Earnings - 23th June 2009

4:35PM Darden Restaurants beats by $0.04, reports revs in-line; guides FY10 EPS below consensus (DRI) 33.00 -1.24 : Reports Q4 (May) earnings of $0.90 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.86; revenues rose 8.2% year/year to $1.98 bln vs the $1.98 bln consensus. Co issues downside guidancefor FY10, sees EPS of $2.59-2.85 vs. $2.91 consensus. Co says, "we're assuming that the economic and industry weakness we've experienced over the past six months will continue through all of our fiscal 2010. We are assuming that blended same-restaurant sales for our three large casual dining brands, Olive Garden, Red Lobster and LongHorn Steakhouse, will be between -2% and flat in FY10. Based on these same-restaurant results and ~50-55 net new restaurant openings, total sales change is expected to be between -1% and +1% and diluted net EPS are expected to range from -2% to +8%. Please note that our FY09 included a 53rd week of operations. Excluding that extra week, our FY10 same-restaurant sales assumptions and plans for net new restaurant openings are expected to drive total sales growth of +1% to +3% and diluted net EPS growth that ranges from flat to +10%. It is also important to note that going forward, we will no longer report results and prior period comparisons that exclude integration costs and purchase accounting adjustments."

4:32PM AeroVironment earnings correction: Beats by $0.01; guides FY10 revs above consensus (AVAV) 27.36 -0.49 : Earlier we incorrectly calculated the co's revenue guidance. We have deleted the original comment. Co reports Q4 (Apr) earnings of $0.27 per share,$0.01 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $76 mln vs the $71.2 mln consensus. Co issues upside guidance for FY10, sees FY10 revs growth of 18-22%, which equates to ~$292.2-302.2 mln. $290.35 mln consensus.

4:07PM Oracle beats by $0.02, beats on revs (ORCL) 19.87 -0.10 : Reports Q4 (May) earnings of $0.46 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.44; revenues fell 5.2% year/year to $6.86 bln vs the $6.47 bln consensus. Co says, "We executed substantially better than we expected on both the top and bottom line for the quarter. We grew Q4 non-GAAP operating margins by a faster than expected 240 bps to over 51%. That helped us generate $7.7 bln in free cash flow for fiscal 2009. We grew faster and took market share from SAP in every region around the world. In Europe our applications business grew 5% in constant currency versus negative 27% growth for SAP in their most recent quarter. Historically Europe has been an SAP stronghold, but these results prove that we can compete and beat them everywhere. The Exadata Database Machine is well on its way to being the most successful new product launch in Oracle's 30 year history. Several of Teradata's largest customers are performance testing -- then buying -- Oracle Exadata Database Machines. In a recent competitive benchmark, a Teradata machine took over six hours to process a query that our Exadata Database Machine ran in less than 30 minutes. They bought Exadata."

4:05PM Sonic beats by $0.04, beats on revs (SONC) 9.00 +0.50 : Reports Q3 (May) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.20; revenues fell 9.9% year/year to $191.9 mln vs the $181.7 mln consensus. Co says, "While our sales were lower than we expected in the third quarter, we believe our continued emphasis on distinctive promotions that drive traffic, loyalty and check -- in concert with our unique quality and customer service experience -- will improve sales over the long run."

9:19AM Commercial Metals beats by $0.04, misses on revs (CMC) 14.21 : Reports Q3 (May) loss of $0.10 per share from cont ops, $0.04 better than the First Call consensus of ($0.14); revenues fell 53.9% year/year to $1.34 bln vs the $1.49 bln consensus. Co says it believes for the balance of calendar 2009, market conditions in the US will remain difficult. There is very little evidence of stimulus dollars impacting demand. It is likely in 2010 that the stimulus package will impact infrastructure spending and, thus, demand for steel long products such as rebar. Co is seeing some small signs of a pick up in demand. However, this is more a function of seasonality and restocking of certain steel products than a general recovery in demand. Co believes destocking of rebar and merchant products is almost over. It is likely that steel prices will stabilize and recover modestly in the coming months.

