Earnings - 4th Feb 2009

6:14PM FMC Corp beats by $0.16, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (FMC) 44.47 -0.37 : Reports Q4 (Dec) earnings of $1.02 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.86; revenues rose 9.4% year/year to $737.7 mln vs the $761.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $1.15-1.30, excluding non-recurring items, vs. $1.50 consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-5.00, excluding non-recurring items, vs. $4.97 consensus.

5:50PM Enersys beats by $0.23; sees Q4 EPS below consensus (ENS) 9.48 -0.18 : Reports Q3 (Dec) earnings of $0.63 per share, $0.23 better than the First Call consensus of $0.40; revenues fell 16.7% year/year to $460.9 mln vs the $460.7 mln consensus. Co issuesdownside guidance; co sees Q4 EPS of $0.30-0.34, excluding $0.25 in charges, vs $0.35 consensus.

5:43PM Atwood Oceanics beats by $0.07, beats on revs (ATW) 16.95 +0.35 : Reports Q1 (Dec) earnings of $1.22 per share, $0.07 better than the First Call consensus of $1.15; revenues rose 49.1% year/year to $165.5 mln vs the $162.9 mln consensus.

5:17PM WGL Holdings beats by $0.06, beats on revs; raises FY09 EPS above consensus (WGL) 33.25 -0.03 : Reports Q1 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.97; revenues rose 9.3% year/year to $821.5 mln vs the $761.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.41-2.53, excluding non-recurring items, vs. $2.34 consensus, up from prior $2.27-2.39.

4:43PM Visa beats by $0.12, beats on revs; sees 2009 rev growth in high single digits, reaffirms 2010 outlook (V) 49.13 +0.74 : Reports Q1 (Dec) earnings of $0.78 per share, $0.12 better than the First Call consensus of $0.66; revenues rose 16.8% year/year to $1.74 bln vs the $1.68 bln consensus. Payments volume grew 12% over the prior year to $701 bln; total volume, inclusive of cash volume was $1.1 trln, an increase of 16% over the prior year; total cards carrying the visa brands rose 10% worldwide over the prior year to 1.7 bln; and total payment transactions increased by 13% over the prior year to 14.5 bln... Cosees 2009 annual net revenue growth in the high single-digits (consensus is for rev growth of 8.5%). Co reaffirms its financial outlook through 2010, with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009. Sees 2010 annual net revenue growth at the lower end of the 11% to 15% range; annual adjusted operating margin in the mid-to-high 40% range; annual adjusted diluted class a common earnings per share growth of greater than 20%; annual free cash flow in excess of $1 bln; and capital expenditures in the range of $300 to $350 mln in 2009 and representing 3 to 4% of gross revenues in 2010.

4:15PM Cisco Systems beats by $0.02, beats on revs (CSCO) 15.84 +0.22 : Reports Q2 (Jan) earnings of $0.32 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.30; revenues fell 7.1% year/year to $9.1 bln vs the $9.0 bln consensus. Q3 gross margins came in at ~63.0% vs ~64.0% company guidance. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."

4:10PM Dolby Labs beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (DLB) 25.87 +0.24 : Reports Q1 (Dec) earnings of $0.56 per share, excluding a $0.12 non-recurring gain, $0.13 better than the First Call consensus of $0.43; revenues rose 20.0% year/year to $180.3 mln vs the $165.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.57-1.82 vs. $1.68 consensus; sees FY09 revs of $630-700 vs. $690.59 mln consensus. "We are pleased with our first quarter performance, and we continue to position ourselves for the long-term by pursuing new innovations and opportunities. However, we are also very mindful of the worldwide economic slowdown, and have adjusted our outlook in light of reduced consumer spending."

4:07PM Badger Meter beats by $0.16, beats on revs (BMI) 24.09 -0.20 : Reports Q4 (Dec) earnings of $0.42 per share, $0.16 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $67.6 mln vs the $59.8 mln consensus.

4:06PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42 vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus.

