Earnings - 30th April 2009 (2)

8:55AM Marathon Oil misses by $0.04, beats on revs (MRO) : Reports Q1 (Mar) earnings of $0.34 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.38; revenues fell 42.8% year/year to $10.36 bln vs the $8.94 bln consensus. Co said they "also announced the signing of agreements to sell a portion of our Permian Basin production assets for $301 million. Including these most recent agreements, we have announced asset sales with transaction values totaling approximately $1.6 billion since launching our asset review and divestiture program in March 2008. It's anticipated this program will generate $2 to $4 billion on a pretax basis, with additional announcements expected by mid-2009."

8:49AM Apache beats by $0.30, beats on revs; acquires nine oil and gas fields from MRO (APA) 69.83 : Reports Q1 (Mar) earnings of $0.65 per share, $0.30 better than the First Call consensus of $0.35; revenues fell 48.7% year/year to $1.63 bln vs the $1.56 bln consensus. Apache today also announced an agreement to acquire nine Permian Basin oil and gas fields with current production of 3,500 barrels of oil equivalent per day from Marathon Oil for $187.4 mln. Apache produced 548,279 barrels of oil equivalent (boe) per day in the first quarter, up from 518,162 boe per day in Q4 of 2008. Natural gas production rose to 1.6 billion cubic feet (Bcf) per day compared to 1.5 Bcf per day in Q4. Liquid hydrocarbon production increased to 277,547 barrels per day from 261,609 barrels per day in Q4. Apache's equivalent production declined 2 percent from the first quarter of 2008, which was before production was curtailed by a pipeline explosion at the Varanus Island hub in Australia and two Gulf of Mexico hurricanes.

8:47AM Helmerich & Payne misses by $0.06, beats on revs (HP) 33.58 : Reports Q2 (Mar) earnings of $0.97 per share, ex-item, $0.06 worse than the First Call consensus of $1.03; revenues rose 9.9% year/year to $520.3 mln vs the $501.8 mln consensus. Co states, "It is clear now that the energy industry is suffering the worst cyclical downturn since 1981. The rig count has fallen by more than half in response to dramatic customer spending reductions. The Company entered the downturn with the highest percentage of contractual protection in our history. We are well positioned to navigate the challenging market environment that has caught most of us by surprise. Conditions may continue to worsen until more visibility emerges regarding commodity price fundamentals. Customers will return to the drill bit once improving prices encourage them to do so. At that time, our brand leadership, asset quality and organizational strength will continue to offer customers distinctive performance and service."

8:37AM Corinthian Colleges beats by $0.06, beats on revs; guides JunQ above consensus (COCO) 15.83 : Reports Q3 (Mar) earnings of $0.29 per share, $0.06 better than the First Call consensus of $0.23; revenues rose 23.8% year/year to $346.4 mln vs the $333.2 mln consensus. Co issues upside guidance for Q4 (Jun), sees EPS of $0.23-0.25 vs. $0.21 consensus; sees Q4 revs of $341-346 mln vs. $324.4 mln consensus. Total student population at March 31 was 84,722 up 17.8% yr/yr.

8:27AM Covidien correction: Beats by $0.22, ex items (COV) 33.95 : Earlier we incorrectly reported that COV has missed consensus. We have deleted the original comment. Reports Q2 (Mar) adjusted earnings of $1.07 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.85; revenues rose 11.3% year/year to $2.7 bln vs the $2.65 bln consensus. Second-quarter gross margin of 56.2% was up 3.8% from the prior-year period. Q2 adjusted gross margin, excluding Oxy ER, was 51.8% versus 52.4% last year. The decline was largely due to unfavorable foreign exchange. With the sales of Oxy ER completed, guidance now excludes Oxy ER. Covidien estimates that total co operational growth will be in the range of 4% to 7% for 2009. Total Covidien net sales are now expected to be down 3% to flat. The co expects no change to its previously communicated sales growth rates for Medical Devices (-3% to flat vs 2008) or Medical Supplies (up 2% to 5% vs 2008). Sales of Imaging Solutions are now anticipated to be -9% to -6% below 2008, while sales of Pharmaceutical Products are expected to be up 5% to 8% versus 2008. The operating margin is projected to be in the 19% to 20% range.

