009 included exceptional charges of $0.2 bln primarily related to write-downs of inventory (the operating loss in the first quarter of 2009 included exceptional charges of $0.5 bln related primarily to write-downs of inventory and related contracts). Excluding the impact of these exceptional charges, operating loss for the three months ended June 30, 2009 was $0.1 bln, compared to an operating loss of $0.2 bln for the three months ended March 31, 2009. Co anticipates 3Q09 EBITDA of $1.4-1.8 bln vs $1.95 bln First Call consensus.
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