Earnings - 4th Feb 2009

6:14PM FMC Corp beats by $0.16, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (FMC) 44.47 -0.37 : Reports Q4 (Dec) earnings of $1.02 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.86; revenues rose 9.4% year/year to $737.7 mln vs the $761.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $1.15-1.30, excluding non-recurring items, vs. $1.50 consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-5.00, excluding non-recurring items, vs. $4.97 consensus.

5:50PM Enersys beats by $0.23; sees Q4 EPS below consensus (ENS) 9.48 -0.18 : Reports Q3 (Dec) earnings of $0.63 per share, $0.23 better than the First Call consensus of $0.40; revenues fell 16.7% year/year to $460.9 mln vs the $460.7 mln consensus. Co issuesdownside guidance; co sees Q4 EPS of $0.30-0.34, excluding $0.25 in charges, vs $0.35 consensus.

5:43PM Atwood Oceanics beats by $0.07, beats on revs (ATW) 16.95 +0.35 : Reports Q1 (Dec) earnings of $1.22 per share, $0.07 better than the First Call consensus of $1.15; revenues rose 49.1% year/year to $165.5 mln vs the $162.9 mln consensus.

5:17PM WGL Holdings beats by $0.06, beats on revs; raises FY09 EPS above consensus (WGL) 33.25 -0.03 : Reports Q1 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.97; revenues rose 9.3% year/year to $821.5 mln vs the $761.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.41-2.53, excluding non-recurring items, vs. $2.34 consensus, up from prior $2.27-2.39.

4:43PM Visa beats by $0.12, beats on revs; sees 2009 rev growth in high single digits, reaffirms 2010 outlook (V) 49.13 +0.74 : Reports Q1 (Dec) earnings of $0.78 per share, $0.12 better than the First Call consensus of $0.66; revenues rose 16.8% year/year to $1.74 bln vs the $1.68 bln consensus. Payments volume grew 12% over the prior year to $701 bln; total volume, inclusive of cash volume was $1.1 trln, an increase of 16% over the prior year; total cards carrying the visa brands rose 10% worldwide over the prior year to 1.7 bln; and total payment transactions increased by 13% over the prior year to 14.5 bln... Cosees 2009 annual net revenue growth in the high single-digits (consensus is for rev growth of 8.5%). Co reaffirms its financial outlook through 2010, with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009. Sees 2010 annual net revenue growth at the lower end of the 11% to 15% range; annual adjusted operating margin in the mid-to-high 40% range; annual adjusted diluted class a common earnings per share growth of greater than 20%; annual free cash flow in excess of $1 bln; and capital expenditures in the range of $300 to $350 mln in 2009 and representing 3 to 4% of gross revenues in 2010.

4:15PM Cisco Systems beats by $0.02, beats on revs (CSCO) 15.84 +0.22 : Reports Q2 (Jan) earnings of $0.32 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.30; revenues fell 7.1% year/year to $9.1 bln vs the $9.0 bln consensus. Q3 gross margins came in at ~63.0% vs ~64.0% company guidance. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."

4:10PM Dolby Labs beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (DLB) 25.87 +0.24 : Reports Q1 (Dec) earnings of $0.56 per share, excluding a $0.12 non-recurring gain, $0.13 better than the First Call consensus of $0.43; revenues rose 20.0% year/year to $180.3 mln vs the $165.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.57-1.82 vs. $1.68 consensus; sees FY09 revs of $630-700 vs. $690.59 mln consensus. "We are pleased with our first quarter performance, and we continue to position ourselves for the long-term by pursuing new innovations and opportunities. However, we are also very mindful of the worldwide economic slowdown, and have adjusted our outlook in light of reduced consumer spending."

4:07PM Badger Meter beats by $0.16, beats on revs (BMI) 24.09 -0.20 : Reports Q4 (Dec) earnings of $0.42 per share, $0.16 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $67.6 mln vs the $59.8 mln consensus.

4:06PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42 vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus.

4:06PM Akamai Tech beats by $0.04, beats on revs (AKAM) 14.17 -0.03 : Reports Q4 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 16.0% year/year to $212.6 mln vs the $205.5 mln consensus. "As the external environment has become more challenging, we're pleased that we were able to grow revenue and earnings throughout the year while broadening our portfolio of solutions to improve Internet performance for our customers." The number of customers under long-term service contracts at the end of the fourth quarter increased by 50 to a record 2,858, an 8 percent increase year-over-year.

