4:24PM ADC Telecom beats by $0.01, reports revs in-line; guides FY08 EPS in-line, revs in-line (ADCT) 9.17 -0.51 : Reports Q3 (Jul) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues rose 12.7% year/year to $390.2 mln vs the $388.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.12-1.20, excluding $1.02 in non-recurring items, vs. $1.17 consensus; sees FY08 revs of $1.5-1.52 bln vs. $1.51 bln consensus. Based on their 3Q08 sales, ADCT now expects 4Q08 sales to be lower than 3Q08 as customers' capital spending nears the end of the calendar year. For FY08, gross margins are expected to be around 35%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter. Looking ahead and generally consistent with its historical seasonality, ADCT anticipates that sales in Q109 will be lower than Q408.
4:17PM Martek Biosci beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY08 EPS above consensus, raises revs in-line (MATK) 32.12 -0.75 : Reports Q3 (Jul) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 13.6% year/year to $88.4 mln vs the $86.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.24-0.27 vs. $0.26 consensus; sees Q4 revs of $87-91 mln vs. $89.12 mln consensus. Co issues raises EPS guidance for FY08, sees EPS of $1.06-1.09 vs. $1.04 consensus, up from $1.01-1.05; sees FY08 revs of $349-353 mln vs. $349.22 mln consensus, up from $344-350 mln.
4:11PM Cooper Cos beats by $0.02, reports revs in-line; guides Q4 revs in-line; narrows FY08 EPS below consensus, narrows revs in-line (COO) 36.30 -0.01 : Reports Q3 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 13.5% year/year to $285.9 mln vs the $285.2 mln consensus. Co issues guidance for Q4, sees EPS of $0.58-0.64, may not be comparable to $0.70 consensus; sees Q4 revs of $285-295 mln vs. $291.52 mln consensus. Co narrows EPS guidance for FY08, sees EPS of $2.18-2.24 vs. $2.29 consensus, up from $2.10-2.35; narrows FY08 revs to $1.08-1.1 bln vs. $1.09 bln consensus, up from $1.06-1.1 bln. Co lowers capital expenditures to $140-160 mln in fiscal 2008, up from $160-170 and reaffirms FY09 of $125-140 mln.
4:08PM Smith & Wesson misses by $0.02, beats on revs (SWHC) 5.39 -0.31 : Reports Q1 (Jul) earnings of $0.05 per share, $0.02 worse than the First Call consensus of $0.07; revenues rose 4.9% year/year to $78 mln vs the $75.4 mln consensus. "While the first quarter presented challenges, many of which we believe are transitory in nature, it also delivered ongoing handgun sales growth in all of our key channels. As we work through this challenging period in the industry and the economy, we will maintain our focus on driving long term revenue growth in each of our markets, and on controlling costs at every opportunity."
4:06PM Quiksilver beats by $0.04, beats on revs; guides FY08 EPS (ZQK) 7.19 -0.34 : Reports Q3 (Jul) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 6.9% year/year to $564.9 mln vs the $543.9 mln consensus. Co issues guidance for FY08, sees EPS slightly below $0.90 vs. $0.86 consensus. Co states, "...Our gross margins benefited from a higher proportion of our revenues coming from Europe and from our retail stores than in the same quarter a year ago and we again achieved some improvements in sourcing margins. At the same time, this business mix drove our expense ratio higher, and a weaker performance at retail, together with conservative ordering by our wholesale customers, led to some deleveraging of expenses."
4:04PM Ulta Salon beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY09 EPS in-line, reaffirms FY09 revs guidance (ULTA) 11.06 -0.32 : Reports Q2 (Jul) earnings of $0.06 per share, $0.01 better than the First Call consensus of $0.05; revenues rose 24.3% year/year to $249.1 mln vs the $251.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.08-0.10 vs. $0.10 consensus; sees Q3 revs of $259-263 mln vs. $258.80 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.52-0.57 vs. $0.54 consensus; sees FY09 revs of $1.12-1.13 bln vs. $1.13 bln consensus.
4:01PM Cascade misses by $0.09, misses on revs (CAE) 46.82 -3.11 : Reports Q2 (Jul) earnings of $0.94 per share, $0.09 worse than the First Call consensus of $1.03; revenues rose 4.8% year/year to $150.1 mln vs the $156 mln consensus.
