Earnings - 9th Jan 2009

9:02AM Stryker guides revs in-line for Q4, reaffrirms FY08 EPS guidance; issues in-line guidance for FY09 (SYK) 38.58 : Co issues in-line guidance for Q4 (Dec), sees Q4 (Dec) revs of $1.718 bln vs. $1.7 bln First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $2.82-2.84 vs. $2.83 consensus. Co issues in-line guidance for FY09 (Dec), sees EPS of $3.12-3.22 vs. $3.15 consensus.

8:36AM CVS Caremark guides below consensus for Q1 & FY09 (CVS) 29.34 : Co issuesdownside guidance for Q1 (Mar), sees EPS of $0.53-0.55 vs. $0.63 First Call consensus. Co issues downside guidance for FY09 (Dec), sees EPS of $2.53-2.61 vs. $2.74 consensus.

8:01AM AsiaInfo lowers EPS guidance, raises rev guidance; sees Q4 EPS of $0.03-0.04 vs $0.17 consensus; revs $48-51 mln vs $48.16 mln consensus (ASIA) 10.98 : Co sees Q4 EPS of $0.03-0.04 including recognition of $6.6 mln, or $0.15 per basic share, non-cash impairment charges to earnings in Q4 of 2008 related to certain short-term investments in stock funds and long-term investments, vs $0.17 consensus. Co raises Q4 rev guidance, sees revs of $48-51 mln vs $48.16 mln consensus; which represents a 37% to 45% y/y increase in fourth quarter net revenue.

8:00AM Best Buy narrows FY09 guidance; reports Dec revenue of $7.5 bln, market share gains (BBY) 29.65 : Best Buy updates its FY09 (ends Feb) EPS guidance to $2.50-2.70, which excludes the $111 mln investment impairment charge taken during Q3 (Nov) and any other restructuring charges to streamline operations in preparation for a challenging fiscal 2010 environment. This new guidance represents a narrowing of its prior range of $2.30-2.90. Consensus is $2.61. The guidance assumes a comparable store sales decline of 2-3% for FY09. Co also reported that December revenue rose 4% to $7.5 bln, which was in line with company expectations. Gains from the inclusion of Best Buy Europe's revenue and the net addition of 194 new stores were largely offset by a 6.5% decline in comparable store sales and the unfavorable impact of fluctuations in foreign currency exchange rates. Co says "While the environment continues to be as challenging as we expected, consumers are being drawn to brands that they trust, and they are responding to our customer-centric model. In this light, we believe the market share gains we've been making will be sustained."

7:07AM Emergent Biosolutions lowers FY08, FY09 rev guidance; sees FY09 revs of $225-240 mln vs $240.43 First Call Consensus (EBS) 25.79 : Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs of $179 vs. $187.23 mln First Call consensus; co notes An additional $12 mln of BioThrax revenue originally planned for the fourth quarter of 2008 is expected to be recognized in 1Q 2009. Co issues downside guidance for FY09 (Dec), sees FY09 (Dec) revs of $225-240 vs. $240.43 mln consensus; For 2009, co is forecasting 25% to 35% growth in total revenue.

6:41AM ICON plc sees FY09 EPS of $1.40-1.52 vs. $1.55 First Call consensus; guides down for FY09 (Dec) revs, sees $930-980 vs. $1.03 bln consensus (ICLR) 20.46 : Co issues guidance for FY09 (Dec), sees EPS of $1.40-1.52 vs. $1.55 First Call consensus; issues downside guidance for FY09 (Dec) revs; sees $930-980 vs. $1.03 bln consensus.

6:34AM Donnelley & Sons guides below consensus for Q4 (RRD) 15.04 : Co issuesdownside guidance for Q4 (Dec), sees EPS of $0.51-0.61, excluding non-recurring items, vs. $0.78 First Call consensus. Board of Directors declares a regular quarterly dividend of 26 cents per common share and currently plans to maintain present quarterly dividend. "We believe that the rate of economic change remains elevated... As a consequence of the unpredictable global environment and its potential impacts on competitors and customers, we do not expect to provide full-year earnings per share guidance for 2009 on our February 25 conference call. However, we look forward to providing detail behind our strategic and operational plans at that time."

