Earnings - 20th Oct 2009

6:07PM Tupperware beats by $0.12, beats on revs; guides FY09 EPS above consensus, revs above consensus; guides FY10 EPS above consensus (TUP) 44.01 -0.26 : Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.42; revenues rose 0.2% year/year to $514 mln vs the $486.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.84-2.89 vs. $2.73 consensus; sees FY09 revs growth of 5-6%, which equates ~$2.27-2.29 bln vs. $2.06 bln consensus. Co issues upside guidance for FY10, sees EPS of $3.33-3.43, excluding non-recurring items, vs. $3.20 consensus; co sees FY10 revs growth of 6-8% in local currency, and with a 6% benefit from foreign exchange is an increase of 12-14% reported.

4:34PM Cymer beats by $0.19, beats on revs; guides Q4 revs above consensus (CYMI) 38.85 -0.12 : Reports Q3 (Sep) earnings of $0.36 per share, $0.19 better than the First Call consensus of $0.17; revenues fell 16.5% year/year to $92.3 mln vs the $82.2 mln consensus. Co issues upside guidance for Q4, sees Q4 revs to be comparable to Q3 revs, which equates to ~92.3 mln vs. $90.62 mln consensus. Co said, "In Q3, we responded to increased demand that resulted in Q3revenue increasing almost 50%, as compared to the prior quarter. In Q4, we anticipate maintaining this increased level of demand for light sources and Installed Base Products."

4:33PM Walter Energy beats by $0.18, beats on revs (WLT) 65.87 -0.05 : Reports Q3 (Sep) earnings of $0.45 per share, $0.18 better than the First Call consensus of $0.27; revenues fell 9.9% year/year to $278.3 mln vs the $222.8 mln consensus.Co says "Our third quarter performance illustrates the strong demand for our high quality coking coal... We continue to see improving market conditions for our product and we are on track to achieve sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of the Mine No. 7 East longwall in early January 2010." The Company expects to ship 126,000 tons of hard coking coal at 2008-2009 carryover pricing of approximately $315 per metric ton in the fourth quarter 2009. Coking coal production is expected to be between 1.4 and 1.5 mln tons in the fourth quarter, with production costs expected to average between $65 and $70 per ton. "We expect continued improvement in market conditions for the remainder of 2009, Moving into 2010, we are seeing increasing demand for premium mid- and low-vol coals from our key product destinations, as well as Asia, with port constraints in Australia continuing to make high-quality coking coals a scarce resource." Walter Coke is expecting improved sales and a return to profitability in the fourth quarter 2009, driven primarily by increased orders from the domestic steel industry. Capital expenditures were $14.9 mln in the third quarter, totaling $67.3 mln for the year. The Company expects full-year capital expenditures of approximately $85 mln. sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of
the Mine No. 7 East longwall in early January 2010."

4:10PM Gilead Sciences beats by $0.11, beats on revs (GILD) 46.12 -0.69 : Reports Q3 (Sep) earnings of $0.78 per share, $0.11 better than the First Call consensus of $0.67; revenues rose 31.4% year/year to $1.8 bln vs the $1.75 bln consensus. 3Q Drug Sales and First Call Consensus: Truvada $620.6 mln vs. $625 mln consensus; $605.3 mln vs. $604 mln First Call Consensus; Viread $169.7 mln vs. $158 mln First Call Consensus; Amibsome $77.0 mln vs. $72 mln Consensus

4:09PM Seagate Tech beats by $0.11, beats on revs; guides Q2 revs above consensus (STX) 15.55 +0.00 : Reports Q1 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.47; revenues fell 12.2% year/year to $2.66 bln vs the $2.62 bln consensus. Seagate Tech reports gross margin 24.5% vs 23.3% consensus. Co issues upside guidance for Q2, sees Q2 revs of $2.75-2.85 bln vs. $2.75 bln consensus. For the December quarter, the company is planning for the overall industry demand for disk drives to be 153-160 million units. Gross margin as a percent of revenue to be near the high end of the company's targeted range of 22-26% (consensus calls for 23.2%). During the first fiscal quarter, STX reduced short-term borrowings and long-term debt by approximately $465 mln primarily with the maturity of its $300 mln floating rate senior notes and by paying down its revolving credit facility by $150 mln. "At a time when economic conditions remained challenging we are very pleased with the company's financial performance, delivering strong revenues, margins and cash generation... The company has returned to its operating model well ahead of our expectations of six months ago and now expects to sustain gross margin of 22-26%. Although mission critical enterprise demand in particular has yet to recover to historical levels, we benefitted from our time-to-market product delivery to customers integrating our notebook, desktop and enterprise drives." While visibility has improved throughout the calendar year, the ongoing uncertainty in global economic conditions makes it difficult to predict product demand and other related matters, which makes it more likely that Seagate's actual results could differ materially from current expectations.