7:33AM America's Car-Mart beats by $0.07, beats on revs (CRMT) 19.43 : Reports Q1 (Jul) earnings of $0.45 per share, $0.07 better than the First Call consensus of $0.38; revenues rose 29.0% year/year to $75.7 mln vs the $73.8 mln consensus. The provision for credit losses was 20.9% of sales compared to 21.8% in the same period last year. Net charge-offs as a percentage of average finance receivables was 5.7% compared to 6.4% in the same period last year and compared to 5.9% for the quarter ended April 30, 2008. "The solid results we have experienced for the first quarter of Fiscal 2009 are further confirmation of the positive effects of the numerous significant improvements we have made at Car-Mart over the last year and a half... We believe the strong competitive advantages we have over our competitors are continuing to be evident as we have increased our retail sales while at the same time remaining disciplined in our underwriting standards, down payments and loan terms. In fact, our customer profile data continues to show upward trends in the characteristics of our customer base and portfolio. With this positive data, we are confident in our ability to maintain increased sales levels. For this first fiscal quarter of 2009, our retail sales are up nearly 26% from last year, at 7,353 vehicles, continuing a positive sales trend that we have experienced over the last three fiscal quarters. In addition, same store revenues are up 28.5% from last year, as we continue to increase the efficiency and profitability of our existing store base."
7:33AM Movado Group misses by $0.02, misses on revs; reaffirms FY09 EPS guidance (MOV) 23.50 : Reports Q2 (Jul) earnings of $0.39 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.41; revenues fell 7.0% year/year to $129.7 mln vs the $132.9 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.65-1.72, excluding non-recurring items, vs. $1.69 consensus.
7:13AM Terex issues downside guidance (TEX) 47.32 : Co issues downside guidance for Q3 (Sep), sees EPS of $1.26-1.38 vs. $1.57 First Call consensus. Co issues downside guidance for Q4 (Dec), sees EPS of $1.20-1.33 vs. $1.60 consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $6.35-6.65 vs. $7.08 consensus; sees FY08 (Dec) revs of $10.2-10.6 bln vs. $10.61 bln consensus. "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors."
7:11AM Jackson Hewitt reports EPS in-line, misses on revs (JTX) 17.18 : Reports Q1 (Jul) loss of $0.69 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.69); revenues fell 27.7% year/year to $4.3 mln vs the $4.5 mln consensus.
7:09AM Ciena reports EPS in-line, revs in-line; guides Q4 revs below consensus (CIEN) 17.43 : Reports Q3 (Jul) earnings of $0.37 per share, excluding non-recurring items, in-line with the First Call consensus of $0.37; revenues rose 23.5% year/year to $253.2 mln vs the $253.7 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $190-210 mln vs. $263.02 mln consensus. "In addition to existing customer-specific challenges, we have recently begun to experience order delays from many of our Tier One service provider customers, which we attribute to their guarded approach to capital expenditures given the uncertain macroeconomic environment. While we've seen no project or order cancellations, sales cycles are lengthening and some deployments are slowing."
7:07AM Pepsi Bottling reaffirms Q3 and FY08 EPS guidance (PBG) 31.46 : Co announces it is reaffirming its previously stated Q3 and full-year 2008 earnings per share guidance. PBG expects 2008 comparable diluted EPS of $2.30-$2.38, (vs $2.34 consensus), comparable operating profit growth in the low-single digits, and operating free cash flow of about $620 mln. PBG also reaffirmed that it will generate diluted EPS of $1.02-$1.06 in Q3 (vs $1.05 consensus).
7:03AM Flow beats by $0.03, misses on revs (FLOW) 6.74 : Reports Q1 (Jul) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.05; revenues fell 1.4% year/year to $57.1 mln vs the $60.8 mln consensus.
Showing posts with label ADCT. Show all posts
Showing posts with label ADCT. Show all posts
Thursday, September 4, 2008
Tuesday, July 22, 2008
Earnings - 22nd July 2008 (2)
4:59PM Zimmer Hldgs misses by $0.04, reports revs in-line; lowers FY08 EPS and revs guidance (ZMH) 70.88 +0.52 : Reports Q2 (Jun) earnings of $0.99 per share, $0.04 worse than the First Call consensus of $1.03; revenues rose 11.3% year/year to $1.08 bln vs the $1.07 bln consensus. Co lowers guidance for FY08, sees EPS of $4.05-4.10, down from previous guidance of $4.20-4.25, vs. $4.19 consensus; sees FY08 revs growth of 8.5-9% (which calculates to ~$4.23-4.25 bln vs. $4.28 bln consensus), down from previous guidacne of 10-11%.
4:59PM Broadcom on call sees Q3 revs of $1.25-1.3 bln vs $1.16 bln First Call consensus (BRCM) 27.64 +0.20 :
4:30PM Axsys Technologies beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (AXYS) 63.32 -1.43 : Reports Q2 (Jun) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues rose 40.4% year/year to $60.3 mln vs the $56.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.09-2.15, previous $1.88-1.92, vs. $1.92 consensus; sees FY08 revs of $237-241 mln, previous $224-228 mln, vs. $227.91 mln consensus.