5:11AM AZZ Inc. beats by $0.07, misses on revs; guides FY09 EPS above consensus, revs in-line (AZZ) : Reports Q3 (Nov) earnings of $0.88 per share, $0.07 better than the First Call consensus of $0.81; revenues rose 25.8% year/year to $108.9 mln vs the $113 mln consensus. Co issues mixed guidance for FY09, sees EPS of $3.35-3.45 vs. $3.23 consensus; sees FY09 revs of $420.0-430.0 mln vs. $423.11 mln consensus.

Earnings - 22nd Dec 2008

4:07PM Red Hat beats by $0.06, reports revs in-line (RHT) 11.93 -0.44 : Reports Q3 (Nov) earnings of $0.24 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.18; revenues rose 22.1% year/year to $165.3 mln vs the $166.4 mln consensus.

11:57AM PPG Industries announces Q4 2008 earnings per share will likely be in the range of $0.35 to $0.45 vs $0.67 consensus (PPG) 39.58 -1.46 : Co issues downside guidance for Q4 (Dec), sees EPS of $0.35-0.45 vs. $0.67 First Call consensus. The lower level of expected earnings reflects the accelerating rate of decline in the global economy that has emerged in the fourth quarter 2008. "Market softness seen initially in the U.S. industrial markets is now prevalent on a global basis. Our businesses that serve these industrial end-markets are experiencing significant volume deterioration, as our customers react to lower consumer demand and tight credit markets by curtailing their production and reducing their inventory levels... As a result, in addition to the restructuring actions announced in September of this year, we have taken additional cost-reduction measures during the quarter, including lowering our operating rates and furloughing workers. We will continue to monitor economic activity levels as we enter the first quarter 2009 to determine what further cost-cutting actions may be warranted... PPG has redoubled its focus on cash in the fourth quarter, seasonally a stronger cash-flow quarter, as we are managing our working capital and capital spending aggressively," Hernandez said. "Currently, we have approximately $800 mln cash on hand, up about $300 mln from September 30, and our commercial paper borrowings total just over $200 mln."

10:06AM CVS Caremark confirms earnings guidance (CVS) 26.15 -0.74 : Co reaffirms guidance for FY08 (Dec), sees EPS of $2.42-2.47 vs. $2.44 First Call consensus. "There is no question that the economy continues to be difficult and consumers are reacting with increasing caution... Our total same store sales for October grew 4.3%, and in November were up 6.1%. It appears that December's comps will be well short of those levels. Nevertheless, through careful margin and cost management, we expect to be able to deliver results within our previously announced earnings range for 2008."

8:34AM Aaron Rents raises FY09 EPS guidance; reaffirms Q408 and FY08 EPS guidance (RNT) 28.66 : Co raises guidance for FY09 (Dec), sees EPS of $1.70-1.85 (previous $1.65-1.80) vs. $1.74 First Call consensus. "We expect same store revenues for the fourth quarter to increase 5% to 7% compared to the fourth quarter of 2007," Robert Loudermilk, CEO, commented. "Our earnings guidance for the fourth quarter and fiscal year 2008 is unchanged, with diluted EPS for the year expected to be in the range of $1.60 to $1.65, excluding gains from fourth quarter store sales and any gain or loss on the previous announced sale of the Aaron's Corporate Furnishings division." "We are altering our 2009 square footage growth plans somewhat, and expect to increase overall store growth next year approximately 5% to 9% over the store base at the end of 2008. This will be net store growth after opening a combination of Company-operated and franchised stores, less any opportunistic merging or disposition of stores. This rate of growth should allow us to improve margins as well as fund our expansion without the need to seek additional sources of capital. Due to the current strength of our business and our outlook for next year, we are increasing our earnings guidance for 2009 from previously expecting to achieve diluted earnings per share in the range of $1.65 to $1.80 to now expecting $1.70 to $1.85 per share."

