Earnings - 20th April 2009

6:16PM Boston Scientific beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs in-line (BSX) 8.69 -0.33 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.12; revenues fell 1.8% year/year to $2.01 bln vs the $2.02 bln consensus. Co issues upside EPS guidance for Q2, sees EPS of $0.16-0.21 vs. $0.14 consensus; sees Q2 revs of $1.96-2.08 bln vs. $2.05 bln consensus. Co issues upside EPS guidance for FY09, sees EPS of $0.80-0.90 vs. $0.58 consensus; sees FY09 revs of $8.0-8.5 bln vs. $8.16 bln consensus.

5:02PM Mid-America Aptmt sees Q1 FFO of $0.99-1.03 vs $0.90 First Call consensus (MAA) 32.72 -3.23 : The co announces that it expects its first quarter 2009 FFO to exceed its prior guidance. Based on preliminary results, Mid-America expects to report FFO between $30.1 million and $31.5 million, representing a range of $0.99 to $1.03 per diluted share/unit, for the first quarter of 2009. This compares to Mid-America's FFO guidance of $0.87 to $0.97 per diluted share/unit. Net income available to common shareholders is expected to be between $7.4 million and $8.7 million, representing a range of $0.26 to $0.31 per diluted share for the same period. Simon Wadsworth, Chief Financial Officer, said, "Same-store property operating performance was better than our forecast based on solid occupancy and lower than expected expenses. Interest expense was also less than forecast because of the very favorable rate environment. While our first quarter operating results were better than we expected, the continued weakness in both the economy and the employment market as we enter the busy summer leasing season suggests the need for caution in forecasting the balance of the year."

4:35PM Texas Instruments beats by $0.04, beats on revs; guides Q2 in-line (TXN) 17.32 -0.65 : Reports Q1 (Mar) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03) (consensus includes restructuring charges); revenues fell 36.2% year/year to $2.09 bln vs the $1.9 bln consensus. Co reports Q1 gross margin of 38.6% vs 39.29% consensus. Co issues in-line guidance for Q2, sees EPS of 0.01-0.15, includes restructuring charges, vs. $0.02 consensus; sees Q2 revs of 1.95-2.40 vs. $1.94 bln consensus. Co said, "Demand for our products has begun to stabilize after sharp drops in the past two quarters. Many customers have increased orders for TI products as they have begun to slow down their inventory reductions. However, we remain sensitive to continuing weakness in the global economy, and we have yet to see signs of a broad-based recovery in our business. In this environment, we will keep our operations flexible so that we can respond quickly to any shifts in demand, whether up or down... We reduced our own inventory by $277 million, and at the same time worked with distributors to reduce channel inventory by $132 million. Our inventory reductions are essentially complete, and we expect to moderately increase production levels in our factories during the second quarter".

4:24PM Zions Bancorp reports Q1 (Mar) results (ZION) : Reports Q1 (Mar) earnings of $0.39 per share, may not be comparable to the First Call consensus of ($1.77). Net loan charge-offs of $151.7 mln compared to $179.7 mln in Q4... Provision for loan loss reserves of $297.6 mln compared to $285.2 mln in Q4... Net interest margin of 3.93% compared to 4.20% in Q4; spread between loan yields and deposit rates remained essentially unchanged q/q; drop driven primarily by an increase in liquidity position accompanied by a significant decrease in yields on short-term investments, and by the increase in nonaccrual loans... Impairment and valuation losses on securities of $249 mln, of which $182 million related to purchases of AAA and AA-rated securities from Lockhart that were downgraded.... Extended $3.8 bln of credit, of which $1.9 bln were new loans to credit-worthy individuals and businesses... Nonperforming assets were $1,770.2 million at March 31, 2009 ($1,663.2 million excluding FDIC-supported assets) compared to $1,140.5 mln in Q4; increase related mainly to commercial real estate loans primarily in Nevada, Arizona and Texas and to commercial and industrial loans primarily in Utah; NPA excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.00%, compared to 2.71% in Q4.... Net loan and lease charge-offs for Q1 were $151.7 million or 1.47%, this compares with $179.7 million or 1.72% for Q4... provision for loan losses was $297.6 mln for Q1 compared to $285.2 million for Q4. The provision for Q1 was 2.88%... allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 2.03%, compared to 1.65% in Q4... tangible common equity ratio was 5.26%, compared to 5.89% in Q4; tangible equity ratio was 8.28%, compared to 8.91% in Q4... Tier 1 risk-based capital and total risk-based capital were $5,204 million and $7,374 million compared to $5,269 million and $7,386 million at December 31, 2008, respectively. Estimated ratios at March 31, 2009 for Tier 1 risk-based capital and total risk-based capital were 9.33% and 13.23% compared to 10.22% and 14.32% at December 31, 2008, respectively.

