4:02PM DeVRY beats by $0.03, beats on revs (DV) : Reports Q3 (Mar) earnings of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 34.7% year/year to $391.9 mln vs the $387.6 mln consensus.
8:55AM Reliance Steel misses by $0.22, misses on revs; guides Q2 EPS below consensus (RS) 36.52 : Reports Q1 (Mar) earnings of $0.27 per share, $0.22 worse thanthe First Call consensus of $0.49. Co issues downside guidance for Q2, sees EPS of $0.15-0.20 vs. $0.66 consensus. "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a "same-store" basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter. Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. "Business remains difficult across all of our products, evidenced by weak demand and soft prices. There is still a great deal of uncertainty regarding economic conditions and the timing of any recovery... believe that we should see the beginnings of improvement later in the quarter."
8:36AM Exelon beats by $0.07, beats on revs; guides Q2 and FY09 EPS in-line (EXC)45.52 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.13; adjusted non-GAAP revenue rose 3.6% year/year to $4.75 bln vs the $4.62 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $1.01 consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.30, excluding non-recurring items, vs. $4.13 consensus.
8:35AM ConocoPhillips beats by $0.14, beats on revs (COP) 38.06 : Reports Q1 (Mar) earnings of $0.56 per share, $0.14 better than the First Call consensus of $0.42; revenues fell 44.1% year/year to $30.7 bln vs the $26.34 bln consensus. Co said, "Looking ahead to next quarter, we expect the company's second-quarter E&P segment production will be lower than the first quarter, primarily due to planned maintenance and seasonality. However, full-year production is expected to be slightly higher than 2008. Exploration expenses are anticipated to be approximately $325 million for the quarter. In our downstream refining business, we expect the worldwide refining crude oil capacity utilization rate to be in the upper-80-percent range during the second quarter and turnaround costs to be approximately $125 million before-tax for the quarter."
8:34AM Eagle Materials beats by $0.04, misses on revs (EXP) 26.63 : Reports Q4 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.11; revenues fell 24.8% year/year to $108.9 mln vs the $120.6 mln consensus.
8:31AM Life Time Fitness beats by $0.03, slight beat on revs; guides FY09 above consensus (LTM) 17.87 : Reports Q1 (Mar) earnings of $0.38 per share, $0.03 better thanthe First Call consensus of $0.35; revenues rose 11.9% year/year to $206.4 mln vs the $204.4 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.55-1.70 vs. $1.53 consensus; sees FY09 revs of $830-860 mln vs. $824.9 mln consensus.
8:31AM Supervalu beats by $0.08, reports revs in-line; guides FY10 EPS in-line, revs below consensus (SVU) 14.98 : Reports Q4 (Feb) earnings of $0.87 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.79; revenues rose 4.2% year/year to $10.82 bln vs the $10.86 bln consensus. Co issues mixed guidance for FY10, sees EPS of $2.50-2.65 vs. $2.59 consensus; sees FY10 revs of approximately $43 bln vs. $43.55 bln consensus. Co sees FY10 same store sales of -1 to +1%.
8:31AM Ensco beats by $0.04, reports revs in-line (ESV) 31.89 : Reports Q1 (Mar) earnings of $1.56 per share, $0.04 better than the First Call consensus of $1.52; revenues fell 9.6% year/year to $514.1 mln vs the $512.8 mln consensus. The average day rate for Ensco's 43-rig jackup fleet for the quarter ended March 31, 2009, increased 18% to $168,200, as compared to $142,800 in the prior year quarter. Utilization of the Company's jackup fleet was 80% in the first quarter of 2009 compared to 95% in the first quarter of 2008.
8:30AM Union Pacific beats by $0.06, misses on revs (UNP) : Reports Q1 (Mar) earnings of $0.72 per share, $0.06 better than the First Call consensus of $0.66; revenues fell 20.0% year/year to $3.42 bln vs the $3.55 bln consensus. "The difficult economic conditions continue to affect our business volumes. During this challenging time, we are reducing costs across the board, strengthening our operations and offering competitive supply chain solutions to our customers..."
8:17AM L.B. Foster Company beats by $0.02, beats on revs (FSTR) 29.61 : Reports Q1 (Mar) earnings of $0.29 per share, $0.02 better than the First Call consensus of $0.27; revenues rose 4.6% year/year to $97.7 mln vs the $93.5 mln consensus. "On the positive side, we are beginning to see areas of opportunity generated from the recent stimulus legislation in our Transit, Piling and Precast Buildings businesses. Some of that work has already started to bid and we expect to begin to benefit from it in the second half of this year..."
