Earnings - 30th April 2009(1)

7:10AM Genesis Lease beats by $0.02, reports revs in-line (GLS) 3.77 : Reports Q1 (Mar) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues rose 4.5% year/year to $57.1 mln vs the $56.9 mln consensus.

7:09AM Procter & Gamble beats by $0.04, misses on revs; guides FY09 EPS in-line (PG) 50.42 : Reports Q3 (Mar) earnings of $0.84 per share, $0.04 better than the First Call consensus of $0.80; revenues fell 8.0% year/year to $18.4 mln vs the $18.91 bln consensus. Co is comfortable with analysts' current consensus earnings per share estimate of $4.22, with a range of $4.20-4.25.  For the 2009 fiscal year, the Company expects organic sales to grow by two to three percent. Net sales are expected to be down two to four percent driven primarily by unfavorable foreign exchange of about five percent (consensus is for total revs to decline by ~3%). Operating margin, which includes about 50 basis points of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year.

7:07AM China Security and Surveillance beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 6.05 : Reports Q1 (Mar) earnings of $0.30 per share,$0.01 better than the First Call consensus of $0.29; revenues rose 34.3% year/year to $96.4 mln vs the $87.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.11 consensus; sees FY09 revs of $600-630 mln vs. $601.21 mln consensus.

7:05AM Sepracor beats by $0.16, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (SEPR) 14.44 : Reports Q1 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.69; revenues rose 2.9% year/year to $330.2 mln vs the $328.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.10-2.70, excluding non-recurring items, vs. $2.43 consensus; sees FY09 revs of $1.15-1.25 bln vs. $1.21 bln consensus.

7:04AM Digital Realty Trust beats by $0.03, beats on revs (DLR) 37.41 : Reports Q1 (Mar) funds from operations of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 30.2% year/year to $149.1 mln vs the $147.2 mln consensus.

7:02AM Natus Medical beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs below consensus (BABY) 8.50 : Reports Q1 (Mar) earnings of $0.03 per share, $0.01 better thanthe First Call consensus of $0.02; revenues fell 9.5% year/year to $33.4 mln vs the $33.3 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.05-0.06 vs. $0.07 consensus; sees Q2 revs of $34.5-35.5 vs. $36.98 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.31-0.34 vs. $0.37 consensus; sees FY09 revs of $143-146 vs. $151.69 mln consensus. "The severe worldwide economic downturn that started to impact our business in December 2008 continued to influence our results for the first quarter of 2009. In the quarter, we had been working on several large orders that were not placed as hospitals continue to reduce capital equipment expenditures. We believe that these orders have been pushed out and not lost. However, the exact timing of these orders remains uncertain."

7:02AM Colgate-Palmolive beats by $0.01, misses on revs (CL) 59.71 : Reports Q1 (Mar) earnings of $0.97 per share, $0.01 better than the First Call consensus of $0.96; revenues fell 5.7% year/year to $3.5 bln vs the $3.6 bln consensus. Co says "We are delighted to begin 2009 with continued strong top-line momentum with organic sales increasing 8.0%. Also, our gross margin, operating margin and net profit as a percent to sales increased during the quarter, despite difficult economic conditions worldwide. Our cost-cutting and efficiency programs as well as increased pricing more than offset the impact during the quarter of higher raw and packaging material costs worldwide and the strengthening dollar.... Looking ahead, we have a very full new product pipeline for the balance of the year, which should contribute to positive unit volume growth in the second quarter and for the full year. We expect our strong organic sales growth to continue, driven by both positive volume and higher pricing.... The benefits of recently easing commodity and oil prices have begun to flow through and should build as the year goes on. This, coupled with the higher pricing and our ongoing aggressive savings programs, should offset the expected impact of the stronger dollar on raw and packaging material costs, indicating that gross profit margin should increase as the year progresses and be up at least at the high end of our targeted range of 75 to 125 basis points for the full year 2009. Overall, we are comfortable with external profit expectations for both the second quarter and the year." (Briefing.com note: Q2 consensus is $1.05/3.769 bln and FY09 consensus is $4.21/15.079 bln)

6:38AM LKQ Corp beats by $0.02, reports revs in-line; guides FY09 EPS in-line (LKQX)16.35 : Reports Q1 (Mar) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 5.3% year/year to $518 mln vs the $522.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.86 vs. $0.82 consensus. Organic revenue growth, excluding Other Revenue which will continue to be impacted by weak commodity prices, is projected to grow at a rate of 6% to 8%. 

