Earnings -29th April 2009 (2)

4:23PM AvalonBay beats by $0.06; guides Q2 FFO in-line (AVB) 58.04 +1.90 : Reports Q1 (Mar) funds from operations of $1.26 per share, excluding gain, $0.06 better than the First Call consensus of $1.20. Including discontinued operations, total revenue increased by $3,491,000, or 1.6% to $219,679,000. Co issues in-line guidance for Q2, sees FFO of $1.16-1.20 vs. $1.16 consensus.

4:22PM Trinity Industries beats by $0.04, beats on revs (TRN) 13.46 +1.05 : Reports Q1 (Mar) earnings of $0.28 per share, excluding $0.15 per common diluted share resulting from the sale at the end of the first quarter of $132.1 million of railcars by its railcar leasing business, $0.04 better than the First Call consensus of $0.24; revenues fell 11.7% year/year to $793.5 mln vs the $661.4 mln consensus. "We are focused on rapidly adapting to the lower product volumes that have resulted from the current economic environment. Our employees have responded well to this difficult task. While certain of our businesses did well, the first quarter was challenging for several of our other businesses. Our customers continue to be cautious as they try to get a better sense of the economy's direction."

4:22PM Covance beats by $0.02, beats on revs; guides FY09 EPS below consensus (CVD) 40.29 +1.86 : Reports Q1 (Mar) earnings of $0.63 per share, $0.02 better than the First Call consensus of $0.61; revenues rose 7.0% year/year to $441.2 mln vs the $429.4 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-$2.70 vs. $2.88 consensus, and vs prior guidance of $3.00-$3.20. Co states, "...However, first quarter results in Early Development were well below our expectations and, while we believe a bottoming of demand is underway, we expect growth to return later and slower than originally projected and from a lower base of revenue. As a result, we are now lowering our 2009 revenue growth rate expectation to the single-digit range..."

4:17PM Agnico-Eagle Mines beats by $0.26, beats on revs (AEM) 46.02 +0.72 : Reports Q1 (Mar) earnings of $0.35 per share, $0.26 better than the consensus estimate of $0.09; revenues fell 10.5% year/year to $110.7 mln vs the $71.8 mln single analyst estimate. Payable gold production(1) in the first quarter of 2009 was a record 91,812 ounces at total cash costs per ounce(2) of $312. This compares with payable gold production of 50,892 ounces, at total cash costs per ounce of minus $399 in the first quarter of 2008.

4:16PM Nutrisystem misses by $0.02, misses on revs (NTRI) 15.09 +0.58 : Reports Q1 (Mar) earnings of $0.31 per share, $0.02 worse than the First Call consensus of $0.33; revenues fell 24.8% year/year to $162.7 mln vs the $177.3 mln consensus.

4:14PM Visa beats by $0.09, beats on revs; affirms financial outlook through 2010 (V)63.51 +2.80 : Reports Q2 (Mar) earnings of $0.73 per share, $0.09 better than the First Call consensus of $0.64; revenues rose 13.4% year/year to $1.65 bln vs the $1.61 bln consensus. Payments volume growth, on a nominal basis, was a negative 1% over the prior year at $675 bln; total volume, on a nominal basis and inclusive of cash volume, was $1.1 trillion, flat over the prior year. Visa  updates its financial outlook for annual adjusted operating margin in the low 50% range. Visa affirms its financial outlook annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions; co sees annual adjusted diluted class A common stock earnings per share growth of greater than 20%. Co says, "Despite the challenging economy, Visa continued to post strong operational and financial performance during our fiscal second quarter, and we remain confident in delivering our EPS guidance for FY 2009." Co also announces that it intends to file a universal shelf registration statement on Form S-3 with the SEC.  Although the Co expects to have the flexibility under the universal shelf to quickly access the capital markets with either equity or debt security offerings, Visa has no immediate plans to issue any such securities.

4:13PM SurModics beats by $0.05, beats on revs (SRDX) 18.75 +0.24 : Reports Q2 (Mar) earnings of $0.24 per share, $0.05 better than the First Call consensus of $0.19; revenues fell 18.7% year/year to $20.9 mln vs the $20.5 mln consensus.

