6:46PM Broadcom lowers Q4 guidance (BRCM) 15.46 +0.52 : Co says due to the current global economic environment, customers across each of Broadcom's targeted end markets have requested adjustments in their deliveries for the fourth quarter, resulting in significant pushouts and cancellations since the co originally provided guidance for the quarter in October 2008. Co now sees Q4 revs $1,050 to $1,100 mln including AMD Digital TV (DTV) acquisition, may not be comparable to $1.19 bln consensus, down from $1,170-1,235 mln excluding AMD DTV acquisition. Co's BRCD's gross margin is expected to be down 105 to 130 basis points sequentially excluding the AMD DTV business. Including a negative 20 basis point impact associated with acquisition related accounting for AMD's DTV business inventory, gross margin is expected to be down 125 to 150 basis points. Down 50 to 75 basis points sequentially excluding the AMD DTV acquisition. Co says, "Despite the recent impact of the slowing economy, BRCM experienced a very strong fiscal year from a product, financial and customer perspective. BRCM continues to be in a very strong financial position and is committed to protecting our operating cash flow in this current environment"
4:32PM FedEx sees Q2 EPS of $1.58 vs $1.54 First Call consensus; sees FY09 $3.50-4.75 vs $5.15 First Call consensus (FDX) 74.43 : The co announces that it expects to report earnings of $1.58 per diluted share for the second quarter ended November 30. Previous earnings guidance for the quarter was $1.40 to $1.60 per diluted share. For fiscal 2009, the company has reduced its earnings guidance to $3.50 to $4.75 per diluted share from the previous guidance of $4.75 to $5.25, as significantly weaker macroeconomic conditions are expected to offset the benefits from lower fuel prices and the announced departure of DHL from the U.S. domestic package market. This outlook assumes stable fuel prices. "Second quarter results benefited from rapidly declining fuel prices and continued cost management," said Alan Graf, Jr., executive vice president and chief financial officer. "However, demand for our services weakened sequentially throughout the quarter and global economic trends continue to worsen, substantially reducing our second half outlook. We are adjusting our expense plans to more closely align with the weaker business conditions, and are now targeting capital spending of $2.5 billion for fiscal 2009, down from $3.0 billion at the start of the year."
4:31PM Texas Instruments lowers Q4 EPS and revs guidance below consensus (TXN) 14.82 +0.26 : Co lowers Q4 EPS to $0.10-0.16 vs $0.31 First Call consensus, from prior guidance of $0.30-0.36; sees revs $2.3-2.5 bln vs $2.91 bln First Call consensus, from prior guidance of $2.83-3.07 bln. Briefing.com note: TXN will hold a conf call at 5:30 ET to discuss this update. (Stock is halted)
4:27PM H & R Block reports EPS in-line, misses on revs; guides FY09 EPS in-line (HRB) 20.35 +0.17 : Reports Q2 (Oct) loss of $0.40 per share, in-line with the First Call consensus of ($0.40); revenues fell 1.5% year/year to $351.5 mln vs the $397.3 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.60-1.70 vs. $1.63 consensus.
4:17PM Con-way lowers FY08 EPS guidance below consensus (CNW) 25.77 +0.88 : Co lowers FY08 EPS to $2.20-2.35 vs $2.79 First Call consensus, down from $2.60-2.80. Co says with three weeks remaining to the end of the year, the co is maintaining a relatively wide range in guidance, due to turbulent market conditions and lack of reliable visibility into an economy which continues to deteriorate. Co says, "While we are focused on aggressive cost-reduction measures, over the past two months the effect of decelerating volumes in the LTL market, coupled with pricing pressures and lower fuel surcharges have significantly curtailed expectations for 2008 earnings, Q4 in particular." CNW reduced its nationwide workforce by ~8%, or about 1,450 positions. The reduction is in line with lower tonnage volumes which were down 3.8% in October and 9.2% in November, respectively, from last year's levels. The workforce reductions, which occurred on Dec. 5, were spread across most of the co's 303 operating locations in North America. They included the elimination of 78 staff positions at CNW's Ann Arbor, Mich., general office; 60 positions at an administrative center in Texas; and a realignment of its area and regional division structure to streamline management. The Dec. 5 workforce reductions will result in an estimated Q4 charge to earnings of ~$7.5 mln, primarily for severance and other payroll-related expenses. The charge for the Dec. 5 workforce reduction is in addition to an earlier-disclosed Q4 charge of $20 mln for costs associated with Con-way Freight's network re-engineering initiative. Dicussing the impairment charge, co says "the based on preliminary estimates, the co expects to record an impairment charge of $30-35 mln to write down the value of its investment in Chic Holdings Ltd., a Shanghai, China-based transportation and logistics co.