6:33AM Dow Chemical beats by $0.33, misses on revs (DOW) 13.51 : Reports Q1 (Mar) earnings of $0.12 per share, excluding excluding pretax charge of $19 mln for additional severance related to the fourth quarter of 2008 restructuring; $48 mln in pretax transaction costs related to the acquisition of Rohm and Haas Company; and the Company's $29 mln share of a restructuring charge recognized by Dow Corning Corporation, a 50% owned nonconsolidated affiliate of the Company, $0.33 better than the First Call consensus of ($0.21); revenues fell 38.7% year/year to $9.09 bln vs the $11.69 bln consensus. Co says "There are some signs that the pace of global economic decline is moderating. The broad diversity of Dow's product mix enables us to have better visibility on true market demand, especially in parts of the world, such as in China, where domestic stimulus programs are beginning to take hold. "Having said that, it's prudent to expect that 2009 will still be a recessionary year globally, and we are not counting on material improvements in economic conditions in the near term. We remain focused on managing what is in our control, namely reducing costs and capital spending, delivering on our action plan to de-leverage our balance sheet, and smoothly and successfully integrating Rohm and Haas into the new Dow. These actions are paramount to our long-term strategy to transform Dow into an earnings-growth company." Co reports volume declined 19% compared with the same quarter of 2008, while price was down 20%, reflecting the effects of the ongoing recessionary business climate and continued inventory de-stocking in most value chains.

6:33AM Strayer Education beats by $0.10, beats on revs; guides Q2 EPS above consensus (STRA) 178.96 : Reports Q1 (Mar) earnings of $2.07 per share, $0.10 better than the First Call consensus of $1.97; revenues rose 28.2% year/year to $124.5 mln vs the $122.8 mln consensus. Co issues upside guidance for Q2, sees EPS of $1.95-1.97 vs. $1.80 consensus. Enrollment at Strayer University for the 2009 spring term increased 22% to 46,038 students compared to 37,733 for the same term in 2008. Across the Strayer University campus and online system, new student enrollments increased 26%, while continuing student enrollments increased 21%. Global online students increased 40%. Students taking 100% of their classes online (including campus based students) increased 24%. The total number of students taking at least one class online increased 23%.

6:31AM Newell Rubbermaid beats by $0.12, reports revs in-line; guides Q2 EPS in-line; reaffirms FY09 EPS guidance (NWL) 8.67 : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.08; revenues fell 16.0% year/year to $1.2 bln vs the $1.19 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.30-0.37 vs. $0.33 consensus. Co reaffirms guidance for FY09, sees EPS of $1.00-1.25 vs. $1.00 consensus

6:24AM Newmont Mining beats by $0.02, beats on revs (NEM) 40.71 : Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.42; revenues fell 20.1% year/year to $1.55 bln vs the $1.4 bln consensus. Net cash provided from continuing operations was $387.0 mln. Equity gold sales were 1.27 mln ounces at an average realized gold price of $906 per ounce. Equity copper sales were 43 mln pounds at an average realized copper price of $1.69 per pound. Co maintains its previously announced 2009 equity gold sales outlook of between 5.2-5.5 mln ounces at costs applicable to sales of between $400 and $440 per ounce. Costs applicable to sales are expected to change by approx $6 per ounce for every $10 change in the oil price and by roughly $3 per ounce for every 0.10 change in the Australian dollar exchange rate for the remainder of the year.

6:23AM Hornbeck Offshore beats by $0.09, reports revs in-line; guides FY09 EPS in-line (HOS) 20.71 : Reports Q1 (Mar) earnings of $1.01 per share, $0.09 better than the First Call consensus of $0.92; revenues rose 12.4% year/year to $109.6 mln vs the $110.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of 3.50-3.97, $3.86. excluding the recently adopted APB 14-1 non-cash OID interest expense vs. $3.53 consensus. Co says guidance assumes that current Upstream and Downstream market conditions remain constant. Fleetwide average new generation OSV dayrates are anticipated to be in the $20,000 to $22,000 range and fleetwide new generation OSV utilization is anticipated to average in the high-80% to low-90% range for the annual 2009 guidance period. The co expects that cash operating expenses per vessel-day in fiscal 2009 will not materially increase over fiscal 2008 levels, excluding contract-related costs recoverable through higher dayrates or other revenue. Annual G&A expenses are expected to be in the range of 9% to 10% of revenues for fiscal 2009. The projected annual FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense that underpin the co's diluted EPS guidance for the full-year 2009 are included in the attached data tables. Projected quarterly FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense for the quarter ending June 30, 2009 are expected to be $2.4 mln, $11.4 mln, $5.9 mln and $4.7 mln, respectively. The co's annual effective tax rate is expected to be 36.3% for fiscal 2009. The coexpects total maintenance capital expenditures for the full-year 2009 to be approximately $32.6 mln.