4:23PM ADC Telecom lowers FY08 revenue guidance, sees Q3 revs below Q2 revs; lowers FY08 EPS (ADCT) 13.37 +0.24 : Co lowers FY08 revs guidance to $1.50-1.52 bln vs $1.53 bln consensus, down from $1.52-1.54 bln prior guidance. Co sees Q3 revs 3-5% below Q2 revw, which equates to ~$383.2-391.3 vs $403.9 mln consensus. Co lowers FY08 GAAP EPS to $1.12-1.20, excludes $0.94 in charges, vs $1.33 consensus. Co says due to the change in sales volume and product mix, ADC's gross margins in 2008 are now expected to be around 34% for the second half and around 35% for the full year compared to previous guidance of 36% for the full year... says "the updated financial outlook primarily reflects lower sales of copper and fiber connectivity products in the United States resulting mainly from customers' recent budget reviews and ordering patterns, as well as the resulting effects on original equipment manufacturers' demand for ADC products. "We remain firmly committed to managing our business strategically for the long term, but the inherent short-lead time nature of our business sometimes results in quarter-to-quarter market-related movements, up or down, in our sales expectations."
4:22PM PPD Inc. beats by $0.02, beats on revs (PPDI) 40.95 : Reports Q2 (Jun) earnings of $0.41 per share, $0.02 better than the First Call consensus of $0.39; revenues rose 16.3% year/year to $407 mln vs the $374.2 mln consensus. "I am very pleased with our financial and operating performance for the quarter," said Fred Eshelman, chief executive officer of PPDI. "The management team made substantial progress on various internal initiatives, as evidenced by the expansion in our development segment operating margin, robust cash flow, improved DSO and solid earnings." Eshelman added, "We believe the market for CRO services is strong, even though our new authorizations came in lower than expected for the quarter. Request-for-proposal volume remains high, and we will continue to focus our efforts on operational excellence and sales execution."
4:18PM VMware reports EPS in-line, revs in-line; guides Q3 & FY08 revs below consensus (VMW) 37.97 +1.03 : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues rose 53.7% year/year to $456.1 mln vs the $458.6 mln consensus. Q2 non-GAAP operating margins 24.6% vs. the 24.4% Street expectation and 24.3% in Q1. Co issues downside guidance for Q3, sees Q3 revs of $462-468 vs. $497.34 mln consensus. VMW says 2008 revenues are targeted to grow approximately 42-45% compared to 2007 vs consensus ests of ~48% (42-45% growth equates to $1.88-1.92 bln vs $1.96 bln consensus). VMW says Q3 GAAP operating margin is targeted to be between 11-13% (no ests).
4:17PM Washington Mutual misses by $2.29 (WM) 5.86 +0.38 : Reports Q2 (Jun) loss of $3.34 per share, excluding $3.24 related to the co's capital issuance in April, $2.29 worse than the First Call consensus of ($1.05). Co increased its loan loss reserves by $3.74 bln to $8.46 bln. The quarter's provision was $5.9 bln compared with $2.2 bln of net charge-offs. The co now expects the remaining cumulative losses in its residential mortgage portfolios to be toward the upper end of the range it disclosed in April, and continues to expect 2008 to be the peak year for provisioning. Co now expects to realize annualized cost savings of approx $1 bln which will contribute to improved pretax, pre-provision earnings. The co's tangible equity to total tangible assets capital ratio increased during Q2 to 7.79% from 6.40% in Q1, resulting in approx $7 bln of capital in excess of its targeted 5.50%. The increase reflects the effects of the $7.2 bln capital raise, the reduction of the co's balance sheet by $10 bln and the loss for the quarter. The co had over $40 bln of readily available liquidity at quarter end.
4:17PM Norfolk Southern beats by $0.13, beats on revs (NSC) 65.69 +2.15 : Reports Q2 (Jun) earnings of $1.18 per share, $0.13 better than the First Call consensus of $1.05; revenues rose 16.3% year/year to $2.77 bln vs the $2.65 bln consensus. "Norfolk Southern delivered record financial results during the quarter, reporting continuing strength in our coal, agriculture, and metals markets," said Norfolk Southern CEO Wick Moorman. "Looking ahead, our franchise should continue to benefit from a broad and balanced customer base as well as from rail's inherent advantages over other transportation modes - safety and reliability, fuel efficiency, and environmental sustainability."
4:11PM E*TRADE misses by $0.05, beats on revs (ETFC) 4.05 : Reports Q2 (Jun) loss of $0.19 per share, $0.05 worse than the First Call consensus of ($0.14); revenues fell 15.9% year/year to $342.8 mln vs the $332.5 mln consensus. "While economic conditions are still challenging, we consider loan delinquency trends to be encouraging." Total delinquencies increased by 9 percent or $111 mln during the quarter, representing the slowest increase in four quarters. Home equity loan delinquencies increased by 4% or $25 mln during the quarter, down from an increase of 8 percent in the prior quarter. Provision for loan losses increased by $85 mln quarter over quarter, driven primarily by an increase in home equity-related charge-offs. Total allowance for loan losses increased to $636 mln, as provision exceeded charge-offs by $70 mln during the quarter. The Company increased its allowance for loan losses across all three categories of its loan portfolio. "While the current economic environment may impede our expectations to return to profitability from continuing operations this year, we are executing well on our Turnaround Plan and continue to make progress toward returning to profitability."