4:08PM Cree beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus (CREE) 41.16 +0.05 : Reports Q1 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.22; revenues rose 20.5% year/year to $169.1 mln vs the $164.5 mln consensus. Cree reports gross margin 43.6% vs 40% consensus and co guidance. Co issues upside guidance for Q2, sees EPS of $0.28-0.30, excluding non-recurring items, vs. $0.23 consensus; sees Q2 revs of $180-190 mln vs. $173.18 mln consensus. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.06 per diluted share. "We are benefitting from continued LED lighting adoption and high factory utilization and are well positioned for solid growth in Q2. As a result of the recent equity offering, we have the balance sheet to invest in the growth of our business as we look to continue to lead the LED lighting revolution."

4:08PM SanDisk beats by $0.49, beats on revs (SNDK) 21.47 +0.01 : Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.49 better than the First Call consensus of $0.26; revenues rose 13.8% year/year to $935.2 mln vs the $787.9 mln consensus. SanDisk reports gross margin 46.6% vs 31.3% consensus. Co says, "We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010."

8:12AM Peabody Energy beats by $0.26, beats on revs; guides FY09 EPS above consensus (BTU) 43.37 : Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.26 better than the First Call consensus of $0.23; revenues rose 24.6% year/year to $1.67 bln vs the $1.42 bln consensus. Co issues raises/issues upside guidance for FY09, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.48 consensus; co also raises FY09 EBITDA guidance to $1.2-1.3 bln vs the $1.14 bln consensus. Given the high rate of deliveries to satisfy U.S. customer commitments, the co is targeting '09 sales of approximately 190 mln tons in the United States and 21-23 mln tons in Australia. Total co sales are expected to be 235-245 mln tons, including Trading and Brokerage contributions. For 2010, growing demand in the Pacific is driving higher Australia sales projections of 24 to 27 mln tons, or 15% above 2009's targets, with minimal capital required. In the United States, BTU is targeting '10 volumes of 185 to 195 mln tons, in line with '09's expectations and 5-15 mln tons lower than 2008. Peabody's 2010 PRB volumes are expected to decline up to another 5 mln tons from 2009's estimated 138 mln tons, and approximately 20-25 mln tons below peak operating levels in late 2008. Third quarter 2009 sales volumes totaled 63.5 mln tons, compared with 65.6 mln tons in the prior year period. U.S. sales reflect planned Powder River Basin (PRB) reductions. Australia sales of 6.5 mln tons were 30% above the second quarter due to higher seaborne thermal volumes and record metallurgical coal shipments. Australian metallurgical coal exports were 2.7 mln tons, nearly triple the pace of 1H09. U.S. revenues per ton increased 11% over the third quarter of last year due to higher realized prices in both the Midwestern and Western regions. Peabody's third quarter realized revs for Australia averaged $82 per ton, including $125 per ton for seaborne metallurgical coal and $72 per ton for seaborne thermal coal. Compared with the second quarter of 2009, Australian realized prices increased 33% due to a larger mix of seaborne metallurgical coal. 3Q09's Australian revs per ton were below year-ago levels due to lower annual pricing for seaborne coal contracts that began April 1.

8:04AM Precision Castparts misses by $0.09, misses on revs (PCP) 104.72 : Reports Q2 (Sep) earnings of $1.54 per share, $0.09 worse than the First Call consensus of $1.63; revenues fell 27.6% year/year to $1.3 bln vs the $1.39 bln consensus. "From a top-line perspective, overall sales declines seem to be bottoming out in the second quarter. Aerospace destocking is slowing, and our schedules show that we are closing the gap between orders and aircraft build rates. A gradual ramp begins in the third quarter, although some of our customers appear to be holding off orders as they approach their fiscal year ends. By the fourth quarter, we start to see schedules firming up and aligning more closely with current aircraft build rates beginning in March and carrying through the first quarter of fiscal 2011 and beyond. In addition, oil and gas and chemical processing orders are getting some traction and showing gradual sales upside in the third and fourth fiscal quarters. As sales increase, we have every expectation of driving those volumes across our improved cost structure and of aggressively leveraging every opportunity for upside performance."