4:15PM Altera lowers Q4 revs guidance (ALTR) 23.62 -0.08 : Co announces its mid-quarter update for the fourth quarter of 2008. Co sees Q4 sales down 9 to 12% compared to the Q3 of 2008, down from prior guidance for Q4 of up 1% to down 3% compared to Q3 of 2008 (current consensus is Q4 revs growth of +2.3% over Q3). Co is experiencing slower than anticipated sales across all market segments, with particular weakness in the Computer & Storage and Consumer market segments. Inventory reductions by a broad range of end customers are occurring across all market segments. Fourth quarter gross margin is now expected to be 69% +/- .5%, an increase from prior guidance of 68% +/- .5%. The expected gross margin increase is due to the ongoing cost savings initiatives and expected market segment mix. As a result of additional ongoing cost savings initiatives, the company now expects that fourth quarter operating expense will be in the range of $134-135 mln versus prior guidance of $137-140 mln.
12:31PM Titan Intl reaffirms it could exceed $1 bln in revenue for the year 2008 (TWI) 7.91 +0.44 : Co stated that it should end 2008 with $920 mln to $1 bln in revenue (FY08 rev single analyst est is $1.012 bln). As mentioned on the third quarter conference call, co believes Titan could exceed $1 bln in revenue for the year 2008. Co sees sales revenue goal for 2009 at $1.175 to $1.35 bln. The co says "While a large spread, material cost is expected to be down in the second quarter of 2009, lowering pricing. Material cost for the second half of the year could be more unpredictable and may possibly require higher pricing. "If you were to base this on unit sales, I believe 2009 would show a 20 to 30% growth over 2008," said Taylor. "Titan's group presidents Ron Schildt and Bill Campbell will base the year on these goals, all the while striving to maximize them." Titan's EBITDA goal has been set at $170 to $190 mln for 2009 by Taylor. This goal will require better efficiency at the company's tire facilities, which should happen as a result of the completion of the super giant tire project realignment. Capital expense is also expected to drop after first quarter 2009 due to the completion of the super giant tire project. Taylor has set Titan's goal for positive operating cash flow at over $100 mln in 2009..."
12:28PM KHD Humboldt Wedag announces results of its initial review of economic crisis impacts on its order backlog (KHD) 8.50 +0.53 : Co announces results of its initial review of economic crisis impacts on its order backlog. As mentioned in third-quarter conference call, co says the rapid and dramatic changes in world credit markets and the global recession have had an impact on customers' capital expenditure programs and some have requested variations in their contractual arrangements. Co says "... We have now had an opportunity to evaluate the effects of those changes on our order backlog. Our order backlog at September 30, 2008 was $1.068 billion. As of December 5, 2008 we can confirm that officially cancelled orders amounted to $50.8 million and orders officially postponed by more than one year amount to $18.0 million. We have another $164.2 million of contract value at risk, meaning we have had verbal indications from customers that contract variations or cancellations are a possibility. This is an interim report; there may be further negative impacts of the economic crisis on our backlog..."
