8:19AM Calgon Carbon Correction: Co reported Q2 EPS of $0.11 vs the $0.16 consensus (CCC) 13.17 : In our 8:05 comment we incorrectly reported CCC Q2 EPS of $0.18, when in fact the company reported Q2 EPS of $0.11. Our original comment has been deleted... CCC actually reported Q2 (Jun) earnings of $0.11 per share, $0.05 worse than the First Call consensus of $0.16; revenues fell 5.0% year/year to $103.1 mln vs the $102.6 mln consensus. The decline in net sales was attributable to the comparably strong U.S. dollar, which resulted in a $6.0-mln negative impact on sales from currency translation, and lower demand for certain activated carbon and service products due to the global economic slowdown. Markets that were appreciably affected by the decline in demand included: potable water, environmental water treatment, industrial processes, and food. The sales decline was partially offset by favorable pricing in certain markets. In the second quarter of 2009, equipment sales increased 5.4% versus the comparable period in 2008 due to higher revenue from ultraviolet systems. Consumer sales were comparable to the second quarter of 2008.
8:04AM Polo Ralph Lauren beats by $0.26, beats on revs (RL) 63.79 : Reports Q1 (Jun) earnings of $0.76 per share, $0.26 better than the First Call consensus of $0.50; revenues fell 8.1% year/year to $1.02 bln vs the $1.01 bln consensus.
7:41AM Cardtronics beats by $0.12, beats on revs; raises FY09 rev and EPS guidance (CATM) 4.55 : Reports Q2 (Jun) earnings of $0.17 per share, ex-items, $0.12 better than the First Call consensus of $0.05; revenues fell 1.9% year/year to $124.6 mln vs the $118.7 mln consensus. Co raises guidance for FY09, sees EPS of $0.40-0.50, excluding non-recurring items, vs. $0.22 consensus, up from previous guidance of $0.12-0.22; sees FY09 revs of $470-480 mln vs. $469.33 mln consensus, up from previous guidance of $460-470 mln. Excluding the impact of unfavorable foreign currency exchange rate movements, year-over-year revenues increased by 3%. These increases were primarily attributable to higher gross margin rates in 2009. Key drivers of margin improvement were a more favorable revenue mix, lower vault cash rental costs (due to lower market interest rates) and the results of mgmt's efforts to reduce other operating costs.
7:40AM Owens Corning beats by $0.40, misses on revs (OC) 19.24 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.40 better than the First Call consensus of $0.09; revenues fell 22.6% year/year to $1.22 bln vs the $1.34 bln consensus. Gross margin as a percentage of sales was 21% in the second quarter of 2009, compared with 16% in the same period of 2008. The quarter was highlighted by continued strong performance in Roofing sales, which were up 14% compared with the second quarter of 2008. The prolonged downturn in the U.S. housing market led to lower sales of insulation and other building materials. Composites sales were lower because of global economic weakness, which began in the fourth quarter of 2008. The business environment is expected to remain challenging through 2H09. Capacity will remain curtailed; costs and capital spending will be lower compared to 2008. The co is on track to deliver $160 mln in cost savings during 2009. Capital expenditures will be approx $225.0 mln, which is a reduction of about $140.0 mln compared with 2008, in each case excluding precious metal purchases.
7:32AM Almost Family beats by $0.04, beats on revs (AFAM) 31.59 : Reports Q2 (Jun) earnings of $0.71 per share, $0.04 better than the First Call consensus of $0.67; revenues rose 53.8% year/year to $74.9 mln vs the $69.2 mln consensus. Co says "We're pleased to report strong operating results for the second quarter. In the midst of great public debate about health care reform, we're continuing to demonstrate that home health care represents the lowest cost, highest quality way to keep the frail homebound elderly out of high cost institutional care and in their homes where they want to be. Over the course of 2009 we plan to continue our strategic efforts to grow and expand our business. We also plan to work hard to help the Administration, Congress and all those working on comprehensive health care reform understand how important home health care is as a part of the solution to lowering health care costs and ensuring access to care for all America's seniors."
7:32AM Transocean misses by $0.24, misses on revs (RIG) 80.33 : Reports Q2 (Jun) earnings of $2.79 per share, excluding non-recurring items, $0.24 worse than the First Call consensus of $3.03; revenues fell 7.6% year/year to $2.88 bln vs the $2.94 bln consensus.
7:14AM Georgia Gulf reports Q2 results (GGC) 32.20 : Co reports Q2 EPS of ($2.13) vs $18.01 in 2Q08; total net loss of $3.0 mln compares to net income of $27.9 mln during 2Q08. Sales fell 38% YoY to $524.3 mln vs the $550 mln consensus. The decrease in sales is primarily due to lower prices resulting from lower feedstock and energy costs and lower volumes driven by extremely difficult North American housing and construction market conditions. As of June 30, 2009, the Company had $112.0 mln of liquidity, consisting of $104.3 mln of cash on hand as well as $7.7 mln of borrowing capacity available under its revolving credit facility. Additionally, as of June 30, 2009, the Company had $87.8 mln outstanding under its $175 mln accounts receivables securitization facility.