4:05PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42, excluding non-recurring items, vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus. "Inventory reductions, grain costs at Hain Pure Protein ("HPP") and the lag in fully realizing our August price increase impacted our earnings by almost $0.11 per share this quarter."

4:04PM Rightnow Tech beats by $0.06, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs below consensus (RNOW) : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.06 better than the First Call consensus of ($0.00); revenues rose 17.6% year/year to $36.1 mln vs the $36.9 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.04 vs. $0.01 consensus; sees Q1 revs of $36-37 mln vs. $37.84 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.15-0.23, excluding non-recurring items, vs. $0.12 consensus; sees FY09 revs of $150-155 mln vs. $160.74 mln consensus. "We're pleased with a second consecutive quarter of non-GAAP profitability, which was ahead of our guidance and driven by focused expense management. Our sales teams turned in a great quarter. Despite the fact total revenue was lowered by a $1.6 million foreign exchange impact, this was our eighth consecutive quarter of operating margin improvement, and a 300 basis point improvement over last quarter."

10:18AM Philip Morris International beats by $0.09, beats on revs; guides FY09 EPS below consensus (PM) 36.15 -2.17 : Reports Q4 (Dec) earnings of $0.71 per share, $0.09better than the First Call consensus of $0.62; revenues, excluding excise tax on products, rose 3.6% year/year to $6.12 bln vs the $5.54 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.85-3.00 vs. $3.43 consensus. Co notes that excluding an adverse currency impact of $0.80 per share, 2009 guidance is projected to increase by 10%-14%. Co, "Our operating performance in 2008 was exceptionally strong and our results exceeded our constant currency growth targets for both the full year and the fourth quarter. Our first year as an independent company was also marked by significant progress on numerous strategic fronts and specifically behind our efforts to improve our speed to market and enhance the vibrancy and equity of our strong brand portfolio... The global economic crisis obviously results in uncertainty, particularly on the currency front, and at current exchange rates we face a steep hurdle."

9:01AM Allergan beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AGN) 39.80 : Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.73; revenues fell 3.1% year/year to $1.06 bln vs the $1.04 bln consensus. Co issues downside guidancefor Q1, sees EPS of $0.50-0.52 vs. $0.61 consensus. Co issues in-line guidance for FY09, sees EPS of $2.69-2.75 vs. $2.71 consensus.

8:32AM Clorox beats by $0.05, misses on revs; guides FY09 EPS in-line (CLX) 51.82 : Reports Q2 (Dec) earnings of $0.62 per share, $0.05 better than the First Call consensus of $0.57; revenues rose 2.5% year/year to $1.22 bln vs the $1.24 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.72 consensus. For fiscal year 2009, Clorox now anticipates total sales growth in the range of 3-5%, rather than the previously communicated range of 4-6% due to retailer inventory reductions and consumer reaction to the economic environment. The company now anticipates year-over-year gross margin improvement in the range of 50-100 basis points, rather than the previously communicated range of 25-75 basis points, due to anticipated lower commodity costs and higher cost savings.

8:02AM Natl Oilwell Varco beats by $0.11, beats on revs (NOV) 25.62 : Reports Q4 (Dec) earnings of $1.44 per share, excluding $0.04 charge related to its merger with Grant Prideco,$0.11 better than the First Call consensus of $1.33; revenues rose 43.3% year/year to $3.81 bln vs the $3.76 bln consensus.

7:39AM Goodrich beats by $0.21, misses on revs; guides FY09 EPS below consensus, revs below consensus (GR) 38.97 : Reports Q4 (Dec) earnings of $1.23 per share, excluding $0.12 of income from a Rolls-Royce joint venture, $0.21 better than the First Call consensus of $1.02; revenues rose 1.6% year/year to $1.7 bln vs the $1.73 bln consensus. Co issues downside guidance for FY09, sees EPS of $4.50-$4.90 vs. $4.94 consensus; sees FY09 revs of $7.1-7.2 bln vs. $7.57 bln consensus. For 2009: Large commercial airplane original equipment sales are expected to increase by about 3 - 5 percent; regional, business and general aviation airplane original equipment sales are expected to decrease by approximately 10 percent; defense and space sales of both original equipment and aftermarket products and services are expected to increase by about 5 percent; co expects cap-ex to be in range of $230-270 mln, vs $275-3000 previously.