7:33AM 3M lowers guidance for FY08 below consensus; issues guidance for FY09 below consensus (MMM) 59.85 : Co issues downside guidance for FY08 (Dec), sees EPS of $5.10-5.15 vs. $5.44 First Call consensus, prior guidance $5.40-5.48. Co issues downside guidance for FY09 (Dec), sees EPS of $4.50-4.95 vs. $5.31 consensus. Given the uncertain duration and depth of the global slowdown, the company estimates full-year 2009 organic volumes to decline in the range of -3% to -7%. In addition, foreign exchange impacts are expected to reduce sales in the range of -6% to -7%.
Showing posts with label ALTR. Show all posts
Showing posts with label ALTR. Show all posts
Monday, December 8, 2008
Tuesday, July 15, 2008
Earnings - 15th July 2008
4:30PM Rambus and Qimonda sign amended patent license agreement (RMBS) 16.73 +0.27 : Co announces it has signed an amendment to its current patent license agreement with Qimonda, a leading manufacturer of memory products. This amendment extends the minimum term of the original patent license agreement, but specifies that in the event Infineon ceases to control or otherwise own a majority of Qimonda shares, certain competitors would not accede to the license upon their acquisition of control of Qimonda or a majority of Qimonda shares. The amendment further provides that any such acquirer would generally not acquire the benefit of a release from Rambus for past damages, including past infringement of RMBS' patent portfolio.
4:27PM CB&I guides FY08 EPS (CBI) 36.39 -1.45 : Co sees FY08 EPS of $0.40-0.60, including a $2.38 charge, may not be comparable to the $2.41 consensus. CBI announces it will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major L.N.G projects in the UK. Continued poor labor productivity, weather delays, and the need to supplement critical subcontractor areas will adversely impact the schedule and necessitate substantial expenditures well above previous estimates. These additional costs, which will be concentrated in the next three to four months, are required to complete the projects and meet the urgent need for natural gas imports into the UK prior to the upcoming heating season. The project charges will cause CB&I to be out of compliance with its lender agreements. The company believes that based on the strength of its backlog and solid financial condition, it will successfully obtain the necessary amendments.
4:22PM Altera beats by $0.05, beats on revs; guides Q3 revs above consensus (ALTR) 19.21 +0.20 : Reports Q2 (Jun) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 7.1% year/year to $359.9 mln vs the $346.7 mln consensus. Co issues upside guidance for Q3, sees Q3 rev growth flat to down, equates to $349.1-359.9 vs. $350.51 mln consensus. "To date during the third quarter, Altera has repurchased an additional 526,000 shares at a cost of $10.4 mln."
4:20PM Intel beats by $0.03, beats on revs; guides Q3 revs in-line (INTC) 20.71 +0.24 : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 9.4% year/year to $9.5 bln vs the $9.32 bln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $10-$10.6 bln vs. $10.07 bln consensus. INTC reports gross margins 55.4% vs. guidance of 56% +/- couple points. INTC also sees Q3 gross margins 58% +/- couple points; reiterates Y08 gross margins 57% +/- couple points, CapEx $5.0-$5.4 bln. Co states, "As we enter the second half, demand remains strong for our microprocessor and chipset products in all segments and all parts of the globe."
4:06PM CoStar Group beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY08 EPS above consensus (CSGP) 45.92 +0.47 : Reports Q2 (Jun) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 11.9% year/year to $53.5 mln vs the $53.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.28-$0.30 vs. $0.27 consensus. Co issues upside guidance for FY08, sees EPS of $1.10-$1.15 vs. $1.09 consensus. "Our primary focus moving forward will be working toward $100 million of annualized EBITDA for the company by the end of 2010. We believe this goal of doubling our EBITDA is achievable based on our current revenue growth rates and current economic and commercial real estate environments."