8:14AM Royal Caribbean beats by $0.17, beats on revs; guides Q2 EPS in-line; guides FY09 EPS above consensus (RCL) 11.41 : Reports Q1 (Mar) loss of $0.17 per share, $0.17 better than the First Call consensus of ($0.34); revenues fell 7.2% year/year to $1.33 bln vs the $1.31 bln consensus. Co issues in-line guidance for Q2, sees EPS of 0.00-($0.05) vs. ($0.01) consensus. Co issues upside guidance for FY09, sees EPS of approx $1.35 vs. $0.97 consensus. For the year, the company projects revenue yields to be toward the lower end of its previous guidance (12% - 13%). Co said, "Given the horrible economy, I am encouraged by a more stable revenue environment and I am proud that our people have been able to reduce expenses and deliver better than expected results."
8:09AM Harsco beats by $0.06, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS below consensus (HSC) 26.83 : Reports Q1 (Mar) earnings of $0.25 per share, $0.06 better than the First Call consensus of $0.19; revenues fell 29.5% year/year to $697 mln vs the $786.1 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.40-0.50 vs. $0.58 consensus. Co issues downside guidance for FY09, sees EPS of $1.90-2.10 vs. $2.34 consensus, down from previous guidance of $2.80-3.00. The outlook for global steel production and non-residential construction markets continued to deteriorate throughout the quarter. The global economic recovery previously anticipated to begin in 2H09 cannot now be predicted with any certainty. Their markets have deteriorated more than they expected. Co says, "Given the negative impact from the continued strengthening of the U.S. dollar, and considering the challenging and uncertain global economic and financial environment we continue to face with no meaningful improvement expected in the major global economies in '09, we believe it is prudent to modify our guidance for 2009 diluted EPS from continuing operations."
8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 32.95 : Reports Q1 (Mar) earnings of $1.13 per share, $0.07 better than the First Call consensus of $1.06; revenues rose 29.6% year/year to $3.48 bln vs the $3.29 bln consensus. New capital equipment orders during the quarter were $240 mln, net of orders removed from backlog of $32 mln. Backlog for capital equipment orders for the Company's Rig Technology segment was $9.6 bln at March 31, 2009 compared to $11.1 bln at December 31, 2008. Co says, "Our solid backlog for drilling equipment enabled our Company to generate strong earnings in the first quarter, despite a sharp downturn in drilling activity and available credit to our customers. Though the pace of new capital equipment orders has slowed in the short run, we believe investment in drilling equipment will resume, to enable the industry to explore new oil and gas frontiers. Nevertheless market conditions remain very challenging, and the timing of a recovery is uncertain. We are well positioned for this market, given our strong financial resources, high cash flow, and exceptional backlog through 2010. We plan to execute strategic opportunities arising from the current downturn, both internal and external, to further enhance our business."
7:49AM UPS misses by $0.04, misses on revs; guides Q2 EPS below consensus (UPS)54.75 : Reports Q1 (Mar) earnings of $0.52 per share, ex items, $0.04 worse than the First Call consensus of $0.56; revenues fell 13.7% year/year to $10.94 bln vs the $11.44 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.45-0.55 vs. $0.65 consensus. Co said, "Economic indicators tell us recovery in the U.S. might begin late this year, but more likely not until 2010... So we expect the second quarter will be another difficult one."
7:41AM Occidental Petro beats by $0.13, misses on revs (OXY) 55.56 : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.37; revenues fell 49.0% year/year to $3.07 bln vs the $3.18 bln consensus. 1Q09, daily oil and gas sales volumes averaged 654,000 barrels of oil equivalent (BOE), compared with 607,000 BOE per day in 1Q08. Oxy's realized price for worldwide crude oil was $39.29 per barrel for 1Q09, compared with $86.75 per barrel for 1Q08. Domestic realized gas prices decreased from $8.15 per thousand cubic feet (MCF) in 1Q08 to $3.54 per MCF for 1Q09. Co says, "In the first quarter, Occidental achieved a nearly eight percent growth in year-over-year oil and gas production. In addition, we have made significant progress in our continuing cost reduction efforts and we will continue to invest in the long-term growth of the co. I am pleased with our effectiveness in adjusting to the ongoing volatile market conditions."