4:06PM Akamai Tech beats by $0.04, beats on revs (AKAM) 14.17 -0.03 : Reports Q4 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 16.0% year/year to $212.6 mln vs the $205.5 mln consensus. "As the external environment has become more challenging, we're pleased that we were able to grow revenue and earnings throughout the year while broadening our portfolio of solutions to improve Internet performance for our customers." The number of customers under long-term service contracts at the end of the fourth quarter increased by 50 to a record 2,858, an 8 percent increase year-over-year.

4:05PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42, excluding non-recurring items, vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus. "Inventory reductions, grain costs at Hain Pure Protein ("HPP") and the lag in fully realizing our August price increase impacted our earnings by almost $0.11 per share this quarter."

4:04PM Rightnow Tech beats by $0.06, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs below consensus (RNOW) : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.06 better than the First Call consensus of ($0.00); revenues rose 17.6% year/year to $36.1 mln vs the $36.9 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.04 vs. $0.01 consensus; sees Q1 revs of $36-37 mln vs. $37.84 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.15-0.23, excluding non-recurring items, vs. $0.12 consensus; sees FY09 revs of $150-155 mln vs. $160.74 mln consensus. "We're pleased with a second consecutive quarter of non-GAAP profitability, which was ahead of our guidance and driven by focused expense management. Our sales teams turned in a great quarter. Despite the fact total revenue was lowered by a $1.6 million foreign exchange impact, this was our eighth consecutive quarter of operating margin improvement, and a 300 basis point improvement over last quarter."

10:18AM Philip Morris International beats by $0.09, beats on revs; guides FY09 EPS below consensus (PM) 36.15 -2.17 : Reports Q4 (Dec) earnings of $0.71 per share, $0.09better than the First Call consensus of $0.62; revenues, excluding excise tax on products, rose 3.6% year/year to $6.12 bln vs the $5.54 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.85-3.00 vs. $3.43 consensus. Co notes that excluding an adverse currency impact of $0.80 per share, 2009 guidance is projected to increase by 10%-14%. Co, "Our operating performance in 2008 was exceptionally strong and our results exceeded our constant currency growth targets for both the full year and the fourth quarter. Our first year as an independent company was also marked by significant progress on numerous strategic fronts and specifically behind our efforts to improve our speed to market and enhance the vibrancy and equity of our strong brand portfolio... The global economic crisis obviously results in uncertainty, particularly on the currency front, and at current exchange rates we face a steep hurdle."

9:01AM Allergan beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AGN) 39.80 : Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.73; revenues fell 3.1% year/year to $1.06 bln vs the $1.04 bln consensus. Co issues downside guidancefor Q1, sees EPS of $0.50-0.52 vs. $0.61 consensus. Co issues in-line guidance for FY09, sees EPS of $2.69-2.75 vs. $2.71 consensus.

8:32AM Clorox beats by $0.05, misses on revs; guides FY09 EPS in-line (CLX) 51.82 : Reports Q2 (Dec) earnings of $0.62 per share, $0.05 better than the First Call consensus of $0.57; revenues rose 2.5% year/year to $1.22 bln vs the $1.24 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.72 consensus. For fiscal year 2009, Clorox now anticipates total sales growth in the range of 3-5%, rather than the previously communicated range of 4-6% due to retailer inventory reductions and consumer reaction to the economic environment. The company now anticipates year-over-year gross margin improvement in the range of 50-100 basis points, rather than the previously communicated range of 25-75 basis points, due to anticipated lower commodity costs and higher cost savings.

8:02AM Natl Oilwell Varco beats by $0.11, beats on revs (NOV) 25.62 : Reports Q4 (Dec) earnings of $1.44 per share, excluding $0.04 charge related to its merger with Grant Prideco,$0.11 better than the First Call consensus of $1.33; revenues rose 43.3% year/year to $3.81 bln vs the $3.76 bln consensus.