4:06PM V.F. Corp beats by $0.05, reports revs in-line; guides FY08 EPS above consensus, revs above consensus (VFC) 70.28 +0.56 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.86; revenues rose 10.6% year/year to $1.68 bln vs the $1.67 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.05 vs. $5.98 consensus; sees FY08 revs of $7.9 bln vs. $7.9 bln consensus.
8:38AM Johnson & Johnson beats by $0.06, beats on revs; guides FY08 EPS in-line - Correction (JNJ) 66.41 : Reports Q2 (Jun) earnings of $1.18 per share, $0.06 better than the First Call consensus of $1.12; revenues rose 8.7% year/year to $16.5 bln vs the $16 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.45-4.50 vs. $4.45 consensus, and above prior guidance of $4.40-4.45. Worldwide Medical Devices and Diagnostics sales of $6.1 bln for Q2 represented a 12.1% increase over the prior year with operational growth of 5.7% and a positive impact from currency of 6.4%. Domestic sales increased 4.0%, while international sales increased 19.7%. Worldwide Pharmaceutical sales of $6.3 bln for Q2 represented an increase over the prior year of 3.1% with an operational decline of 1.3% and a positive impact from currency of 4.4%. Domestic sales decreased 1.7%, while international sales increased 11.3%
8:32AM EnerNOC announced that it has entered into a five-year contract with the State of Rhode Island (ENOC) 20.74 : Co announced that it has entered into a five-year contract with the State of Rhode Island. The contract will allow EnerNOC to enable and manage demand response capacity from city, town and government-related buildings into the Independent System Operator of New England market, creating a valuable revenue stream for the State both today and in the future as part of ISO-NE's Forward Capacity Market.
8:20AM IKON Office issues upside Q3 EPS guidance; sees Q3 revs in line; issues Y08 upside guidance (IKN) 11.06 : Co issues upside EPS guidance for Q3 (Jun), sees EPS of $0.35-0.37, excluding non-recurring items, compared to previous guidance of $0.29-0.32, vs. $0.30 First Call consensus; issues in line rev guidance for Q3, sees Q3 (Jun) revs of approx $1.05 bln vs. $1.05 bln consensus. Co issues upside guidance for FY08 (Sep), sees EPS of $1.00-1.05, excluding non-recurring items, compared to previous guidance of $0.92-0.98, vs. $0.97 consensus. The improved outlook for Q3 is driven by better than anticipated Customer Service and Supplies revenue and gross margin, and a higher gross margin in Managed and Professional Services. "We are pleased by another quarter of better than expected results. In particular, we are encouraged by our improved operating income margin in the third quarter, which was driven by the $25 million cost and expense reduction plan we announced in January, our new U.S. leadership, and continued strong performance in Europe."
8:10AM US Bancorp reports Q2 (Jun) results, revs in-line (USB) 23.33 : Reports Q2 (Jun) earnings of $0.53 per share, including $0.11 loss from "significant items" related to net securities losses of $63 mln, which primarily reflected impairment charges on structured investment securities, and an incremental provision for credit losses, which exceeded net-charge-offs by $200 mln. The First Call consensus is $0.60. Revenues rose 7.5% year/year to $3.8 bln vs the $3.78 bln consensus. Return on average assets and return on average common equity were 1.58% and 17.9%, respectively, for the second quarter of 2008, compared with returns of 2.09% and 23.0%, respectively, for the second quarter of 2007. "Our capital position remains strong, with the Tier 1 capital ratio at June 30, 2008, on target at 8.5 percent. Although we have capacity in our current authorization, we do not anticipate buybacks between now and the end of the year. We will utilize our strong internal capital generation to support our growth initiatives, and rely on our earnings capacity to sustain our dividend and maintain our well-capitalized position." Provision for credit losses for the second quarter of 2008 was $596 mln, an increase of $111 mln over the first quarter of 2008 and $405 mln over the second quarter of 2007.
