4:21PM Edwards Lifesci beats by $0.01, beats on revs; guides Q4 EPS in-line; raises FY09 EPS guidance, sees revs above consensus (EW) 71.10 -0.53 : Reports Q3 (Sep) earnings of $0.71 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.70; revenues rose 7.3% year/year to $325.7 mln vs the $313.8 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.82-0.86, excluding non-recurring items, vs. $0.83 consensus. Co raises FY09 EPS guidance, issues upside FY09 rev guidance, sees EPS of $3.02-3.06, excluding non-recurring items, vs. $3.03 consensus; sees FY09 revs of $1.305-1.325 bln vs. $1.29 bln consensus. "In addition, Critical Care sales growth stepped up during the quarter. This quarter's results were also highlighted by strong international transcatheter valve sales growth and the recent approval of 2010 reimbursement in Germany. We also continued to make steady progress on U.S. approval and next generation systems. Underlying growth increased substantially from a first half rate of 2.0 percent, driven by strong sales from our FloTrac and pressure monitoring products."
4:15PM Amgen beats by $0.22, reports revs in-line; guides FY09 EPS above consensus (AMGN) 59.40 +1.26 : Reports Q3 (Sep) earnings of $1.49 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $1.27; revenues fell 1.6% year/year to $3.81 bln vs the $3.79 bln consensus. Co reported drug revs as follows: Enbrel $924 mln vs. $906 mln consensus; Neulasta $871 mln vs. $890 mln consensus; Aranesp $685 mln vs. $697 mln consensus; Epogen $663 mln vs. $645 mln consensus; Neupogen $339 mln vs. $327 mln. Co issues upside guidance for FY09, sees EPS of $4.90-5.05 vs. $4.88 consensus; sees FY09 revs at the upper end of the $14.4-14.8 bln range vs. $14.7 bln consensus. The company still expects 2009 capital expenditures to be less than $600 mln. The company also announced that it has received a Complete Response Letter issued by the FDA for the BLA for Prolia in the treatment and prevention of bone loss due to hormone ablation therapy (HALT) in breast and prostate cancer patients. The Complete Response Letter on the Prolia HALT applications requested additional information regarding the safety of Prolia in patients with breast cancer receiving aromatase inhibitor therapy and patients with prostate cancer receiving androgen deprivation therapy. Specifically, the FDA has requested results from additional adequate and well-controlled clinical trials demonstrating that Prolia has no detrimental effects on either time-to-disease progression or overall survival.
4:09PM VMware beats by $0.04, beats on revs; guides Q4 revs above consensus (VMW) 44.93 +0.29 : Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.20; revenues rose 3.7% year/year to $489.8 mln vs the $474 mln consensus. VMW reports Q3 operating margin of 22.2% vs. 21.6% consensus. Co issues upside guidance for Q4, sees Q4 revs of $540-560 vs. $523.00 mln consensus. Sees Q1 revs down sequentially (Q1 consensus is for $513 mln). "Our solid third quarter results were driven by strength in the US Federal sector, increased transaction volumes and particularly robust growth in our maintenance renewals... While the economic environment remains challenging, we have improved visibility into our business and believe that the next two quarters will follow seasonal patterns. We are planning fourth quarter revenues to be between $540 and $560 million, with the first quarter of 2010 down sequentially."
4:08PM Lam Research beats by $0.11, beats on revs (LRCX) 35.85 -1.15 : Reports Q1 (Sep) earnings of $0.03 per share, $0.11 better thanthe First Call consensus of ($0.08); revenues rose 46.3% year/year to $318.5 mln vs the $287.5 mln consensus. Ongoing gross margin for the September 2009 quarter was $131.3 million or 41.2%, compared to ongoing gross margin of $67.8 million, or 31.1%, for the June 2009 quarter -- may not be comparable to 38.1% First Call consensus.
4:07PM Equinix beats by $0.17, beats on revs; guides FY09 revs above consensus (EQIX) 97.75 -0.44 : Reports Q3 (Sep) earnings of $0.47 per share, $0.17 better than the First Call consensus of $0.30; revenues rose 31.2% year/year to $227.6 mln vs the $224.1 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $875-880 mln vs. $871.98 mln consensus. Co says "Equinix delivered strong results in the third quarter, driven by solid demand and sound execution across all areas of the business... As we have continued our disciplined expansion strategy throughout the challenging macroeconomic climate of the past several quarters, we are well positioned to continue building upon our global market leadership position, and we continue to see a strong opportunity in front of us as the economy begins to recover." Capital expenditures in the third quarter were $88.7 mln, of which $14.7 mln was attributed to ongoing capital expenditures and $74.0 mln was attributed to expansion capital expenditures. Total year cash gross margins are expected to range between approximately 63% and 64%. Cash selling, general and administrative expenses are expected to be approx $160.0 mln. Adjusted EBITDA for the year is expected to be between $395.0 and $400.0 mln. Capital expenditures for 2009 are expected to be in the range of $390.0 to $400.0 mln, comprised of approx $60.0 mln of ongoing capital expenditures and $330.0 to $340.0 mln of expansion capital expenditures.