4:12PM ManTech misses by $0.01, misses on revs; guides Q2 EPS in-line, revs below consensus; guides FY09 EPS in-line, revs below consensus (MANT) 43.22 +1.18 : Reports Q1 (Mar) earnings of $0.68 per share, $0.01 worse than the First Call consensus of $0.69; revenues rose 5.8% year/year to $449.6 mln vs the $495.2 mln consensus. Co issuesmixed guidance for Q2, sees EPS of $0.71-$0.74 vs. $0.73 consensus; sees Q2 revs of $480-$510 mln vs. $529.45 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.91-$3.01 vs. $2.98 consensus; sees FY09 revs of $2.00-$2.075 bln vs. $2.14 bln consensus.

4:08PM Human Genome beats by $0.31, beats on revs (HGSI) 1.39 +0.06 : Reports Q1 (Mar) earnings of $0.85 per share, $0.31 better than the First Call consensus of $0.54; revenues rose 1341.5% year/year to $177.3 mln vs the $150.4 mln consensus. 2008. Revenues included $153.8 million recognized upon the sale and delivery of ABthrax to the U.S. Strategic National Stockpile, $9.0 million recognized from the Syncria agreement with GSK, $8.9 million recognized from the Albuferon agreement with Novartis and $1.6 million recognized from the LymphoStat-B agreement with GSK.

4:08PM Citrix Systems beats by $0.01, beats on revs, issues 2Q09 guidance (CTXS)25.65 -0.19 : Reports Q1 (Mar) earnings of $0.32 per share, $0.01 better than the First Call consensus of $0.31; revenues fell 2.1% year/year to $369 mln vs the $359.2 mln consensus. Citrix expects to achieve the following results during its second fiscal quarter 2009 ending June 30, 2009: Net revenue is expected to be flat to slightly down compared to the net revenue reported for the second quarter of 2008; and, Non-GAAP operating margin is expected to increase between 100 and 150 basis points compared to the second quarter 2008, excluding the effects of amortization of intangible assets primarily related to business combinations, stock-based compensation expense, and restructuring charges. In addition to quarterly financial results, Citrix also announced that its board of directors has authorized it to repurchase up to an additional $300 million of its common stock.

4:08PM Digital River beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs above consensus (DRIV) 36.35 +1.53 : Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.51; revenues fell 0.7% year/year to $102.9 mln vs the $98.8 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.39-0.42, excluding non-recurring items, vs. $0.44 consensus; sees Q2 revs of $95-97 mln vs. $95.15 mln consensus. "We are very encouraged by the solid growth in our pipeline, the high caliber of companies that we are adding to our client list, and the moderate sequential increase we saw in e-commerce sales activity.

4:06PM Akamai Tech beats by $0.03, reports revs in-line; announces $100 mln stock buyback (AKAM) 20.06 +0.46 : Reports Q1 (Mar) earnings of $0.43 per share, $0.03 better than the First Call consensus of $0.40; revenues fell 1.0% year/year to $210.4 mln vs the $208.5 mln consensus. AKAM announces $100 mln stock buyback, to be funded by cash from operations. The Company plans to use this program over the next several quarters to roughly offset dilution created by ongoing equity compensation programs. "The Board's authorization of a share repurchase program reflects our continued confidence in the future of our business and our focus on providing an attractive return on investment to our shareholders... We plan to fund this program out of our operating cash flow while maintaining flexibility to make strategic investments, which is a testament to our belief in the strength of our business." Cash from operations was $90.5 million in the first quarter of 2009, up 3 percent over 2008 first quarter cash from operations of $88.0 million. At the end of the first quarter of 2009, the Company had approximately $848.5 million in cash, cash equivalents and marketable securities.

4:06PM Amkor beats by $0.16, beats on revs; guides Q2 EPS above consensus, revs above consensus (AMKR) 4.06 +0.26 : Reports Q1 (Mar) loss of $0.12 per share, $0.16 better than the First Call consensus of ($0.28). Co issues upside guidance for Q2, sees EPS of -0.04 to $0.00 vs. ($0.25) consensus; sees Q2 revs to increase 18% to 22% from the first quarter, which calculates to roughly $459.02-$474.58 mln vs. $419.12 mln consensus. Co says "Our sales were adversely impacted by the sharp global economic downturn and weakness in consumer demand. However, there remains significant uncertainty regarding the full scope and duration of the current downturn, and it is difficult to predict future results in this very challenging economic environment... Gross margin for the first quarter of 2009 was 12%, and we expect that gross margin for the second quarter of 2009 will be between 17% and 19%. In the current environment, we are focused on gross margin and cash flows. Starting in early 2008, we began implementing wide-ranging, but carefully selected cost reduction measures to align our cost structure with decreasing levels of demand. Our first quarter operating results compared to the fourth quarter of 2008 benefited by approximately $55 million from these cost reduction programs,"

4:05PM Express Scripts beats by $0.04, reports revs in-line; guides FY09 EPS in-line (ESRX) 60.45 -0.50 : Reports Q1 (Mar) earnings of $0.86 per share, $0.04 better than the First Call consensus of $0.82; revenues fell 1.2% year/year to $5.42 bln vs the $5.4 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.67-3.77 vs. $3.68 consensus. This guidance range excludes NextRx transaction-related costs and NextRx results after the transaction closes.

