Earnings - 6th May 2009 (2)

6:07PM LHC Group beats by $0.14, beats on revs; raises FY09 EPS above consensus, raises revs guidance above consensus (LHCG) 24.91 +0.24 : Reports Q1 (Mar) earnings of $0.62 per share, $0.14 better than the First Call consensus of $0.48; revenues rose 49.2% year/year to $124.6 mln vs the $114.7 mln consensus. Co raises guidance for FY09, sees EPS of $2.15-2.25 vs. $2.09 consensus, up from $2.00-2.10; raises FY09 revs of $500-510 mln vs. $488.93 mln consensus, up from $480-500 mln.

5:57PM Anadarko Petro beats by $0.09, misses on revs (APC) 48.26 +2.78 : Reports Q1 (Mar) loss of $0.53 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.62); revenues fell 46.4% year/year to $1.6 bln vs the $1.7 bln consensus. 

5:36PM Atwood Oceanics beats by $0.09, beats on revs (ATW) 26.25 +1.01 : Reports Q2 (Mar) earnings of $0.88 per share, $0.09 better than the First Call consensus of $0.79; revenues rose 24.0% year/year to $140.7 mln vs the $139 mln consensus.

5:04PM ION Geophysical misses by $0.02, misses on revs; guides FY09 EPS above consensus, revs above consensus (IO) : Reports Q1 (Mar) loss of $0.10 per share, $0.02 worse than the First Call consensus of ($0.08); revenues fell 23.8% year/year to $106.9 mln vs the $132.8 mln consensus. Co issues upside guidance for FY09, sees EPS of ($0.04)-$0.12 vs. ($0.05) consensus; sees FY09 revs of $570-630 mln vs. $555.50 mln consensus.

5:02PM Sunoco beats by $0.16 (SUN) 31.44 +1.25 : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.34. "We continue to expect a challenging market for petroleum and chemical products due to ongoing economic weakness and additional global supply. However, the Company remains focused on executing its strategic plan. In the first quarter, we implemented the first phase of our business improvement initiative, and expect to reduce costs by more than $300 mln on an annualized basis by year end. Our capital spending for 2009 is now expected to be approximately $200 mln lower than planned. This reduction is primarily associated with the deferral of the Middletown, Ohio cokemaking construction project due to permitting delays and the deferral of certain other projects in Refining and Supply. In addition, we successfully completed debt offerings of $250 mln by Sunoco, Inc. and $175 mln by Sunoco Logistics Partners L.P. during the quarter. Further, in April, we executed a sales agreement for our Tulsa refinery and Sunoco Logistics Partners L.P. issued 2.25 mln limited partnership units generating approximately $110 mln of net proceeds from the offering. These actions along with our continued operating discipline will assist us in maintaining our financial flexibility and liquidity through 2009."

4:40PM USEC Inc. misses by $0.07, misses on revs; reaffirms FY09 revs guidance (USU) 7.11 +0.11 : Reports Q1 (Mar) earnings of $0.02 per share, $0.07 worse than the First Call consensus of $0.09. Co reaffirms guidance for FY09, sees FY09 revs of approx. $2.2 bln vs. $2.21 bln consensus; co expects gross profit margin to be in a range of approximately 10-12%.  At March 31, 2009, deferred revenue totaled $250.7 mln, an increase of $54.4 mln from December 31, 2008. The gross profit associated with deferred revenue as of March 31, 2009, was $100.3 mln. The gross profit margin for the quarter was 8.3% compared to 11.3% in the same quarter of 2008.

4:29PM Tesoro reports EPS in-line, reports revs (TSO) 18.45 +0.65 : Reports Q1 (Mar) earnings of $0.37 per share, in-line with the First Call consensus of $0.37; revenues fell 50.3% year/year to $3.28 bln. "With an unusually high level of refinery maintenance activity on the West Coast, we benefited from strong crack spreads during the first quarter. Even though the start to 2009 has been better than expected, we will continue to pursue our program to reduce our cash breakeven. A large piece of that program is intended to increase our margin capture realizations, and, in the first quarter, they were above their average historical levels in each region."