4:06PM Intuitive Surgical beats by $0.10, beats on revs (ISRG) : Reports Q2 (Jun) earnings of $1.28 per share, $0.10 better than the First Call consensus of $1.18; revenues rose 56.3% year/year to $219.2 mln vs the $208.6 mln consensus. Intuitive ended the second quarter of 2008 with cash, cash equivalents and investments of $740 million, up $104 million from December 31, 2007.
4:04PM Edwards Lifesci beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus, revs above consensus (EW) 65.25 +0.10 : Reports Q2 (Jun) earnings of $0.66 per share, $0.02 better than the First Call consensus of $0.64; revenues rose 20.2% year/year to $327.6 mln vs the $311.9 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.56 consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.58 vs. $2.50 consensus; sees FY08 revs of $1.24-1.28 bln vs. $1.23 bln consensus. "... all of our franchises reported double-digit sales growth. This quarter was also highlighted by the strong uptake of our Edwards SAPIEN valve in Europe where procedural success continues to be impressive. Our base heart valve business, which excludes transcatheter heart valve sales, performed well this quarter, driven by strong double-digit international sales growth and improved U.S. performance..."
8:38AM Avery Dennison beats by $0.03, beats on revs; guides FY08 EPS below consensus (AVY) 45.24 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.00; revenues rose 20.0% year/year to $1.83 bln vs the $1.8 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.75-3.95, excluding non-recurring items, compared to previous guidance of $4.00-4.30, vs. $4.03 consensus. Co is reducing its Y08 guidance primarily due to a significant increase in inflation expectations coupled with greater economic weakness. To help offset the impact of inflation, co accelerated productivity efforts and is raising prices. However, expectations for raw material inflation in Y08 have risen to approx $110 mln, representing a 60% increase since April. Because the majority of the benefit from pricing actions is expected to materialize later in the year, raw material inflation will significantly outpace price increases realized in the full year. Co's earnings expectations reflect revenue flat to slightly down on an organic basis for Y08. Slowing in European and Asian markets is expected, in addition to the slower U.S. market.
8:37AM AK Steel beats by $0.14, beats on revs (AKS) 51.06 : Reports Q2 (Jun) earnings of $1.29 per share, $0.14 better than the First Call consensus of $1.15; revenues rose 19.6% year/year to $2.24 bln vs the $2.10 bln consensus. Co says the yr-over-yr operating profit improvement was primarily due to higher spot market shipments and overall higher selling prices in all markets, coupled with continued strong cost controls. Co does not provide specific EPS guidance for Q3, but says it expects shipments of 1.55 mln tons which will be lower than Q2 due to seasonally lower automotive shipments and a planned five-day outage at its Middletown Works hot strip mill. The co also expects higher raw material and energy costs in Q3. Average per-ton selling prices should rise 10% sequentially in Q3.
8:36AM XTO Energy beats by $0.04, beats on revs (XTO) 57.98 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.05; revenues rose 45.7% year/year to $1.94 bln vs the $1.85 bln consensus. Second quarter 2008 daily gas production averaged 1.80 Bcf, up 35% from second quarter 2007 daily production of 1.33 Bcf. Daily oil production for the second quarter was 51.3 thousand barrels, an 11% increase from the second quarter 2007 level of 46.1 thousand barrels. During the quarter, natural gas liquids production was 15.6 thousand barrels per day, a 3% increase from the prior year quarter rate of 15.2 thousand barrels per day.
8:32AM USG Corp beats by $0.09, beats on revs (USG) 26.02 : Reports Q2 (Jun) loss of $0.27 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.36); revenues fell 11.2% year/year to $1.25 bln vs the $1.21 bln consensus. Co said, "The steep decline in the U.S. housing market, combined with unprecedented increases in the cost of key raw materials and energy, resulted in losses in our core wallboard business... Our other businesses are performing reasonably well, despite their own challenging market conditions."
8:11AM PACCAR beats by $0.02, beats on revs (PCAR) 42.72 : Reports Q2 (Jun) earnings of $0.86 per share, $0.02 better than the First Call consensus of $0.84; revenues rose 10.3% year/year to $3.78 bln vs the $3.72 bln consensus.
8:08AM Wabtec beats by $0.04, beats on revs; guides FY08 EPS above consensus, revs in-line (WAB) 53.40 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65. Co raises guidance for FY08, sees EPS of $2.65 vs. $2.61 consensus, from $2.55 previously; sees FY08 revs of $1.52-1.55 bln vs. $1.55 bln consensus, from high-single-digits previously. "Although we remain cautious about the economic outlook in the U.S. and abroad, we are confident in our growth prospects for the rest of 2008 and beyond."
