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 - 30th July 2008 (2)

6:30PM Owens-Illinois beats by $0.13, reports revs in-line (OI) 48.06 +0.23 : Reports Q2 (Jun) earnings of $1.35 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.22; revenues rose 10.7% year/year to $2.21 bln vs the $2.2 bln consensus. Co gives outlook saying, "Rising input costs and a slower economy will make the second half of 2008 a tougher operating environment for all packaging manufacturers, including O-I," said Stroucken. "In spite of this, we fully expect that 2008 will be a record year for the Company, as we will continue to be aggressive with our pricing, footprint realignment, Lean Six Sigma and productivity improvement initiatives. In this environment our operational decisions will be largely guided by our cash flow objectives for the year and beyond."

6:28PM AvalonBay beats by $0.02, beats on revs; guides Q3 FFO above consensus; guides FY08 FFO above consensus (AVB) 103.08 +0.83 : Reports Q2 (Jun) funds from operations of $1.26 per share, $0.02 better than the First Call consensus of $1.24; revenues rose 9.0% year/year to $221.8 mln vs the $213.2 mln consensus. Co issues upside guidance for Q3, sees FFO of $1.26-1.30 vs. $1.25 consensus. Co issues upside guidance for FY08, sees FFO of $5.00-5.15 vs. $4.97 consensus.

5:21PM ANDE raises guidance, sees FY08 EPS of $5.00-5.40 vs $4.61 First Call consensus :
Andersons raises FY08 guidance above consensus (ANDE) 42.16 +0.51 : ANDE raises FY08 EPS guidance to $5.00-5.40 vs $4.61 First Call consensus. The increase is primarily attributed to the Plant Nutrient Group's continuing performance trend this year.

5:17PM Circor beats by $0.10, beats on revs; guides Q3 EPS above consensus (CIR) 63.15 +2.96 : Reports Q2 (Jun) earnings of $1.08 per share, $0.10 better than the First Call consensus of $0.98; revenues rose 24.5% year/year to $206.6 mln vs the $194.2 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.90-1.00, excluding non-recurring items, vs. $0.89 consensus.

5:04PM Oceaneering Intl beats by $0.03, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus (OII) 67.62 +3.73 : Reports Q2 (Jun) earnings of $0.93 per share, including a $2.0 mln gain on the sale of the production barge San Jacinto, $0.03 better than the First Call consensus of $0.90; revenues rose 15.8% year/year to $500.1 mln vs the $483.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.90-$1.00 vs. $1.02 consensus. Co issues downside guidance for FY08, sees EPS of $3.45-3.65 vs. $3.68 consensus.


5:03PM Tesoro beats by $0.09, beats on revs (TSO) 16.51 +0.73 : Reports Q2 (Jun) earnings of $0.03 per share, excluding $0.58 loss in derivative positions, and gain of $0.35 in change in accounting, $0.09 better than the First Call consensus of ($0.06); revenues rose 56.2% year/year to $8.75 bln vs the $5.91 bln consensus. Co says in comparison to last year, lower gross refining margins and higher operating costs were met with reduced refining throughput. Co notes in Q1, the company announced its goal to realize approx $750 mln to $1 bln of operating cash flow through reductions in operating costs, capital expenditures and working capital to fund short term debt reductions and the $870 mln capital program, including turnarounds. As of July 30th, there were no borrowings on the revolver and the company had a cash balance of approximately $100 million.

4:38PM SW Energy beats by $0.02, beats on revs (SWN) 35.73 +2.75 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 123.8% year/year to $604.4 mln vs the $474.2 mln consensus. SWN has increased its production guidance for the remainder of 2008, forecasting Q3 47.0-49.0 Bcfe vs. previous guidance of 43.0-44.5; sees Q4 50.0-52.0 Bcfe vs. previous guidance of 44.5-46.0.

4:36PM Concur Tech beats by $0.07, beats on revs; guides Q4 revs in-line; guides FY08 revs in-line (CNQR) 41.59 +0.39 : Reports Q3 (Jun) earnings of $0.19 per share, excluding stock based comp and amortization, $0.07 better than the First Call consensus of $0.12; revenues rose 65.4% year/year to $54.9 mln vs the $53.5 mln consensus. Co issues guidance for Q4, sees EPS of $0.22, excludes items, may not be comparable to $0.13 consensus; sees Q4 revs of $56 mln vs. $55.45 mln consensus. Co issues guidance for FY08, sees EPS of $0.32, excludes items may not be comparable to $0.49 consensus; sees FY08 revs of $214 mln vs. $211.94 mln consensus.

4:32PM Tetra Tech beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY08 EPS above consensus, revs above consensus (TTEK) 24.18 -0.57 : Reports Q3 (Jun) earnings of $0.27 per share, $0.03 better than the First Call consensus of $0.24; revenues rose 39.7% year/year to $564.3 mln vs the $304.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.27-0.29 vs. $0.26 consensus; sees Q4 revs of $325-345 mln vs. $316.27 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.99-1.01 vs. $0.95 consensus; sees FY08 revs of $1.22-1.24 bln vs. $1.19 bln consensus.