8:07AM Northrop Grumman beats by $0.11, beats on revs; guides FY09 EPS above consensus (NOC) 49.79 : Reports Q3 (Sep) earnings of $1.29 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.18; revenues rose 4.1% year/year to $8.73 bln vs the $8.58 bln consensus. Co issues upside guidance for FY09, sees EPS of $5.00-5.15 vs. $4.85 consensus. Third quarter 2009 earnings included a net tax benefit of $75 million, or $0.23 per share, primarily for final settlement of the Internal Revenue Service's (IRS) examination of the company's 2001, 2002 and 2003 tax returns. In the third quarter of 2008 the company recognized net tax benefits totaling $21 million, or $0.06 per share.
8:05AM Freeport-McMoRan beats by $0.73, misses on revs; reinstates $0.60 per share annual dividend (FCX) 78.63 : Reports Q3 (Sep) earnings of $2.07 per share, $0.73 better than the First Call consensus of $1.34; revenues fell 10.2% year/year to $4.14 bln vs the $4.24 bln consensus. Consolidated sales from mines for third-quarter 2009 totaled 1.0 bln pounds of copper, 706 thousand ounces of gold and 16 mln pounds of molybdenum, compared with 1.0 bln pounds of copper, 307 thousand ounces of gold and 19 mln pounds of molybdenum for third-quarter 2008. Consolidated sales from mines for the year 2009 are expected to approximate 4.0 bln pounds of copper, 2.5 mln ounces of gold and 56 mln pounds of molybdenum, including 915 mln pounds of copper, 425 thousand ounces of gold and 14 mln pounds of molybdenumfor fourth-quarter 2009. Consolidated unit net cash costs (net of by-product credits and excluding Tenke Fungurume) averaged $0.50 per pound for third-quarter 2009, compared with $1.29 per pound for third-quarter 2008. Assuming average prices of $1,000 per ounce for gold and $10 per pound for molybdenum for the fourth quarter of 2009, consolidated unit net cash costs are estimated to average approximately $0.60 per pound for the year 2009. "Our third-quarter results reflect strong operating performance, high volumes from our Grasberg mine and improved commodity prices for our products - copper, gold and molybdenum. We are benefiting from improvements in our cost structure, particularly at our North America mines. We are positioned to pursue additional investments and growth opportunities within our existing asset base, when economies in the developed countries recover. Our strong performance in 2009 has enabled our Board to reinstate a cash dividend for our shareholders. We will continue to focus our cash flows on strengthening our balance sheet, investing in our future growth and providing cash returns to shareholders."
8:03AM Piper Jaffray beats by $0.07, beats on revs (PJC) 54.88 : Reports Q3 (Sep) earnings of $0.47 per share, $0.07 better than the First Call consensus of $0.40; revenues rose 62.8% year/year to $119.7 mln vs the $108.7 mln consensus.
7:34AM FLIR Systems beats by $0.03, beats on revs; anticipates FY09 EPS to be slightly above its recent outlook (FLIR) 28.95 : Reports Q3 (Sep) earnings of $0.38 per share, $0.03 better than the First Call consensus of $0.35; revenues rose 3.2% year/year to $285.6 mln vs the $281.1 mln consensus. Backlog of firm orders for delivery within the next twelve months was approx $608 mln at September 30, 2009, an increase of $10 mln during the quarter. Backlog in the Government System's division was $487 mln, up $20 mln during the quarter due to strong U.S. demand. Backlog in the Commercial Vision Systems division was $93 mln, down $15 mln during the quarter due to a significant order cancellation resulting from a delay in project timing. Backlog in the Thermography division was $28 mln, up $5 mln during the quarter. Outlook: Based on the financial results for the quarter, and the outlook for the remainder of the year, co expects FY09 EPS to be slightly above the most recent outlook. Co also announces acquisition of OmniTech Partners for $42 mln in cash (immaterial to FLIR EPS in FY09 and FY10).
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