4:44AM Carbo Ceramics beats by $0.04, misses on revs (CRR) 36.72 : Reports Q1 (Mar) earnings of $0.70 per share, $0.04 better than the First Call consensus of $0.66; revenues rose 0.3% year/year to $90.6 mln vs the $98.3 mln consensus.

3:39AM NYSE Euronext beats by $0.04, misses on revs (NYX) 22.52 : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.39; revenues rose 0.2% year/year to $1.11 bln vs the $1.13 bln consensus. Q109 gross revenues were impacted by lower European cash and derivatives volumes, currency headwinds and structural changes to the U.S. cash pricing model which increased gross revenues.

3:33AM Taiwan Semi beats by $0.02, beats on revs, raises Q2 revenue guidance (TSM) 10.08 : Reports Q1 (Mar) earnings of $0.01 per ADR, $0.02 better than the First Call consensus of ($0.01); revenues fell 57.9% year/year to $1.16 bln vs the $1.1 bln consensus. Co issues upside guidance for Q2, sees revenue of NT$71.0-74.0 bln vs NT$45.44 bln consensus. Co expects gross profit margin of 43.5-45.5% and expects operating profit margin of 30.5-32.5%. Management expects 2009 capital expenditure of approx $1.5 bln.

2:06AM BioMed Realty beats by $0.06, beats on revs; guides FY09 FFO above consensus (BMR) 11.04 : Reports Q1 (Mar) funds from operations of $0.51 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.45; revenues rose 39.4% year/year to $94 mln vs the $84.8 mln consensus. Co issues upside guidancefor FY09, sees FFO of $1.72-1.82 vs. $1.67 consensus.

1:58AM Boston Prpts beats by $0.11, beats on revs; guides Q2 FFO above consensus; guides FY09 FFO in-line (BXP) 48.49 : Reports Q1 (Mar) funds from operations of $1.36 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.25; revenues rose 1.6% year/year to $377.5 mln vs the $365.9 mln consensus. Co issues upside guidance for Q2, sees FFO of $1.26-1.28 vs. $1.19 consensus. Co issues in-line guidance for FY09, sees FFO of $4.65-4.80 vs. $4.77 consensus.

1:46AM FMC Tech misses by $0.07, issues in-line FY09 EPS guidance (FTI) 35.94 : Reports Q1 (Mar) earnings of $0.56 per share, $0.07 worse than the First Call consensus of 0.63; revneues increased 1.2% year/year to $1.053 bln vs $1.087 bln First Call consensus. Energy Production Systems' operating profits were up 10% over the Q108. The total co backlog was $3.4 bln at the end of the quarter. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50 vs $2.40 First Call consensus.

Earnings - 5th March 2009

5:37PM Intrepid Potash reports EPS in-line, beats on revs (IPI) 17.04 -0.69 : Reports Q4 (Dec) earnings of $0.30 per share, in-line with the First Call consensus of $0.30; revenues rose 41.2% year/year to $79.5 mln vs the $77.7 mln consensus. The average net realized sales price for potash in Q4 2008 increased to $762 per short ton ($840 per metric tonne) compared to $224 per short ton ($247 per metric tonne) in the same period of 2007. Potash sales in the fourth quarter were 94,000 short tons compared to 215,000 short tons in the fourth quarter of 2007. Potash production in the quarter decreased to 201,000 short tons compared to 217,000 short tons produced in Q4 of 2007. Average net realized sales price for langbeinite, which we market under the registered name of Trio(R) increased to $323 per short ton ($356 per metric tonne) in the fourth quarter of 2008 compared to $137 per short ton ($151 per metric tonne) in the fourth quarter of 2007. Co says, "we are approaching 2009 thoughtfully and are focused on maintaining the strength of our balance sheet which allows us to retain a strong marketing position as it relates to the price of potash. We intend to accomplish this by managing production volumes and cash and by adjusting our capital programs appropriately throughout the year. Although we believe that long-term potash fundamentals are solid, we expect the near-term market conditions to remain erratic and unpredictable. The potash market will guide business decisions in 2009, specifically those related to production and capital allocation."