4:05PM International Coal beats by $0.02, misses on revs (ICO) 1.97 +0.08 : Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the First Call consensus of ($0.00); revenues rose 21.1% year/year to $305 mln vs the $309.2 mln consensus. Margin per ton sold increased 144% to $8.94 in the first quarter of 2009, compared to $3.67 for the same period last year, due to higher realized prices and improved cost performance. For 2009, the co expects to sell approximately 19.3 million to 19.9 million tons of coal. The average selling price is projected to be $59.50 to $60.00 per ton. The projected average cost per ton sold is $49.25 to $50.75, excluding selling, general and administrative expenses. The co expects coal production to be approximately 18.5 million to 19.1 million tons. For 2010, based upon the recent weakness in coal demand, the company expects to sell 18.5 million to 19.5 million tons of coal. Coal production is expected to total 18.0 million to 19.0 million tons. However, the Co plans to maintain idled mines in a status that allows timely reactivation if 2010 market demand is sufficient to support greater Central Appalachian production. Due to the high degree of market uncertainty, the co is not offering revenue or cost guidance for 2010. The Company anticipates 2009 capital expenditures of approximately $90-$95 million.

4:03PM Varian Medical beats by $0.04, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (VAR) : Reports Q2 (Mar) earnings of $0.64 per share, $0.04 better thanthe First Call consensus of $0.60; revenues rose 6.8% year/year to $553.6 mln vs the $562.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.61-0.65 vs. $0.63 consensus. Co issues in-line guidance for FY09, sees EPS of $2.50-2.60 vs. $2.56 consensus.

4:03PM First Solar beats by $0.48, beats on revs (FSLR) 151.67 +5.01 : Reports Q1 (Mar) earnings of $1.99 per share, $0.48 better than the First Call consensus of $1.51; revenues rose 112.4% year/year to $418.2 mln vs the $403.4 mln consensus.

4:02PM Itron misses by $0.19, reports revs in-line (ITRI) 51.35 +3.18 : Reports Q1 (Mar) earnings of $0.33 per share, $0.19 worse than the First Call consensus of $0.52; revenues fell 18.6% year/year to $389 mln vs the $392.3 mln consensus. New order bookings for the first quarter of 2009 were $625 mln, compared with $484 mln in the first quarter of 2008. Our book-to-bill ratios were 1.6 to 1 and 1.02 to 1 for the first quarter of 2009 and 2008, respectively.

8:21AM Affiliated Managers beats by $0.02, misses on revs (AMG) 44.68 : Reports Q1 (Mar) "cash" earnings of $0.94 per share, excluding non-recurring items, $0.02 better thanthe First Call consensus of $0.92; revenues fell 46.7% year/year to $178.5 mln vs the $194.5 mln consensus.

8:06AM CenterPoint misses by $0.12, beats on revs; reaffirms FY09 EPS guidance (CNP) 10.74 : Reports Q1 (Mar) earnings of $0.19 per share, $0.12 worse than the First Call consensus of $0.31; revenues rose 21.6% year/year to $3.36 bln vs the $3.26 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.05-1.15 vs. $1.09 consensus.

Earnings - 28th Jan 2008

4:20PM Qualcomm misses by $0.16, beats on revs; guides Q2 revs in-line; guides FY09 revs below consensus (QCOM) 36.82 +1.19 : Reports Q1 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $0.47; revenues rose 3.0% year/year to $2.51 bln vs the $2.42 bln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $2.25-2.45 bln vs. $2.41 bln consensus. Co issuesdownside guidance for FY09, sees FY09 revs of $9.3-9.8 bln vs. $10.25 bln consensus, down from $10.2-10.8 bln previously. "Net income and diluted EPS for the quarter were adversely impacted by other-than-temporary impairments to its marketable securities portfolio... The CDMA inventory channel has contracted as we expected, and the business environment continues to remain uncertain. Reduced visibility in the marketplace makes it difficult to forecast future inventory levels or predict when a recovery will begin. As a result, while we continue to estimate healthy growth in the CDMA-device market, we have lowered our shipment estimate for calendar year 2009."