8:02AM Cirrus Logic beats by $0.01, reports revs in-line; guides Q3 revs above consensus (CRUS) 5.86 : Reports Q2 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 4.5% year/year to $55.7 mln vs the $55.7 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $58-62 mln vs. $53.96 mln consensus. Gross margin is expected to be between 52 percent and 54 percent; and combined R&D and SG&A expenses are expected to range between $23 million and $25 million, which include approximately $2 million in share-based compensation and amortization of acquisition-related intangibles expenses. Gross margin for the quarter was 52 percent, down from 56 percent in the quarter a year ago and flat compared to 52 percent reported for the previous quarter.

7:38AM Caterpillar beats by $0.58, misses on revs; guides FY09 EPS above consensus; guides FY10 revs in-line (CAT) 57.85 : Reports Q3 (Sep) earnings of $0.64 per share, $0.58 better than the First Call consensus of $0.06, revenues fell 44% YoY to $7.3 bln vs $7.47 bln First Call consensus. Co issues guidance for FY09, sees EPS of $1.85-2.05 vs. $1.49 consensus; sees FY09 revs of $32-33 bln vs. $33.07 bln consensus. Co sees FY10 revs up 10-25% from midpoint of FY09 guidance; equates to ~$35.75-40.625 bln vs $33.14 bln First Call consensus, in part driven by the end of dealer inventory reductions which significantly impacted sales in 2009. "We are pleased with this quarter's profit given the severe economic environment and with our sales well below end-user demand as dealers continue to aggressively draw down inventories... During the quarter, our primary focus continued to be on trough management and operational execution. We lowered production as dealers continued to cut inventories, we reduced costs, maintained positive price realization, lowered inventory, delivered positive operating cash flow and improved our financial position... We believe the third quarter marked the low point for Caterpillar sales and revenues in what has been the toughest recession since the 1930s. We are seeing encouraging signs that indicate a recovery may be underway... However, the world economy is still facing significant challenges. There is uncertainty about the timing and strength of recovery... While 2010 will still be a difficult year, we expect improvement in our top line from the lows of 2009, and it's critical that we manage on the way up as well as we did in the face of declining volume. As a result, we've already started planning for an upturn. When it comes, it can come quickly, and we, our dealers and our suppliers will be prepared"

7:37AM BlackRock beats by $0.17, beats on revs (BLK) 230.43 : Reports Q3 (Sep) earnings of $2.10 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.93; revenues fell 13.2% year/year to $1.14 bln vs the $1.13 bln consensus. Third quarter new business results reflected increasing demand for higher return investments, driving net inflows of $14.5 bln in equities, balanced, fixed income and alternative investments, and net outflows of $26.4 bln in cash management. "Improving investor sentiment was the most important factor in third quarter results. Clients are putting money back to work in the markets, driving inflows in equities and bonds, and outflows in money market funds industry-wide. This shift drove the rally in global stocks and tighter credit spreads, as well as a favorable revenue mix in net new business. Assets under management increased $61.6 bln to $1.435 trln at September 30, 2009. Net new business in long-dated investment products totaled $14.5 bln. In contrast, net outflows in cash management were $26.4 bln and distributions from advisory accounts totaled $4.6 bln. BlackRock Solutions business remained strong, with seven net new assignments added during the quarter. Year-over-year, AUM has increased $176.2 bln or 14%, including net new business of $133.4 bln, and BlackRock Solutions has added 56 net new assignments. Our pipeline of wins funded or to be funded totaled $42.5 bln as of October 15, 2009. "The BGI transaction remains on target for a December 1, 2009 closing."

7:03AM Pfizer beats by $0.03, beats on revs; raises FY09 guidance above consensus (PFE) 17.98 : Reports Q3 (Sep) earnings of $0.51 per share, $0.03 better than the First Call consensus of $0.48; revenues fell 2.9% year/year to $11.62 bln vs the $11.41 bln consensus. Co raises guidance for FY09, sees EPS of $2.00-2.05 vs. $1.98 consensus, prior guidance $1.90-2.00; sees FY09 revs of $49-50 bln vs. $48.43 bln consensus, prior guidance $45-46 bln. Co said, "During the first nine months of 2009, we have continued to deliver on our 2009 financial commitments and our longer-term cost-reduction target. Completion of both the Wyeth acquisition and associated integration plans is a testament to the hard work and dedication of talented colleagues throughout the organization. Looking ahead, we anticipate that our broad portfolio of products and increased investment in high-growth opportunities will better position us to generate consistent earnings growth and continue to deliver on our commitments."