7:39AM Goodrich beats by $0.21, misses on revs; guides FY09 EPS below consensus, revs below consensus (GR) 38.97 : Reports Q4 (Dec) earnings of $1.23 per share, excluding $0.12 of income from a Rolls-Royce joint venture, $0.21 better than the First Call consensus of $1.02; revenues rose 1.6% year/year to $1.7 bln vs the $1.73 bln consensus. Co issues downside guidance for FY09, sees EPS of $4.50-$4.90 vs. $4.94 consensus; sees FY09 revs of $7.1-7.2 bln vs. $7.57 bln consensus. For 2009: Large commercial airplane original equipment sales are expected to increase by about 3 - 5 percent; regional, business and general aviation airplane original equipment sales are expected to decrease by approximately 10 percent; defense and space sales of both original equipment and aftermarket products and services are expected to increase by about 5 percent; co expects cap-ex to be in range of $230-270 mln, vs $275-3000 previously.

7:07AM ITT Industries beats by $0.05, beats on revs (ITT) 43.13 : Reports Q4 (Dec) earnings of $0.82 per share, excluding items, $0.05 better than the First Call consensus of $0.77; revenues rose 16.5% year/year to $2.94 bln vs the $2.74 bln consensus. "And while we expect 2009 to be more difficult, we take great pride in having achieved another record year of revenue and earnings growth in 2008."

7:02AM Snap-On beats by $0.01, misses on revs (SNA) 29.11 : Reports Q4 (Dec) earnings of $1.01 per share, $0.01 better than the First Call consensus of $1.00; revenues fell 10.1% year/year to $667.8 mln vs the $721.6 mln consensus. The challenges posed by the global economy increased significantly during the fourth quarter, furthering the impact on Snap-on's sales of higher priced products, such as tool storage and vehicle repair equipment. Additional slowdowns in the economies of Europe, particularly Southern Europe, negatively impacted volume at the European-based tools business. Furthermore, the general economic difficulties are now spreading across more industries and to additional geographies, creating more widespread pressure on business activity. In the near term, Snap-on anticipates no change in this environment and, as a result, expects sales and credit originations in the first quarter of 2009 to be down year over year. Additional headwinds in 2009 now include ~$3.0 mln per quarter of higher year-over-year pension expense due to declines in pension asset values. Assuming foreign currency exchange rates remain at recent levels, the company also anticipates approximately $8.0 million of unfavorable foreign exchange impact on first quarter operating earnings.

Earnings - 1st Aug 2008

7:12AM TRW Automotive beats by $0.50, beats on revs; raises FY08 guidance (TRW) 17.67 : Reports Q2 (Jun) earnings of $1.24 per share, $0.50 better than the First Call consensus of $0.74; revenues rose 18.4% year/year to $4.45 bln vs the $4.33 bln consensus. Co raises guidance for FY08, sees EPS of $2.40-2.70, up from $2.30-2.60, includes charges, may not be comparable to $2.24 consensus; sees FY08 revs of $16.4-16.8 bln, up from $16.2-16.6 bln, vs. $16.55 bln consensus. This guidance range reflects pre-tax restructuring and asset impairment charges of approximately $75 million (including approximately $25 million in the third quarter).

7:10AM Bruker Corp. beats by $0.04, beats on revs (BRKR) 11.89 : Reports Q2 (Jun) earnings of $0.13 per share, $0.04 better than the First Call consensus of $0.09; revenues rose 30.7% year/year to $311.5 mln vs the $258.5 mln consensus.

7:08AM NYMEX beats by $0.02, beats on revs (NMX) 83.75 : Reports Q2 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.81; revenues rose 28.9% year/year to $210.8 mln vs the $205.9 mln consensus. Average daily volume was 1.812 million contracts during the second quarter 2008, a 30% increase compared to 1.396 million for the second quarter of 2007. NYMEX electronic trading volume on CME Globex averaged 865,149 contracts per day and represented a 42% increase over second quarter 2007 electronic trading volume. NYMEX floor-traded energy futures and options averaged 221,868 contracts a day for the second quarter of 2008, versus 256,635 contracts per day for the same period of 2007.