8:06AM Exxon Mobil misses by $0.03, beats on revs (XOM) 68.44 : Reports Q1 (Mar) earnings of $0.92 per share, $0.03 worse than the First Call consensus of $0.95; revenues fell 45.2% year/year to $64.03 bln vs the $54.03 bln consensus. Upstream earnings were $3,503 million, down $5,282 million from the first quarter of 2008. Lower crude oil realizations reduced earnings approximately $4.4 billion while lower natural gas prices decreased earnings about $500 million. Higher operating expenses reduced earnings about $300 million. During the first quarter of 2009, Exxon Mobil Corporation purchased 107 million shares of its common stock for the treasury at a gross cost of $7.9 billion. These purchases included $7.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs.

8:01AM Art Technology beats by $0.02, beats on revs (ARTG) 3.11 : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03; revenues rose 14.8% year/year to $41.9 mln vs the $40.7 mln consensus.

7:40AM Pride Intl beats by $0.01, misses on revs (PDE) 23.84 : Reports Q1 (Mar) earnings of $0.87 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.86; revenues rose 1.7% year/year to $549.3 mln vs the $555.4 mln consensus. Co said, "We are encouraged by the improvement in crude oil prices since the February 2009 lows and believe we are now experiencing a more sustainable trading range with growing expectations for long-term strengthening. At the same time, instability in the capital markets along with its impact on general economic conditions and energy demand continue to present uncertainty. We remain confident in the long-term fundamental strength of the offshore drilling industry, especially in the deepwater segment where geologic success rates, the application of new technologies and emerging deepwater frontiers are supporting a strong long-term growth outlook".

7:40AM Noble Energy beats by $0.15, misses on revs (NBL) 60.27 : Reports Q1 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.44; revenues fell 57.0% year/year to $441 mln vs the $598.2 mln consensus. Noble Energy continues to constrain investments in U.S. natural gas developments. As a result, total capital expenditures for the year are being managed at approximately $1.4 billion, which represents the lower end of the Company's original capital guidance. Second quarter 2009 volumes are now expected to range from 204 to 212 MBoe/d. The adjusted guidance assumes lower volumes in the North Sea and Israel, as well as in the deepwater Gulf of Mexico related to further hurricane delays impacting Ticonderoga. Other updated guidance metrics include the following:

7:37AM Spirit Aerosystems beats by $0.05, beats on revs; guides FY09 EPS in-line, revs above consensus (SPR) 12.22 : Reports Q1 (Mar) earnings of $0.45 per share, $0.05 better than the First Call consensus of $0.40; revenues fell 14.4% year/year to $887 mln vs the $859.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.15-2.35 vs. $2.16 consensus; sees FY09 revs of $4.25-4.35 bln vs. $4.19 bln consensus. During the first quarter of 2009, Spirit gradually returned to full-rate production following a Machinists' strike at The Boeing Company. Spirit continued to utilize a reduced work week schedule early in the first quarter and returned to full work weeks as the quarter progressed. As a result, first quarter 2009 ship set deliveries to Boeing were 30 units below pre-strike delivery levels, resulting in a revenue reduction of $256 million and a reduction in earnings per share of $0.18.

7:32AM Dominion beats by $0.09, beats on revs; guides Q2 EPS above consensus; reaffirms FY09 EPS guidance (D) 29.61 : Reports Q1 (Mar) earnings of $0.97 per share,$0.09 better than the First Call consensus of $0.88; revenues rose 9.8% year/year to $4.78 bln vs the $4.12 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.61-0.66 vs. $0.59 consensus. Co reaffirms guidance for FY09, sees EPS of $3.20-3.30 vs. $3.21 consensus... For Q1, drivers that compared favorably to guidance include higher contributions from the producer services business; favorable weather in the electric service territory; and lower interest expense. Factors that compared negatively to guidance include storm damage and service restoration charges in the regulated electric business and a higher effective income tax rate... For Q2, drivers expected to compare favorably to 2008 include higher contributions from the merchant generation, producer services and gas transmission businesses. Expected offsets include lower contributions from the regulated electric generation business, including a return to normal weather, a heavier-than-normal planned outage schedule and reduced financial transmission rights (FTR) and wholesale margins; and higher interest expense.

7:32AM Celgene beats by $0.01, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (CELG) 42.40 : Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.43; revenues rose 29.9% year/year to $601.1 mln vs the $602.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.05-2.15 vs. $2.05 consensus; sees FY09 revs of $2.6-2.7 bln vs. $2.64 bln consensus.