6:18AM Lexmark beats by $0.20, beats on revs; guides Q4 EPS above consensus (LXK) 22.57 : Reports Q3 (Sep) earnings of $0.65 per share which excludes $0.52 per share for restructuring-related activities which includes $0.34 per share for additional restructuring charges the co is announcing today, $0.20 better than the First Call consensus of $0.45; revenues fell 15.3% year/year to $958 mln vs the $901.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.50-$0.60 vs. $0.47 consensus. The co also announces additional restructuring initiatives designed to streamline its world-wide organization to improve operating efficiencies and effectiveness. This October 2009 plan includes reductions primarily in the areas of manufacturing and supply chain, service delivery overhead, marketing and sales support, corporate overhead, and development. The company expects these actions to be principally complete by the end of the first quarter of 2011. These October 2009 actions are expected to impact about 825 positions worldwide and will result in total pre-tax charges of approximately $120 mln with approximately $33 mln incurred in the third quarter of 2009. Lexmark expects these October 2009 actions will generate savings of approximately $70 mln in 2010 and ongoing savings of $110 mln beginning in 2011 with approximately 60% impacting operating expense and 40%impacting cost of goods sold.

1:38AM Allegiant Travel beats by $0.05, beats on revs (ALGT) 39.63 : Reports Q3 (Sep) earnings of $0.68 per share, $0.05 better than the First Call consensus of $0.63; revenues rose 13.9% year/year to $133.1 mln vs the $130.5 mln consensus. "Cost per passenger excluding fuel declined to $50.31 in the third quarter from $53.33 in the prior year, which understates the improvement since system load factor was 3.8% lower than last year. Please note these figures include bonus accrual, which has increased significantly in 2009 since it is tied to profitability and therefore further disguises underlying cost improvement. Excluding bonus accrual, cost per passenger excluding fuel declined to $4." Co reports load factor in 3Q of 89.9% 93.8% in 3Q08.

Earnings - 21st July 2009

4:37PM Apple beats by $0.18, beats on revs; issues conservative Q4 guidance as expected (AAPL) 151.51 -1.39 : Reports Q3 (Jun) earnings of $1.35 per share, $0.18 better than the First Call consensus of $1.17; revenues rose 11.7% year/year to $8.34 bln vs the $8.2 bln consensus. Q3 gross margin of 36.3% compares to a 34.3% Street estimate. Co issues conservative Q4 guidance as expected, sees EPS of $1.18-1.23 vs. $1.30 consensus; sees Q4 revs of $8.7-8.9 bln vs. $9.05 bln consensus. International sales accounted for 44% of the quarter's revenue. Apple sold 2.6 mln Macintosh computers during the quarter, representing a four percent unit increase over the year-ago quarter. The Company sold 10.2 mln iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. Quarterly iPhones sold were 5.2 mln, representing 626 percent unit growth over the year-ago quarter... Q3 iPhone shipments of 5.2 mln compare to the ~5 mln Street est; Mac shipments of 2.6 mln compare to the ~2.4 mln Street est; iPod shipments of 10.2 mln compare to the ~10.5 mln Street est. "We're extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of $2.3 billion."

4:17PM Pactiv Corp beats by $0.17, beats on revs; guides Q3 EPS in-line; guides FY09 EPS above consensus (PTV) 23.65 +0.27 : Reports Q2 (Jun) earnings of $0.73 per share, $0.17 better than the First Call consensus of $0.56; revenues fell 5.3% year/year to $901 mln vs the $841.1 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.47-0.51 vs. $0.51 consensus. Co issues upside guidance for FY09, sees EPS of $2.37-2.45 vs. $2.22 consensus. Full year 2009 sales are expected to decline in a range of 6 percent to 7 percent, an improvement from the prior outlook of a decline of 10 percent to 12 percent. "Our strong volume performance was driven by the strategic investments we have made in product and service over the past two years. Year over year we also benefitted from lower raw material costs, as well as improved productivity and lower logistics and utility costs. Sequentially, we have seen an increase in raw material costs which will result in more normal margins in the second half."

4:15PM Illumina reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (ILMN) 32.94 +0.91 : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the First Call consensus of $0.18; revenues rose 15.3% year/year to $161.6 mln vs the $162.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.18-$0.22 vs. $0.19 consensus; sees Q3 revs of $162-$172 mln vs. $169.91 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.82-$0.92 vs. $0.82 consensus; sees FY09 revs of $690-$720 mln vs. $691.24 mln consensus.