7:05AM America's Car-Mart beats by $0.05, beats on revs (CRMT) 17.66 : Reports Q4 (Apr) earnings of $0.43 per share, $0.05 better than the First Call consensus of $0.38; revenues rose 1.8% year/year to $77.9 mln vs the $74.9 mln consensus. Same store revenue increased .9% for the three months. The average down-payment percentage was 8.6% compared to 7.5% for the prior year period and collections as a percentage of average finance receivables was 17.7% compared to 17.5% for the prior year. The provision for credit losses was 20.8% of sales compared to 20.0% in the same period last year. Net charge-offs as a percentage of average finance receivables was 6.3% compared to 5.9% in the same period last year. Gross margins on vehicle sales were slightly lower during 4Q09 and Selling, General, and Administrative Expenses were higher as infrastructure investments, primarily payroll costs, continued to be phased in. Co says, "Our future growth will come from both increases in sales at our existing dealerships and the addition of new dealerships. We finished 2009 with an increase in the average number of retail units sold per lot per month. Even with this increase, we know that we have significant up-side for volume levels at our existing dealerships... We saw improvements in credit loss percentages and the level of accounts over 30 days past due at year end is at its lowest level in several years. It is exciting to be in a position to grow revenues into the future without near-term capital constraints and maximize the leveraging of the infrastructure investments we have made."

Earnings - 4th Sept 2008

4:24PM ADC Telecom beats by $0.01, reports revs in-line; guides FY08 EPS in-line, revs in-line (ADCT) 9.17 -0.51 : Reports Q3 (Jul) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues rose 12.7% year/year to $390.2 mln vs the $388.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.12-1.20, excluding $1.02 in non-recurring items, vs. $1.17 consensus; sees FY08 revs of $1.5-1.52 bln vs. $1.51 bln consensus. Based on their 3Q08 sales, ADCT now expects 4Q08 sales to be lower than 3Q08 as customers' capital spending nears the end of the calendar year. For FY08, gross margins are expected to be around 35%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter. Looking ahead and generally consistent with its historical seasonality, ADCT anticipates that sales in Q109 will be lower than Q408.

4:17PM Martek Biosci beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY08 EPS above consensus, raises revs in-line (MATK) 32.12 -0.75 : Reports Q3 (Jul) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 13.6% year/year to $88.4 mln vs the $86.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.24-0.27 vs. $0.26 consensus; sees Q4 revs of $87-91 mln vs. $89.12 mln consensus. Co issues raises EPS guidance for FY08, sees EPS of $1.06-1.09 vs. $1.04 consensus, up from $1.01-1.05; sees FY08 revs of $349-353 mln vs. $349.22 mln consensus, up from $344-350 mln.

4:11PM Cooper Cos beats by $0.02, reports revs in-line; guides Q4 revs in-line; narrows FY08 EPS below consensus, narrows revs in-line (COO) 36.30 -0.01 : Reports Q3 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 13.5% year/year to $285.9 mln vs the $285.2 mln consensus. Co issues guidance for Q4, sees EPS of $0.58-0.64, may not be comparable to $0.70 consensus; sees Q4 revs of $285-295 mln vs. $291.52 mln consensus. Co narrows EPS guidance for FY08, sees EPS of $2.18-2.24 vs. $2.29 consensus, up from $2.10-2.35; narrows FY08 revs to $1.08-1.1 bln vs. $1.09 bln consensus, up from $1.06-1.1 bln. Co lowers capital expenditures to $140-160 mln in fiscal 2008, up from $160-170 and reaffirms FY09 of $125-140 mln.

4:08PM Smith & Wesson misses by $0.02, beats on revs (SWHC) 5.39 -0.31 : Reports Q1 (Jul) earnings of $0.05 per share, $0.02 worse than the First Call consensus of $0.07; revenues rose 4.9% year/year to $78 mln vs the $75.4 mln consensus. "While the first quarter presented challenges, many of which we believe are transitory in nature, it also delivered ongoing handgun sales growth in all of our key channels. As we work through this challenging period in the industry and the economy, we will maintain our focus on driving long term revenue growth in each of our markets, and on controlling costs at every opportunity."