7:32AM Cummins beats by $0.03, misses on revs, issues 2009 guidance (CMI) 33.49 : Reports Q1 (Mar) earnings of $0.26 per share, $0.03 better than the First Call consensus of $0.23; revenues fell 29.7% year/year to $2.44 bln vs the $2.65 bln consensus. Based on the first quarter results and company forecasts for the remainder of the year, Cummins today revised its sales and earnings guidance downward for 2009. The company now expects 2009 sales to be slightly more than 30% lower than 2008 and anticipates EBIT of 5% of sales for the year, excluding the restructuring charge.

7:29AM Lancaster Colony beats by $0.07, misses on revs (LANC) 44.29 : Reports Q3 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.49; revenues rose 6.5% year/year to $246 mln vs the $250 mln consensus. Co said, "In our food group, future trends in consumer demand remain uncertain but we expect to see continuing benefits from lower material costs and current retail pricing. The later Easter this year may also add modestly to fourth quarter sales volumes. While candle sales may also increase in the coming months, our candle operations typically experience a seasonally slow period in our fourth quarter."

7:23AM GrafTech Intl beats by $0.03, misses on revs (GTI) 8.56 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues fell 53.8% year/year to $134 mln vs the $153.3 mln consensus. Co says, "The majority of our customer base has very limited or no visibility to Q3 and Q4 of 09 operating rates. Given current global economic conditions, which continue to be extremely volatile and uncertain, our ability to project full year guidance is very limited. We continue to expect '09 to be very challenging for both of our business segments. Q1 results came in better than expected and we generated a small profit. We believe second quarter results will be similar to those in Q1; however, a second quarter loss is possible given the variability in customer demand. Historically, the third quarter is a weaker quarter as many of our European customers schedule plant shutdowns during the summer months. Given current economic conditions, it is possible that these planned production shutdowns could be extended, adversely impacting demand for our products in 3Q09. While a high degree of uncertainty around forward looking projections remains, we expect a marginal improvement in the second half of the year results as customers should have largely completed inventory destocking initiatives. In addition, the anticipated benefit of higher graphite electrode selling prices should be realized, offset in part by higher raw material costs."

7:19AM Watson Pharm beats by $0.09, beats on revs; guides FY09 EPS above consensus, revs in-line (WPI) 31.14 : Reports Q1 (Mar) earnings of $0.58 per share, ex-items, $0.09 better than the First Call consensus of $0.49; revenues rose 6.5% year/year to $667.4 mln vs the $638 mln consensus. Co issues mixed guidance for FY09, sees adjusted EPS of $2.40-$2.52 vs. $2.27 consensus; sees FY09 revs of $2.65 bln vs. $2.68 bln consensus. Co states, "Based on our first quarter results and our view for the remainder of the year, we are raising our outlook for 2009, a clear signal that we remain confident in the growth prospects of each of our divisions, and are optimistic that execution on our business plans will continue to generate increasing value for shareholders."

7:17AM Neutral Tandem beats by $0.04, beats on revs; guides FY09 revs above consensus (TNDM) 26.09 : Reports Q1 (Mar) earnings of $0.27 per share, $0.04 better than the First Call consensus of $0.23; revenues rose 45.8% year/year to $38.2 mln vs the $36.4 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $158-165 mln vs. $157.9 mln consensus. The increase in Q1 revenue was primarily related to an increase in the number of minutes carried over its network and expansion into additional geographical markets. Billed minutes increased 52.7% yr/yr to 19.7 bln minutes.

7:13AM Cardinal Health beats by $0.02, beats on revs; guides FY09 EPS in-line (CAH)34.49 : Reports Q3 (Mar) earnings of $0.97 per share, $0.02 better than the First Call consensus of $0.95; revenues rose 8.9% year/year to $24.94 bln vs the $24.01 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.50-3.60 vs. $3.53 consensus. The year-over-year earnings decline was primarily driven by a deferral in hospital capital spending affecting the company's Clinical and Medical Products segment, an additional reserve associated with the costs to remediate certain models of the company's Alaris infusion pump products, the negative impact on sales from a hold on shipping certain Alaris products and the negative effect of foreign exchange rates. The earnings decline was partially offset by a lower tax rate, due to a tax refund claim filed during the quarter.