4:09PM Charlotte Russe beats by $0.09, misses on revs; guides Q4 EPS above consensus (CHIC) 12.07 -0.43 : Reports Q3 (Jun) earnings of $0.33 per share, $0.09 better than the First Call consensus of $0.24; revenues rose 4.9% year/year to $202.7 mln vs the $207.6 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.18-0.26, excluding non-recurring items, vs. $0.16 consensus. For the fourth quarter of fiscal 2009, the Company expects comparable store sales to be in the negative low- to mid-single digits. "At quarter-end, the Company had $60 million in cash and no long-term debt, affording us the financial flexibility to execute our growth plans despite the ongoing challenges presented by the macro environment."

4:05PM Atheros Communications beats by $0.06, beats on revs (ATHR) 22.52 +0.02 : Reports Q2 (Jun) earnings of $0.20 per share, $0.06 better than the First Call consensus of $0.14; revenues rose 27.6% year/year to $112.2 mln vs the $103.7 mln consensus. Non-GAAP gross margins in Q2 were 47.4%, compared to 48.1% reported in 1Q09 and 50.8% in 2Q08. Non-GAAP operating income in 2Q09 was 10.8% of revenue, compared to 3.2% in 1Q09 and 16.6% in 2Q08. Cash, cash equivalents and short-term marketable securities were $340.6 million at June 30, 2009, up $51.8 million from the prior quarter. Cash flow from operations for the second quarter was $44.9 million, up $49.4 million sequentially from cash flow used in operations of $4.5 million reported in the first quarter of 2009.

9:05AM Sybase beats by $0.04, beats on revs; guides Q3 (Sep) EPS in-line, revs in-line; raises FY09 (Dec) guidance (SY) 32.39 : Reports Q2 (Jun) earnings of $0.56 per share, ex-items $0.04 better than the First Call consensus of $0.52. Co issues in-line guidance for Q3 (Sep), sees EPS of 0.55-0.57, ex-items vs. $0.55 consensus; sees Q3 (Sep) revs of $275-280 vs. $278.10 mln consensus. Co rasies EPS and rev guidance for FY09(Dec), sees EPS of $2.23-2.27, ex-items vs. $2.23 consensus from $2.20-2.24 previously, sees revs of $1.11-1.12 bln vs the $1.1199 bln, up from previous rev guidance of ~$1.10 bln. Sybase's second quarter total revenue reflects a 7% negative impact from foreign currency exchange rates. Absent the impact of currency, total revenue increased 5% year over year, and license revenue increased 11% year over year. Non-GAAP operating income for the 2009 second quarter increased 23% year over year to $78.3 million, representing a 28% operating margin. Co says, "We also experienced momentum in our key growth initiatives including analytics, enterprise mobility and mobile commerce. During the quarter, we launched risk analytics with time series capabilities, expanded partnerships with the Sybase Unwired Platform, and were selected to provide the technology platform on a number of mBanking and mCommerce opportunities. Due to our stronger-than-expected performance in the first half of this year, we are raising our full-year 2009 financial guidance for the second time this year."

8:30AM BlackRock Correction: BLK reports adjusted EPS of $1.75, $0.17 better than consensus (BLK) 184.82 : Earlier we reported that BLK had beat by $0.01, this appears to have been incorrect. The comparable actual appears to be $1.75 which is $0.17 better than consensus. We have deleted the original earnings comment. Co reports Q2 (Jun) adjusted earnings of $1.75 per share, $0.17 better than the First Call consensus of $1.58; revenues fell 25.8% year/year to $1.03 bln vs the $1 bln consensus. AUM was $1.373 trillion at June 30, 2009, up 7% since March 31, 2009. Net new business totaled $15.2 billion during the quarter, including $28.5 billion of net inflows in long-dated assets, $7.5 billion of net outflows in cash management products, and $5.8 billion of net distributions in advisory assets. Inflows were well balanced geographically with $8.3 billion and $6.9 billion from U.S. and international investors, respectively. New business was equally robust across channels, with $10.5 billion of net inflows from institutional clients and $4.7 billion from retail investors worldwide. As of July 17, 2009, our pipeline of wins funded or to be funded totaled $45.7 billion, almost all of which was in long-dated investment products.