7:11AM Lumber Liquidators beats by $0.02, beats on revs; raises FY09 guidance (LL)17.18 : Reports Q2 (Jun) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23; revenues rose 11.8% year/year to $143.1 mln vs the $139.3 mln consensus. Co raises FY09 EPS guidance to $0.85-$0.91 from prior guidance of $0.76-$0.86 vs. $0.84 consensus; sees FY09 revs of $528 mln-538 mln, up from prior guidance of $515-530 mln vs. $527.92 mln consensus.
7:09AM Marsh McLennan beats by $0.01, misses on revs (MMC) 21.50 : Reports Q2 (Jun) earnings of $0.33 per share, $0.01 better than the First Call consensus of $0.32; revenues fell 13.3% year/year to $2.63 bln vs the $2.76 bln consensus. "Overall, we have made excellent progress strengthening our operating companies while at the same time managing through the worst effects of the economic recession."
7:08AM LoJack beats by $0.13, beats on revs (LOJN) 4.68 : Reports Q2 (Jun) earnings of $0.09 per share, $0.13 better than the First Call consensus of ($0.04); revenues fell 31.1% year/year to $35.4 mln vs the $34.6 mln consensus. During the second quarter of 2009, the company did not repurchase any shares. As of June 30, 2009, the company had an outstanding authority to repurchase 1,681,778 shares.
7:08AM Newstar Financial misses by $0.15 (NEWS) 2.38 : Reports Q2 (Jun) loss of $0.30 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of ($0.15). Allowance for credit losses increased to 3.86% from 2.81% in prior quarter as charge-offs increased slightly to 2.66% and non-performing loans increased to 6.68%. Net interest income increased to $23.61 mln vs $22.16 mln in 2Q08.
7:08AM Orbitz beats by $0.18, reports revs in-line (OWW) 3.73 : Reports Q2 (Jun) earnings of $0.12 per share, $0.18 better than the First Call consensus of ($0.06); revenues fell 18.6% year/year to $188 mln vs the $188.4 mln consensus. Global gross bookings were down 12% (10% on a constant currency basis) for the quarter compared with the year earlier period. This decline was primarily due to lower air fares and lower average hotel rates, partially offset by growth in total transactions. "Despite a challenging economic and travel environment, our domestic air transaction growth rate increased by 22 percentage points versus the first quarter 2009, and our dynamic packaging product continued to post strong volume growth as a result of the value we provide to customers who 'get it together and save. Internationally ebookers delivered strong net revenue growth as we realize the benefits of the new global platform."
7:06AM Procter & Gamble beats by $0.01, misses on revs; guides Q1 EPS in-line; guides FY10 EPS in-line (PG) 55.46 : Reports Q4 (Jun) earnings of $0.80 per share, $0.01 better than the First Call consensus of $0.79; revenues fell 10.6% year/year to $18.66 bln vs the $19.32 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.95-1.00 vs. $1.00 consensus. Co issues in-line guidance for FY10, sees EPS of $3.65-3.80 vs. $3.76 consensus. "In fiscal 2010, we will accelerate investments in innovation, portfolio expansion and consumer value to grow our core business and to serve more consumers in both developed and developing markets," said Chief Executive Officer Bob McDonald. "We will also continue to drive simplification efforts and leverage P&G's scale to increase productivity, improve execution and lower costs. All of these investments are focused on strengthening the capabilities required to improve more lives more completely in more parts of the world and deliver sustainable long-term growth."
7:06AM Agrium beats by $0.54, beats on revs (AGU) 47.08 : Reports Q2 (Jun) earnings of $2.35 per share, $0.54 better than the First Call consensus of $1.81; revenues rose 5.7% year/year to $4.09 bln vs the $3.4 bln consensus. Co said, "The outlook for our businesses and products remains strong and we are starting to see signs of improving demand fundamentals as we approach the fall season. Our Retail crop protection and seed businesses in particular delivered excellent results and we ended the season with normal crop nutrient inventories in our Retail business. We continue to anticipate a recovery in potash demand later in the second half of 2009." Regarding Agrium's proposal to acquire CF co said, "We remain fully committed to acquiring CF, with continued conviction that an Agrium and CF combination would create significant value for all stockholders and other stakeholders. We will continue to press CF to execute a mutually beneficial merger agreement despite the fact that CF has so far ignored a clear mandate from their stockholders' to conclude a transaction with us. Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra."