7:08AM Motorola beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (MOT) 7.68 : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.03); revenues fell 7.4% year/year to $8.08 bln vs the $7.69 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.00-0.02, excluding non-recurring items, vs. $0.01 consensus. Co issues upside guidance for FY08, sees EPS of $0.06-0.08, excluding non-recurring items, vs. $0.01 consensus. "The Company had positive operating cash flow of $204 million and ended the quarter with a net cash position of $3.6 billion and a total cash position of $7.8 billion."

7:07AM Capella Education beats by $0.04, reports revs in-line; announces $60 mln buyback (CPLA) 58.50 : Reports Q2 (Jun) earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 22.4% year/year to $66 mln vs the $65.8 mln consensus. For the third quarter ending September 30, 2008, total enrollment and revenue are expected to grow by 15.5 to 17.0 percent compared to the third quarter of 2007. The operating margin is anticipated to be approximately 11.0 to 11.5 percent of total revenue, including an estimated $800,000 severance expense. Separately, the Board of Directors authorized the repurchase of up to $60 million of the Company's outstanding common shares.

7:05AM CVS Caremark reports EPS in-line, misses on revs (CVS) 38.29 : Reports Q2 (Jun) earnings of $0.60 per share, in-line with the First Call consensus of $0.60; revenues rose 2.1% year/year to $21.14 bln vs the $21.41 bln consensus. "This was another quarter of strong financial performance across our businesses. We delivered solid improvement in sales and gross margins and continued to exercise disciplined expense control. That enabled us to hit a record operating profit margin this quarter. At the same time, we've further advanced our new PBM/retail model and our clients have expressed growing enthusiasm for our unique new product offerings."

5:00PM Oil States beats by $0.15, beats on revs; guides Q3 EPS above consensus (OIS) 54.88 -1.09 : Reports Q2 (Jun) earnings of $1.11 per share, excluding $0.03 gain related to the portion if its investment in Boots & Coots, $0.15 better than the First Call consensus of $0.96; revenues rose 26.4% year/year to $631.4 mln vs the $578.4 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.19-1.24 vs. $1.14 consensus. "Each of our businesses contributed to significant year-over-year growth for Oil States in the second quarter of 2008," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "Our Tubular Services group generated record revenues and EBITDA during the quarter and our oil sands lodges in Canada continue to be a significant driver of our growth. Our Offshore Products segment, which supports global deepwater infrastructure development, also posted another strong quarter with revenue growth and good margins.

8:42AM Tidewater beats by $0.12, beats on revs; announces $200 mln buyback (TDW) 59.94 : Reports Q1 (Jun) earnings of $1.64 per share, $0.12 better than the First Call consensus of $1.52; revenues rose 11.3% year/year to $340.1 mln vs the $333.2 mln consensus. Co announces its Board of Directors has authorized the co to spend up to $200 mln to repurchase shares of its common stock.

8:33AM Clorox beats by $0.07, reports revs in-line; guides FY09 EPS in-line (CLX) 54.50 : Reports Q4 (Jun) earnings of $1.18 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.11; revenues rose 11.2% year/year to $1.50 bln vs the $1.48 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.71 consensus.

8:32AM Chevron misses by $0.13 (CVX) 84.56 : Reports Q2 (Jun) earnings of $2.90 per share, $0.13 worse than the First Call consensus of $3.03; revenues rose 47.9% year/year to $82.99 bln. Worldwide oil-equivalent production was 2.54 million barrels per day in the second quarter 2008, compared with 2.63 million barrels per day in the corresponding period in 2007. Absent the impact of higher prices on volumes recoverable under certain production-sharing and variable-royalty contracts outside the United States, production increased slightly between periods.

8:22AM Brush Engineered Materials beats by $0.10, beats on revs; guides FY08 EPS in-line; announces buyback (BW) 23.93 : Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.43; revenues rose 5.6% year/year to $246.6 mln vs the $236.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.75-2.00, excluding non-recurring items, compared to previous guidance of $1.80-2.30, vs. $1.89 consensus. Co's Board of Directors has authorized the co to repurchase of up to 1.0 mln shares.