7:07AM ITT Industries beats by $0.05, beats on revs (ITT) 43.13 : Reports Q4 (Dec) earnings of $0.82 per share, excluding items, $0.05 better than the First Call consensus of $0.77; revenues rose 16.5% year/year to $2.94 bln vs the $2.74 bln consensus. "And while we expect 2009 to be more difficult, we take great pride in having achieved another record year of revenue and earnings growth in 2008."

7:02AM Snap-On beats by $0.01, misses on revs (SNA) 29.11 : Reports Q4 (Dec) earnings of $1.01 per share, $0.01 better than the First Call consensus of $1.00; revenues fell 10.1% year/year to $667.8 mln vs the $721.6 mln consensus. The challenges posed by the global economy increased significantly during the fourth quarter, furthering the impact on Snap-on's sales of higher priced products, such as tool storage and vehicle repair equipment. Additional slowdowns in the economies of Europe, particularly Southern Europe, negatively impacted volume at the European-based tools business. Furthermore, the general economic difficulties are now spreading across more industries and to additional geographies, creating more widespread pressure on business activity. In the near term, Snap-on anticipates no change in this environment and, as a result, expects sales and credit originations in the first quarter of 2009 to be down year over year. Additional headwinds in 2009 now include ~$3.0 mln per quarter of higher year-over-year pension expense due to declines in pension asset values. Assuming foreign currency exchange rates remain at recent levels, the company also anticipates approximately $8.0 million of unfavorable foreign exchange impact on first quarter operating earnings.

Earnings - 29th July 2008 (2)

6:07PM Covenant Transport beats by $0.17, beats on revs (CVTI) 4.43 +0.36 : Reports Q2 (Jun) loss of $0.17 per share, $0.17 better than the First Call consensus of ($0.34); revenues rose 17.6% year/year to $208.7 mln vs the $189.4 mln consensus. Co says, "July has started out consistent with most years, characterized by soft freight demand for the first couple of weeks and the third week of July improving. Our operating metrics concerning average miles per truck and freight rates are about what we had expected and reflect a modest improvement over the first three weeks of July 2007. We are expecting continued steady improvement in the relationship between capacity and demand during the third quarter of 2008, although it is possible that some lanes and regions could see significant jumps in the spot quote rate market as we believe there is limited excess capacity remaining industry-wide."

5:51PM FMC Corp beats by $0.11, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (FMC) 65.15 -0.56 : Reports Q2 (Jun) earnings of $1.29 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.18; revenues rose 22.6% year/year to $806.6 mln vs the $726.1 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $0.90 consensus. Co raises guidance for FY08, sees EPS of $4.20-4.40, excluding non-recurring items, vs. $4.08 consensus, up from $3.90-4.10. Co says, "We look for continued earnings growth in Agricultural Products driven by broad-based sales growth. In Specialty Chemicals, we expect earnings growth to be realized through strong commercial performance in BioPolymer and lithium. Industrial Chemicals will continue to derive significant benefit from higher selling prices and volume growth across the segment. We are confident that we will achieve these results despite the headwind of accelerating raw material cost increases in all our businesses."

5:13PM Healthspring beats by $0.28, beats on revs; raises FY08 EPS above consensus, reaffirms revs in-line (HS) 17.66 +0.35 : Reports Q2 (Jun) earnings of $0.72 per share, $0.28 better than the First Call consensus of $0.44; revenues rose 49.3% year/year to $554.7 mln vs the $528.3 mln consensus. Co raises EPS guidance above consensus for FY08, sees EPS of $2.05-2.15 vs. $1.89 consensus, up from $1.85-2.00; reaffirms FY08 revs of $2.0-2.2 bln vs. $2.14 bln consensus.