7:04AM Intl Flavors beats by $0.03, misses on revs (IFF) 36.42 : Reports Q2 (Jun) earnings of $0.65 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.62; revenues fell 10.7% year/year to $568.3 mln vs the $583.6 mln consensus. Fragrance sales declined 7.0% in local currency versus the second quarter.
7:04AM Dean Foods reports EPS in-line, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (DF) 21.34 : Reports Q2 (Jun) earnings of $0.43 per share, in-linewith the First Call consensus of $0.43; revenues fell 13.6% year/year to $2.68 bln vs the $2.81 bln consensus. Co issues in-line guidance for Q3, sees EPS of at least $0.30 vs. $0.34 consensus. Co issues in-line guidance for FY09, sees EPS of at least $1.60 vs. $1.67 consensus. "Commodities continue to be favorable, and our efforts to drive costs out of the business are getting traction and increasingly impacting results. While we see continued competitive activity in our fluid milk operations and are cautious about diminished commodity favorability in the future, our businesses carry significant momentum into the second half of the year."
7:03AM Garmin beats by $0.32, beats on revs (GRMN) 27.18 : Reports Q2 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.32 better than the First Call consensus of $0.51; revenues fell 26.6% year/year to $669 mln vs the $657.1 mln consensus. Gross margin for the overall business in the second quarter was 52.6% with all four segments posting year-over-year margin improvement. Operating margin increased from 13.3% to 29.8% in the current quarter on a sequential basis and from 26.2% in the year-ago quarter. "While the macroeconomic conditions continue to dampen consumer demand, we are encouraged by the 53% sequential improvement in revenues in the second quarter. We are also pleased with the solid margins and earnings in the quarter achieved by the various initiatives that we have taken to improve productivity, reduce expenses and utilize the strength of our balance sheet."
7:01AM WNS beats by $0.04, beats on revs; reaffirms FY10 revs guidance (WNS) 12.45 : Reports Q1 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.26; revenues rose 11.2% year/year to $136.7 mln vs the $95.7 mln consensus. Co reaffirms guidance for FY10, sees FY10 revs of $385-390 mln vs. $390.69 mln consensus.
6:52AM Devon Energy beats by $0.12, beats on revs (DVN) 61.23 : Reports Q2 (Jun) earnings of $0.71 per share, $0.12 better than the First Call consensus of $0.59; revenues fell 41.1% year/year to $2.09 bln vs the $1.92 bln consensus. Combined oil, gas and natural gas liquids production averaged 719 thousand Boe per day in the second quarter of 2009. This is the highest average daily production of any quarter in Devon's history and compares with 643 thousand Boe per day in the second quarter of 2008. Average daily production in the second quarter increased five percent sequentially, compared with 685 thousand Boe per day produced in the first quarter of 2009.
6:51AM Overseas Shipholding beats by $0.37, beats on revs (OSG) 35.92 : Reports Q2 (Jun) loss of $0.29 per share, excluding non-recurring items, $0.37 better than the First Call consensus of ($0.66); revenues fell 34.0% year/year to $282.7 mln vs the $260 mln consensus. For the quarter ended June 30, 2009, the co reported time charter equivalent revenues of $248.4 mln, a 36% decline from $386.1 mln in 2008. The decline in TCE revenues was due to lower daily TCE rates earned by all of the Company's international flag vessel classes, offset by a 77 day increase in revenue days. "As we expected, a convergence of events caused tanker markets to deteriorate in the first half of 2009. The global economic contraction led to a sharp decline in world demand for oil, notably in OECD countries, which in turn resulted in significant OPEC production cuts. This situation was exacerbated by an increase in vessel deliveries across our core segments. We expect the trend toward an oversupplied vessel market to moderate as very tight ship finance markets and the weakening financial condition of less well-capitalized ship owners and shipyards result in a contracting tanker orderbook. The single hull phase-out over the next eighteen months will further benefit the economics of the global tanker trading fleet."
6:47AM Foster Wheeler beats by $0.36, misses on revs (FWLT) : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.36 better than the First Call consensus of $0.62; revenues fell 23.1% year/year to $1.31 bln vs the $1.36 bln consensus. Co said, "The company's net income in the second quarter of 2009 was driven by very strong EBITDA generation. Specifically, the company reported an increase in consolidated EBITDA in the second quarter of 2009 as compared to the average quarter of 2008, excluding the impact of approximately $17 million of unfavorable currency translation. The increase was due to outstanding commercial and operational performance in both of our business groups. In addition, the strong performance of our Global Engineering and Construction Group was bolstered by its ability to capture available profit enhancement opportunities during the quarter. Also, our Global Power Group's performance benefited from the actions it has taken over the past several years in the pursuit of commercial and operational excellence."