8:04AM Freeport-McMoRan beats by $0.69, beats on revs (FCX) 57.00 : Reports Q2 (Jun) earnings of $1.38 per share, $0.69 better than the First Call consensus of $0.69; revenues fell 32.3% year/year to $3.68 bln vs the $3.38 bln consensus. Second-quarter 2009 consolidated copper sales of 1.1 bln pounds were higher than second-quarter 2008 sales of 942 mln pounds and the April 2009 estimate of 955 mln pounds. Second-quarter 2009 consolidated gold sales of 837 thousand ounces were significantly higher than second-quarter 2008 gold sales of 265 thousand ounces because of higher ore grades at Grasberg. Consolidated molybdenum sales of 16 mln pounds in the second quarter of 2009 were lower than second-quarter 2008 sales of 20 mln pounds but were higher than the April 2009 estimate of 11 mln pounds. Projected sales volumes for 2009 approximate 3.9 bln pounds of copper, 2.4 mln ounces of gold and 56 mln pounds of molybdenum, including 910 mln pounds of copper, 550 thousand ounces of gold and 15 mln pounds of molybdenum in the third quarter of 2009. The achievement of FCX's sales estimates will be dependent on the achievement of targeted mining rates, the successful operation of production facilities, the impact of weather conditions and other factors.

7:38AM Caterpillar beats by $0.50, misses on revs; guides FY09 EPS above consensus, revs in-line (CAT) 36.65 : Reports Q2 (Jun) earnings of $0.72 per share, excluding non-recurring items, $0.50 better than the First Call consensus of $0.22; revs -41.5% to $7.98 bln vs $8.86 bln consensus. Co issues guidance for FY09, sees EPS of $1.15-2.25, excluding non-recurring items, vs. $1.02 consensus; sees FY09 revs of $32-36 bln vs. $34.86 bln consensus. "Our profit this quarter, despite the sharp decline in sales, is a tribute to Team Caterpillar's response to this severe global recession and the continued deployment of our economic trough strategy... There is still a great deal of economic uncertainty in the world, but we are seeing signs of stabilization that we hope will set the foundation for an eventual recovery. Credit markets have improved significantly. Fiscal policy and monetary stimulus have been introduced around the world, and we are seeing signs, particularly in China, that they are beginning to work. In addition, we've seen many key commodity prices increase from their lows in the first quarter, and they are holding in a range that is usually positive for investment... Our 2009 sales have been hurt by weak end-user demand and significant reductions in dealer inventory. In fact, dealers have reduced their machine inventories by about $1.5 billion through the first half of the year and could reach close to $3 billion by year-end. As tough as this year has been, the improved profit outlook is a tangible sign of what happens when the entire team is pulling in the same direction and deploying the trough strategy we put in place over the past four years."

7:05AM Quest Diagnostics beats by $0.05, reports revs in-line; raises FY09 EPS above consensus (DGX) 56.01 : Reports Q2 (Jun) earnings of $1.00 per share, $0.05 better than the First Call consensus of $0.95; revenues rose 3.5% year/year to $1.9 bln vs the $1.89 bln consensus. Co raises guidance for FY09, sees EPS of $3.70-3.80, up from $3.65-3.75, vs. $3.71 consensus. These results include a previously disclosed benefit associated with an insurance recovery of $0.05 per share, offset by charges of $0.04 per share associated with the company's recently completed debt repurchase and an investment writeoff. Cash from operations is expected to ~$1 billion before the payment of the previously announced NID settlement, or ~$700 million after such payment. Capital expenditures are expected to ~$200 million.

6:02AM Kinetic Concepts beats by $0.03, reports revs in-line; guides FY09 EPS above consensus, revs in-line (KCI) 26.08 : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.95; revenues rose 6.3% year/year to $491.3 mln vs the $487.6 mln consensus. Co issues guidance for FY09, sees EPS of $3.95-4.10 vs. $3.85 consensus; sees FY09 revs of $1.95-2.00 bln vs. $1.97 bln consensus. Co said, "KCI continues to meet its goals in terms of innovation, global market expansion and operational efficiency. We recently introduced our highly innovative open abdominal wound system, AbThera, to operating room surgeons in the U.S. and Europe and we are on track with our plans for the launch of V.A.C. Therapy in Japan. We look forward to the second half of the year with confidence."

4:39AM New Oriental Education & Technology reports EPS in-line, beats on revs; guides Q1 revs in-line (EDU) 63.97 : Reports Q4 (May) earnings of $0.07 per share, includes share-based compensation, in-line with the First Call consensus of $0.07; revenues rose 47.9% year/year to $59.4 mln vs the $54.3 mln consensus. Co issues in-line guidancefor Q1, sees Q1 revs of $146.6-152.6 mln vs. $152.31 mln consensus. Total student enrollments in language training and test preparation courses increased by 8.2% year-over-year to approx 330,200 from approximately 305,200 in the same period of the prior fiscal year. Non-GAAP operating margin for the quarter was 11.7%, compared to 6.3% in the same period of the prior fiscal year.