4:19PM Eagle Bulk Shipping reports EPS in-line, beats on revs (EGLE) 9.17 +0.84 : Reports Q1 (Mar) earnings of $0.37 per share, in-line with the First Call consensus of $0.37; revenues rose 52.6% year/year to $56 mln vs the $54.4 mln consensus. Fleet utilization rate for the first quarter was 99.6%.

4:15PM Prudential beats by $0.22; guides FY09 EPS in-line (PRU) 35.57 +4.57 : Reports Q1 (Mar) earnings of $1.05 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.83. Co issues in-line guidance for FY09, sees EPS of $4.80-5.20 vs. $4.87 consensus. This expectation assumes appreciation of 2% per quarter in the S&P 500 index, commencing with its close as of December 31, 2008. Individual Annuity net sales $643 mln, up from $620 mln a year ago. Full Service Retirement gross deposits and sales of $10.5 bln and net additions $6.3 bln, up from gross deposits and sales of $4.6 bln and net additions of $653 mln a year ago. "While our current quarter results continue to reflect unfavorable market and economic conditions, our solid balance sheet and product portfolio support highly attractive value propositions for clients focused on financial security and peace of mind. We view the positive net flows registered by our U.S. retirement, annuities and asset management businesses and the solid sales results in our domestic and international insurance businesses as validation of our core business models, as well as the dedication of our associates in these difficult times."

4:13PM Career Education misses by $0.01, misses on revs (CECO) 21.68 0.52 : Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.33; revenues fell 3.2% year/year to $437.4 mln vs the $446.7 mln consensus. CEO says, "I am encouraged by our overall performance in the first quarter. Our Health Education schools delivered another record quarter with a 24% increase in student population. Our Culinary schools posted a 13% increase in student starts, thanks to our efforts in 2008 to evolve the business to meet the changing needs of our students. However, in our University institutions, while we generated strong improvements in operating income and margins, I am not satisfied with the level of our student starts. We will continue to improve in this important area as we move toward our goal of meaningful and consistent revenue growth across the organization."\

Earnings - 2nd February 2009

4:45PM Anadarko Petro misses by $0.01, beats on revs (APC) 36.09 -0.65 : Reports Q4 (Dec) earnings of $0.16 per share, excluding $1.63 in certain items that are typically excluded by the investment community in published estimates, $0.01 worse than the First Call consensus of $0.17; revenues rose 24.4% year/year to $3.81 bln vs the $2.48 bln consensus.

4:29PM Rent-A-Center beats by $0.03, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs in-line (RCII) 15.14 +0.29 : Reports Q4 (Dec) earnings of $0.47 per share, excluding $0.08 in gains and a $0.01 charge, $0.03 better than the First Call consensus of $0.44; revenues fell 2.4% year/year to $699.8 mln vs the $697.4 mln consensus. Co issues upside EPS guidance for Q1, sees EPS of $0.54-0.60 vs. $0.52 consensus; sees Q1 revs of $721-741 mln vs. $748.15 mln consensus. Co issues upside EPS guidance for FY09, sees EPS of $2.15-2.32 vs. $2.00 consensus; sees FY09 revs of $2.83-2.89 bln vs. $2.85 bln consensus.