8:03AM Walgreen misses by $0.05; cutting store opening rate (WAG) 26.08 : Reports Q1 (Nov) earnings of $0.41 per share, $0.05 worse than the First Call consensus of $0.46; revenues rose 6.6% year/year to $14.95 bln vs the $15.08 bln consensus. The company is also announcing plans to further reduce its organic store openings to a rate between 4.0 and 4.5 percent in 2010 and between 2.5 and 3.0 percent in 2011. This is a further reduction from plans announced last July to slow organic store openings to 5 percent by 2011. The company will continue to open new stores in strategic markets, on the best corners, and which offer the greatest rates of return. The new target growth rate will reduce capital expenditures through 2011 by approximately an additional $500 million beyond the $500 million capital expenditure savings announced last July.

7:39AM Dominion affirms 2008 guidance and lowers 2009 outlook (D) 34.98 : After the close, co reaffirmed guidance for FY08 (Dec), sees EPS of $3.10-3.15 vs. $3.12 First Call consensus. Co lowers guidance for FY09 (Dec), sees EPS of $3.20-3.30, down from $3.30-3.45, vs. $3.30 consensus.

7:36AM Steelcase reports Q3 (Nov) results; guides Q4 revs below consensus (SCS)5.73 : Reports Q3 (Nov) net of breakeven, includes a $27.5 million pre-tax charge related to a decrease in the cash surrender value of company-owned life insurance policies and $4.7 million of pre-tax restructuring costs, may not be comparable to the First Call consensus of $0.09; revenues fell 0.5% year/year to $881.3 mln vs the $805.2 mln consensus. Co issues guidance for Q4, sees EPS of ($0.04)-($0.10), ioncludes $9 mln charge, may not be comparable to $0.11 consensus; sees Q4 revs of $650-700 mln vs. $747.04 mln consensus.  Co said, "We believe that the slowing of the global economy and related uncertainty will lead to significant reduction in industry demand for the next several quarters... Accordingly, we have been preparing for a difficult year in fiscal 2010, but we believe the strength of our balance sheet will allow us to continue investing in growth initiatives that will further strengthen our leadership position coming out of this economic cycle."

Earnings - 1st Aug 2008

7:12AM TRW Automotive beats by $0.50, beats on revs; raises FY08 guidance (TRW) 17.67 : Reports Q2 (Jun) earnings of $1.24 per share, $0.50 better than the First Call consensus of $0.74; revenues rose 18.4% year/year to $4.45 bln vs the $4.33 bln consensus. Co raises guidance for FY08, sees EPS of $2.40-2.70, up from $2.30-2.60, includes charges, may not be comparable to $2.24 consensus; sees FY08 revs of $16.4-16.8 bln, up from $16.2-16.6 bln, vs. $16.55 bln consensus. This guidance range reflects pre-tax restructuring and asset impairment charges of approximately $75 million (including approximately $25 million in the third quarter).

7:10AM Bruker Corp. beats by $0.04, beats on revs (BRKR) 11.89 : Reports Q2 (Jun) earnings of $0.13 per share, $0.04 better than the First Call consensus of $0.09; revenues rose 30.7% year/year to $311.5 mln vs the $258.5 mln consensus.

7:08AM NYMEX beats by $0.02, beats on revs (NMX) 83.75 : Reports Q2 (Jun) earnings of $0.83 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.81; revenues rose 28.9% year/year to $210.8 mln vs the $205.9 mln consensus. Average daily volume was 1.812 million contracts during the second quarter 2008, a 30% increase compared to 1.396 million for the second quarter of 2007. NYMEX electronic trading volume on CME Globex averaged 865,149 contracts per day and represented a 42% increase over second quarter 2007 electronic trading volume. NYMEX floor-traded energy futures and options averaged 221,868 contracts a day for the second quarter of 2008, versus 256,635 contracts per day for the same period of 2007.