Earnings - 22nd July 2008 (1)

8:05AM Forest Labs beats by $0.07, reports revs in-line; guides FY09 EPS in-line (FRX) 35.29 : Reports Q1 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 4.2% year/year to $966.8 mln vs the $974.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.23 consensus.

8:03AM Supervalu beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 27.82 : Reports Q1 (May) earnings of $0.79 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.76; revenues rose 0.4% year/year to $13.35 bln vs the $13.19 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.04-3.20, excluding non-recurring items, compared to previous guidance of $3.10-3.25, vs. $3.07 consensus; sees FY09 revs of approx $45 bln vs. $44.81 bln consensus.

8:02AM Precision Castparts beats by $0.02, reports revs in-line (PCP) 103.53 : Reports Q1 (Jun) earnings of $1.95 per share, $0.02 better than the First Call consensus of $1.93; revenues rose 11.2% year/year to $1.83 bln vs the $1.84 bln consensus. Co said, "Overall, we see solid demand from our core customers for the rest of the year... Our relentless focus on operational efficiencies will continue. However, it is worth noting once again that our Forged Products operation will be affected by scheduled downtime of its major forging equipment in the second quarter, reducing sales and impacting earnings due to lost leverage."

7:50AM UPS reports EPS in-line, beats on revs; guides FY08 EPS in-line (UPS) 59.46 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 6.7% year/year to $13 bln vs the $12.81 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.70 vs. $3.64 consensus. Co sees 2H EPS of $1.78-1.98 vs $1.84 consensus. Co says comparisons to last year's results would be more difficult in Q3 and moderate in Q4. "Slow U.S. economic activity and fuel price increases hit us and our customers during the quarter. Even though economists do not predict a recovery until 2009, we anticipate that the second half of 2008 will generate modestly better results than the first half, assuming business conditions do not worsen."

7:39AM Lockheed Martin beats by $0.13, beats on revs; guides FY08 EPS in-line, revs in-line (LMT) 101.59 : Reports Q2 (Jun) earnings of $2.01 per share, $0.13 better than the First Call consensus of $1.88; revenues rose 3.6% year/year to $11.04 bln vs the $10.86 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.45-7.60 vs. $7.47 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus.

7:37AM Caterpillar beats by $0.20, beats on revs; guides FY08 (Dec) EPS in-line (CAT) 73.23 : Reports Q2 (Jun) earnings of $1.74 per share, $0.20 better than the First Call consensus of $1.54; revs of $13.62 bln vs $12.69 bln First Call consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of $6.00 vs. $6.03 consensus. Co sees 2008 sales and revenues of about $50 bln compared to previous guidance of $47.2-49.5 bln (First Call consensus is $50.1 bln). "Never in my 35 plus years with the company have I seen Caterpillar do so well in the face of such a difficult economic climate in the United States. We are on track to deliver our fifth straight year of record profits despite very tough conditions in the United States, declines in Europe and significantly higher material costs, particularly in the second half of the year. Still, for many of our products, supply is very tight, and we are producing as much as we can."

7:31AM Jefferies Group beats by $0.13, beats on revs (JEF) 17.32 : Reports Q2 (Jun) loss of $0.03 per share, $0.13 better than the First Call consensus of ($0.16); revenues fell 15.8% year/year to $392.1 mln vs the $275 mln consensus. "In the face of a market environment that continues to be challenging, Jefferies achieved significantly improved financial results in the second quarter... Our firm remains in a strong financial and market position with excess liquidity, a solid business base, and a platform positioned to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."

7:29AM Western Union beats by $0.02; guides FY08 EPS above consensus, reaffirms rev guidance (WU) 25.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues rose 12.0% year/year to $1.35 bln vs the $1.33 bln consensus. Co issues upside guidance for FY08, sees EPS at the high end of $1.29-1.33, excluding non-recurring items, vs. $1.28 consensus; co reafffirms FY08 revenue growth of 9-11%.

7:09AM Rockwell Automation beats by $0.06, beats on revs; guides FY08 EPS in-line (ROK) 43.63 : Reports Q3 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 1051.8% year/year to $14.75 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00-4.10 vs. $4.02 consensus. ""For the remainder of the fiscal year we expect to see continued strength in Asia-Pacific and Latin America as well as in resource-based industries. However, macro-economic conditions in Europe and the U.S. are weakening. We have begun to see a change in buying behavior by some of our customers in consumer related industries, including project delays and curtailed capital spending."

7:08AM Waters beats by $0.05, beats on revs (WAT) 62.32 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.71; revenues rose 13.2% year/year to $399 mln vs the $394 mln consensus. "Though the first half of 2008 presented Waters with a challenging economic environment, solid sales of our technologically advanced systems solutions, as well as our recurring revenues, resulted in strong earnings growth and superior cash generation."