4:06PM Quiksilver beats by $0.04, beats on revs; guides FY08 EPS (ZQK) 7.19 -0.34 : Reports Q3 (Jul) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 6.9% year/year to $564.9 mln vs the $543.9 mln consensus. Co issues guidance for FY08, sees EPS slightly below $0.90 vs. $0.86 consensus. Co states, "...Our gross margins benefited from a higher proportion of our revenues coming from Europe and from our retail stores than in the same quarter a year ago and we again achieved some improvements in sourcing margins. At the same time, this business mix drove our expense ratio higher, and a weaker performance at retail, together with conservative ordering by our wholesale customers, led to some deleveraging of expenses."

4:04PM Ulta Salon beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY09 EPS in-line, reaffirms FY09 revs guidance (ULTA) 11.06 -0.32 : Reports Q2 (Jul) earnings of $0.06 per share, $0.01 better than the First Call consensus of $0.05; revenues rose 24.3% year/year to $249.1 mln vs the $251.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.08-0.10 vs. $0.10 consensus; sees Q3 revs of $259-263 mln vs. $258.80 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.52-0.57 vs. $0.54 consensus; sees FY09 revs of $1.12-1.13 bln vs. $1.13 bln consensus.

4:01PM Cascade misses by $0.09, misses on revs (CAE) 46.82 -3.11 : Reports Q2 (Jul) earnings of $0.94 per share, $0.09 worse than the First Call consensus of $1.03; revenues rose 4.8% year/year to $150.1 mln vs the $156 mln consensus.


7:33AM America's Car-Mart beats by $0.07, beats on revs (CRMT) 19.43 : Reports Q1 (Jul) earnings of $0.45 per share, $0.07 better than the First Call consensus of $0.38; revenues rose 29.0% year/year to $75.7 mln vs the $73.8 mln consensus. The provision for credit losses was 20.9% of sales compared to 21.8% in the same period last year. Net charge-offs as a percentage of average finance receivables was 5.7% compared to 6.4% in the same period last year and compared to 5.9% for the quarter ended April 30, 2008. "The solid results we have experienced for the first quarter of Fiscal 2009 are further confirmation of the positive effects of the numerous significant improvements we have made at Car-Mart over the last year and a half... We believe the strong competitive advantages we have over our competitors are continuing to be evident as we have increased our retail sales while at the same time remaining disciplined in our underwriting standards, down payments and loan terms. In fact, our customer profile data continues to show upward trends in the characteristics of our customer base and portfolio. With this positive data, we are confident in our ability to maintain increased sales levels. For this first fiscal quarter of 2009, our retail sales are up nearly 26% from last year, at 7,353 vehicles, continuing a positive sales trend that we have experienced over the last three fiscal quarters. In addition, same store revenues are up 28.5% from last year, as we continue to increase the efficiency and profitability of our existing store base."
7:33AM Movado Group misses by $0.02, misses on revs; reaffirms FY09 EPS guidance (MOV) 23.50 : Reports Q2 (Jul) earnings of $0.39 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.41; revenues fell 7.0% year/year to $129.7 mln vs the $132.9 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.65-1.72, excluding non-recurring items, vs. $1.69 consensus.


7:13AM Terex issues downside guidance (TEX) 47.32 : Co issues downside guidance for Q3 (Sep), sees EPS of $1.26-1.38 vs. $1.57 First Call consensus. Co issues downside guidance for Q4 (Dec), sees EPS of $1.20-1.33 vs. $1.60 consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $6.35-6.65 vs. $7.08 consensus; sees FY08 (Dec) revs of $10.2-10.6 bln vs. $10.61 bln consensus. "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors."

7:11AM Jackson Hewitt reports EPS in-line, misses on revs (JTX) 17.18 : Reports Q1 (Jul) loss of $0.69 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.69); revenues fell 27.7% year/year to $4.3 mln vs the $4.5 mln consensus.


7:09AM Ciena reports EPS in-line, revs in-line; guides Q4 revs below consensus (CIEN) 17.43 : Reports Q3 (Jul) earnings of $0.37 per share, excluding non-recurring items, in-line with the First Call consensus of $0.37; revenues rose 23.5% year/year to $253.2 mln vs the $253.7 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $190-210 mln vs. $263.02 mln consensus. "In addition to existing customer-specific challenges, we have recently begun to experience order delays from many of our Tier One service provider customers, which we attribute to their guarded approach to capital expenditures given the uncertain macroeconomic environment. While we've seen no project or order cancellations, sales cycles are lengthening and some deployments are slowing."