8:01AM WW Grainger beats by $0.02, beats on revs; reaffirms FY08 EPS guidance (GWW) 84.21 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.46; revenues rose 9.7% year/year to $1.76 bln vs the $1.73 bln consensus. Co reaffirms guidance for FY08, sees EPS of $5.85-6.15, excluding non-recurring items, vs. $5.88 consensus.
7:42AM Evergreen Solar signs new sales contract with IBC SOLAR of $1.2 bln (ESLR) 9.16 : Co announces it has signed a new long-term sales contract valued at approximately $1.2 bln with German-based IBC SOLAR AG. This contract extends through 2013 and brings the co's total contractual backlog to nearly $3 billion with 5 customers. The solar panels for these take-or-pay contracts will be manufactured at the co's new 160 MW facility in Devens, Massachusetts, which opened in June, and at the co's next factory, which is expected to open in 2010. To date, the co has contracted approximately 70 percent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013. (stock is halted)
7:23AM State Street beats by $0.03, beats on revs; sees Y08 EPS at high end of previous guidance; sees Y08 revs to exceed previous guidance (STT) 55.70 : Reports Q2 (Jun) earnings of $1.39 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.36; revenues rose 39.1% year/year to $2.67 bln vs the $2.6 bln consensus. "Our strong results of the quarter, plus the benefit of the $2.8 billion in equity capital that we issued in early June, enhanced the Corporation's solid capital position. Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008. We are also increasing our outlook for growth in revenue, expecting to exceed the high end of the 14 percent to 17 percent range in 2008. We continue to be focused on achieving positive operating leverage on an annual basis."
6:52AM Eaton beats by $0.16, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (ETN) 79.89 : Reports Q2 (Jun) earnings of $2.10 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $1.94; revenues rose 31.7% year/year to $4.28 bln vs the $4.14 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.90-2.00 vs. $2.05 consensus. Co issues in-line guidance for FY08, sees EPS of $7.70-8.00 vs. $7.85 consensus.
6:22AM Polaris Inds beats by $0.04, beats on revs; guides Q3 in-line; guides FY08 EPS in-line, revs above consensus (PII) 41.50 : Reports Q2 (Jun) earnings of $0.72 per share, $0.04 better than the First Call consensus of $0.68; revenues rose 20.9% year/year to $455.7 mln vs the $405 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.07-1.11 vs. $1.10 consensus; sees Q3 revenue growth of 2-5% or roughly $554.9-571.2 mln vs. $559.14 mln consensus. Co issues guidance for FY08, sees EPS of $3.40-3.48 vs. $3.41 consensus, prior guidance $3.36-3.45; sees FY08 revenue growth of 9-11% (prior guidance 5-7% growth) or roughly $1.94-1.98 bbn vs. $1.9 bln consensus.
4:27PM CB&I guides FY08 EPS (CBI) 36.39 -1.45 : Co sees FY08 EPS of $0.40-0.60, including a $2.38 charge, may not be comparable to the $2.41 consensus. CBI announces it will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major L.N.G projects in the UK. Continued poor labor productivity, weather delays, and the need to supplement critical subcontractor areas will adversely impact the schedule and necessitate substantial expenditures well above previous estimates. These additional costs, which will be concentrated in the next three to four months, are required to complete the projects and meet the urgent need for natural gas imports into the UK prior to the upcoming heating season. The project charges will cause CB&I to be out of compliance with its lender agreements. The company believes that based on the strength of its backlog and solid financial condition, it will successfully obtain the necessary amendments.
4:22PM Altera beats by $0.05, beats on revs; guides Q3 revs above consensus (ALTR) 19.21 +0.20 : Reports Q2 (Jun) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 7.1% year/year to $359.9 mln vs the $346.7 mln consensus. Co issues upside guidance for Q3, sees Q3 rev growth flat to down, equates to $349.1-359.9 vs. $350.51 mln consensus. "To date during the third quarter, Altera has repurchased an additional 526,000 shares at a cost of $10.4 mln."
