Earnings - 15th July 2009

11:41AM Digital River announces preliminary second quarter financial results at the high end of guidance range (DRIV) 36.64 +1.20 : Co announces it is outsourcing the majority of its global customer service operations and realigning certain other resources to support growth opportunities. These two actions will result in the elimination of approximately 120 positions globally, largely related to the outsourcing of customer service operations. At the same time, the company plans to add new positions, primarily to its sales and product development organizations. This organizational change is expected to drive efficiencies for Digital River beginning in the fourth quarter of 2009. Co also says while the quarterly closing process is not final, management currently expects second quarter revenue and earnings per share results to be at the high end of the guidance range provided on April 29, 2009. (Briefing.com note: The co previously guided for Q2 EPS of $0.39-0.42, on revs of $95-97 mln. Q2 consensus is $0.41/$96.38 mln)

8:30AM Campbell Soup reaffirms FY09 guidance, says adjusted EPS growth to exceed 5-7% range (CPB) 29.39 : Guidance equates to exceeding a range of $2.19-2.24, consensus is $2.17. The company expects its fiscal 2009 sales, EBIT and EPS growth rates to be negatively impacted by approximately 5 percentage points as a result of currency translation.

8:01AM Bemis raises Q2 & FY09 EPS guidance above consensus (BMS) 25.13 : Coraises guidance for Q2 (Jun), sees EPS of approx $0.47 vs. $0.41 First Call consensus, prior guidance $0.35-0.43. Co raises guidance for FY09 (Dec), sees EPS of $1.68-1.75 vs. $1.59 consensus, prior guidance $1.50-1.70. Results for the second quarter of 2009 benefited from lower raw material costs related to second quarter shipments, as well as the positive impact of cost management initiatives implemented during the fourth quarter of 2008 and the first quarter of 2009.

7:55AM WW Grainger beats by $0.07, reports revs in-line (GWW) 82.58 : Reports Q2 (Jun) earnings of $1.21 per share, $0.07 better than the First Call consensus of $1.14; revenues fell 12.7% year/year to $1.53 bln vs the $1.52 bln consensus. Co said, "We have not seen an indication of an economic turnaround at this point but our results indicate that we are gaining market share during this recession. We are in a great position to grow when the economy eventually recovers. We're expanding our sales force to improve customer coverage. Also during the quarter, we announced two ways we'll expand our geographic coverage outside of North America by making small, additional investments in India and in Japan."

7:54AM Abbott Labs reports EPS in-line, revs in-line; guides Q3 EPS in-line; reaffirms FY09 EPS guidance (ABT) 46.49 : Reports Q2 (Jun) earnings of $0.89 per share, excluding non-recurring items, in-line with the First Call consensus of $0.89; revenues rose 2.5% year/year to $7.5 bln vs the $7.55 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.88-0.90, excluding non-recurring items, vs. $0.90 consensus. Co reaffirms guidance for FY09, sees EPS of $3.65-3.70, excluding non-recurring items, vs. $3.69 consensus.

Earnings - 11th Sept 2008

4:37PM China Precision Steel announces preliminary results for FY08 above street ests (CPSL) 4.96 +0.62 : China Precision Steel expects to report record revs for FY08 of $87.7 mln, an increase of 62.6% from $54.0 mln in revenues in fiscal year 2007, and ahead of consensus of $75.41 mln. The co's revs growth is attributable to increased sales of high-carbon, cold-rolled products, subcontracting income and exports of low-carbon, hard rolled products. Gross profit for the year is expected to be a record $22.5 mln, an increase of 49.6% from $15.0 million in fiscal 2007. Gross margin is expected to be 25.6% in FY08, compared to 27.9% in fiscal 2007.