4:16PM IBM beats by $0.04, misses on revs; reaffirms 2009 guidance, ahead of pace for 2010 roadmap (IBM) 100.43 -0.84 : Reports Q1 (Mar) earnings of $1.70 per share, $0.04 better than the First Call consensus of $1.66; revenues fell 11.4% year/year to $21.71 bln vs the $22.51 bln consensus. Reports Q1 gross margin 43.4% vs 42.4% consensus. IBM reaffirms prior 2009 EPS guidance for "at least $9.20", consensus is for $9.03. IBM says ahead of pace for 2010 roadmap of $10.00-11.00; consensus is for $9.78. Co said revs were impacted by strong U.S. dollar, down 11% YoY, down 4% adjusting for currency. "IBM continued to perform well in a very difficult economic environment. This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital. At the same time we have a disciplined approach to cost and expense management giving us a strong financial position." IBM's tax rate in the first-quarter 2009 was 26.5% compared with 27.5% in 1Q08, a decline of 1.0 point. IBM ended the first quarter of 2009 with $12.3 bln of cash on hand and generated free cash flow of $1.0 bln, up $450 mln year over year, excluding Global Financing receivables. The balance sheet remains strong, and the company is well positioned to take advantage of opportunities.

4:11PM Badger Meter beats by $0.09, misses on revs (BMI) 30.81 -1.99 : Reports Q1 (Mar) earnings of $0.47 per share, $0.09 better than the First Call consensus of $0.38; revenues fell 4.5% year/year to $65.3 mln vs the $66.3 mln consensus. Co said, "Our ability to achieve record first quarter earnings and earnings per share on lower sales reflects the impact of ongoing cost reduction initiatives, favorable copper costs and the strength of the dollar, compared to the first quarter of last year. Our gross profit margin increased to 40.1% for the first quarter of 2009, compared to 35.8% in the first quarter of 2008".

4:04PM Canadian Natl Rail beats by C$0.03, beats on revs (CNI) 39.43 -2.33 : Reports Q1 (Mar) earnings of C$0.64 per share, excluding non-recurring items, C$0.03 better than the First Call consensus of C$0.61; revenues fell 3.5% year/year to C$1.86 bln vs the C$1.82 bln consensus.

4:02PM Stryker reports EPS in-line, misses on revs; guides FY09 EPS in-line (SYK) 37.42 -0.52 : Reports Q1 (Mar) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues fell 2.0% year/year to $1.6 bln vs the $1.63 bln consensus. Co issues lower but in-line guidance for FY09, sees EPS of $2.90-3.10 vs. $3.07 consensus. As a result of the continued weaker demand for certain MedSurg Equipment products as well as consideration of slowing elective procedures for certain Orthopaedic Implant products, the Company is reducing its guidance for 2009.

8:36AM Providence Service Corp sees Q1 EPS of at least $0.35 vs. $0.25 First Call consensus; sees revs of $180-185 mln vs. $179.69 mln consensus (PRSC) 8.47 : Co issues upside guidance for Q1 (Mar), sees EPS of at least $0.35 vs. $0.25 First Call consensus; sees Q1 (Mar) revs of $180-185 mln vs. $179.69 mln consensus. On March 27, 2009, the co had estimated diluted earnings per share of at least $0.25 and rev of between approximately $170 mln and $180 mln for 1Q09. As previously stated, guidance for the 1Q09 includes approximately $1.5 mln in costs and expenses related to the amended credit agreement, including arrangement, legal, accounting and other expenses, as well as approximately $300,000 in legal and other fees related to the now abandoned consent solicitation.

8:02AM Lubrizol guides EPS above consensus for Q1 (LZ) 39.03 : Co issues upside guidance for Q1 (Mar), sees EPS of $1.06, ex items vs. $0.87 First Call consensus.

7:16AM Halliburton beats by $0.03, misses on revs (HAL) 18.78 : Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the First Call consensus of $0.41. "During the first quarter, we experienced significant volume reduction and margin compression due to the steep downturn in North America drilling activity. The first quarter brought unprecedented declines in the rig count and prolonged weakness to the commodity markets. These industry-wide declines have been exacerbated by restrictions to some of our customers' access to capital and the decrease in global demand for oil and natural gas."