4:20PM Intel beats by $0.03, beats on revs; guides Q3 revs in-line (INTC) 20.71 +0.24 : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 9.4% year/year to $9.5 bln vs the $9.32 bln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $10-$10.6 bln vs. $10.07 bln consensus. INTC reports gross margins 55.4% vs. guidance of 56% +/- couple points. INTC also sees Q3 gross margins 58% +/- couple points; reiterates Y08 gross margins 57% +/- couple points, CapEx $5.0-$5.4 bln. Co states, "As we enter the second half, demand remains strong for our microprocessor and chipset products in all segments and all parts of the globe."
4:06PM CoStar Group beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY08 EPS above consensus (CSGP) 45.92 +0.47 : Reports Q2 (Jun) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 11.9% year/year to $53.5 mln vs the $53.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.28-$0.30 vs. $0.27 consensus. Co issues upside guidance for FY08, sees EPS of $1.10-$1.15 vs. $1.09 consensus. "Our primary focus moving forward will be working toward $100 million of annualized EBITDA for the company by the end of 2010. We believe this goal of doubling our EBITDA is achievable based on our current revenue growth rates and current economic and commercial real estate environments."
4:06PM V.F. Corp beats by $0.05, reports revs in-line; guides FY08 EPS above consensus, revs above consensus (VFC) 70.28 +0.56 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.86; revenues rose 10.6% year/year to $1.68 bln vs the $1.67 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.05 vs. $5.98 consensus; sees FY08 revs of $7.9 bln vs. $7.9 bln consensus.
8:38AM Johnson & Johnson beats by $0.06, beats on revs; guides FY08 EPS in-line - Correction (JNJ) 66.41 : Reports Q2 (Jun) earnings of $1.18 per share, $0.06 better than the First Call consensus of $1.12; revenues rose 8.7% year/year to $16.5 bln vs the $16 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.45-4.50 vs. $4.45 consensus, and above prior guidance of $4.40-4.45. Worldwide Medical Devices and Diagnostics sales of $6.1 bln for Q2 represented a 12.1% increase over the prior year with operational growth of 5.7% and a positive impact from currency of 6.4%. Domestic sales increased 4.0%, while international sales increased 19.7%. Worldwide Pharmaceutical sales of $6.3 bln for Q2 represented an increase over the prior year of 3.1% with an operational decline of 1.3% and a positive impact from currency of 4.4%. Domestic sales decreased 1.7%, while international sales increased 11.3%
8:32AM EnerNOC announced that it has entered into a five-year contract with the State of Rhode Island (ENOC) 20.74 : Co announced that it has entered into a five-year contract with the State of Rhode Island. The contract will allow EnerNOC to enable and manage demand response capacity from city, town and government-related buildings into the Independent System Operator of New England market, creating a valuable revenue stream for the State both today and in the future as part of ISO-NE's Forward Capacity Market.
8:20AM IKON Office issues upside Q3 EPS guidance; sees Q3 revs in line; issues Y08 upside guidance (IKN) 11.06 : Co issues upside EPS guidance for Q3 (Jun), sees EPS of $0.35-0.37, excluding non-recurring items, compared to previous guidance of $0.29-0.32, vs. $0.30 First Call consensus; issues in line rev guidance for Q3, sees Q3 (Jun) revs of approx $1.05 bln vs. $1.05 bln consensus. Co issues upside guidance for FY08 (Sep), sees EPS of $1.00-1.05, excluding non-recurring items, compared to previous guidance of $0.92-0.98, vs. $0.97 consensus. The improved outlook for Q3 is driven by better than anticipated Customer Service and Supplies revenue and gross margin, and a higher gross margin in Managed and Professional Services. "We are pleased by another quarter of better than expected results. In particular, we are encouraged by our improved operating income margin in the third quarter, which was driven by the $25 million cost and expense reduction plan we announced in January, our new U.S. leadership, and continued strong performance in Europe."