6:33AM Donnelley & Sons beats by $0.06, misses on revs (RRD) 14.46 : Reports Q2 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.31; revenues fell 19.4% year/year to $2.36 bln vs the $2.41 bln consensus. Gross margin decreased to 25.4% in the second quarter of 2009 from 26.7% in the second quarter of 2008 due to price and volume declines and lower by-products recovery, offset in part by the benefits of our continued productivity efforts and lower variable compensation expense. "We continued to be impacted by the global economic recession during the second quarter, as most of the end-markets that we serve experienced reduced demand. The pace of decline was similar to that which we experienced during the first quarter and consistent with our expectations."
6:04AM Quanta Services beats by $0.04, misses on revs; guides Q3 EPS below consensus, revs below consensus (PWR) 23.44 : Reports Q2 (Jun) earnings of $0.20 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.16; revenues fell 15.4% year/year to $813.4 mln vs the $860.6 mln consensus. Co issuesdownside guidance for Q3, sees EPS of $0.23-0.24, excluding non-recurring items, vs. $0.28 consensus; sees Q3 revs of $840.0-870.0 mln vs. $1.04 bln consensus. "Despite an environment of economic turmoil, with customers awaiting government funding and most of the country still struggling with uncertainty, our market outlook shows improvement for the second half of this year," said John R. Colson, chairman and CEO. "Our focus on effectively maintaining margins during the current economic environment should position us well as spending by our customers returns. We continue to receive indications from our customers that 2010 and 2011 will reflect further strengthening in our end markets."
5:55AM PetroQuest Energy beats by $0.02, beats on revs (PQ) 3.68 : Reports Q2 (Jun) earnings of $0.15 per share, $0.02 better than the First Call consensus of $0.13; revenues fell 40.5% year/year to $55.3 mln vs the $53.8 mln consensus. Production for the second quarter of 2009 was 8.6 Bcfe, compared to 8.4 Bcfe for the comparable period of 2008. For 3Q09, co estimates production volume of 80-85 MMcfe/d. For FY09, co estimates production volume fo 90-100 MMcfe/d.
3:25AM Baker Hughes misses by $0.05, beats on revs (BHI) 41.97 : Reports Q2 (Jun) earnings of $0.41 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.46; revenues fell 22.1% year/year to $2.34 bln vs the $2.25 bln consensus. Chad C. Deaton,chairman, president and chief executive officer, said, "Our second quarter results reflect trends in the North America and International markets. For North America, the decline in activity has been severe; however, in recent weeks the market has been stabilizing. We believe the decline in the US rig count is now behind us and we expect a gradual increase in drilling activity beginning in 2010. Pricing deterioration has slowed and with our cost cutting efforts we expect the second quarter 2009 to have marked the bottom for North America profitability. "Internationally, the decline in activity has been less severe and isolated to specific geographic areas. The recent strengthening of oil prices provides support for customer activity in the second half of 2009 and sets the stage for incremental growth in spending in 2010; however, price concessions negotiated in the first half of 2009 will drive international profitability lower in the second half of the year."
3:04AM T-3 Energy Services beats by $0.06, beats on revs (TTES) 13.40 : Reports Q2 (Jun) earnings of $0.38 per share, $0.06 better than the First Call consensus of $0.32; revenues fell 17.6% year/year to $55.8 mln vs the $50.8 mln consensus. During the quarter, industry declines and the seasonal spring break-up in Canada caused average worldwide rig counts to decrease at more than twice this rate, or 25%. For the quarter, revenues on items destined for delivery to customer locations outside the U.S represented 61% of total revenues, which is sequentially up from 56% and reflects the co's continued success in international markets. Net bookings for the quarter were $41.8 mln compared with $46.1 mln in the prior quarter, and backlog decreased to $45.4 mln at June 30 vs $59.4 mln at March 31, 2009. Gross margins were 37% for 2Q09, compared to 38% for the first quarter.
12:38AM Douglas Emmett reports in-line; narrows FY09 FFO guidance (DEI) 11.44 : Reports Q2 (Jun) funds from operations of $0.32 per share, in-line with First Call consensus of $0.32; revenues declined 9.8% year/year to $139.8 mln vs $143.04 mln First Call consensus. Co narrows FY09 FFO guidance range to $1.25-1.29 (previous $1.24-1.30), excluding non-recurring items, vs $1.28 First Call consensus.
12:27AM American Capital misses by $0.13, misses on revs (ACAS) 3.61 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.13 worse than the First Call consensus of $0.22; revenues fell 46.8% year/year to $140 mln vs the $192.7 mln consensus. Realized (Loss) earnings decreased to ($1.41) per diluted share for the quarter ended June 30, 2009, compared to $0.95 per diluted share for the prior year quarter. The Realized (Loss) earnings for the quarter included a realized loss of ($196) million, or ($0.90) per diluted share, related to the sale of portfolio co Consolidated Bedding. Co declares $1.07/share dividend (10% cash/90% stock).
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