7:08AM Motorola beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (MOT) 7.68 : Reports Q2 (Jun) earnings of $0.02 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.03); revenues fell 7.4% year/year to $8.08 bln vs the $7.69 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.00-0.02, excluding non-recurring items, vs. $0.01 consensus. Co issues upside guidance for FY08, sees EPS of $0.06-0.08, excluding non-recurring items, vs. $0.01 consensus. "The Company had positive operating cash flow of $204 million and ended the quarter with a net cash position of $3.6 billion and a total cash position of $7.8 billion."

7:07AM Capella Education beats by $0.04, reports revs in-line; announces $60 mln buyback (CPLA) 58.50 : Reports Q2 (Jun) earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 22.4% year/year to $66 mln vs the $65.8 mln consensus. For the third quarter ending September 30, 2008, total enrollment and revenue are expected to grow by 15.5 to 17.0 percent compared to the third quarter of 2007. The operating margin is anticipated to be approximately 11.0 to 11.5 percent of total revenue, including an estimated $800,000 severance expense. Separately, the Board of Directors authorized the repurchase of up to $60 million of the Company's outstanding common shares.

7:05AM CVS Caremark reports EPS in-line, misses on revs (CVS) 38.29 : Reports Q2 (Jun) earnings of $0.60 per share, in-line with the First Call consensus of $0.60; revenues rose 2.1% year/year to $21.14 bln vs the $21.41 bln consensus. "This was another quarter of strong financial performance across our businesses. We delivered solid improvement in sales and gross margins and continued to exercise disciplined expense control. That enabled us to hit a record operating profit margin this quarter. At the same time, we've further advanced our new PBM/retail model and our clients have expressed growing enthusiasm for our unique new product offerings."

5:00PM Oil States beats by $0.15, beats on revs; guides Q3 EPS above consensus (OIS) 54.88 -1.09 : Reports Q2 (Jun) earnings of $1.11 per share, excluding $0.03 gain related to the portion if its investment in Boots & Coots, $0.15 better than the First Call consensus of $0.96; revenues rose 26.4% year/year to $631.4 mln vs the $578.4 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.19-1.24 vs. $1.14 consensus. "Each of our businesses contributed to significant year-over-year growth for Oil States in the second quarter of 2008," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "Our Tubular Services group generated record revenues and EBITDA during the quarter and our oil sands lodges in Canada continue to be a significant driver of our growth. Our Offshore Products segment, which supports global deepwater infrastructure development, also posted another strong quarter with revenue growth and good margins.

8:42AM Tidewater beats by $0.12, beats on revs; announces $200 mln buyback (TDW) 59.94 : Reports Q1 (Jun) earnings of $1.64 per share, $0.12 better than the First Call consensus of $1.52; revenues rose 11.3% year/year to $340.1 mln vs the $333.2 mln consensus. Co announces its Board of Directors has authorized the co to spend up to $200 mln to repurchase shares of its common stock.

8:33AM Clorox beats by $0.07, reports revs in-line; guides FY09 EPS in-line (CLX) 54.50 : Reports Q4 (Jun) earnings of $1.18 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.11; revenues rose 11.2% year/year to $1.50 bln vs the $1.48 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.71 consensus.

8:32AM Chevron misses by $0.13 (CVX) 84.56 : Reports Q2 (Jun) earnings of $2.90 per share, $0.13 worse than the First Call consensus of $3.03; revenues rose 47.9% year/year to $82.99 bln. Worldwide oil-equivalent production was 2.54 million barrels per day in the second quarter 2008, compared with 2.63 million barrels per day in the corresponding period in 2007. Absent the impact of higher prices on volumes recoverable under certain production-sharing and variable-royalty contracts outside the United States, production increased slightly between periods.

8:22AM Brush Engineered Materials beats by $0.10, beats on revs; guides FY08 EPS in-line; announces buyback (BW) 23.93 : Reports Q2 (Jun) earnings of $0.53 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.43; revenues rose 5.6% year/year to $246.6 mln vs the $236.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.75-2.00, excluding non-recurring items, compared to previous guidance of $1.80-2.30, vs. $1.89 consensus. Co's Board of Directors has authorized the co to repurchase of up to 1.0 mln shares.