3:49PM Central European Dist reaffirms FY08 guidance; lowers FY09 guidance with impact of recent changes in exchange Rates (CEDC) 10.02 -2.18 : Co reaffirms guidance for FY08 (Dec), sees EPS of $2.85-3.05 vs. $2.81 First Call consensus; sees FY08 (Dec) revs of $1.65-1.80 bln vs. $1.69 bln consensus. Co lowers guidance for FY09 (Dec), sees EPS of $2.50-2.80, down from $3.75-4.00, vs. $3.16 consensus; sees FY09 (Dec) revs of $1.25-1.40 bln, down from $1.93-2.03 bln, vs. $1.67 bln consensus. The prior guidance given in November 2008 was based upon exchange rates of Polish Zloty to USD of 2.50 to 2.60 and Russian Ruble to USD of 26.00 to 26.50; the revised guidance is based upon exchange rates assumptions of 3.30 to 3.50 for the Polish Zloty to USD and 35.00 to 37.00 for the Russian Ruble to USD. The fully diluted number of shares used to calculate the above per share guidance is approximately 47.2 million. "We have not experienced any material slow down in our receivables in Russia and Poland to date and continue to see positive cash flows. We look forward to the challenges ahead of us for the year 2009 as our key management objectives continue to focus on growing our margins, improving operating efficiency and lowering our interest cost."

2:22AM BE Aerospace beats by $0.07, misses on revs; provides Q109 and FY09 guidance (BEAV) 9.67 : Reports Q4 (Dec) earnings of $0.53 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.46; revenues rose 13.7% year/year to $526.8 mln vs the $595.1 mln consensus. Bookings during Q4 were approx $450 mln and reflect a book-to-bill ratio of approx 0.85 to 1. Backlog at the end of the quarter was approx $2.9 bln and represents an increase of approx 32% as compared with the co's December 31, 2007 backlog. Approx 9% of the backlog represents orders from U.S. airlines, while approx 55%is from international customers. Co issues downside guidance for Q109; sees EPS of $0.40 per share, excluding items, $0.04 worse than the First Call consensus of $0.44. This is due to a weak product mix at the commercial aircraft segment reflecting decreased retrofit shipments and decreased shipments associated with new aircraft deliveries associated with Boeing strike. Co anticipates Q2, Q3 and Q4 to have both higher revenues and better product mix than Q1. 2009 revenues are expected to be slightly higher compared with 2008 or approx $2.25 bln (First Call consensus:  $2.46 bln), reflecting the inclusion of HCS for the full year. On a proforma basis, giving effect to the inclusion of the HCS business for all of 2008, 2009 revenues are expected to decline by approx 8%. FY09 EPS are expected to be slightly lower compared with 2008 at approx $2.00 per diluted share (First Call consensus:  $1.88), excluding AIT costs of approx $0.10 per diluted share, reflecting a deterioration in mix due to lower sales of higher margin aftermarket products, reduced shipments associated with new aircraft deliveries as a result of the Boeing strike and decreased retrofit shipments.

Earnings - 4th Aug 2008

5:48PM Anadarko Petro beats by $0.04, misses on revs (APC) 55.12 -3.59 : Reports Q2 (Jun) earnings of $1.78 per share, excluding $1.73 in charges, $0.04 better than the First Call consensus of $1.74; revenues fell 39.2% year/year to $2.79 bln vs the $3.68 bln consensus.

5:02PM Central European Dist reports Q2 (Jun) results, beats on revs; raises FY08 gudiance; reaffirms FY09 guidance (CEDC) 69.89 -1.99 : Reports Q2 (Jun) earnings of $0.56 per share, may not be comparable to the First Call consensus of $0.52; revenues rose 56.9% year/year to $421.3 mln vs the $400 mln consensus. Co raises guidance for FY08, sees EPS of $2.72-2.92, ex items, vs. $2.77 consensus; sees FY08 revs of $1.65-1.80 bln vs. $1.69 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.68-3.93, ex items, vs. $3.82 consensus. The margin accretion from these Russian investments, as well the approximately 25% increase in sales, are having a significant impact on our operating performance as evidenced by our gross margin increase from 20.7% to 24.6% and strong net income performance. "

4:45PM AXIS Capital beats by $0.13; net investment income increases 21% (AXS) 31.35 -0.76 : Reports Q2 (Jun) earnings of $1.47 per share, $0.13 better than the single analyst est of $1.34. Co reports net investment income of $137 mln, a 21% increase. Diluted book value per common share of $30.30, an increase of 21% from June 30, 2007, and 5% from December 31, 2007. Co states, "Despite the extremely competitive market conditions, our underwriting results were good and our reserves from prior accident years continued to develop favorably. We also posted record quarterly net investment income. Our business is still generating very strong underwriting profitability even against the backdrop of increased market loss activity during this first half of the year in the property lines."