4:08PM Fuel Systems Solutions reports Q4 (Dec) results, misses on revs; guides FY09 revs below consensus (FSYS) 19.11 -0.38 : Reports Q4 (Dec) earnings of $0.04 per share, may not be comparable to the First Call consensus of $0.41. Net income for the fourth quarter of 2008 included a $1.1 million increase in the provision for the loan receivable from the company's unconsolidated WMTM joint venture, a $1.0 million in foreign currency exchange loss, a $900,000 increase in provision for accounts receivable, and $800,000 in costs related to the acquisition of DS; revenues rose 5.8% year/year to $84.3 mln vs the $91 mln consensus. Co issues downside guidance for FY09, sees FY09 revs of $330-360 mln vs. $418.54 mln consensus. As such, the company is targeting 2009 gross margin between 25.0% and 27.0% and 2009 operating margin to be between 10.0% and 12.0%.

4:07PM Union Drilling beats by $0.05, beats on revs (UDRL) 2.58 -0.39 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.14; revenues rose 20.0% year/year to $80.9 mln vs the $78.8 mln consensus. "The severe decline in our stock price below book value per share over the last few months of 2008 required us to take an impairment charge for the $7.9 million of goodwill on our balance sheet, which resulted in Union Drilling reporting a net loss for the quarter. However, our conservative balance sheet and term contract cover provided us with the ability to take advantage of the depressed stock price through our share repurchase program. Approximately nine percent of the equity in the Company was purchased for less than the cost of a new drilling rig. We will continue to assess the merits of further share repurchases in this declining environment."

4:06PM ArcSight beats by $0.13, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs above consensus (ARST) 8.79 +0.15 : Reports Q3 (Jan) earnings of $0.21 per share, $0.13 better than the First Call consensus of $0.08; revenues rose 31.4% year/year to $36.4 mln vs the $32.7 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.09-0.15 vs. $0.10 consensus; sees Q4 revs of $34-38 mln vs. $33.84 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.41-0.48 vs. $0.29 consensus; sees FY09 revs of $130.9-134.9 vs. $127.34 mln consensus. Co says, "Enterprises and govt agencies place great value on protecting their businesses, assets, and services whether in robust or difficult economic times. In our view, this important and resilient value proposition is supported by our continued strong growth in our first year as a public co."

4:02PM Cooper Cos beats by $0.14, beats on revs; guides FY09 EPS in-line, revs in-line (COO) 19.21 -0.95 : Reports Q1 (Jan) earnings of $0.53 per share, $0.14 better thanthe First Call consensus of $0.39; revenues rose 3.5% year/year to $251.1 mln vs the $245 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.16-$2.36 vs. $2.21 consensus; sees FY09 revs of $1.03-$1.10 bln vs. $1.07 bln consensus.

8:06AM Cornell Corr reports Q4 EPS of $0.50 vs $0.40 First Call consensus; revs of $101.5 mln vs $101.53 mln First Call consensus (CRN) 13.99 : Cornell Corr sees Q1 EPS of $0.30-0.34 vs $0.34 First Call consensus; Cornell Corr sees FY09 EPS of $1.64-1.72 vs $1.60 First Call consensus.

8:05AM Lincoln Educational Services beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs above consensus (LINC) 15.56 : Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.44; revenues rose 18.8% year/year to $107.3 mln vs the $103.3 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.05-0.07 vs. $0.01 consensus; sees Q1 revs of $112-114 mln vs. $103.39 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.90-0.95 vs. $0.86 consensus; sees FY09 revs of $476-486 mln vs. $446.16 mln consensus.

8:03AM Western Refining beats by $0.08, misses on revs (WNR) 11.22 : Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.41; revenues fell 31.5% year/year to $1.66 bln vs the $2.16 bln consensus. "Refining margins in our markets are typically weaker in the first quarter. However, they were strong in the months of January and February and we expect to have continued strong margins in our markets in the month of March as we move into the driving season... With the improvements we have made at our refineries and the robust margins we have experienced to date in the quarter, the first quarter of 2009 has the potential to be one of our most profitable quarters."

7:33AM China Security and Surveillance misses by $0.04, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 3.11 : Reports Q4 (Dec) earnings of $0.49 per share, $0.04 worse than the First Call consensus of $0.53; revenues rose 70.4% year/year to $143.5 mln vs the $129.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.17 consensus; sees FY09 revs of $600-630 mln vs. $572.44 mln consensus. offerings. Co says "... while our pricing and profitability remain firm in the government sector, we nevertheless experienced price erosions in our corporate segment, due to higher emphasis on cost controls by many of our corporate customers. As such, while we continue to project healthy demand and revenue growth over the next 12 months, we are focused on further integrating our operations and generating greater synergies across our portfolio of technologies, products, and subsidiaries. We are also focused on increasing our manufacturing and administrative efficiencies through targeted cost savings initiatives.''