4:27PM CB&I reports Q2 (Jun) results, misses on revs; reaffirms FY08 EPS guidance, guides FY08 revs in-line (CBI) 33.80 +0.74 : Reports Q2 (Jun) loss of $1.47 per share, includes charge, may not be comparable to the First Call consensus of ($1.31); revenues rose 41.2% year/year to $1.43 bln vs the $1.51 bln consensus. Co issues mixed guidance for FY08, sees EPS of $0.40-0.60 vs. $0.73 consensus; sees FY08 revs of $6.1-6.3 bln vs. $6.21 bln consensus. "CB&I announced previously that it is taking a pre-tax charge of approximately $317 million, or $2.38 per share, for forecasted cost overruns associated with two major LNG projects in the UK. 2008 new awards will be in the range of $6.5 to $7.0 billion."

4:24PM RadiSys beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs above consensus (RSYS) 10.46 +0.70 : Reports Q2 (Jun) earnings of $0.14 per share, $0.08 better than the First Call consensus of $0.06; revenues rose 29.6% year/year to $97.6 mln vs the $87.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.16-0.22 vs. $0.09 consensus; sees Q3 revs of $98-103 mln vs. $91.20 mln consensus. Co says Q3 gross margin percent is expected to be similar to or slightly up from Q2.

4:24PM Starent Networks beats by $0.08, beats on revs (STAR) 11.56 -0.27 : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items and excluding stock based compensation, $0.08 better than the First Call consensus of $0.17; revenues rose 98.1% year/year to $61.2 mln vs the $57.9 mln consensus. Co also announced today that, in the litigation filed by UTStarcom in May 2007 against the co and certain employees and former employees alleging, among other things, patent infringement and trade secret claims, on July 23, 2008 the United States District Court for the Northern District of Illinois granted STAR's motion to dismiss ten of UTStarcom's fifteen claims, including the trade secret claims and all claims against the individual defendants.

4:18PM Incyte: misses by $0.05, misses on revs (INCY) 9.94 -0.40 : Reports Q2 (Jun) earnings of -$0.54 per share, $0.05 worse than the First Call consensus of -$0.50; revenues decreased 94.34% year/year to $0.6 mln vs $0.98 mln consensus.

4:09PM General Cable beats by $0.06, reports revs in-line; guides Q3 EPS below consensus, revs in-line (BGC) 61.56 +1.81 : Reports Q2 (Jun) earnings of $1.37 per share, $0.06 better than the First Call consensus of $1.31; revenues rose 48.6% year/year to $1.74 bln vs the $1.73 bln consensus. For Q3, co sees EPS of $1.17-1.27 vs. $1.28 consensus; sees Q3 revs of $1.675-1.725 bln vs. $1.69 bln consensus.

4:06PM GMarket beats by $0.09, misses on revs (GMKT) 21.56 +0.24 : Reports Q2 (Jun) earnings of $0.30 per share, $0.09 better than the First Call consensus of $0.21; revenues rose 26.2% year/year to $66.9 mln vs the $70.4 mln consensus. Co's gross merchandise value ("GMV"), which represents the total value of all items sold on Gmarket's website, increased by 25% to Won 971.1 billion ($927.7 million) for the second quarter of 2008 compared to Won 780.0 billion for the same period in 2007.

4:04PM Electronic Arts misses by $0.09, misses on revs; reaffirms FY09 guidance (ERTS) 47.40 +1.35 : Reports Q1 (Jun) loss of $0.42 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of ($0.33); revenues rose 41.3% year/year to $609 mln vs the $639.9 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.30-1.70, excluding non-recurring items, vs. $1.59 consensus; sees FY09 revs of $5.0-5.3 bln vs. $5.15 bln consensus.

4:03PM Buffalo Wild Wings beats by $0.04, beats on revs (BWLD) 31.04 +1.78 : Reports Q2 (Jun) earnings of $0.31 per share, $0.04 better than the First Call consensus of $0.27; revenues rose 28.8% year/year to $97.9 mln vs the $94.6 mln consensus. Co guides FY08: rev growth of 20% and 25% net earnings growth target. Same-store sales continue to be strong in July, with increases of over 6% at company-owned and over 2% at franchised restaurants.

4:02PM Portfolio Recovery Assoc. misses by $0.06, misses on revs (PRAA) 42.24 +1.79 : Reports Q2 (Jun) earnings of $0.75 per share, $0.06 worse than the First Call consensus of $0.81; revenues rose 16.1% year/year to $63.6 mln vs the $66.4 mln consensus.