7:07AM Oshkosh Truck beats by $0.14, beats on revs; guides Q4 EPS below consensus; guides FY08 EPS below consensus (OSK) 18.04 : Reports Q3 (Jun) earnings of $1.19 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $1.05; revenues rose 6.6% year/year to $1.97 bln vs the $1.89 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.50-0.65 vs. $0.92 consensus. Co issues downside guidance for FY08, sees EPS of $3.15-3.30, excluding non-recurring items, vs. $3.44 consensus. "We expect weak residential and non-residential construction in North America and certain areas of Western Europe to limit sales volume in the quarter. We also expect higher steel, fuel and other costs to have a more significant impact on fourth quarter earnings for the access equipment segment, in advance of our product selling price increases, which are effective October 1."

7:06AM Ingersoll-Rand beats by $0.14, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY08 EPS above consensus (IR) 36.00 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.89; revenues rose 38.5% year/year to $3.08 bln vs the $3.07 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.05-1.10 vs. $1.07 consensus; sees Q3 revs of $4.4-4.5 vs. $4.44 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90, excluding non-recurring items, vs. $3.71 consensus.

6:59AM Astronics beats by $0.29, beats on revs; guides FY08 revs above consensus (ATRO) 14.60 : Reports Q2 (Jun) earnings of $0.60 per share, $0.29 better than the First Call consensus of $0.31; revenues rose 15.8% year/year to $47.9 mln vs the $42.1 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $175-185 mln vs. $169.49 mln consensus.

6:16AM KBR Inc. beats by $0.10, beats on revs (KBR) 28.50 : Reports Q2 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.36; revenues rose 23.5% year/year to $2.66 bln vs the $2.32 bln consensus.

6:04AM CIGNA beats by $0.11, beats on revs; guides FY08 EPS in-line (CI) 37.02 : Reports Q2 (Jun) earnings of $1.08 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.97; revenues rose 11.0% year/year to $4.86 bln vs the $4.76 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.05-4.25, excluding non-recurring items, vs. $4.17 consensus.

4:37AM W-H Energy Svcs beats by $0.21, beats on revs (WHQ) 91.53 : Reports Q2 (Jun)
earnings of $1.45 per share, excluding transactions costs related to proposed acquisition of co by Smith Int'l, $0.21 better than the First Call consensus of $1.24; revenues rose 10.3% year/year to $346.9 mln vs the $311.8 mln consensus.

2:38AM NYSE Euronext misses by $0.03, beats on revs (NYX) 47.24 : Reports Q2 (Jun) earnings of $0.75 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.78; revenues rose 14.1% year/year to $1.11 bln vs the $0.81 bln consensus. Trade volume for NYSE Euronext's cash markets in Europe and in the U.S. increased 17% and 7%, respectively, in Q2. Trading volumes in derivatives increased 22% in Europe and 38% in the U.S. in Q2 compared to Q207.

12:00AM Massey Energy beats by $0.38, beats on revs (MEE) 74.25 : Reports Q2 (Jun)
earnings of $1.15 per share, excluding Wheeling-Pittsburgh litigation charge, $0.38 better than the First Call consensus of $0.77; revenues rose 33.8% year/year to $826.8 mln vs the $715.6 mln consensus. Co believes demand for Central Appalachia coal is likely to exceed supply for foreseeable future. Co continues to project 2008 produced coal shipments will be between 41.5 and 43.0 mln tons, with average produced coal realization between $65.00 and $66.00 per ton. Excluding the WP litigation charge, average cash cost per ton for FY08 is expected to be between $47.00 and $50.00. Other income is expected to be between $20 and $100 mln. For 2009 Massey expects produced coal shipments to be in the range of 46.0 to 48.0 mln tons, 13.0 to 14.0 mln tons of which will be metallurgical coal. For the total tons shipped, the average price is expected to be in the range of $84.00 to $92.00 per ton.