7:04AM Fuel-Tech misses by $0.01, beats on revs (FTEK) 8.28 : Reports Q4 (Dec) loss of $0.02 per share, $0.01 worse than the First Call consensus of ($0.01); revenues fell 44.4% year/year to $18.1 mln vs the $16.5 mln consensus. Co said, "While we are reasonably encouraged about our business prospects for 2009, especially in the wake of the re-instatement of CAIR and the resulting strong start to our 2009 APC orders, we are mindful of the severe economic stress on many of our customers. We believe that both our revenues and profits in 2009 will exceed our 2008 results, but we think it is just too early in the year for us to more definitively quantify those estimates in a meaningful way. We will consider providing more definitive estimates on our future quarterly earnings conference calls."

7:03AM Family Dollar reports February same-store sales increased 6.4%; sees Q2 EPS of $0.59-0.61 vs $0.51 First Call consensus (FDO) 27.27 :  

6:59AM SXC Health Solutions beats by $0.14, beats on revs; guides FY09 EPS above consensus, revs in-line (SXCI) 19.21 : Reports Q4 (Dec) earnings of $0.28 per share, excluding amortization of NMHC acquisiton, $0.14 better than the First Call consensus of $0.14; revenues rose 1143.2% year/year to $292.8 mln vs the $280.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.99-1.08 vs. $0.77 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.21 bln consensus. Co sees adjusted Ebitda of $51.0-54.0 mln.

6:06AM Urban Outfitters misses by $0.04, misses on revs (URBN) 15.97 : Reports Q4 (Jan) earnings of $0.24 per share, $0.04 worse than the First Call consensus of $0.28; revenues rose 9.2% year/year to $508.1 mln vs the $515.3 mln consensus. For Q4, gross profit margin declined by 555 basis points, vs the prior year's comparable period. This decrease is primarily due to a higher rate of applied and anticipated merchandise markdowns to clear seasonal inventory.

1:26AM Middleby beats by $0.15, misses on revs (MIDD) 21.47 : Reports Q4 (Dec) earnings of $1.04 per share, $0.15 better than the First Call consensus of $0.89; revenues rose 3.8% year/year to $151 mln vs the $161.1 mln consensus.

Earnings - 4th Aug 2008

5:48PM Anadarko Petro beats by $0.04, misses on revs (APC) 55.12 -3.59 : Reports Q2 (Jun) earnings of $1.78 per share, excluding $1.73 in charges, $0.04 better than the First Call consensus of $1.74; revenues fell 39.2% year/year to $2.79 bln vs the $3.68 bln consensus.

5:02PM Central European Dist reports Q2 (Jun) results, beats on revs; raises FY08 gudiance; reaffirms FY09 guidance (CEDC) 69.89 -1.99 : Reports Q2 (Jun) earnings of $0.56 per share, may not be comparable to the First Call consensus of $0.52; revenues rose 56.9% year/year to $421.3 mln vs the $400 mln consensus. Co raises guidance for FY08, sees EPS of $2.72-2.92, ex items, vs. $2.77 consensus; sees FY08 revs of $1.65-1.80 bln vs. $1.69 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.68-3.93, ex items, vs. $3.82 consensus. The margin accretion from these Russian investments, as well the approximately 25% increase in sales, are having a significant impact on our operating performance as evidenced by our gross margin increase from 20.7% to 24.6% and strong net income performance. "

4:45PM AXIS Capital beats by $0.13; net investment income increases 21% (AXS) 31.35 -0.76 : Reports Q2 (Jun) earnings of $1.47 per share, $0.13 better than the single analyst est of $1.34. Co reports net investment income of $137 mln, a 21% increase. Diluted book value per common share of $30.30, an increase of 21% from June 30, 2007, and 5% from December 31, 2007. Co states, "Despite the extremely competitive market conditions, our underwriting results were good and our reserves from prior accident years continued to develop favorably. We also posted record quarterly net investment income. Our business is still generating very strong underwriting profitability even against the backdrop of increased market loss activity during this first half of the year in the property lines."