7:15AM Bank of America reports results above consensus for Q1 (BAC) 10.60 : After preferred dividends, including $402 mln paid to the U.S. government, diluted earnings per share were $0.44 per share, may not compare to the First Call consensus of $0.04; revenues rose 111.7% year/year to $36 bln vs the $27.13 bln consensus. Co reports Pretax, Pre-Provision Income of $19 bln. Co said, The Merrill Lynch integration is on track and expected to meet targeted cost savings. The Countrywide transition is on track. Cost savings from the acquisition are ahead of schedule. Merrill Lynch contributed $3.7 bln to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened. Consumers are under significant stress from rising unemployment and underemployment levels. These conditions led to higher losses in almost all consumer portfolios. Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio. Commercial losses increased from the prior quarter driven by higher broad-based losses in the non-homebuilder portion of the real estate portfolio within Global Banking and the small business portfolio within Global Card Services. The provision for credit losses of $13.4 bln rose from $8.5 bln in the fourth quarter and included a $6.4 bln net addition to the allowance for loan and lease losses. Reserves were added across most consumer portfolios reflecting increasing economic stress on consumers. Reserves were also increased on commercial portfolios. Nonperforming assets were $25.7 bln compared with $18.2 bln at December 31, 2008 and $7.8 bln at March 31, 2008, reflecting the continued deterioration in portfolios tied to housing. The provision for credit losses increased to $3.4 bln driven by economic and housing market weakness particularly in regions experiencing higher unemployment and falling home prices.

7:09AM Eaton beats by $0.03, misses on revs; guides Q2 EPS below consensus, assumes revs below consensus; guides FY09 EPS below consensus (ETN) 44.75 : Reports Q1 (Mar) loss of $0.22 per share, excluding integration charges, $0.03 better than the First Call consensus of ($0.25); revenues fell 19.5% year/year to $2.81 bln vs the $3.06 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.25, excluding non-recurring items, vs. $1.06 consensus; assumes Q2 revs of $3.0-3.1 bln vs. $3.5 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-3.00, excluding non-recurring items, vs. $3.44 consensus. CEO Cutler comments, "Given the uncertain end market demand, it is very difficult to provide guidance for the second quarter. Assuming our sales in the second quarter total between $3.0 bln and $3.1 bln, coupled with the additional charges we expect in the quarter, we anticipate net income per share for Q209 to be approximately $0.15 and operating earnings per share, which exclude charges to integrate our recent acquisitions, to be approximately $0.25. As a result of our lower market forecast for 2009, we are lowering our full-year guidance to net income per share of between $2.10 and $2.60 and operating earnings per share of between $2.50 and $3.00. Our second half 2009 and full year 2010 results will be strengthened by the savings from the resource adjustment actions taken during the first half of 2009."

7:03AM Weatherford misses by $0.02, reports revs in-line (WFT) 14.75 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.29, mainly due to a sharp drop off in customer activity in North America; revenues rose 2.7% year/year to $2.26 bln vs the $2.26 bln consensus.

6:37AM Eli Lilly beats by $0.21, reports revs in-line; guides FY09 EPS in-line (LLY) 33.75 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.99; revenues rose 5.0% year/year to $5.05 bln vs the $5.05 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.25, excluding non-recurring items, vs. $4.14 consensus. There were no significant items affecting net income in the first quarter of 2009; however, the reported EPS for the first quarter of 2008 were favorably affected by significant items netting to $.05 per share. To reflect the impact of the ImClone acquisition as if the acquisition occurred in January 1, 2008, Q108 pro forma EPS have been reduced by $.04 per share

Earnings - 15th July 2008

4:30PM Rambus and Qimonda sign amended patent license agreement (RMBS) 16.73 +0.27 : Co announces it has signed an amendment to its current patent license agreement with Qimonda, a leading manufacturer of memory products. This amendment extends the minimum term of the original patent license agreement, but specifies that in the event Infineon ceases to control or otherwise own a majority of Qimonda shares, certain competitors would not accede to the license upon their acquisition of control of Qimonda or a majority of Qimonda shares. The amendment further provides that any such acquirer would generally not acquire the benefit of a release from Rambus for past damages, including past infringement of RMBS' patent portfolio.