8:36AM Campbell Soup beats by $0.01, reports revs in-line (CPB) 37.58 : Reports Q4 (Jul) earnings of $0.26 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.25; revenues rose 12.8% year/year to $1.72 bln vs the $1.72 bln consensus. "Consistent with our long-term target growth rate, we expect to deliver adjusted net earnings per share growth between 5 and 7 percent from the fiscal 2008 adjusted base of $2.09... In fiscal 2009, we expect our continuing operations, excluding the negative impact of one less week in the fiscal year and recent divestitures, to deliver sales growth in excess of our long-term target range of between 3 and 4 percent. We expect to deliver EBIT growth, excluding items impacting comparability, slightly below our long-term target growth rate of between 5 and 6 percent, reflecting the impact of one less week in the fiscal year, higher marketing spending behind increased innovation in the U.S. and increased investment spending in Russia and China."

8:01AM CSX Corp increases 2008 and long-term financial guidance (CSX) 54.85 : The co now expects FY08 earnings per share of $3.65-3.75, an increase from previous guidance that targeted the upper end of the $3.40-3.60 range (consensus $3.57). CSX is increasing 2008 capital spending to ~ $1.75 bln and expects free cash flow before dividends of ~ $1 bln this year. Based on the strong momentum that is expected to continue beyond 2008, the co also is raising the following long-term guidance through 2010: Compound annual growth in operating income of 15-20% over the 2008 base, compared to the prior guidance of 13-15% over the 2007 base; Compound annual growth in earnings per share of 20-25% over the 2008 base, compared to the prior guidance of 18-21% over the 2007 base; and -- Operating ratio in the high 60's for 2010, compared to the prior target of the low 70's.

7:58AM WW Grainger reports that Aug '08 daily sales grew 7% vs. Aug '07 (GWW) 88.39 : Co reports sales results for the month of Aug 2008. Daily sales grew 7% vs Aug 2007. Sales benefited by approx 1% point due to Lab Safety's acquisition of Highsmith. Sales were negatively affected by approx 2% points due to a decline in sales of seasonal products. There were two less selling days in August 2008 (21) vs August 2007 (23).

7:32AM Lululemon Athletica beats by $0.05, misses on revs; reaffirms FY09 EPS guidance, revs guidance (LULU) 18.00 : Reports Q2 (Jul) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 47.7% year/year to $85.5 mln vs the $88.2 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.68-0.71 vs. $0.71 consensus; sees FY09 revs of $380-385 mln vs. $404.94 mln consensus. Co reaffirms long-term growth targets of net rev growth of approx 25% and EPS growth in excess of 25%.

Earnings - 30th June 2008

6PM: VF Corp raises 2nd-quarter outlook, Apparel maker VF Corp raised its second-quarter earnings outlook on Monday, sending its shares up nearly 5 percent in extended trading.
The company, whose brands include The North Face, Vans and Wrangler, said earnings would rise by 10 percent to 20 percent over its previously issued view of 80 cents per share for the second quarter. It cited stronger earnings from operations and a favorable benefit from resolving various tax matters. Analysts expected profit of 80 cents a share for the period, according to Reuters Estimates. Shares of VF rose to $74.60 in extended trading from their close of $71.18 on the New York Stock Exchange, where the stock had fallen 1.3 percent.

4:30PM Fortune Brands lowers Q2 and FY08 EPS; co sees first half results better than the second half (FO) 62.41 +0.04 : Co lowers Q2 and FY08 EPS guidance. Co says, "weakening consumer sentiment in the U.S., the ongoing correction in the U.S. housing market, and a large and unexpected Australian tax increase on ready-to-drink spirits products have together created a more challenging environment for the co's products. As a result, the co lowers Q2 EPS and now expects to generate diluted EPS before charges/gains for Q2 that is down at a high-teens-to-mid-20s percentage rate compared to diluted EPS of $1.51 before charges/gains for continuing operations in the year-ago quarter (First call consensus $1.35). The co's previously announced target for Q2 had been for diluted EPS before charges/gains to be down at a high-single-digit-to-mid-teens percentage rate. The co said it continues to expect that results in the second half of 2008 will be better than the first half, benefiting from factors including company-wide productivity initiatives and the annualization of increased brand-building investments. For the full year 2008, the lowers Q2 EPS and co now expects to generate diluted EPS before charges/gains that is down at a high-single-digit-to-high-teens percentage rate compared to $5.06 in 2007 (First Call consensus is $5.93). The co's previous full-year target was for diluted EPS before charges/gains to be flat to down at a high-single-digit percentage rate versus 2007's results.