7:12AM NRG Energy beats by $0.25, beats on revs (NRG) 17.18 : Reports Q1 (Mar) earnings of $0.70 per share, $0.25 better than the First Call consensus of $0.45; revenues rose 27.3% year/year to $1.66 bln vs the $1.18 bln consensus. The increase in income from continuing operations was driven by $271 mln in unrealized mark-to-market gains in the current quarter compared with $160 mln in unrealized MtM losses in 1Q08. "While the current business environment remains challenging, NRG's core business model--based on extensive baseload hedging, a cash-efficient first lien collateralization program and a diversified group of suppliers and trading counterparties--remains robust, enabling NRG to reaffirm its 2009 adjusted EBITDA guidance, with the exception of adjusting for the pending MIBRAG sale. Adjusted EBITDA guidance is now set at $2,175 mln and cash flow from operations at $1,475 mln. Free cash flow guidance after capital expenditures and net portfolio investments in repowering projects is expected to decrease by $36 mln, primarily due to initiating the construction of the Langford project."

7:10AM Capella Education beats by $0.04, reports revs in-line (CPLA) 53.52 : Reports Q1 (Mar) earnings of $0.49 per share, $0.04 better than the First Call consensus of $0.45; revenues rose 17.0% year/year to $76.4 mln vs the $76.5 mln consensus. For Q2, enrollment is expected to grow by 20.5% to 21.5% and revs by 19% to 20% YoY (which calculates to roughly $78.5-$79.2 mln vs $76.5 mln consensus). The operating margin is anticipated to be approximately 15% to 16% of total revenue for the second quarter of 2009.

Earnings - 3rd Feb 2009

6:38PM Tupperware beats by $0.12, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus, revs above consensus (TUP) 20.82 +0.75 : Reports Q4 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.78; revenues fell 9.6% year/year to $521.7 mln vs the $572.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.34-0.39, excluding non-recurring items, vs. $0.52 consensus, sees revs growth of 3-5%. Co issuesmixed guidance for FY09, sees EPS of $1.98-2.08, excluding non-recurring items, vs. $2.40 consensus; sees FY09 revs growth of 3-5%, which equates to ~$2.22-2.27 bln vs. $2.06 bln consensus.

5:46PM Massey Energy misses by $0.16, misses on revs (MEE) 15.27 +0.78 : Reports Q4 (Dec) earnings of $0.63 per share, $0.16 worse than the First Call consensus of $0.79; revenues rose 29.1% year/year to $755 mln vs the $799 mln consensus. Co says pricing and market demand were weaker than expected in the quarter as a result of the continuing weakness in the general economy. Production cutbacks in the steel industry forced shipments and prices of met coal lower. For this reason, the co says its results were somewhat short of plan although still significantly stronger than last year. Co says the growing economic crisis caused a significant deterioration of world coal markets during Q4. Coal contracting and shipment activities slowed as end market coal consumers reduced production and power generation targets.

4:28PM YUM! Brands beats by $0.01, reports revs in-line; guides FY09 EPS slightly above consensus (YUM) 28.27 +0.70 : Reports Q4 (Dec) earnings of $0.46 per share,$0.01 better than the First Call consensus of $0.45; revenues rose 3.7% year/year to $3.38 bln vs the $3.38 bln consensus. Co issues guidance for FY09, sees EPS of $2.10 vs. $2.08 consensus. "The good news is that we have already taken actions to significantly improve our 2009 cost structure in the U.S. and at the corporate level. We are also more focused than ever on bringing innovative incremental sales layers and value to our consumers around the globe. In 2008, this included successful launches of the Tuscani pasta line at Pizza Hut, and the "Why Pay More?" menu and Frutista Freeze line of beverages at Taco Bell. For 2009, we will continue to build on these successful new sales layers with product additions, as well as create new sales layers such as Kentucky Grilled Chicken at KFC. Finally, it is important to note that we do not need to access the credit markets in 2009 to finance our company and our strong cash flow and balance sheet provide us with the flexibility to successfully navigate through these challenging financial times."