7:07AM Pepsi Bottling reaffirms Q3 and FY08 EPS guidance (PBG) 31.46 : Co announces it is reaffirming its previously stated Q3 and full-year 2008 earnings per share guidance. PBG expects 2008 comparable diluted EPS of $2.30-$2.38, (vs $2.34 consensus), comparable operating profit growth in the low-single digits, and operating free cash flow of about $620 mln. PBG also reaffirmed that it will generate diluted EPS of $1.02-$1.06 in Q3 (vs $1.05 consensus).

7:03AM Flow beats by $0.03, misses on revs (FLOW) 6.74 : Reports Q1 (Jul) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.05; revenues fell 1.4% year/year to $57.1 mln vs the $60.8 mln consensus.

Earnings - 26th June 2008

5:03PM Andersons raises FY08 EPS guidance above consensus (ANDE) 32.93 -0.25 : Co raises FY08 EPS to $4.40-4.80 vs $3.79 consensus, up from prior $3.65-4.00. Co says, "We are off to a great start in the first half of the year, however we are cognizant that weather and other factors impacting the commodities markets may affect our second-half results." (POPPED)

4:20PM Finish Line beats by $0.07, beats on revs (FINL) 6.99 -0.60 : Reports Q1 (May) earnings of $0.02 per share, $0.07 better than the First Call consensus of ($0.05); revenues rose 0.7% year/year to $287.9 mln vs the $281.3 mln consensus. Consolidated comparable store net sales increased 1.2% for Q1 compared to the same period a year ago. By concept, Finish Line comparable store net sales increased 1.6% and Man Alive comparable store net sales decreased 7.1%.

4:11PM TIBCO Software beats by $0.01, beats on revs (TIBX) 7.37 -0.14 : Reports Q2 earnings of $0.07 per share, $0.01 better than the First Call consensus of $0.06; revenues rose 15.0% year/year to $150 mln vs the $148 mln consensus. "Despite weakness in the Americas business, we delivered total company revenue growth of 15% driven by a strong performance from our European Division and significant deals in key vertical markets such as Financial Services, Telecommunications, Insurance and Life Sciences," said Vivek Ranadive, chairman and chief executive officer, TIBCO. "We continue to see opportunity across all geographies and are confident in our market position given our unique technology and the demonstrable value we provide to our global customer base."

4:10PM Micron misses by $0.02, beats on revs (MU) 6.99 -0.54 : Reports Q3 (May) loss of $0.30 per share, $0.02 worse than the First Call consensus of ($0.28); revenues rose 15.8% year/year to $1.5 bln vs the $1.47 bln consensus. "Co's net sales in Q3 increased 10% compared to Q2 primarily from higher sales of both DRAM and NAND Flash memory products. Sales of DRAM products in Q3 increased compared to Q2 as a result of an approximate 10% increase in gigabit sales, partially offset by an approximate 5% decrease in average selling prices..."

4:05PM Accenture beats by $0.05, beats on revs; guides Q4 revs above consensus; raises FY08 EPS above consensus (ACN) 38.49 -0.88 : Reports Q3 (May) earnings of $0.74 per share, $0.05 better than the First Call consensus of $0.69; revenues rose 20.1% year/year to $6.1 bln vs the $5.91 bln consensus. Co issues upside guidance for Q4, sees Q4 revs of $5.9-6.1 bln vs. $5.73 bln consensus. Co raises guidance for FY08, sees EPS of $2.63-2.65 vs. $2.59 consensus, up from $2.55-2.60. ACN now expects net revenue growth to be toward the upper end of its previously guided range of 9-12%. Given new bookings to date and additional bookings expected in the Q4, ACN now expects new bookings for fiscal 2008 to be in the range of $25-26 bln.

4:03PM Palm misses by $0.04, misses on revs (PALM) 6.54 -0.30 : Reports Q4 (May) loss of $0.22 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of ($0.18); revenues fell 26.2% year/year to $296.2 mln vs the $301.1 mln consensus.