4:19PM Western Digital beats by $0.24, beats on revs (WDC) 14.40 +0.85 : Reports Q2 (Dec) earnings of $0.55 per share, excluding restructuring charges, $0.24 better than the First Call consensus of $0.31; revenues fell 17.3% year/year to $1.82 bln vs the $1.75 bln consensus. Co says, "Against a backdrop of unprecedented global economic turmoil and a rapid intra-quarter fall off in demand for hard drives, WD acted swiftly to align production and operating expenses with significantly lower-than-originally planned unit volumes... With a strong balance sheet and competitive cost structure, we plan to continue investing in next-generation product platforms and technologies during this downturn. We are focused on maintaining our leadership in technology deployment, ease-of-use features, and availability of the right products for our diversified customer base. We remain enthused about our long-term prospects as a full-line storage supplier in addressing the demands of both the commercial and consumer markets as the digitization of content continues to grow."

4:17PM Airgas beats by $0.01, reports revs in-line; guides Q4 EPS in-line (ARG) : Reports Q3 (Dec) earnings of $0.76 per share, $0.01 better than the First Call consensus of $0.75; revenues rose 7.0% year/year to $1.08 bln vs the $1.08 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.73-0.76 vs. $0.74 consensus.

4:15PM Lam Research misses by $0.04, beats on revs (LRCX) 23.89 +1.47 : Reports Q2 (Dec) loss of $0.09 per share, $0.04 worse than the First Call consensus of ($0.05); revenues fell 53.6% year/year to $283.4 mln vs the $277.5 mln consensus. "The global semiconductor industry has entered one of the most difficult periods in its history, one that is presenting severe challenges to our customers and thus severely limiting investment in wafer fab equipment."

4:12PM Sepracor beats by $0.36, beats on revs; guides FY09 revs below consensus (SEPR) 13.62 +0.12 : Reports Q4 (Dec) earnings of $0.92 per share, excluding non-recurring items, $0.36 better than the First Call consensus of $0.56; revenues rose 8.7% year/year to $369.7 mln vs the $352.7 mln consensus. Co issues guidance for FY09, sees EPS of $2.10-2.70, may not be comparable to $1.43 consensus; sees FY09 revs of $1.15-1.25 bln vs. $1.37 bln consensus. LUNESTA brand eszopiclone, indicated for the treatment of insomnia, had revenues of $161.9 mln for Q4 of 2008 compared to $149.8 mln for the same quarter in 2007.

4:08PM FormFactor misses by $0.16, beats on revs (FORM) 16.04 +0.97 : Reports Q4 (Dec) loss of $0.61 per share, $0.16 worse than the First Call consensus of ($0.45); revenues fell 66.9% year/year to $39.9 mln vs the $39.1 mln consensus.

4:08PM Symantec beats by $0.10, beats on revs; guides Q4 EPS in-line, revs in-line (SYMC) 14.63 +0.64 : Reports Q3 (Dec) earnings of $0.42 per share, $0.10 better than the First Call consensus of $0.32; revenues rose 0.6% year/year to $1.54 bln vs the $1.48 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.33-0.35 vs. $0.34 consensus; sees Q4 revs of $1.49-1.54 bln vs. $1.51 bln consensus.

4:07PM Covance beats by $0.02, beats on revs; reaffirms FY09 EPS guidance (CVD) : Reports Q4 (Dec) earnings of $0.72 per share, $0.02 better than the First Call consensus of $0.70; revenues rose 6.7% year/year to $438.6 mln vs the $419.2 mln consensus. Coreaffirms guidance for FY09, sees EPS of $3.00-3.20 vs. $3.07 consensus.

4:05PM Green Mtn Coffee beats by $0.03, beats on revs; guides FY09 EPS above consensus, revs above consensus (GMCR) 39.85 +2.05 : Reports Q1 (Dec) earnings of $0.16 per share, excluding a patent litigation settlement, $0.03 better than the First Call consensus of $0.13; revenues rose 55.9% year/year to $197 mln vs the $189.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.25-1.35 vs. $1.25 consensus; sees FY09 revs of $715.0-740.0 mln vs. $699.76 mln consensus. Co says, "Even in a difficult consumer economy, GMCR is driving significant top and bottom line growth with innovative products that have tremendous consumer appeal and are positioned at the intersection of quality and value. Our success is driven by the winning combination of our outstanding coffees and the Keurig Single-Cup Brewing System."