7:41AM Black & Decker beats by $0.14, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line (BDK) 33.02 : Reports Q1 (Mar) earnings of $0.22 per share, $0.14 better than the First Call consensus of $0.08; revenues fell 28.2% year/year to $1.07 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.35-$0.45 vs. $0.42 consensus. Co issues in-line guidance for FY09, sees EPS of $1.50-$1.90 vs. $1.79 consensus.
7:37AM Goodrich beats by $0.28, reports revs in-line; guides FY09 EPS in-line, revs below consensus (GR) 41.83 : Reports Q1 (Mar) earnings of $1.35 per share, $0.28 better than the First Call consensus of $1.07; revenues fell 2.8% year/year to $1.7 bln vs the $1.69 bln consensus. Co issues mixed guidance for FY09, lowers EPS to a range of $4.50-$4.75 (vs. $4.63 consensus), down from the co's previous range of $4.50-$4.90; sees FY09 revs of approx $6.9 bln (vs. $7.1 bln consensus), down from the previous range of $7.1-$7.2 bln.
7:35AM Steven Madden guides above consensus; sees Q1 EPS of $0.35-0.37 vs $0.24 First Call consensus; revs $106-107 mln vs $96.22 mln First Call consensus (SHOO)23.66 : Co raises FY09 EPS guidance to $1.85-1.95 vs $1.47 First Call consensus. For fiscal 2009, the Company now expects net sales to range from flat to a decline of 2% compared to 2008, again incorporating shifts in the Candies and International businesses. Excluding the impact of these shifts, sales are expected to decline 2% to 4% for the year. Net sales for the first quarter of 2009 will reflect shifts related to the co's Candies and International businesses. Candies has been transitioned to a "first cost" model from a wholesale model, and therefore revenue will now be recorded in other income. As a result of this change, net sales for the first quarter of 2009 will not reflect Candies revenue while net sales in the first quarter of 2008 reflected revenue of $4.9 mln for the Candies business. "We had a strong start to the year, with better than expected results driven by the performance of the Steve Madden Womens and Madden Girl brands within our wholesale division. Our updated full-year guidance reflects increased expectations for these two brands as well as for our Adesso Madden "first-cost" business, particularly our recently launched l.e.i. brand at Wal-Mart. While we are very pleased with our performance thus far, we will remain diligent in our inventory management and expense controls."
7:34AM Cash America beats by $0.04, beats on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (CSH) 22.18 : Reports Q1 (Mar) earnings of $0.79 per share, $0.04 better than the First Call consensus of $0.75; revenues rose 6.9% year/year to $268.1 mln vs the $265.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $50-$0.53 vs. $0.60 consensus. Co issues upside guidancefor FY09, sees EPS of $3.10-3.30 vs. $3.10 consensus. Co says mgmt believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the co, which take the form of pawn loans and short-term cash advances. Other elements expected to affect the growth in revenue include the potential impact of the regulatory governance of loan products, the continued growth and development of the Mexican pawn operations and the development and expansion of the Company's online and card based distribution channels for its cash advance products. Co says the impact of regulatory changes in their Ohio storefront locations and the anticipated decrease in customers in Pennsylvania and Minnesota in the online channel will cause revenue and earnings for the cash advance segment to be down in the second quarter. In addition, the absence of Federal Stimulus Payments will likely cause revenue and earnings from U.S. pawn operations to be below the prior year. However, management believes the anniversary revenue challenges discussed for the first half of 2009 could begin to improve in the second half of the year if loan demand firms for both pawn and cash advance products. While the co intends to maintain its current underwriting standards, higher loan demand for the cash advance product could lead to higher loan losses associated with the difficult consumer economic environment.
7:33AM ITT Educational beats by $0.18, reports revs in-line; guides FY09 EPS above consensus (ESI) 101.96 : Reports Q1 (Mar) earnings of $1.59 per share, $0.18 better thanthe First Call consensus of $1.41; revenues rose 22.6% year/year to $288 mln vs the $285.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $7.00-7.25 vs. $6.61 consensus, up from previous guidance of $6.50-6.75. Co says, "Operating margin in the first quarter increased a very impressive 550 basis points to 34.8% compared to 29.3% in 1Q08, due to our ability to leverage fixed operating costs on total student enrollment that was substantially higher as of the end of the first quarter of 2009 compared to the same point in 2008... We entered the second quarter of '09 with a high level of confidence in our ability to efficiently execute our proven growth strategy, and we are very excited about the prospects for achieving our '09 internal goals."