4:27PM CB&I guides FY08 EPS (CBI) 36.39 -1.45 : Co sees FY08 EPS of $0.40-0.60, including a $2.38 charge, may not be comparable to the $2.41 consensus. CBI announces it will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major L.N.G projects in the UK. Continued poor labor productivity, weather delays, and the need to supplement critical subcontractor areas will adversely impact the schedule and necessitate substantial expenditures well above previous estimates. These additional costs, which will be concentrated in the next three to four months, are required to complete the projects and meet the urgent need for natural gas imports into the UK prior to the upcoming heating season. The project charges will cause CB&I to be out of compliance with its lender agreements. The company believes that based on the strength of its backlog and solid financial condition, it will successfully obtain the necessary amendments.

4:22PM Altera beats by $0.05, beats on revs; guides Q3 revs above consensus (ALTR) 19.21 +0.20 : Reports Q2 (Jun) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 7.1% year/year to $359.9 mln vs the $346.7 mln consensus. Co issues upside guidance for Q3, sees Q3 rev growth flat to down, equates to $349.1-359.9 vs. $350.51 mln consensus. "To date during the third quarter, Altera has repurchased an additional 526,000 shares at a cost of $10.4 mln."

4:20PM Intel beats by $0.03, beats on revs; guides Q3 revs in-line (INTC) 20.71 +0.24 : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 9.4% year/year to $9.5 bln vs the $9.32 bln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $10-$10.6 bln vs. $10.07 bln consensus. INTC reports gross margins 55.4% vs. guidance of 56% +/- couple points. INTC also sees Q3 gross margins 58% +/- couple points; reiterates Y08 gross margins 57% +/- couple points, CapEx $5.0-$5.4 bln. Co states, "As we enter the second half, demand remains strong for our microprocessor and chipset products in all segments and all parts of the globe."

4:06PM CoStar Group beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY08 EPS above consensus (CSGP) 45.92 +0.47 : Reports Q2 (Jun) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 11.9% year/year to $53.5 mln vs the $53.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.28-$0.30 vs. $0.27 consensus. Co issues upside guidance for FY08, sees EPS of $1.10-$1.15 vs. $1.09 consensus. "Our primary focus moving forward will be working toward $100 million of annualized EBITDA for the company by the end of 2010. We believe this goal of doubling our EBITDA is achievable based on our current revenue growth rates and current economic and commercial real estate environments."

4:06PM V.F. Corp beats by $0.05, reports revs in-line; guides FY08 EPS above consensus, revs above consensus (VFC) 70.28 +0.56 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.86; revenues rose 10.6% year/year to $1.68 bln vs the $1.67 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.05 vs. $5.98 consensus; sees FY08 revs of $7.9 bln vs. $7.9 bln consensus.

8:38AM Johnson & Johnson beats by $0.06, beats on revs; guides FY08 EPS in-line - Correction (JNJ) 66.41 : Reports Q2 (Jun) earnings of $1.18 per share, $0.06 better than the First Call consensus of $1.12; revenues rose 8.7% year/year to $16.5 bln vs the $16 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.45-4.50 vs. $4.45 consensus, and above prior guidance of $4.40-4.45. Worldwide Medical Devices and Diagnostics sales of $6.1 bln for Q2 represented a 12.1% increase over the prior year with operational growth of 5.7% and a positive impact from currency of 6.4%. Domestic sales increased 4.0%, while international sales increased 19.7%. Worldwide Pharmaceutical sales of $6.3 bln for Q2 represented an increase over the prior year of 3.1% with an operational decline of 1.3% and a positive impact from currency of 4.4%. Domestic sales decreased 1.7%, while international sales increased 11.3%

8:32AM EnerNOC announced that it has entered into a five-year contract with the State of Rhode Island (ENOC) 20.74 : Co announced that it has entered into a five-year contract with the State of Rhode Island. The contract will allow EnerNOC to enable and manage demand response capacity from city, town and government-related buildings into the Independent System Operator of New England market, creating a valuable revenue stream for the State both today and in the future as part of ISO-NE's Forward Capacity Market.

8:20AM IKON Office issues upside Q3 EPS guidance; sees Q3 revs in line; issues Y08 upside guidance (IKN) 11.06 : Co issues upside EPS guidance for Q3 (Jun), sees EPS of $0.35-0.37, excluding non-recurring items, compared to previous guidance of $0.29-0.32, vs. $0.30 First Call consensus; issues in line rev guidance for Q3, sees Q3 (Jun) revs of approx $1.05 bln vs. $1.05 bln consensus. Co issues upside guidance for FY08 (Sep), sees EPS of $1.00-1.05, excluding non-recurring items, compared to previous guidance of $0.92-0.98, vs. $0.97 consensus. The improved outlook for Q3 is driven by better than anticipated Customer Service and Supplies revenue and gross margin, and a higher gross margin in Managed and Professional Services. "We are pleased by another quarter of better than expected results. In particular, we are encouraged by our improved operating income margin in the third quarter, which was driven by the $25 million cost and expense reduction plan we announced in January, our new U.S. leadership, and continued strong performance in Europe."