4:03PM Affymetrix reports Q4 (Dec) results, beats on revs (AFFX) 3.93 -0.13 : Reports Q4 (Dec) loss of $4.65 per share, may not be comparable to the First Call consensus of ($0.19); revenues fell 27.0% year/year to $78.6 mln vs the $75.6 mln consensus. Affymetrix shipped 23 GeneChip systems in the fourth quarter of 2008, bringing its cumulative systems shipped to 1,813. "During the fourth quarter, we took action to position Affymetrix for stronger performance going forward, which resulted in consolidation and restructuring charges. At the same time, the continued decline in our market capitalization and other changes in the business climate necessitated a $239.1 million goodwill impairment charge."

4:02PM Open Text beats by $0.07, reports revs in-line (OTEX) 32.90 +1.24 : Reports Q2 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.57; revenues rose 13.8% year/year to $207.7 mln vs the $206.5 mln consensus.

8:58AM Sybase beats by $0.17, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS above consensus, revs below consensus (SY) 25.86 : Reports Q4 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.61; revenues rose 3.4% year/year to $305.1 mln vs the $300.3 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.40-0.42 vs. $0.41 consensus; sees Q1 revs of $260-270 bln vs. $268.02 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.16-2.21, excluding non-recurring items, vs. $2.14 consensus; sees FY09 revs of $1.14 bln vs. $1.16 bln consensus.

8:37AM Tidewater beats by $0.38, reports revs in-line (TDW) 40.09 : Reports Q3 (Dec) earnings of $2.28 per share, $0.38 better than the First Call consensus of $1.90; revenues rose 15.3% year/year to $362.3 mln vs the $358.8 mln consensus.

8:36AM Affiliated Managers beats by $0.09, misses on revs (AMG) 39.40 : Reports Q4 (Dec) cash earnings per share of $1.30, ex-items, $0.09 better than the First Call consensus of $1.21; revenues fell 41.7% year/year to $223.4 mln vs the $239.3 mln consensus. Co states, "Although market volatility has impacted near-term new investment activity, over the medium to long term, our prospects for earnings growth from accretive investments are excellent. Even in the current environment, there continue to be a large number of outstanding boutique firms which are facing ongoing demographically-driven succession issues, as well as a range of opportunistic transactions, including those involving corporate sellers..."

7:36AM Southern Co beats by $0.01, beats on revs (SO) 34.94 : Reports Q4 (Dec) earnings of $0.26 per share, excluding a $0.02 charge for three leveraged leases from the 1990s, $0.01 better than the First Call consensus of $0.25; revenues rose 13.8% year/year to $3.8 bln vs the $3.31 bln consensus.

6:19AM Becton Dickinson beats by $0.11, misses on revs; raises FY09 EPS guidance (BDX) 74.15 : Reports Q1 (Dec) earnings of $1.26 per share, $0.11 better than the First Call consensus of $1.15; revenues rose 1.6% year/year to $1.73 bln vs the $1.77 bln consensus. Co estimates that EPS from continuing operations for FY09 will increase approx 9-11% over diluted EPS from continuing operations of $4.46 for FY08 (First Call consensus FY09 EPS:  $4.88). CEO states that thus far in 2009, there has been strength in Biosciences and Diagnostics segments and strong sales of insulin delivery products.

5:17AM Baker Hughes beats by $0.15, beats on revs (BHI) 32.77 : Reports Q4 (Dec) earnings of $1.41 per share, $0.15 better than the First Call consensus of $1.26; revenues rose 16.3% year/year to $3.19 bln vs the $3.05 bln consensus. Revenue from North America increased 17% and revenue from outside North America increased 12% for the year 2008 compared to the year 2007. CEO Chad C. Deaton comments "... In North America, where the US rig count has already fallen 25% from peak, customers are continuing to reduce their budgets to address an oversupplied gas market. The depth and duration of the cycle remains uncertain, dependent in part on the timing of the recovery of the global economy."