4:59PM Broadcom on call sees Q3 revs of $1.25-1.3 bln vs $1.16 bln First Call consensus (BRCM) 27.64 +0.20 :
4:30PM Axsys Technologies beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (AXYS) 63.32 -1.43 : Reports Q2 (Jun) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues rose 40.4% year/year to $60.3 mln vs the $56.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.09-2.15, previous $1.88-1.92, vs. $1.92 consensus; sees FY08 revs of $237-241 mln, previous $224-228 mln, vs. $227.91 mln consensus.
4:23PM ADC Telecom lowers FY08 revenue guidance, sees Q3 revs below Q2 revs; lowers FY08 EPS (ADCT) 13.37 +0.24 : Co lowers FY08 revs guidance to $1.50-1.52 bln vs $1.53 bln consensus, down from $1.52-1.54 bln prior guidance. Co sees Q3 revs 3-5% below Q2 revw, which equates to ~$383.2-391.3 vs $403.9 mln consensus. Co lowers FY08 GAAP EPS to $1.12-1.20, excludes $0.94 in charges, vs $1.33 consensus. Co says due to the change in sales volume and product mix, ADC's gross margins in 2008 are now expected to be around 34% for the second half and around 35% for the full year compared to previous guidance of 36% for the full year... says "the updated financial outlook primarily reflects lower sales of copper and fiber connectivity products in the United States resulting mainly from customers' recent budget reviews and ordering patterns, as well as the resulting effects on original equipment manufacturers' demand for ADC products. "We remain firmly committed to managing our business strategically for the long term, but the inherent short-lead time nature of our business sometimes results in quarter-to-quarter market-related movements, up or down, in our sales expectations."
4:22PM PPD Inc. beats by $0.02, beats on revs (PPDI) 40.95 : Reports Q2 (Jun) earnings of $0.41 per share, $0.02 better than the First Call consensus of $0.39; revenues rose 16.3% year/year to $407 mln vs the $374.2 mln consensus. "I am very pleased with our financial and operating performance for the quarter," said Fred Eshelman, chief executive officer of PPDI. "The management team made substantial progress on various internal initiatives, as evidenced by the expansion in our development segment operating margin, robust cash flow, improved DSO and solid earnings." Eshelman added, "We believe the market for CRO services is strong, even though our new authorizations came in lower than expected for the quarter. Request-for-proposal volume remains high, and we will continue to focus our efforts on operational excellence and sales execution."
4:18PM VMware reports EPS in-line, revs in-line; guides Q3 & FY08 revs below consensus (VMW) 37.97 +1.03 : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues rose 53.7% year/year to $456.1 mln vs the $458.6 mln consensus. Q2 non-GAAP operating margins 24.6% vs. the 24.4% Street expectation and 24.3% in Q1. Co issues downside guidance for Q3, sees Q3 revs of $462-468 vs. $497.34 mln consensus. VMW says 2008 revenues are targeted to grow approximately 42-45% compared to 2007 vs consensus ests of ~48% (42-45% growth equates to $1.88-1.92 bln vs $1.96 bln consensus). VMW says Q3 GAAP operating margin is targeted to be between 11-13% (no ests).
4:17PM Washington Mutual misses by $2.29 (WM) 5.86 +0.38 : Reports Q2 (Jun) loss of $3.34 per share, excluding $3.24 related to the co's capital issuance in April, $2.29 worse than the First Call consensus of ($1.05). Co increased its loan loss reserves by $3.74 bln to $8.46 bln. The quarter's provision was $5.9 bln compared with $2.2 bln of net charge-offs. The co now expects the remaining cumulative losses in its residential mortgage portfolios to be toward the upper end of the range it disclosed in April, and continues to expect 2008 to be the peak year for provisioning. Co now expects to realize annualized cost savings of approx $1 bln which will contribute to improved pretax, pre-provision earnings. The co's tangible equity to total tangible assets capital ratio increased during Q2 to 7.79% from 6.40% in Q1, resulting in approx $7 bln of capital in excess of its targeted 5.50%. The increase reflects the effects of the $7.2 bln capital raise, the reduction of the co's balance sheet by $10 bln and the loss for the quarter. The co had over $40 bln of readily available liquidity at quarter end.
4:17PM Norfolk Southern beats by $0.13, beats on revs (NSC) 65.69 +2.15 : Reports Q2 (Jun) earnings of $1.18 per share, $0.13 better than the First Call consensus of $1.05; revenues rose 16.3% year/year to $2.77 bln vs the $2.65 bln consensus. "Norfolk Southern delivered record financial results during the quarter, reporting continuing strength in our coal, agriculture, and metals markets," said Norfolk Southern CEO Wick Moorman. "Looking ahead, our franchise should continue to benefit from a broad and balanced customer base as well as from rail's inherent advantages over other transportation modes - safety and reliability, fuel efficiency, and environmental sustainability."