4:19PM Comstock beats by $0.26, misses on revs (CRK) 55.50 -4.95 : Reports Q2 (Jun) earnings of $1.50 per share, ex-gain on previously announced property sales, $0.26 better than the First Call consensus of $1.24; revenues rose 107.0% year/year to $172 mln vs the $227.5 mln consensus. Co states that Q2 operating results reflect strong market prices for oil and natural gas combined with strong production growth from Comstock's onshore operations. CSR's production from its continuing onshore operations in 2Q08 increased 42% to 15.3 bln cubic feet equivalent of natural gas as compared to production of 10.7 Bcfe in 2Q07. CSR announces that it plans to increase its 2008 budget for its onshore drilling program to $410 mln as compared to the company's original budget for 2008 of $278 mln.

4:17PM Rackable Systems misses by $0.11, reports revs in-line; reaffirms FY08 EPS guidance, revs guidance (RACK) 12.55 -0.08 : Reports Q2 (Jun) loss of $0.12 per share, $0.11 worse than the First Call consensus of ($0.01); revenues fell 7.6% year/year to $76 mln vs the $76.2 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.01 vs. $0.16 consensus; sees FY08 revs of $353.2-374.4 mln vs. $352.86 mln consensus. "Our business outlook for the second half of 2008 is positive and we are reaffirming our 2008 annual guidance," said Mark J. Barrenechea, President and Chief Executive Officer of Rackable Systems. "Our new XE series product is in the market, our industry focus is yielding results, and our core Internet market is expanding into cloud computing. We see these as favorable trends for the second half of 2008 and into 2009."

4:09PM China Security and Surveillance beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY08 guidance (CSR) 14.12 -0.14 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 77.9% year/year to $92.7 mln vs the $86.3 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.43-0.45 vs. $0.43 consensus; sees Q3 revs of $110-115 mln vs. $103.08 mln consensus. Co raises guidance for FY08, sees EPS of $1.60-1.77 vs. $1.66 consensus; sees FY08 revs of $400-410 mln vs. $392.06 mln consensus.

4:07PM Bankrate reports EPS in-line, revs in-line; reaffirms FY08 revs guidance (RATE) 31.59 +0.03 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues rose 72.8% year/year to $40.2 mln vs the $40.2 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $164-169 mln vs. $165.58 mln consensus; reaffirms adjusted EBITDA for the year to be between $54-58 mln.

4:07PM DaVita beats by $0.07, beats on revs (DVA) 55.89 -0.25 : Reports Q2 (Jun) earnings of $0.90 per share, $0.07 better than the First Call consensus of $0.83; revenues rose 7.2% year/year to $1.41 bln vs the $1.37 bln consensus. "We are narrowing our operating income guidance for 2008 to a range of $800-$840 million. Our operating income for 2009 is currently projected to be in the range of $820-$880 million."

4:05PM AthenaHealth beats by $0.02, beats on revs (ATHN) 27.02 -1.24 : Reports Q2 (Jun) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 34.6% year/year to $33 mln vs the $32.5 mln consensus.

4:05PM Qiagen reports Q2 (Jun) results, misses on revs; raises FY08 guidance (QGEN) 18.59 -0.05 : Reports Q2 (Jun) earnings of $0.20 per share, may not be comparable to the First Call consensus of $0.19; revenues rose 61.4% year/year to $217.9 mln vs the $221.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.79-0.80, up from $0.74-0.78, excluding non-recurring items, vs. $0.78 consensus; sees FY08 revs of $889-919 mln vs. $906.54 mln consensus.