8:10AM US Bancorp reports Q2 (Jun) results, revs in-line (USB) 23.33 : Reports Q2 (Jun) earnings of $0.53 per share, including $0.11 loss from "significant items" related to net securities losses of $63 mln, which primarily reflected impairment charges on structured investment securities, and an incremental provision for credit losses, which exceeded net-charge-offs by $200 mln. The First Call consensus is $0.60. Revenues rose 7.5% year/year to $3.8 bln vs the $3.78 bln consensus. Return on average assets and return on average common equity were 1.58% and 17.9%, respectively, for the second quarter of 2008, compared with returns of 2.09% and 23.0%, respectively, for the second quarter of 2007. "Our capital position remains strong, with the Tier 1 capital ratio at June 30, 2008, on target at 8.5 percent. Although we have capacity in our current authorization, we do not anticipate buybacks between now and the end of the year. We will utilize our strong internal capital generation to support our growth initiatives, and rely on our earnings capacity to sustain our dividend and maintain our well-capitalized position." Provision for credit losses for the second quarter of 2008 was $596 mln, an increase of $111 mln over the first quarter of 2008 and $405 mln over the second quarter of 2007.
8:01AM WW Grainger beats by $0.02, beats on revs; reaffirms FY08 EPS guidance (GWW) 84.21 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.46; revenues rose 9.7% year/year to $1.76 bln vs the $1.73 bln consensus. Co reaffirms guidance for FY08, sees EPS of $5.85-6.15, excluding non-recurring items, vs. $5.88 consensus.
7:42AM Evergreen Solar signs new sales contract with IBC SOLAR of $1.2 bln (ESLR) 9.16 : Co announces it has signed a new long-term sales contract valued at approximately $1.2 bln with German-based IBC SOLAR AG. This contract extends through 2013 and brings the co's total contractual backlog to nearly $3 billion with 5 customers. The solar panels for these take-or-pay contracts will be manufactured at the co's new 160 MW facility in Devens, Massachusetts, which opened in June, and at the co's next factory, which is expected to open in 2010. To date, the co has contracted approximately 70 percent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013. (stock is halted)
7:23AM State Street beats by $0.03, beats on revs; sees Y08 EPS at high end of previous guidance; sees Y08 revs to exceed previous guidance (STT) 55.70 : Reports Q2 (Jun) earnings of $1.39 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.36; revenues rose 39.1% year/year to $2.67 bln vs the $2.6 bln consensus. "Our strong results of the quarter, plus the benefit of the $2.8 billion in equity capital that we issued in early June, enhanced the Corporation's solid capital position. Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008. We are also increasing our outlook for growth in revenue, expecting to exceed the high end of the 14 percent to 17 percent range in 2008. We continue to be focused on achieving positive operating leverage on an annual basis."
6:52AM Eaton beats by $0.16, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (ETN) 79.89 : Reports Q2 (Jun) earnings of $2.10 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $1.94; revenues rose 31.7% year/year to $4.28 bln vs the $4.14 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.90-2.00 vs. $2.05 consensus. Co issues in-line guidance for FY08, sees EPS of $7.70-8.00 vs. $7.85 consensus.
6:22AM Polaris Inds beats by $0.04, beats on revs; guides Q3 in-line; guides FY08 EPS in-line, revs above consensus (PII) 41.50 : Reports Q2 (Jun) earnings of $0.72 per share, $0.04 better than the First Call consensus of $0.68; revenues rose 20.9% year/year to $455.7 mln vs the $405 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.07-1.11 vs. $1.10 consensus; sees Q3 revenue growth of 2-5% or roughly $554.9-571.2 mln vs. $559.14 mln consensus. Co issues guidance for FY08, sees EPS of $3.40-3.48 vs. $3.41 consensus, prior guidance $3.36-3.45; sees FY08 revenue growth of 9-11% (prior guidance 5-7% growth) or roughly $1.94-1.98 bbn vs. $1.9 bln consensus.
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