4:11PM E*TRADE misses by $0.05, beats on revs (ETFC) 4.05 : Reports Q2 (Jun) loss of $0.19 per share, $0.05 worse than the First Call consensus of ($0.14); revenues fell 15.9% year/year to $342.8 mln vs the $332.5 mln consensus. "While economic conditions are still challenging, we consider loan delinquency trends to be encouraging." Total delinquencies increased by 9 percent or $111 mln during the quarter, representing the slowest increase in four quarters. Home equity loan delinquencies increased by 4% or $25 mln during the quarter, down from an increase of 8 percent in the prior quarter. Provision for loan losses increased by $85 mln quarter over quarter, driven primarily by an increase in home equity-related charge-offs. Total allowance for loan losses increased to $636 mln, as provision exceeded charge-offs by $70 mln during the quarter. The Company increased its allowance for loan losses across all three categories of its loan portfolio. "While the current economic environment may impede our expectations to return to profitability from continuing operations this year, we are executing well on our Turnaround Plan and continue to make progress toward returning to profitability."
4:06PM Intuitive Surgical beats by $0.10, beats on revs (ISRG) : Reports Q2 (Jun) earnings of $1.28 per share, $0.10 better than the First Call consensus of $1.18; revenues rose 56.3% year/year to $219.2 mln vs the $208.6 mln consensus. Intuitive ended the second quarter of 2008 with cash, cash equivalents and investments of $740 million, up $104 million from December 31, 2007.
4:04PM Edwards Lifesci beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus, revs above consensus (EW) 65.25 +0.10 : Reports Q2 (Jun) earnings of $0.66 per share, $0.02 better than the First Call consensus of $0.64; revenues rose 20.2% year/year to $327.6 mln vs the $311.9 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.56 consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.58 vs. $2.50 consensus; sees FY08 revs of $1.24-1.28 bln vs. $1.23 bln consensus. "... all of our franchises reported double-digit sales growth. This quarter was also highlighted by the strong uptake of our Edwards SAPIEN valve in Europe where procedural success continues to be impressive. Our base heart valve business, which excludes transcatheter heart valve sales, performed well this quarter, driven by strong double-digit international sales growth and improved U.S. performance..."
8:38AM Avery Dennison beats by $0.03, beats on revs; guides FY08 EPS below consensus (AVY) 45.24 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.00; revenues rose 20.0% year/year to $1.83 bln vs the $1.8 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.75-3.95, excluding non-recurring items, compared to previous guidance of $4.00-4.30, vs. $4.03 consensus. Co is reducing its Y08 guidance primarily due to a significant increase in inflation expectations coupled with greater economic weakness. To help offset the impact of inflation, co accelerated productivity efforts and is raising prices. However, expectations for raw material inflation in Y08 have risen to approx $110 mln, representing a 60% increase since April. Because the majority of the benefit from pricing actions is expected to materialize later in the year, raw material inflation will significantly outpace price increases realized in the full year. Co's earnings expectations reflect revenue flat to slightly down on an organic basis for Y08. Slowing in European and Asian markets is expected, in addition to the slower U.S. market.
8:37AM AK Steel beats by $0.14, beats on revs (AKS) 51.06 : Reports Q2 (Jun) earnings of $1.29 per share, $0.14 better than the First Call consensus of $1.15; revenues rose 19.6% year/year to $2.24 bln vs the $2.10 bln consensus. Co says the yr-over-yr operating profit improvement was primarily due to higher spot market shipments and overall higher selling prices in all markets, coupled with continued strong cost controls. Co does not provide specific EPS guidance for Q3, but says it expects shipments of 1.55 mln tons which will be lower than Q2 due to seasonally lower automotive shipments and a planned five-day outage at its Middletown Works hot strip mill. The co also expects higher raw material and energy costs in Q3. Average per-ton selling prices should rise 10% sequentially in Q3.
8:36AM XTO Energy beats by $0.04, beats on revs (XTO) 57.98 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.05; revenues rose 45.7% year/year to $1.94 bln vs the $1.85 bln consensus. Second quarter 2008 daily gas production averaged 1.80 Bcf, up 35% from second quarter 2007 daily production of 1.33 Bcf. Daily oil production for the second quarter was 51.3 thousand barrels, an 11% increase from the second quarter 2007 level of 46.1 thousand barrels. During the quarter, natural gas liquids production was 15.6 thousand barrels per day, a 3% increase from the prior year quarter rate of 15.2 thousand barrels per day.
8:32AM USG Corp beats by $0.09, beats on revs (USG) 26.02 : Reports Q2 (Jun) loss of $0.27 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.36); revenues fell 11.2% year/year to $1.25 bln vs the $1.21 bln consensus. Co said, "The steep decline in the U.S. housing market, combined with unprecedented increases in the cost of key raw materials and energy, resulted in losses in our core wallboard business... Our other businesses are performing reasonably well, despite their own challenging market conditions."