4:19PM Comstock beats by $0.26, misses on revs (CRK) 55.50 -4.95 : Reports Q2 (Jun) earnings of $1.50 per share, ex-gain on previously announced property sales, $0.26 better than the First Call consensus of $1.24; revenues rose 107.0% year/year to $172 mln vs the $227.5 mln consensus. Co states that Q2 operating results reflect strong market prices for oil and natural gas combined with strong production growth from Comstock's onshore operations. CSR's production from its continuing onshore operations in 2Q08 increased 42% to 15.3 bln cubic feet equivalent of natural gas as compared to production of 10.7 Bcfe in 2Q07. CSR announces that it plans to increase its 2008 budget for its onshore drilling program to $410 mln as compared to the company's original budget for 2008 of $278 mln.

4:17PM Rackable Systems misses by $0.11, reports revs in-line; reaffirms FY08 EPS guidance, revs guidance (RACK) 12.55 -0.08 : Reports Q2 (Jun) loss of $0.12 per share, $0.11 worse than the First Call consensus of ($0.01); revenues fell 7.6% year/year to $76 mln vs the $76.2 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.01 vs. $0.16 consensus; sees FY08 revs of $353.2-374.4 mln vs. $352.86 mln consensus. "Our business outlook for the second half of 2008 is positive and we are reaffirming our 2008 annual guidance," said Mark J. Barrenechea, President and Chief Executive Officer of Rackable Systems. "Our new XE series product is in the market, our industry focus is yielding results, and our core Internet market is expanding into cloud computing. We see these as favorable trends for the second half of 2008 and into 2009."

4:09PM China Security and Surveillance beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY08 guidance (CSR) 14.12 -0.14 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 77.9% year/year to $92.7 mln vs the $86.3 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.43-0.45 vs. $0.43 consensus; sees Q3 revs of $110-115 mln vs. $103.08 mln consensus. Co raises guidance for FY08, sees EPS of $1.60-1.77 vs. $1.66 consensus; sees FY08 revs of $400-410 mln vs. $392.06 mln consensus.

4:07PM Bankrate reports EPS in-line, revs in-line; reaffirms FY08 revs guidance (RATE) 31.59 +0.03 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues rose 72.8% year/year to $40.2 mln vs the $40.2 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $164-169 mln vs. $165.58 mln consensus; reaffirms adjusted EBITDA for the year to be between $54-58 mln.

4:07PM DaVita beats by $0.07, beats on revs (DVA) 55.89 -0.25 : Reports Q2 (Jun) earnings of $0.90 per share, $0.07 better than the First Call consensus of $0.83; revenues rose 7.2% year/year to $1.41 bln vs the $1.37 bln consensus. "We are narrowing our operating income guidance for 2008 to a range of $800-$840 million. Our operating income for 2009 is currently projected to be in the range of $820-$880 million."

4:05PM AthenaHealth beats by $0.02, beats on revs (ATHN) 27.02 -1.24 : Reports Q2 (Jun) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 34.6% year/year to $33 mln vs the $32.5 mln consensus.

4:05PM Qiagen reports Q2 (Jun) results, misses on revs; raises FY08 guidance (QGEN) 18.59 -0.05 : Reports Q2 (Jun) earnings of $0.20 per share, may not be comparable to the First Call consensus of $0.19; revenues rose 61.4% year/year to $217.9 mln vs the $221.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.79-0.80, up from $0.74-0.78, excluding non-recurring items, vs. $0.78 consensus; sees FY08 revs of $889-919 mln vs. $906.54 mln consensus.

4:03PM Masimo beats by $0.05, beats on revs; guides FY08 EPS above consensus, revs above consensus (MASI) 37.24 -0.56 : Reports Q2 (Jun) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 17.4% year/year to $74.8 mln vs the $71.5 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.64 vs. $0.59 consensus, up from previous guidance of $0.52; sees FY08 revs of $300 mln vs. $297.01 mln consensus, and up from previous guidance of $246-$292 mln.

8:03AM Bronco Drilling misses by $0.08, beats on revs (BRNC) 17.81 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.29; revenues rose 12.0% year/year to $69.8 mln vs the $67.9 mln consensus. Co increased its number of term contracts during the second quarter and now has approximately 57% of its estimated revenue days for the last two quarters of 2008 and 32% of its estimated revenue days for 2009 covered via term contracts.

8:02AM Freightcar America misses by $0.10, beats on revs (RAIL) 36.13 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.10 worse than the First Call consensus of $0.24; revenues fell 27.7% year/year to $141.3 mln vs the $131.9 mln consensus.