4:17PM GT Solar beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (SOLR) 3.35 +0.03 : Reports Q3 (Dec) earnings of $0.30 per share, $0.06 better than the First Call consensus of $0.24; revenues rose 1295.9% year/year to $205.2 mln vs the $194.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.16-0.22 vs. $0.24 consensus; sees Q4 revs of $140-170 mln vs. $200.32 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.68-0.74 vs. $0.72 consensus; sees FY09 revs of $540-570 mln vs. $592.15 mln consensus. "While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry."

4:08PM Illumina beats by $0.07, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (ILMN) 27.90 +0.49 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.17; revenues rose 42.9% year/year to $160.9 mln vs the $154.6 mln consensus. Co issuesin-line guidance for Q1, sees EPS of $0.16-0.19, excluding non-recurring items, vs. $0.19 consensus; sees Q1 revs of $158-164 mln vs. $160.58 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.90, excluding non-recurring items, vs. $0.88 consensus; sees FY09 revs of $690-720 mln vs. $707.27 mln consensus.

4:04PM Genomic Health beats by $0.03, beats on revs; guides FY09 revs above consensus (GHDX) : Reports Q4 (Dec) loss of $0.08 per share, $0.03 better than the First Call consensus of ($0.11); revenues rose 61.7% year/year to $31.2 mln vs the $30.6 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $148-160 mln vs. $147.88 mln consensus; also sees a net loss of $7-14 mln.

4:03PM Alliance Data beats by $0.03, misses on revs; guides FY09 EPS above consensus (ADS) 39.35 : Reports Q4 (Dec) earnings of $1.19 per share, $0.03 better thanthe First Call consensus of $1.16; revenues fell 2.7% year/year to $508 mln vs the $527.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $5.15-5.20 vs. $5.07 consensus.

9:11AM Marathon Oil beats by $0.54, beats on revs; announces it plans to remain one fully integrated company (MRO) 26.88 : Reports Q4 (Dec) earnings of $1.44 per share, excluding special items and impairments, $0.54 better than the First Call consensus of $0.90; revenues fell 21.7% year/year to $14.8 bln vs the $13.32 bln consensus. Co says, "We were again able to capture solid operational profitability for the fourth quarter and full year through our fully integrated downstream system, including our seven refineries; extensive pipeline, barge and terminal network; and dual channel marketing assets. In particular, our results benefitted from significant transportation operations and strong retail margins in this period of extreme commodity price volatility. Additionally, we made significant progress in 2008 on the Garyville refinery expansion project, which is now about 75% complete and on schedule for start-up in the fourth quarter of this year... As part of our continued focus on enhancing shareholder value, we have evaluated the potential separation of Marathon into two separate companies, one focused on Marathon's upstream, integrated gas and oil sands mining businesses, and the other focused on our downstream business. During our evaluation, the overall business environment has witnessed a period of unprecedented financial and commodity market uncertainty. Given this environment, we have concluded it is in the best interest of our shareholders to remain a fully integrated energy company."

8:15AM Northrop Grumman beats by $0.02, beats on revs; guides FY09 EPS above consensus, revs in-line (NOC) 46.61 : Reports Q4 (Dec) earnings of $1.57 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.55; revenues rose 4.4% year/year to $9.15 bln vs the $8.9 bln consensus. Co issues guidance for FY09, sees EPS of $5.15-5.40 vs. $5.10 consensus; sees FY09 revs of ~$34.5 bln vs. $35.19 bln consensus.  Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $78 billion on Dec. 31, 2008, compared with $63.7 billion on Dec. 31, 2007.

7:49AM Corinthian Colleges beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY09 EPS in-line, revs in-line (COCO) : Reports Q2 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.15; revenues rose 17.8% year/year to $318.3 mln vs the $310.1 mln consensus. Operating margin from continuing operations was 8.7% in 2Q09 versus 5.6% in 2Q08. Cash flow from operations, including discontinued operations, was $79.4 mln in 2Q09 versus $59.3 mln in 2Q08. The increase in cash flow is primarily due to the timing of cash receipts and payments related to working capital, primarily accounts receivable and an increase in net income... Co issues upside guidance for Q3, sees EPS of $0.22-0.24 vs. $0.21 consensus; sees Q3 revs of $329-334 mln vs. $322.12 mln consensus. In Q3 expect student start growth of 12%-14% compared with 3Q08. Co issues mixed guidance for FY09, sees EPS of $0.66-0.70 vs. $0.59 consensus; sees FY09 revs of $1.21-1.25 bln vs. $1.23 bln consensus. In FY09 expect student start growth of 11%-12% compared with FY08, up from previous guidance of 8%-10%... "We have been informed by the Department of Education's Office of Inspector General and the U.S. Attorney's Office for the Southern District of Florida that they are nearly complete with their investigation of our campus in Ft. Lauderdale, Florida, and, on the basis of evidence they have reviewed, they do not anticipate bringing proceedings against the company or any of its subsidiaries... Additionally, with regard to the securities litigation originally filed in 2004 against the Company and certain of its former officers, on January 12, 2009, the U.S. Court of Appeals for the Ninth Circuit denied the plaintiffs' petition for a rehearing or a rehearing en banc. The plaintiffs have informed us that they will not seek a review by the U.S. Supreme Court, so the Ninth Circuit denial brings this matter to a close."