4:04PM Quantum Fuel misses by $0.01, beats on revs (QTWW) 3.08 +0.15 : Reports Q4 (Apr) loss of $0.06 per share, $0.01 worse than the two analyst estimate of ($0.05); revenues rose 212.6% year/year to $9.7 mln vs the $8.1 mln two analyst estimate. "The Fisker Karma vehicle program remains on target with production expected to begin in the 4th quarter of calendar 2009. Fisker Automotive expects to produce 7,500 Karmas in calendar 2010, for which Quantum will be providing the complete plug-in hybrid propulsion system based on lithium ion battery and control system technology."

:24AM E-House China reaffirms Q2 revs of $41-$44 mln vs. $42.38 mln First Call consensus (EJ) 10.50 : Co sees Q2 revs of $41-$44 mln vs. $42.38 mln consensus. Co states, although transaction activities in the Chinese real estate industry remain sluggish compared to 2007 due to overall market adjustment and the recent earthquake in Sichuan Province, the company expects its total revenues for Q2 to remain within the guidance range previously provided as a result of expanded business scale and market share. Although transaction activities began to show signs of recovery in some regions in March 2008, such recovery did not become stronger in the second quarter. Furthermore, the strong earthquake in Sichuan Province on May 12 had a short-term negative impact on real estate transactions across all regions in China. As a result, EJ expects that total real estate transaction volume in the second quarter for China as a whole, as well as most key regions, will likely decrease substantially compared to the same period in 2007. Despite the above, EJ has been able to expand its business scale and market share as a result of a substantial increase in its project pipeline for primary real estate agency services, increases in real estate consulting and information services revenues, and strategic cooperation with leading developers in China.

9:12AM Robbins & Myers beats by $0.04, beats on revs; guides Q4 EPS above consensus; guides FY08 EPS above consensus (RBN) 41.08 : Reports Q3 (May) earnings of $0.62 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.58; revenues rose 17.2% year/year to $200.9 mln vs the $190.2 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.62-0.67 vs. $0.60 consensus. Co issues upside guidance for FY08, sees EPS of $2.10-2.15, excluding non-recurring items, vs. $2.05 consensus.

9:06AM LJ Intl reports FY07 & Q1 FY08 results (JADE) 3.27 : Co reports revenues for 2007 totaled $152.0 mln, up 23% from $123.8 mln in 2006. Most of the increase was due to a 127% increase in sales for the Company's retail operations, to $34.3 mln from $15.1 mln. Wholesale revenues also increased, by 8%, to $117.7 mln in 2007 from $108.7 mln in 2006. Net income for fiscal 2007 was $1.5 mln, or $0.07 per diluted share, compared to $5.3 mln, or $0.29 per diluted share, in 2006. Co also reports revenues for the first quarter of 2008 totaled $30.4 million, down 11% from $34.1 million in the first quarter of 2007. The Company noted that the decrease was primarily due to the recent global economic weakness, which resulted in decreased demand from the U.S., its largest wholesale market, as well as no sales of its high-end "Signature" jewelry line. Revenues at the wholesale level totaled $21.8 million, down from $25.2 million in the first quarter of 2007. Overall retail revenues totaled $8.5 million in the first quarter of 2008, down from $8.8 million from a year earlier. Excluding revenues from the Company's Signature line, retail revenues rose 143% to $8.5 million from $3.5 million in the first quarter of 2007, representing the continued growth at the ENZO Division. Net income for the first quarter of 2008 was $1.1 million, or $0.05 per diluted share, up from $0.6 million, or $0.03 per diluted share, in the first quarter of 2007

8:50AM Campbell Soup updates its fiscal 2008 full-year guidance, sees EPS to be at the upper end of the 5-7% range (CPB) 32.18 : Co now expects adjusted net EPS growth for its fiscal year ending August 3, 2008 to be at the upper end of the 5-7% range from the fiscal 2007 adjusted base of $1.95 (5-7% growth calculates to FY08 EPS of ~$2.05-2.09 vs $2.06 First Call consensus). 8:30AM Campbell Soup announces $1.2 bln share repurchase program