Earnings - 14th July 2008

4:08PM Activision Blizzard raises guidance above consensus; says FY09 is largest and most profitable year in co's history (ATVI) 32.92 +0.39 : Co (ATVID) announced that Activision's stand-alone preliminary financial results for the first quarter of fiscal year 2009, which ended on June 30, 2008, prior to the closing of the transaction with Vivendi, on July 9, 2008, were higher than co's previously provided first quarter outlook. Co sees Q1 EPS of $0.21-0.23 vs $0.13 First Call consensus; revs $650 mln vs $513.95 mln First Call consensus, an increase from co's prior outlook of $500 mln in net revenues and non-GAAP EPS of $0.13 on a stand-alone basis. Activision's performance was driven by the North American launch of Kung Fu Panda early in the quarter, which was the largest launch of a DreamWorks Animation licensed property by Activision. Late in the quarter, Activision had two record setting North American launches from the Guitar Hero franchise. "Activision's first quarter stand-alone net revenues and earnings were the highest ever for a non-holiday quarter... Our significant overperformance in Q1 would have further added to our previously given stand-alone fiscal 2009 net revenues and earnings outlook, making it by far the largest and most profitable year in Activision's history. As we have recently closed our transaction with Vivendi Games, we will be providing an outlook for Activision Blizzard as a combined company moving forward."

5:19PM Kimberly-Clark reports prelim Q2 EPS below consensus and below prior guidancel lowers FY08 EPS; guides Q3 EPS below consensus (KMB) 58.80 -0.52 : Co reports Q2 prelime EPS of $1.03 vs $1.09 consensus, below prior guidane of $1.08-1.11; lowers FY08 EPS to $4.20-4.30 vs $4.52 consensus, down from $4.45-4.60; guides Q2 revs of $5.0 bln vs $4.9 bln consensus. Co guides Q2 EPS of $0.98-1.03 vs $1.16 consensus. Co said "the shortfall in adjusted earnings per share versus its previous guidance was driven primarily by the rapid escalation in costs that occurred during the second quarter. Inflation was ~$50 million higher than estimated heading into the quarter, with the greatest increases in energy costs, particularly natural gas, oil-based materials and distribution costs. Margins were adversely impacted across all businesses.

4:23PM Coldwater Creek raises Q2 and FY08 guidance (CWTR) 4.94 +0.08 : Co issues mixed guidance for Q2 (Jul), sees EPS of $0.00-0.02 vs. ($0.05) First Call consensus, up from $(0.09)-(0.03) previously; sees Q2 (Jul) revs of $235-240 vs. $238.44 mln consensus, up from $215-239 mln previously. Co issues mixed guidance for FY09 (Jan), sees EPS of $(0.04)-0.09 vs. ($0.06) consensus, up from $(0.13)-0.04 previously; sees FY09 (Jan) revs of 1105-1151 vs. $1.14 bln consensus, up from $1.085-1.15 bln previously.

4:06PM JB Hunt Trans beats by $0.03, beats on revs (JBHT) 32.57 +0.09 : Reports Q2 (Jun) earnings of $0.39 per share, $0.03 better than the First Call consensus of $0.36; revenues rose 14.2% year/year to $977.3 mln vs the $925.4 mln consensus. "We are delighted to report earnings per share growth in the second quarter 2008 (excluding the tax benefit in second quarter 2007) despite a significant freight recession and soaring fuel prices. We continue to offer our customers supply chain solutions that best suit their service and cost parameters without bias toward a particular mode or asset class. Importantly, this value enhancing strategy has allowed our customers to partially mitigate the impact of historically higher fuel prices by growing their use of intermodal vs. truckload."

8:39AM Waste Mgt issues Q2 upside guidance (WMI) 36.61 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.61-0.62, excluding non-recurring items, vs. $0.58 First Call consensus; sees Q2 (Jun) revs of $3.49 bln vs. $3.42 bln consensus. "Our preliminary second quarter 2008 revenue and earnings per diluted share reflect the strength of our operations and our continued ability to achieve our financial objectives. Our internal revenue growth from yield on base business and volume are similar in this quarter to those in the first quarter of 2008." Co also proposes to acquire Republic Services (RSG) for $34.00/share in cash. See 8:30 comment for details.

8:36AM Canadian Solar issues Q2 upside guidance; co expects to meet or exceed previous Y08 guidance (CSIQ) 32.40 : Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $210-214 mln, compared to previous guidance o f$185-190 mln, vs. $186.62 mln First Call consensus; co sees gross profit of $33-35 mln. Co shipped approx 47MW of solar module products. Co expects to meet or exceed previous guidance for FY08 (Dec), sees FY08 (Dec) revs to meet or exceed $750-870 mln vs. $849.16 mln consensus, based on solar module shipments of 23-260 MW. Co reaffirms Y09 solar modules of 500-550 MW including both its high-efficiency regular module products and lower-cost e-Modules.

4:06AM Allegheny Tech Q208 earnings to be better than expected (ATI) 50.35 : Co issues upside guidance for Q2 (Jun), sees EPS of $1.65-1.67, including a $0.11 per share one-time net tax benefit, vs. $1.53 First Call consensus. ATI had previously said that it expected second quarter earnings to be somewhat higher than the $1.40 per share achieved in the first quarter 2008. "ATI is benefiting from the ongoing transformation of the Company, and our product, market, and geographic diversification," said L. Patrick Hassey, Chairman, President and Chief Executive Officer. "In addition, our enterprise risk management programs are reducing the impact of volatile input costs on our earnings results. Our transformation and diversification strategies are designed to position ATI for growth and improved earnings, as well as providing stability of earnings and cash flows through market cycles."