8:20AM Worthington beats by $0.28, beats on revs (WOR) 23.93 : Reports Q4 (May) earnings of $0.72 per share, excluding non-recurring items, $0.28 better than the First Call consensus of $0.44; revenues rose 19.7% year/year to $868.9 mln vs the $850.2 mln consensus.

7:41AM ConAgra beats by $0.10; guides Q1 EPS below consensus; guides FY09 EPS below consensus (CAG) 22.15 : Reports Q4 (May) earnings of $0.44 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.34; co reports revs up 15.5% yr/yr to $3.078 bln. Co issues downside guidance for Q1, sees EPS of $0.26-0.28, excluding non-recurring items, vs. $0.33 consensus; this is reflecting the seasonality of operating results as well as the fact that the planned share-repurchase and debt-reduction activities are not expected to be completed until the end of the 1H. Co issues downside guidance for FY09, sees EPS of $1.56-1.59, excluding non-recurring items, vs. $1.60 consensus. "While our higher-than-planned fourth-quarter EPS largely reflects another strong performance from the Trading & Merchandising operations, we are also pleased with the improved execution demonstrated in our continuing operations. Given the operating progress made this fiscal year as well as the recent divestiture of our Trading & Merchandising operations, we have an even greater focus on successfully executing the initiatives in our core food operations, as well as a much stronger foundation on which to deliver predictable and sustainable profitable growth going forward."

7:33AM America's Car-Mart beats by $0.18, beats on revs (CRMT) 14.70 : Reports Q4 (Apr) earnings of $0.47 per share, excluding non-recurring items, $0.18 better than the First Call consensus of $0.29; revenues rose 29.0% year/year to $76.5 mln vs the $69.2 mln consensus.

7:10AM Rite Aid misses by $0.10, reports revs in-line; reaffirms FY09 guidance (RAD) 1.75 : Reports Q1 (May) loss of $0.20 per share, $0.10 worse than the First Call consensus of ($0.10); revenues rose 49.3% year/year to $6.61 bln vs the $6.65 bln consensus. Co reaffirms guidance for FY09, sees EPS of ($0.48)-($0.34) vs. ($0.40) consensus; sees FY09 revs of $26.7-27.2 bln vs. $26.86 bln consensus. Capital expenditures, excluding proceeds from sale and leaseback transactions, are expected to be approximately $600 million. Proceeds from sale and leaseback transaction are expected to be approximately $150 million. Co said, "While the business environment remains challenging, we expect that completing the minor remodels, sales turning positive in the acquired stores and new pharmacy and front end initiatives will contribute significantly to strong results in the second half of the fiscal year".

6:12AM Oshkosh Truck announces downward revisions to estimats for Q308 and FY08 results (OSK) 33.51 : Co issues downside guidance for Q3 (Jun), sees EPS of $(1.22)-(1.32) vs. $1.47 First Call consensus. The expected loss relates to a non-cash charge for the impairment of goodwill to be recorded in connection with the co's European refuse collection vehicle manufacturer, the Geesink Norba Group (Geesink). The impact of the impairment charge on Q3 earnings is estimated to be approx $175 mln, or $2.32 per share. Projected Q3 results also reflect weaker performance expectations compared with previous estimates for, most notably, the co's access equipment segment and, to a lesser extent, its fire & emergency and commercial segments. "Lower than expected sales in both North America and Europe driven by softness in non-residential construction and general economic weakness, and rising raw material and fuel costs, have caused us to reduce our outlook for the third quarter and full fiscal year 2008," said Robert G. Bohn, Oshkosh chairman and chief executive officer. OSK expects that Q408 EPS will be below prior year's levels and will provide a new EPS estimate range for FY08 when it announces its Q308 results. (DROPPED)

4:20AM Ameron Int'l beats by $0.20 (AMN) 109.50 : Reports Q2 (Jun) earnings of $1.78 per share, $0.20 better than the First Call consensus of $1.58; revenues rose 1.9% year/year to $159.79 mln vs the $188.02 mln consensus. (POPPED)
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