7:35AM IntercontinentalExchange reports EPS in-line, revs in-line; announces $500 mln buyback (ICE) 96.20 : Reports Q2 (Jun) earnings of $1.19 per share, excluding non-recurring items, in-line with the First Call consensus of $1.19; revenues rose 44.3% year/year to $197.2 mln vs the $195.8 mln consensus. ICE also announced that its Board of Directors has authorized a share buyback program of up to $500 mln. "We've continued to grow our business substantially while generating synergies in our U.S. futures business and producing operating margins that reflect our disciplined approach to growth. This consistently strong performance provides us with the balance sheet and cash flows necessary to execute the share repurchase program recently authorized by our Board of Directors, even as we continue to invest for future growth. This program reflects our belief that the current share price does not appropriately reflect the strong underlying fundamentals of our global business. In compliance with SEC rules, we will begin the repurchase of shares after the Creditex acquisition closes." ICE Clear Europe is expected to commence operations on September 15, 2008. Updated guidance includes 2008 revenues in the range of $20-25 mln.

7:01AM Church & Dwight beats by $0.03, beats on revs; guides FY08 EPS above consensus (CHD) 54.75 : Reports Q2 (Jun) earnings of $0.66 per share, $0.03 better than the First Call consensus of $0.63; revenues rose 8.7% year/year to $594 mln vs the $581.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.83-2.85 vs. $2.81 consensus.

6:13AM Humana beats by $0.06, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus, revs in-line (HUM) 44.64 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues rose 14.4% year/year to $7.35 bln vs the $7.14 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.45-1.50 vs. $1.36 consensus. Co issues mixed guidance for FY08, sees EPS of $4.30-4.40 vs. $4.20 consensus; sees FY08 revs of $28-30 bln vs. $28.51 bln consensus.


6:09AM DISH Network beats by $0.13, reports revs in-line; reports subscriber loss of 25k (DISH) 28.96 : Reports Q2 (Jun) earnings of $0.73 per share, $0.13 better than the First Call consensus of $0.60; revenues rose 5.4% year/year to $2.91 bln vs the $2.91 bln consensus. DISH Network lost approximately 25,000 net subscribers during the quarter ended June 30, 2008, ending the quarter with approximately 13.79 million subscribers.

6:06AM Advanced Medical Optics misses by $0.03, beats on revs; guides FY08 EPS below consensus, reaffirms revs in-line (EYE) 17.20 : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.27; revenues rose 22.6% year/year to $320.5 mln vs the $307.7 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.00-1.15, excluding non-recurring items, vs. $1.35 consensus; sees FY08 revs of $1.22-1.24 bln vs. $1.23 bln consensus. Co expects its 2008 U.S. excimer procedures to be approx 25% below 2007 levels.

Earnings - 23rd June 2008

7:10PM Brady sees FY09 EPS and revs above consensus (BRC) 36.97 -0.44 : Co guides FY09 in-line with consensus; Co sees FY09 EPS of $2.63-2.75 vs 2.68 consensus; sees revs of $1.56-1.59 bln vs $1.58 bln. Co says, "While we continue to believe that a target of 12 percent net income as a percentage of sales is still possible in our business, we do not believe it is realistic to think that the current economic climate will support sufficient core business growth needed to reach this by 2010 as discussed in prior communications. We will now be focused on delivering 10 to 15 percent earnings-per-share growth through the current business cycle."

6:02PM Mexco Energy reports Q4 EPS of $0.27 vs $0.10 in the prior year; revs grew 64.9% to $1.2 mln (MXC) 27.81 +0.23 :

4:31PM UPS sees Q2 EPS of $0.83-0.88, down from $0.97-1.04 vs $0.97 First Call consensus (UPS) 66.26 -0.11 : Slow U.S. economic growth and an unprecedented increase in the cost of fuel have resulted in lower-than-expected U.S. package volume and an accelerating contraction in the use of premium air products. In addition, the anemic U.S. economy is negatively impacting package volume into the United States, affecting results for the International segment. Performance in the Supply Chain & Freight segment is continuing to exceed expectations. (stock is currently halted)

11:59AM Rio Tinto PLC confirms 2008 iron ore price settlement (RTP) 468.31 -10.69 : Co confirms that its Iron Ore subsidiary Hamersley Iron reached agreement with China's Baosteel on the price for Hamersley iron ore deliveries for the contract year commencing April 1, 2008. Under this agreement, the new prices for Hamersley will be: Pilbara Blend Fines/ Yandicoogina Fines US cents 144.66 per dry metric tonne unit Pilbara Blend Lump US cents 201.69 per dry metric tonne unit. "The agreement reflects the continuing very strong demand in the market for Hamersley's products. The agreement builds on the valuation premium for Rio Tinto's Pilbara iron ore businesses, the importance of which is highlighted as we move towards our 320 and 420 mln tonne per annum goals from expected capacity of about 200 mln tonnes in 2008."