8:10AM US Bancorp reports Q2 (Jun) results, revs in-line (USB) 23.33 : Reports Q2 (Jun) earnings of $0.53 per share, including $0.11 loss from "significant items" related to net securities losses of $63 mln, which primarily reflected impairment charges on structured investment securities, and an incremental provision for credit losses, which exceeded net-charge-offs by $200 mln. The First Call consensus is $0.60. Revenues rose 7.5% year/year to $3.8 bln vs the $3.78 bln consensus. Return on average assets and return on average common equity were 1.58% and 17.9%, respectively, for the second quarter of 2008, compared with returns of 2.09% and 23.0%, respectively, for the second quarter of 2007. "Our capital position remains strong, with the Tier 1 capital ratio at June 30, 2008, on target at 8.5 percent. Although we have capacity in our current authorization, we do not anticipate buybacks between now and the end of the year. We will utilize our strong internal capital generation to support our growth initiatives, and rely on our earnings capacity to sustain our dividend and maintain our well-capitalized position." Provision for credit losses for the second quarter of 2008 was $596 mln, an increase of $111 mln over the first quarter of 2008 and $405 mln over the second quarter of 2007.

8:01AM WW Grainger beats by $0.02, beats on revs; reaffirms FY08 EPS guidance (GWW) 84.21 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.46; revenues rose 9.7% year/year to $1.76 bln vs the $1.73 bln consensus. Co reaffirms guidance for FY08, sees EPS of $5.85-6.15, excluding non-recurring items, vs. $5.88 consensus.

7:42AM Evergreen Solar signs new sales contract with IBC SOLAR of $1.2 bln (ESLR) 9.16 : Co announces it has signed a new long-term sales contract valued at approximately $1.2 bln with German-based IBC SOLAR AG. This contract extends through 2013 and brings the co's total contractual backlog to nearly $3 billion with 5 customers. The solar panels for these take-or-pay contracts will be manufactured at the co's new 160 MW facility in Devens, Massachusetts, which opened in June, and at the co's next factory, which is expected to open in 2010. To date, the co has contracted approximately 70 percent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013. (stock is halted)

7:23AM State Street beats by $0.03, beats on revs; sees Y08 EPS at high end of previous guidance; sees Y08 revs to exceed previous guidance (STT) 55.70 : Reports Q2 (Jun) earnings of $1.39 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.36; revenues rose 39.1% year/year to $2.67 bln vs the $2.6 bln consensus. "Our strong results of the quarter, plus the benefit of the $2.8 billion in equity capital that we issued in early June, enhanced the Corporation's solid capital position. Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008. We are also increasing our outlook for growth in revenue, expecting to exceed the high end of the 14 percent to 17 percent range in 2008. We continue to be focused on achieving positive operating leverage on an annual basis."

6:52AM Eaton beats by $0.16, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (ETN) 79.89 : Reports Q2 (Jun) earnings of $2.10 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $1.94; revenues rose 31.7% year/year to $4.28 bln vs the $4.14 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.90-2.00 vs. $2.05 consensus. Co issues in-line guidance for FY08, sees EPS of $7.70-8.00 vs. $7.85 consensus.

6:22AM Polaris Inds beats by $0.04, beats on revs; guides Q3 in-line; guides FY08 EPS in-line, revs above consensus (PII) 41.50 : Reports Q2 (Jun) earnings of $0.72 per share, $0.04 better than the First Call consensus of $0.68; revenues rose 20.9% year/year to $455.7 mln vs the $405 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.07-1.11 vs. $1.10 consensus; sees Q3 revenue growth of 2-5% or roughly $554.9-571.2 mln vs. $559.14 mln consensus. Co issues guidance for FY08, sees EPS of $3.40-3.48 vs. $3.41 consensus, prior guidance $3.36-3.45; sees FY08 revenue growth of 9-11% (prior guidance 5-7% growth) or roughly $1.94-1.98 bbn vs. $1.9 bln consensus.