4:03PM Masimo beats by $0.05, beats on revs; guides FY08 EPS above consensus, revs above consensus (MASI) 37.24 -0.56 : Reports Q2 (Jun) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 17.4% year/year to $74.8 mln vs the $71.5 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.64 vs. $0.59 consensus, up from previous guidance of $0.52; sees FY08 revs of $300 mln vs. $297.01 mln consensus, and up from previous guidance of $246-$292 mln.

8:03AM Bronco Drilling misses by $0.08, beats on revs (BRNC) 17.81 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.29; revenues rose 12.0% year/year to $69.8 mln vs the $67.9 mln consensus. Co increased its number of term contracts during the second quarter and now has approximately 57% of its estimated revenue days for the last two quarters of 2008 and 32% of its estimated revenue days for 2009 covered via term contracts.

8:02AM Freightcar America misses by $0.10, beats on revs (RAIL) 36.13 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.10 worse than the First Call consensus of $0.24; revenues fell 27.7% year/year to $141.3 mln vs the $131.9 mln consensus.

7:35AM IntercontinentalExchange reports EPS in-line, revs in-line; announces $500 mln buyback (ICE) 96.20 : Reports Q2 (Jun) earnings of $1.19 per share, excluding non-recurring items, in-line with the First Call consensus of $1.19; revenues rose 44.3% year/year to $197.2 mln vs the $195.8 mln consensus. ICE also announced that its Board of Directors has authorized a share buyback program of up to $500 mln. "We've continued to grow our business substantially while generating synergies in our U.S. futures business and producing operating margins that reflect our disciplined approach to growth. This consistently strong performance provides us with the balance sheet and cash flows necessary to execute the share repurchase program recently authorized by our Board of Directors, even as we continue to invest for future growth. This program reflects our belief that the current share price does not appropriately reflect the strong underlying fundamentals of our global business. In compliance with SEC rules, we will begin the repurchase of shares after the Creditex acquisition closes." ICE Clear Europe is expected to commence operations on September 15, 2008. Updated guidance includes 2008 revenues in the range of $20-25 mln.

7:01AM Church & Dwight beats by $0.03, beats on revs; guides FY08 EPS above consensus (CHD) 54.75 : Reports Q2 (Jun) earnings of $0.66 per share, $0.03 better than the First Call consensus of $0.63; revenues rose 8.7% year/year to $594 mln vs the $581.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.83-2.85 vs. $2.81 consensus.

6:13AM Humana beats by $0.06, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus, revs in-line (HUM) 44.64 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues rose 14.4% year/year to $7.35 bln vs the $7.14 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.45-1.50 vs. $1.36 consensus. Co issues mixed guidance for FY08, sees EPS of $4.30-4.40 vs. $4.20 consensus; sees FY08 revs of $28-30 bln vs. $28.51 bln consensus.


6:09AM DISH Network beats by $0.13, reports revs in-line; reports subscriber loss of 25k (DISH) 28.96 : Reports Q2 (Jun) earnings of $0.73 per share, $0.13 better than the First Call consensus of $0.60; revenues rose 5.4% year/year to $2.91 bln vs the $2.91 bln consensus. DISH Network lost approximately 25,000 net subscribers during the quarter ended June 30, 2008, ending the quarter with approximately 13.79 million subscribers.

6:06AM Advanced Medical Optics misses by $0.03, beats on revs; guides FY08 EPS below consensus, reaffirms revs in-line (EYE) 17.20 : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.27; revenues rose 22.6% year/year to $320.5 mln vs the $307.7 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.00-1.15, excluding non-recurring items, vs. $1.35 consensus; sees FY08 revs of $1.22-1.24 bln vs. $1.23 bln consensus. Co expects its 2008 U.S. excimer procedures to be approx 25% below 2007 levels.