Earnings - 18th Dec 2008

5:22PM Potash lowers FY08 EPS below consensus (POT) 74.22 -5.88 : Co lowers FY08 EPS to ~$10.75 vs. $11.56 First Call consensus, down from prior $12.00-13.00. Co says Q4 earnings are expected to be the third-highest in our history (behind only Q2 and Q3 of 2008) and full-year 2008 earnings will be our fifth consecutive record year and should be more than triple the $3.40 per share earned in 2007. This revision was precipitated by weaker Q4 sales volumes in all three nutrients, lower potash volumes to higher netback spot markets and lower prices and margins in our nitrogen and phosphate segments.These impacts have been partially offset by a 1% reduction in our consolidated reported corporate income tax rate. We anticipate total potash sales volumes for 2008 will be below 9 mln tonnes with potash gross margin more than triple that of 2007. Consistent with our long-held strategy of matching production to meet market demand, we recently announced a 2-mln-tonne curtailment of production beginning in January. We currently anticipate 2009 potash volumes could be similar to slightly above 2008 levels with a strong final three quarters next year. Annualizing expected Q4 2008 per-tonne potash prices alone could push 2009 realizations to almost $200 per tonne higher than those for full-year 2008, without considering price increases already achieved by Canpotex(2) for first-half 2009 shipments to Korea and Japan or upcoming contract settlements with China and India for 2009. Given difficult global credit conditions and increased geopolitical risk in certain regions where prospective potash capacity might have been added over the next decade, we believe that the 8 mln tonnes of brownfield capacity we are adding over the next five years is even more valuable today than it was when we announced the projects. While we anticipate a slow start to 2009 for all three nutrients, we believe global production curtailments - the logical economic response to supply/demand imbalances when buyers step away from the market - will significantly tighten these markets when demand returns, which we expect to be during the second-quarter of 2009.

4:32PM Darden Restaurants beats by $0.14, beats on revs (DRI) 23.98 -0.15 : Reports Q2 (Nov) earnings of $0.44 per share, $0.14 better than the First Call consensus of $0.30; revenues rose 9.9% year/year to $1.67 bln vs the $1.65 bln consensus. Darden stated that it now expects combined U.S. same-restaurant sales declines in fiscal 2009 of approximately -1.25% to -2.25% for Red Lobster, Olive Garden and LongHorn Steakhouse (which reflects anticipated declines of approximately -2% to -4% in the second half of the fiscal year), and that it now expects to open approximately 70 net new restaurants in fiscal 2009. The Company also stated that it now anticipates reported diluted net earnings per share declines from continuing operations of -1% to -6% in fiscal 2009, which includes the impact of the 53rd week.

4:13PM Research In Motion reports EPS in-line; guides Q4 EPS above consensus, revs above consensus (RIMM) 38.44 -2.23 : Reports Q3 (Nov) earnings of $0.83 per share, excluding non-recurring items, in-line with the First Call consensus of $0.83; revenues rose 7.9% year/year to $2.78 bln vs the $2.81 bln consensus. Co issues upside guidancefor Q4, sees EPS of $0.83-0.91 vs. $0.83 consensus; sees Q4 revs of $3.3-3.5 vs. $2.98 bln consensus. Sees gross margins of between 40-41% in Q4. Based on RIMM's current expectations for product mix and device average selling prices, RIMM expects gross margins in fiscal 2010 to be similar to or slightly better than Q4. The revenue breakdown for the quarter was approximately 81% for devices, 13% for service, 2% for software and 4% for other revenue. During the quarter, RIM shipped approximately 6.7 mln devices. Approximately 2.6 mln net new BlackBerry subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base increased from the prior quarter by approximately 14% to approximately 21 mln. Net subscriber account additions in the fourth quarter are expected to be approximately 2.9 mln.

4:09PM Teekay Shipping says it expects its Q3 results to exceed the current consensus estimate of $1.01 per share (TK) 15.42 -1.38 : Co announces that it expects Q3 EPS results to exceed the current consensus estimate of $1.01 per share. The co also announced that it expects to publish its complete Q3 results in January 2009, upon finalization of the regular quarterly review by the co's independent auditor, Ernst & Young LLP. The delay is due to a later than normal start to the co's Q3 earnings review process as a result of committing resources to finalize the previously announced restatement of historical results. The Company's estimated earnings for the third quarter of 2008 reflect the strong spot tanker freight rates prevalent during the quarter. As a result, the Company realized an average Suezmax spot rate of approximately $67,000 per day and an average Aframax spot rate of approximately $46,000 per day. This counter-seasonal strength in tanker freight rates was primarily due to higher volumes of oil production from ton-mile intensive OPEC producers, rising crude oil import volumes into the United States, China and India, as well as other factors, including port delays in the United States and Japan and stockpiling of oil ahead of the Olympics in China. Tanker rates have also been supported in the second half of 2008 by a dampening of tanker supply growth due to the removal of tankers from the global fleet for conversion purposes and an increase in scrapping compared to previous years. During the first nine months of 2008, the world tanker fleet grew by three percent, a decrease from the annual fleet supply growth rate of approximately six percent experienced for the same period in 2006 and 2007.