8:11AM PACCAR beats by $0.02, beats on revs (PCAR) 42.72 : Reports Q2 (Jun) earnings of $0.86 per share, $0.02 better than the First Call consensus of $0.84; revenues rose 10.3% year/year to $3.78 bln vs the $3.72 bln consensus.
8:08AM Wabtec beats by $0.04, beats on revs; guides FY08 EPS above consensus, revs in-line (WAB) 53.40 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65. Co raises guidance for FY08, sees EPS of $2.65 vs. $2.61 consensus, from $2.55 previously; sees FY08 revs of $1.52-1.55 bln vs. $1.55 bln consensus, from high-single-digits previously. "Although we remain cautious about the economic outlook in the U.S. and abroad, we are confident in our growth prospects for the rest of 2008 and beyond."
Wednesday, June 4, 2008
Earnings - 4th June 2008
6:34PM FuelCell Energy misses by $0.12, beats on revs (FCEL) 9.46 +0.05 : Reports Q2 (Apr) loss of $0.38 per share, $0.12 worse than the First Call consensus of ($0.26); revenues rose 177.2% year/year to $31.6 mln vs the $17.9 mln consensus.
4:21PM Comtech Telecom beats by $0.14, beats on revs (CMTL) 45.88 +0.48 : Reports Q3 (Apr) earnings of $0.70 per share, $0.14 better than the First Call consensus of $0.56; revenues rose 15.7% year/year to $138.1 mln vs the $129.5 mln consensus.
4:12PM Greif beats by $0.05, beats on revs; guides FY08 EPS above consensus (GEF) 68.92 +2.80 : Reports Q2 (Apr) earnings of $0.92 per share, ex items, $0.05 better than the First Call consensus of $0.87; revenues rose 12.6% year/year to $918 mln vs the $839.9 mln single estimate. Co issues upside guidance for FY08, sees EPS of $4.25-4.45 vs. $4.05 consensus.
4:11PM ADC Telecom beats by $0.09, beats on revs; guides Q3 revs above consensus; guides FY08 EPS above consensus, raises revs above consensus (ADCT) 15.80 +0.18 : Reports Q2 (Apr) earnings of $0.39 per share, excluding $0.25 in charges, $0.09 better than the First Call consensus of $0.30; revenues rose 19.2% year/year to $403.4 mln vs the $384.8 mln consensus. Co issues upside guidance for Q3, co sees Q3 revs around the same level of Q2 revs of $403.4 mln vs. $395.70 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.25-1.33, excluding $0.94 in non-recurring items, vs. $1.21 consensus; raises FY08 revs of $1.52-1.54 bln vs. $1.5 bln consensus, up from $1.48-1.51 bln. Co says, "As is in past three years, ADC expects fourth quarter 2008 sales to be lower than the third quarter as customers' capital spending nears the end of the calendar year. In 2008, quarterly gross margins are expected to be around 36%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter."
4:10PM Ulta Salon reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; reaffirms FY09 EPS guidance, revs guidance (ULTA) 13.33 -0.65 : Reports Q1 (Apr) earnings of $0.07 per share, excluding non-recurring items, in-line with the First Call consensus of $0.07; revenues rose 23.3% year/year to $239.3 mln vs the $237.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.04-0.05 vs. $0.05 consensus; sees Q2 revs of $248-252 mln vs. $252.80 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.52-0.57 vs. $0.54 consensus; sees FY09 revs of $1.12-1.14 bln vs. $1.13 bln consensus.
1:37PM Jos. A. Bank reports Q1 EPS of $0.53 vs $0.46 First Call consensus; revs rose 12.3% YoY to $145.4 mln vs $142.30 mln First Call consensus (JOSB) 28.70 +1.49 :
11:30AM Lear issues lower guidance, sees FY08 revs $15.3 mln, down from the previous outlook of $15.5 bln, vs $15.33 bln First Call consensus (LEA) 25.50 +0.75 : As mentioned at 11:28, co announces revisions to its 2008 financial outlook based on lower North American vehicle production and increased commodity costs. Subsequent to the 2008 financial outlook the Company provided on 4/29, Lear's major customers, industry forecasting services and others have announced downward revisions in their estimates for 2008 North American vehicle production based on lower sales rates for full-size pickup trucks and large sport utility vehicles. In response to these recent announcements, Lear is revising its 2008 forecast for North American industry production from ~14.1 mln vehicles to ~13.8 mln vehicles. In addition, raw material costs, particularly costs related to steel, have continued to increase... In addition, co is increasing its estimated restructuring investment for 2008 to about $125 mln. The revised outlook for FY08 free cash flow is ~$200 mln.