9:01AM China Security and Surveillance announces recent notable business developments and reiterates Q2 and FY08 rev and EPS estimates (CSR) 15.11 : Co announces recent notable business developments, with two new project wins in Beijing, Safe City Project updates in Kunming City and Yinchuan City, and a Strategic Partnership Memorandum with IBM Global Financing. Together, these two new projects in Beijing are valued at ~$8.0 mln. The co expects to begin realizing revenues from these two projects in the fourth quarter of 2008. In addition, the co is pleased to announce signing a Strategic Partnership Memorandum with IBM Global Financing, a division of IBM (IBM), to obtain lease financing facilities for Safe City projects within China. The co also reiterates its second quarter and full year of 2008 financial forecast. Co sees Q2 $0.36-0.38 vs $0.37 First Call consensus; revs $85-87 mln vs $86.33 mln First Call consensus and sees FY08 $1.59-1.76 vs $1.67 First Call consensus; sees revs $380-400 mln vs $392.84 mln First Call consensus.

8:36AM Kensey 2008 profit outlook below analyst estimates: Kensey Nash issues upside guidance for Q4, Q1, Y09; announces additional stock repurchase (KNSY) 32.66 : Co issues upside guidance for Q4 (Jun), sees EPS of $0.32-0.33, excluding non-recurring items, vs. $0.29 First Call consensus; sees Q4 (Jun) revs of $21-21.3 mln vs. $20.70 mln consensus. Co issues upside guidance for Q1 (Sep), sees EPS of $0.34-0.36 vs. $0.32 consensus; sees Q1 (Sep) revs of $19.4-19.9 mln vs. $18.89 mln consensus. Co issues guidance for FY09 (Jun), sees EPS of $1.57-1.65 vs. $1.48 consensus; sees FY09 (Jun) revs of $86.7-89.0 mln vs. $88.95 mln consensus. Co announces that its board of directors has expanded its existing $25.0 mln stock repurchase program in order to provide the co with more flexibility to buy its own shares. The new program allows the co to repurchase up to an additional $10.0 mln of its issued and outstanding shares of common stock and has no expiration. "Our Biomaterials business, notably the orthopaedic segment, continued to outperform our target of 25% annual growth, which we provided at the start of this fiscal year. We completed the sale of our Endovascular business in the fourth quarter and are looking forward to a successful strategic relationship with Spectranetics."

8:21AM Megellan Midstream (MMP) raising Q2 and annual EPS guidance: Magellan Midstream assets remain fully operational despite Midwest flooding; Increases earnings guidance for quarter and year (MMP) 36.29 : Co announces that its refined petroleum products terminal and pipeline assets remain fully operational, despite flooding in certain Midwest areas. Based on operating results so far this year, mgmt is increasing its 2Q08 net income per unit guidance to $0.76 from $0.66 and vs. $0.68 consensus; and its annual guidance to $3.13 from $3.03 and vs. $2.84 consensus. Co states, while pipeline volumes are expected to be lower than previously forecasted, mgmt currently expects them to be in-line with 2007 volumes for both second quarter and full-year 2008. Higher shipments of liquefied petroleum gases are expected to offset lower refined products volumes, which are projected to decline about 3% during second quarter and 1% for the year compared to the related 2007 period primarily due to high fuel prices, the potential impact of recent wet conditions in the Midwest that could reduce farming diesel demand and higher ethanol blending. However, increases in transportation tariffs and higher profits from commodity-related activities are expected to benefit the quarter and year.

8:02AM Walgreen misses by $0.01, reports revs in-line (WAG) 35.07 : Reports Q3 (May) earnings of $0.58 per share, $0.01 worse than the First Call consensus of $0.59; revenues rose 9.6% year/year to $15.02 bln vs the $15.11 bln consensus.

6:28AM Bunge raises guidance for FY08 above consensus (BG) 122.17 : Co issues upside guidance for FY08 (Dec), sees EPS of $9.35-9.65 vs. $7.70 First Call consensus, prior guidance $7.10-7.40. Co cites better than expected performance in their agribusiness and fertilizer segments. Corn Products to be acquired by Bunge for $56/share