7:07AM Oshkosh Truck beats by $0.14, beats on revs; guides Q4 EPS below consensus; guides FY08 EPS below consensus (OSK) 18.04 : Reports Q3 (Jun) earnings of $1.19 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $1.05; revenues rose 6.6% year/year to $1.97 bln vs the $1.89 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.50-0.65 vs. $0.92 consensus. Co issues downside guidance for FY08, sees EPS of $3.15-3.30, excluding non-recurring items, vs. $3.44 consensus. "We expect weak residential and non-residential construction in North America and certain areas of Western Europe to limit sales volume in the quarter. We also expect higher steel, fuel and other costs to have a more significant impact on fourth quarter earnings for the access equipment segment, in advance of our product selling price increases, which are effective October 1."

7:06AM Ingersoll-Rand beats by $0.14, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY08 EPS above consensus (IR) 36.00 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.89; revenues rose 38.5% year/year to $3.08 bln vs the $3.07 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.05-1.10 vs. $1.07 consensus; sees Q3 revs of $4.4-4.5 vs. $4.44 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90, excluding non-recurring items, vs. $3.71 consensus.

6:59AM Astronics beats by $0.29, beats on revs; guides FY08 revs above consensus (ATRO) 14.60 : Reports Q2 (Jun) earnings of $0.60 per share, $0.29 better than the First Call consensus of $0.31; revenues rose 15.8% year/year to $47.9 mln vs the $42.1 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $175-185 mln vs. $169.49 mln consensus.

6:16AM KBR Inc. beats by $0.10, beats on revs (KBR) 28.50 : Reports Q2 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.36; revenues rose 23.5% year/year to $2.66 bln vs the $2.32 bln consensus.

6:04AM CIGNA beats by $0.11, beats on revs; guides FY08 EPS in-line (CI) 37.02 : Reports Q2 (Jun) earnings of $1.08 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.97; revenues rose 11.0% year/year to $4.86 bln vs the $4.76 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.05-4.25, excluding non-recurring items, vs. $4.17 consensus.

4:37AM W-H Energy Svcs beats by $0.21, beats on revs (WHQ) 91.53 : Reports Q2 (Jun)
earnings of $1.45 per share, excluding transactions costs related to proposed acquisition of co by Smith Int'l, $0.21 better than the First Call consensus of $1.24; revenues rose 10.3% year/year to $346.9 mln vs the $311.8 mln consensus.

2:38AM NYSE Euronext misses by $0.03, beats on revs (NYX) 47.24 : Reports Q2 (Jun) earnings of $0.75 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.78; revenues rose 14.1% year/year to $1.11 bln vs the $0.81 bln consensus. Trade volume for NYSE Euronext's cash markets in Europe and in the U.S. increased 17% and 7%, respectively, in Q2. Trading volumes in derivatives increased 22% in Europe and 38% in the U.S. in Q2 compared to Q207.

12:00AM Massey Energy beats by $0.38, beats on revs (MEE) 74.25 : Reports Q2 (Jun)
earnings of $1.15 per share, excluding Wheeling-Pittsburgh litigation charge, $0.38 better than the First Call consensus of $0.77; revenues rose 33.8% year/year to $826.8 mln vs the $715.6 mln consensus. Co believes demand for Central Appalachia coal is likely to exceed supply for foreseeable future. Co continues to project 2008 produced coal shipments will be between 41.5 and 43.0 mln tons, with average produced coal realization between $65.00 and $66.00 per ton. Excluding the WP litigation charge, average cash cost per ton for FY08 is expected to be between $47.00 and $50.00. Other income is expected to be between $20 and $100 mln. For 2009 Massey expects produced coal shipments to be in the range of 46.0 to 48.0 mln tons, 13.0 to 14.0 mln tons of which will be metallurgical coal. For the total tons shipped, the average price is expected to be in the range of $84.00 to $92.00 per ton.