4:08PM Teekay Tankers reports Q3 EPS of $0.84, excluding $0.06 unrealized loss relating to the change in fair value of an interest rate swap, vs $0.79 First Call consensus; revs of $41.5 mln vs $38.96 mln First Call consensus (TNK) 11.30 -1.48 : Average spot tanker freight rates during the third quarter of 2008 were the highest on record for a third quarter. This counter-seasonal strength in tanker freight rates was primarily due to higher volumes of oil production from ton-mile intensive OPEC producers, rising crude oil import volumes into the United States, China and India, as well as other factors, including port delays in the United States and Japan and stockpiling of oil ahead of the Olympics in China.

4:05PM Accenture beats by $0.06, beats on revs; guides Q2 revs below consensus; guides FY09 EPS in-line (ACN) 30.36 +0.12 : Reports Q1 (Nov) earnings of $0.74 per share, $0.06 better than the First Call consensus of $0.68; revenues rose 6.0% year/year to $6.47 bln vs the $5.97 bln consensus. Co issues Q2 guidance below consensus, sees Q2 revs of $5.45-5.65 bln vs. $5.71 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.78-2.85 from previous guidance of $2.85-2.93 vs. $2.78 consensus. Accenture now expects operating cash flow to be $2.8 bln to $3.0 bln; property and equipment additions to be $370 mln; and free cash flow to be in the range of $2.4 bln to $2.6 bln. The co's previous outlook was $3.0 bln to $3.2 bln for operating cash flow; $425 mln for property and equipment additions; and $2.6 bln to $2.8 bln for free cash flow.

4:04PM Oracle reports EPS in-line, misses on revs (ORCL) : Reports Q2 (Nov) earnings of $0.34 per share, excluding non-recurring items, in-line with the First Call consensus of $0.34; revenues rose 5.5% year/year to $5.61 bln vs the $5.84 bln consensus.

4:01PM Intrepid Potash expects sales levels for the Q4 to be less than half of the levels seen in Q3; consensus calls for a decline of ~2% sequentially (IPI) 20.21 -0.56 : Co announced that, consistent with public announcements from other fertilizer producers, the co has seen the reduction and deferral of sales of potash and langbeinite, which normally would occur in the fourth quarter, into early 2009. Due to these reductions and deferrals, the co expects sales levels for 4Q08 to be less than half of the levels seen in the third quarter of this year (consensus calls for a decline of ~2%). In addition, the co anticipates producing potash and langbeinite volumes for the full year that are below the previous guidance range and anticipates that its corresponding annual cost of goods sold for both potash and langbeinite will be higher than previous guidance. The higher cost per ton numbers are a function of the co strengthening its workforce and continuing infrastructure improvements while at the same time producing fewer tons. In order to manage some variable cost elements, the co has recently elected to reduce its contract labor in Carlsbad, New Mexico through the end of 2008 and into 2009 as long as the current market conditions exist. As a result of entering 2009 with relatively higher than historical inventory levels, and in an effort to manage the supply demand balance, the Company currently anticipates that 2009 potash production will be below 800,000 tons. "We are evaluating the market in a real-time fashion and taking the appropriate actions to navigate the Company through this period of general market uncertainty. We will continue to actively monitor sales and production rates to manage inventory levels against the near-term market demand profile while at the same time being thoughtful about long-term fundamentals. We firmly believe that the macro potash trends of world population growth, improved diets and farmers investing for yield remain unchanged. The strength of our debt-free balance sheet allows us to make these proactive, real-time, operating and marketing decisions that are in the best long-term interests of our stockholders."