7:16AM Cameron beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY09 EPS below consensus (CAM) 21.98 : Reports Q4 (Dec) earnings of $0.75 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.74; revenues rose 13.4% year/year to $1.52 bln vs the $1.53 bln consensus. Co issues in-line guidancefor Q1, sees EPS of $0.59-0.62 vs. $0.61 consensus. Co issues downside guidance for FY09, sees EPS of $1.75-2.00 vs. $2.47 consensus.

7:14AM Archer-Daniels beats by $0.23, misses on revs (ADM) 27.50 : Reports Q2 (Dec) earnings of $0.91 per share, $0.23 better than the First Call consensus of $0.68; revenues rose 1.1% year/year to $16.67 bln vs the $16.97 bln consensus. Net earnings increased $ 112 mln for the quarter due principally to the positive impact on corporate results of the changes in LIFO inventory valuations. For the quarter, increased average selling prices, resulting primarily from higher underlying commodity costs, were offset by decreased sales volumes and foreign exchange translation impacts. Year-to-date net sales and other operating income increased 29 % due principally to sharp rises in underlying commodity costs partially offset by decreased sales volumes.

7:09AM CME Group beats by $0.12, reports revs in-line (CME) 168.26 : Reports Q4 (Dec) earnings of $3.58 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $3.46; revenues rose 30.6% year/year to $692 mln vs the $686.8 mln consensus.  Fourth-quarter 2008 average daily volume of 10.4 mln contracts drove $573 mln in clearing and transaction fee revenue, down slightly from $583 mln in fourth-quarter 2007. Fourth-quarter 2008 quotation data fees were up 17 percent to $87 mln. The average rate per contract for CME Group, excluding NYMEX for the entire period, was $0.713 for the quarter, up 10 percent compared with the average rate per contract of $0.648 in fourth- quarter 2007. The total pro forma average gross rate per contract for the NYMEX business was $1.671 for the quarter, up 14 percent compared with $1.471 in fourth-quarter 2007.

6:56AM Emerson beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (EMR) 31.70 : Reports Q1 (Dec) earnings of $0.60 per share, includes $0.08 of higher restructuring charges and lower gains compared to last year, $0.03 better than the First Call consensus of $0.57; revenues fell 1.9% year/year to $5.42 bln vs the $5.27 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.70-2.95 vs. $2.75 consensus; sees FY09 revs of $23-23.7 bln vs. $23.54 bln consensus. The operating profit margin declined 20 basis points in the quarter to 14.8 percent. Cost reduction initiatives and restructuring benefits mitigated deterioration of the operating profit margin in a challenging environment of increased commodity inflation and volume deleverage. Co says, "Emerson has performed extremely well considering the severe market conditions that we have faced in recent months... Our financial position remains strong, and we are taking advantage of this economic downturn to improve our competitive position. In troubled times, customers turn to industry leaders like Emerson for stability and reliable performance... We're positioning Emerson for a strong breakout when the global economy recovers. A strong cash position makes this possible. We are targeting a strong year in free cash flow at 11.0 to 11.5 percent of sales for fiscal year 2009. Our ability to generate cash demonstrates the underlying strength of the business and enables us to fund growth, both organic and through acquisitions."