6:33AM Vimpel Comms reports EPS in-line, beats on revs (VIP) 33.90 : Reports Q1 (Mar) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 41.7% year/year to $2.11 bln vs the $2.08 bln consensus. "The first quarter of 2008 should be viewed as the beginning of a new era for VimpelCom. Completion of the Golden Telecom acquisition has opened an entirely new set of growth opportunities... Meanwhile our mobile business continues to show strong financial results. We are growing revenues and OIBDA in virtually all of our markets, in spite of the negative impact of economic problems in Central Asia, particularly in Kazakhstan. With an OIBDA margin above 50% and a revenue growth rate above 40%, VimpelCom remains a rare example of a large, fast growing and highly profitable business..."
4:21PM Comtech Telecom beats by $0.14, beats on revs (CMTL) 45.88 +0.48 : Reports Q3 (Apr) earnings of $0.70 per share, $0.14 better than the First Call consensus of $0.56; revenues rose 15.7% year/year to $138.1 mln vs the $129.5 mln consensus.
4:12PM Greif beats by $0.05, beats on revs; guides FY08 EPS above consensus (GEF) 68.92 +2.80 : Reports Q2 (Apr) earnings of $0.92 per share, ex items, $0.05 better than the First Call consensus of $0.87; revenues rose 12.6% year/year to $918 mln vs the $839.9 mln single estimate. Co issues upside guidance for FY08, sees EPS of $4.25-4.45 vs. $4.05 consensus.
4:11PM ADC Telecom beats by $0.09, beats on revs; guides Q3 revs above consensus; guides FY08 EPS above consensus, raises revs above consensus (ADCT) 15.80 +0.18 : Reports Q2 (Apr) earnings of $0.39 per share, excluding $0.25 in charges, $0.09 better than the First Call consensus of $0.30; revenues rose 19.2% year/year to $403.4 mln vs the $384.8 mln consensus. Co issues upside guidance for Q3, co sees Q3 revs around the same level of Q2 revs of $403.4 mln vs. $395.70 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.25-1.33, excluding $0.94 in non-recurring items, vs. $1.21 consensus; raises FY08 revs of $1.52-1.54 bln vs. $1.5 bln consensus, up from $1.48-1.51 bln. Co says, "As is in past three years, ADC expects fourth quarter 2008 sales to be lower than the third quarter as customers' capital spending nears the end of the calendar year. In 2008, quarterly gross margins are expected to be around 36%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter."
4:10PM Ulta Salon reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; reaffirms FY09 EPS guidance, revs guidance (ULTA) 13.33 -0.65 : Reports Q1 (Apr) earnings of $0.07 per share, excluding non-recurring items, in-line with the First Call consensus of $0.07; revenues rose 23.3% year/year to $239.3 mln vs the $237.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.04-0.05 vs. $0.05 consensus; sees Q2 revs of $248-252 mln vs. $252.80 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.52-0.57 vs. $0.54 consensus; sees FY09 revs of $1.12-1.14 bln vs. $1.13 bln consensus.
1:37PM Jos. A. Bank reports Q1 EPS of $0.53 vs $0.46 First Call consensus; revs rose 12.3% YoY to $145.4 mln vs $142.30 mln First Call consensus (JOSB) 28.70 +1.49 :
11:30AM Lear issues lower guidance, sees FY08 revs $15.3 mln, down from the previous outlook of $15.5 bln, vs $15.33 bln First Call consensus (LEA) 25.50 +0.75 : As mentioned at 11:28, co announces revisions to its 2008 financial outlook based on lower North American vehicle production and increased commodity costs. Subsequent to the 2008 financial outlook the Company provided on 4/29, Lear's major customers, industry forecasting services and others have announced downward revisions in their estimates for 2008 North American vehicle production based on lower sales rates for full-size pickup trucks and large sport utility vehicles. In response to these recent announcements, Lear is revising its 2008 forecast for North American industry production from ~14.1 mln vehicles to ~13.8 mln vehicles. In addition, raw material costs, particularly costs related to steel, have continued to increase... In addition, co is increasing its estimated restructuring investment for 2008 to about $125 mln. The revised outlook for FY08 free cash flow is ~$200 mln.
6:33AM Vimpel Comms reports EPS in-line, beats on revs (VIP) 33.90 : Reports Q1 (Mar) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 41.7% year/year to $2.11 bln vs the $2.08 bln consensus. "The first quarter of 2008 should be viewed as the beginning of a new era for VimpelCom. Completion of the Golden Telecom acquisition has opened an entirely new set of growth opportunities... Meanwhile our mobile business continues to show strong financial results. We are growing revenues and OIBDA in virtually all of our markets, in spite of the negative impact of economic problems in Central Asia, particularly in Kazakhstan. With an OIBDA margin above 50% and a revenue growth rate above 40%, VimpelCom remains a rare example of a large, fast growing and highly profitable business..."
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