8:43AM Discover Financial Services reports Q4 (Nov) of $0.92, may not be comparable to consensus of $0.13 (DFS) : Reports Q4 (Nov) earnings of $0.92 per share, including settlement, may not be comparable to the First Call consensus of $0.13. On October 27, 2008 Discover reached a $2.75 bln settlement of its antitrust lawsuit with Visa and MasterCard. Discover received an $863 mln payment in November 2008, and expects to receive the remaining proceeds in equal $472 mln installments over the four quarters of 2009. The proceeds will be reflected as revenue in Discover's U.S. Card segment in the period earned. Fourth quarter income from continuing operations was $444 mln, up from $210 mln in the fourth quarter of 2007. The fourth-quarter managed net charge-off rate was 5.48% and the managed over 30 days delinquency rate was 4.56%. Provision for loan losses increased $521 mln, or 89%, due to higher net charge-offs and an increase in loan loss reserves in excess of charge-offs in the quarter. The reserve increase in excess of charge-offs of $415 mln resulted from a higher reserve rate as well as higher on-balance sheet loans due to maturing securitizations. The company continues to maintain liquidity and capital positions that it believes are appropriate for the current environment. Cash liquidity was $9.4 bln and tangible equity was $5.5 bln, or 11.0% of net managed receivables, at November 30, 2008. The co applied to the U.S. Treasury to participate in the Capital Purchase Program and to the Federal Reserve to become a bank holding co.

7:47AM Covance lowers FY08 guidance (CVD) 42.78 : Co revised its financial expectations for 2008 and provided financial guidance for 2009. Covance now expects 2008 full-year earnings per share to be $3.02 on low double-digit revenue growth versus the previous expectation of earnings per share of $3.18 on low-teens revenue growth (both EPS targets exclude the gain from the sale of centralized ECG services) vs $3.14 First Call consensus. Co expects full-year 2009 revenue growth to be in the range of approximately 5-10% over 2008 and EPS to be in the range of $3.00 to $3.20 vs $3.44 First Call consensus. These results assume foreign exchange rates remain at budgeted levels throughout 2009, which would negatively impact year-on-year growth in revenue by approximately $100 mln and earnings per share by $0.27 versus the average 2008 exchange rates. Excluding the impact of foreign exchange, revenue growth is expected to be in the range of approximately 10-15% and earnings growth is expected to be in the range of approximately 8-15%. Looking to the first quarter of 2009, co expects a modest sequential decline in earnings per share from the fourth quarter of 2008, relating largely to new operations coming online.

7:15AM Wimm-Bill-Dann Foods reports Q3 op income of $67.6 mln vs $59.9 mln; revs $702.1 mln vs $749.99 mln First Call consensus (WBD) 26.30 :

7:04AM Ingersoll-Rand lowers Fourth-Quarter and Full-Year 2008 Revenue and Earnings Estimates (IR) 16.35 : Co issues downside guidance for Q4 (Dec), sees EPS of $0.20-0.30 down from $0.55-0.75 vs. $0.60 First Call consensus; sees Q4 (Dec) revs of $3.7 bln down from $4.1 bln vs. $4.03 bln consensus. Co says "Our initial forecast for the fourth quarter of 2008 was based on sharply lower growth expectations compared with the first half of the year as we anticipated weaker results in many of our key end markets... The rate of decline accelerated compared with prior expectations. We had lower than expected revenues in all of our business segments, primarily due to softer North American and sharply declining Western European markets. The rate of deterioration in European economic activity was especially severe over the last six weeks. The strengthening of the U.S. dollar against the Euro also amplified the year-over-year revenue decline... "We have accelerated our previously announced productivity actions for the balance of the year and for 2009 to deal with the slowing environment, while continuing to build a strong business for the future. We are realizing the synergies from the recent acquisition of Trane and from our initiatives in purchasing and Lean Six Sigma, which will produce even greater benefits in 2009. We expect the Trane acquisition synergies to exceed $75 mln in 2008 and we are on track to realize an additional $125 mln in 2009. We are also targeting to capture significant material cost reductions in 2009 from the recent sharp declines in key commodities. 

6:40AM Apogee Enterpr beats by $0.17, beats on revs; reaffirms FY09 guidance of $1.65-$1.82 (APOG) 8.95 : Reports Q3 (Nov) earnings of $0.58 per share, excluding gain of $0.04 per share on the sale of its 34-percent interest in the PPG Auto Glass LLC joint venture,$0.17 better than the First Call consensus of $0.41; revenues rose 13.9% year/year to $240.4 mln vs the $235 mln consensus. Co reaffirms FY09 guidance of $1.65-$1.82. Co says "Delays, cancellations and slower conversion of bid projects into awards have impacted the size of our backlog and have led to uncertainty regarding our outlook for fiscal 2010. At this time, we estimate that our fiscal 2010 revenues are likely to be down at least 10 percent.