6:49AM Scotts Miracle-Gro beats by $0.11, beats on revs; guides FY09 EPS above consensus (SMG) 31.85 : Reports Q1 (Dec) loss of $0.81 per share, $0.11 better than the First Call consensus of ($0.92); revenues rose 3.0% year/year to $318 mln vs the $302.7 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.10-2.30 up from $2.00 vs. $2.09 consensus. The co also expects to generate free cash flow of $150 mln to $170 mln for the year, growth of up to 20 percent relative to 2008. 

6:31AM Myriad Genetics beats by $0.11, beats on revs (MYGN) 71.99 : Reports Q2 (Dec) earnings of $0.43 per share, $0.11 better than the First Call consensus of $0.32; revenues rose 48.7% year/year to $84.4 mln vs the $78.9 mln consensus. A major contributor to the co's profitable quarter was its molecular diagnostics business, which increased its gross profit margin to 87% and its net operating margin to 51%, an improvement over the 86% gross profit margin and 39% net operating margin for the same three-month period in the prior year. These results were achieved even with major expenditures toward Myriad's direct-to-consumer marketing campaign in Texas and Florida and the launch of the co's sixth molecular diagnostic product, Prezeon.

6:04AM Tyco beats by $0.14, beats on revs (TYC) 20.34 : Reports Q1 (Dec) earnings of $0.61 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.47; revenues fell 8.5% year/year to $4.43 bln vs the $4.38 bln consensus. "As we expected, our results this quarter were impacted by the strengthening of the U.S. dollar against foreign currencies, but our overall revenue came in at the high end of our expectations," said Tyco Chairman and Chief Executive Officer Ed Breen. "In this challenging economy, we are focused on both reducing our cost structure and positioning our businesses for long-term growth. At the same time, our strong and improving balance sheet is an important asset for our company in the current environment."

Earnings - 26th Aug 2008

4:07PM J. Crew misses by $0.04, reports revs in-line; guides Q3 EPS below consensus; lowers FY09 EPS guidance (JCG) 26.64 +1.03 : Reports Q2 (Jul) earnings of $0.28 per share, $0.04 worse than the First Call consensus of $0.32; revenues rose 10.3% year/year to $336.2 mln vs the $337.9 mln consensus. Co says gross margin decreased to 41.0% of revenues from 43.7% of revenues in the second quarter of fiscal 2007. Co issues downside guidance for Q3, sees EPS of $0.28-0.33 vs. $0.46 consensus. Co issues downside guidance for FY09, sees EPS of $1.44-1.54 down from previous guidance of $1.70-1.75 vs. $1.71 consensus. Co says " ... based upon the disruption to our Direct business, as well as the continued softness in our Stores business due to the macro economic environment, we are revising our guidance for fiscal 2008. The Direct systems upgrades impacted our Direct sales trend, limited our ability to leverage our multi-channel platform and resulted in incremental expenses..." The co's revised expectations for 2H08 include comparable store sales growth in the range of flat to slightly negative, Direct sales growth in the high single-digits and net square footage expansion of approx 10% to 11%.

4:04PM Hain Celestial beats by $0.02, beats on revs; guides FY09 EPS in-line, revs above consensus (HAIN) 24.99 +0.15 : Reports Q4 (Jun) earnings of $0.34 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.32; revenues rose 25.2% year/year to $278.3 mln vs the $264.3 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.54-1.61 vs. $1.60 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.17 bln consensus. Similar to fiscal year 2008, the Company expects to incur $0.08 per share in stock compensation expense to amortize equity grants made this past fiscal year in fiscal year 2009. A recently announced price increase in the United States is expected to have a positive impact on margin beginning with the Company's second quarter of fiscal year 2009.

4:03PM Applied Signal beats by $0.01, beats on revs (APSG) 14.72 -0.59 : Reports Q3 (Jul) earnings of $0.15 per share, $0.01 better than the First Call consensus of $0.14; revenues rose 26.3% year/year to $49.9 mln vs the $46.4 mln consensus.


8:38AM Daktronics beats by $0.05, beats on revs; reaffirms FY09 rev guidance (DAKT) 18.11 : Reports Q1 (Jul) earnings of $0.22 per share, excluding $977K gain on property sale, vs consensus of $0.17; revenues rose 33.3% year/year to $161.2 mln vs the $141.5 mln consensus. The co is reiterating its financial guidance for fiscal 2009. Daktronics expects that net sales will increase by more than 20% over fiscal 2008 (equates to ~$599.60 mln vs. $598.87 mln consensus) and operating margin will range from 8.0-9.5%. The growth of net sales depends on a number of large contracts, particularly in our live events and international business units, which could cause this growth level to change. Operating margin may vary, primarily as a result of fluctuations in gross profit levels. This guidance is subject to a number of factors that could cause it to vary, and investors should refer to our filings with the Securities and Exchange Commission for a more complete list of risk factors.