7:07AM BJ Services beats by $0.08, beats on revs; guides Q4 EPS above consensus (BJS) 30.01 +1.46 : Reports Q3 (Jun) earnings of $0.48 per share, $0.08 better than the First Call consensus of $0.40; revenues rose 15.2% year/year to $1.33 bln vs the $1.24 bln consensus. Co issues upside guidance for Q4, sees EPS of 0.54-0.57 vs. $0.50 consensus. "Looking at our fourth fiscal quarter, we expect drilling activity in the U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada, the spring break-up period is over, and we expect meaningful positive contribution sequentially from our operations there. We anticipate modest sequential revenue and margin improvement from our International Pressure Pumping and Oilfield Services operations."

7:06AM CardioNet beats by $0.01, beats on revs; reaffirms FY08 revs guidance (BEAT) 29.85 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues rose 68.4% year/year to $29.3 mln vs the $28.4 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs to the high end of $117-120 mln vs. $119.05 mln consensus. The strength of our second quarter increases our level of comfort toward the high-end of that range. We believe that the third quarter will be impacted by seasonality related to physician and patient schedules over the summer months, which will moderate our sequential growth."

6:45AM Baker Hughes beats by $0.12 - Correction (BHI) 84.36 : Reports Q2 (Jun) earnings of $1.36 per share, excluding a $0.13 charge, $0.12 better than First Call consensus of $1.24; revenues rose 18.1% year/year to $3 bln vs the $2.76 bln consensus. Outside of North America, revenue for FY08 is expected to increase 14% to 16% compared to FY07. (Briefing.com note: Earlier we made an error in our reporting. The original comment has been removed.)

6:33AM CME Group beats by $0.08, reports revs in-line (CME) 325.53 : Reports Q2 (Jun) earnings of $3.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $3.85; revenues rose 71.1% year/year to $563 mln vs the $568.5 mln consensus. Co sees Y08 pro forma operating expense to be closer to the bottom end of previous guidance of $855-870 mln, excluding NYMEX. "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue. We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality. We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."

6:12AM Halliburton reports EPS in-line, beats on revs (HAL) 48.91 : Reports Q2 (Jun) earnings of $0.68 per share, excludes discontinued operations and includes patent settlement and acquisition-related expense offset by investment gains, in-line with the First Call consensus of $0.68; revenues rose 20.1% year/year to $4.49 bln vs the $4.25 bln consensus.

6:05AM DuPont beats by $0.04, beats on revs; guides FY08 EPS in-line (DD) 44.05 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues rose 12.2% year/year to $8.84 bln vs the $8.47 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.45-3.55 vs. $3.50 consensus. The company expects second half 2008 earnings per share to be modestly lower than last year due to the impact of higher energy and ingredient costs, lower demand in certain developed markets, lower income from asset sales, and a higher base tax rate. The company expects second half 2008 earnings per share to be about equally split between the third and fourth quarters.

6:03AM UnitedHealth beats by $0.03, beats on revs; guides FY08 EPS in-line (UNH) 23.83 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $20.27 bln vs the $20.04 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $2.95 consensus.

6:02AM ICON plc beats by $0.03, beats on revs; guides FY08 EPS above consensus, revs above consensus (ICLR) 77.79 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 48.5% year/year to $218.3 mln vs the $209.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.46-2.52 vs. $2.44 consensus; sees FY08 revs of $870-890 mln vs. $852.73 mln consensus.

1:01AM Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (JEC) 83.53 : Reports Q3 (Jun) earnings of $0.87 per share, $0.05 better than the First Call consensus of $0.82; revenues rose 40.1% year/year to $2.92 bln vs the $2.75 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.15-3.40, includes one-time gain, vs. $3.25 consensus. Backlog increased $7.3 bln, or 65.8%, from Q207, to $18.3 bln.

12:53AM Steel Dynamics beats by $0.12, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STLD) 32.96 : Reports Q2 (Jun) earnings of $1.05 per share, $0.12 better than the First Call consensus of $0.93; revenues rose 163.8% year/year to $2.4 bln vs the $2.35 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.15 vs. $0.97 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90 vs. $3.46 consensus. Chief executive Keith Busse commented, "third-quarter steel and scrap shipments could decline slightly as the result of seasonally planned mill outages and other consumer / provider industrial outages in July and August. Currently, though, order activity remains strong for steel products and metals recycling volumes are running at a record pace."