7:48AM Corinthian Colleges beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs in-line (COCO) 16.21 : Reports Q4 (Jun) earnings of $0.11 per share, ex-items, $0.02 better than the First Call consensus of $0.09; revenues rose 18.3% year/year to $274 mln vs the $276.6 mln consensus. Total student population at fiscal year-end was 69,211 versus 61,332, an increase of 12.8%. Total student starts were 23,015 versus 20,643, an increase of 11.5%. Including discontinued operations, starts increased 7.2%. Co issues mixed guidance for Q1, sees EPS of $0.06-$0.08 vs. $0.08 consensus; sees Q1 revs of $285-$290 mln vs. $283.31 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.58-$0.63 vs. $0.55 consensus; sees FY09 revs of $1.21-$1.25 bln vs. $1.22 bln consensus.

7:47AM American Eagle beats by $0.01, misses on revs; guides Q3 EPS below consensus (AEO) 13.74 : Reports Q2 (Jul) earnings of $0.29 per share, $0.01 better than the First Call consensus of $0.28; revenues fell 2.0% year/year to $688.8 mln vs the $705.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.31-0.36 vs. $0.39 consensus, with the view that the business environment remains challenging through the 2H. "While the consumer environment is clearly challenging, we are taking steps to invigorate our business. We are strengthening our competitive position by underscoring AE's value pricing, which is consistent with our heritage of great value together with excellent quality. Additionally, we are driving improvements within our merchandise assortments. Yet, we are managing to the current macro environment, with tight inventories and we continue to pursue expense opportunities. As I look ahead to 2009 and beyond, I have tremendous confidence in the strength of our brands, our teams, and that we are positioning our company for improved financial performance, future growth and success."

7:33AM Chico's FAS beats by $0.01, reports revs in-line (CHS) 4.98 : Reports Q2 (Jul) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues fell 7.1% year/year to $405.2 mln vs the $405.3 mln consensus. "The retail environment continues to be challenging as customers remain increasingly cautious in their spending across the entire retail sector, especially in the missy category. While we anticipate consolidated comparable store sales for the fall season to remain negative, we expect to see an improvement in trend and continue to believe we will be profitable in the second half."


7:04AM Smithfield Foods beats by $0.02, beats on revs (SFD) 23.53 : Reports Q1 (Jul) loss of $0.02 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.04); revenues rose 20.1% year/year to $3.14 bln vs the $2.87 bln consensus. "Looking forward to the remainder of fiscal 2009, the future is uncertain. Even as hog prices recently have risen and grain markets have moderated somewhat, the delayed impact of grain costs will result in continued elevated raising costs," he said. The volatile nature of both the domestic and world markets for meat prices and grains, combined with uncertainty surrounding the economy and the U.S. dollar, make any prediction of future results very difficult. However, we continue to pursue our long-term strategy of emphasizing our packaged meats business and improving our fresh meat operations. This strategy is working and is improving the base of our business."

6:39AM Sanderson Farms misses by $0.09, reports revs in-line (SAFM) 39.49 : Reports Q3 (Jul) loss of $0.09 per share, excluding settlement payment, $0.09 worse than the First Call consensus of ($0.00); revenues rose 18.3% year/year to $466.9 mln vs the $464.8 mln consensus.

6:06AM Big Lots beats by $0.05, reports revs in-line; guides Q3 EPS in-line; guides Q4 (Jan) EPS in-line; guides FY09 EPS in-line (BIG) 33.06 : Reports Q2 (Jul) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 1.9% year/year to $1.11 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.15-0.19, excluding non-recurring items, vs. $0.18 consensus. Co issues in-line guidance for Q4 (Jan), sees EPS of $1.02-1.09, excluding non-recurring items, vs. $1.03 consensus. Co issues in-line guidance for FY09, sees EPS of $1.90-2.00, excluding non-recurring items, vs. $1.90 consensus. For Q308 and Q408, co anticipates a 1%-2% comparable store sales increase.