4:24PM General Maritime beats by $0.14, beats on revs (GMR) 26.05 +0.99 : Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.55; revenues rose 24.6% year/year to $69.3 mln vs the $64.4 mln consensus.

4:23PM Visa beats by $0.11, beats on revs; reaffirms FY08-10 rev & EPS growth outlook, raises operating margin guidance (V) 78.45 +2.48 : Reports Q3 (Jun) earnings of $0.59 per share, $0.11 better than the First Call consensus of $0.48; revenues rose 18.2% year/year to $1.61 bln vs the $1.55 bln consensus. V reaffirms FY08-10 rev growth outlook of 11-15%; raises FY08-10 op margin guidance. V reaffirms FY08-10 rev growth outlook of 11-15% and annual adjusted diluted EPS growth of 20% or greater. Raises FY08 adjusted operating margin expectation to the mid 40%'s range. Co raises its outlook for FY 2009 and 2010 to annual adjusted operating margin in the mid-to-high 40%'s range. Total processed transactions, which are based on current fiscal third quarter results on Visa's processing system, were 9.5 billion, a 13% increase over the prior year.

4:20PM FormFactor beats by $0.12, beats on revs (FORM) 16.48 +0.36 : Reports Q2 (Jun) loss of $0.34 per share, $0.12 better than the First Call consensus of ($0.46); revenues fell 54.4% year/year to $52 mln vs the $47.2 mln consensus.

4:20PM Genco Shipping & Trading beats by $0.17, beats on revs (GNK) : Reports Q2 (Jun) earnings of $1.95 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.78; revenues rose 183.5% year/year to $104.6 mln vs the $98.4 mln consensus.

4:15PM Flowserve beats by $0.48, beats on revs; raises Y08 guidance (FLS) 134.71 +7.09 : Reports Q2 (Jun) earnings of $1.97 per share, excluding non-recurring items, $0.48 better than the First Call consensus of $1.49; revenues rose 24.4% year/year to $1.16 bln vs the $1.12 bln consensus. Co issues upside guidance for FY08, sees EPS of $7.20-7.50, compared to previous guidance of $5.90-6.20, vs. $6.31 consensus.

4:13PM Las Vegas Sands misses by $0.03, reports revs in-line (LVS) 46.16 +2.12 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.12; revenues rose 81.4% year/year to $1.11 bln vs the $1.11 bln consensus. "Our second quarter results reflect both solid operating performance in Macao and Las Vegas and the measured execution of our global growth and development strategy. In Asia, our efforts to transform Macao into Asia's premier business and leisure destination steadily march forward. The Venetian Macao, the anchor of the Cotai Strip(TM), continues to consistently deliver market-leading visitation to Macao from around the region and the world, while the natural maturation process of the property's operations is now beginning to be reflected in the property's operating results. As we make final preparations for the opening next month of the Cotai Strip's second world-class destination resort, the Four Seasons Macao, we remain focused on the fundamental goal and commitment we share with the people of Macao -- the transformation of Macao into Asia's premier business and leisure destination. We remain confident that the execution of our Cotai Strip development strategy will deliver significant economic benefits to Macao and the entire region, as well as industry-leading returns to our shareholders. In Las Vegas, despite a more challenging economic environment, the combined Venetian and Palazzo complex, the largest integrated destination resort in the world, began to mature and to realize some of the significant operating efficiencies resident in our original master plan. As the Venetian and Palazzo complex continues this maturation process, we believe it is uniquely positioned to deliver strong growth and industry-leading returns in the Las Vegas market for years to come."

4:07PM Digital River beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY08 EPS above consensus, revs above consensus (DRIV) 39.01 +0.26 : Reports Q2 (Jun) earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 25.8% year/year to $98.4 mln vs the $91 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.47 vs. $0.45 consensus; sees Q3 revs of $98.5 mln vs. $96.51 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.00 vs. $1.90 consensus; sees FY08 revs of $410 mln vs. $401.30 mln consensus. "Our core software business continues to perform well, and our ability to translate this success into complementary verticals is paying off. We are making consistent progress extending our e-commerce services and winning new business in consumer electronics and games."

4:07PM Sequenom misses by $0.06, reports revs in-line; reaffirms FY08 revs (SQNM) 21.15 -0.56 : Reports Q2 (Jun) loss of $0.21 per share, $0.06 worse than the First Call consensus of ($0.15); revenues rose 25.5% year/year to $12.8 mln vs the $12.7 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $50-53 mln vs. $51.79 mln consensus. Net loss for FY08 is expected to be $34-36 mln as compared to the previously announced guidance of $30-33 mln; the expected increased loss is primarily reflective of increased stock-based compensation expenses due to the recent increase in our stock price in conjunction with new employee stock option awards, as well as projected legal expenses

4:06PM First Solar beats by $0.27, beats on revs (FSLR) : Reports Q2 (Jun) earnings of $0.85 per share, $0.27 better than the First Call consensus of $0.58; revenues rose 57.2% year/year to $267 mln vs the $216.9 mln consensus.

4:05PM Itron beats by $0.20, beats on revs; guides Q3 revs in-line; raises Y08 guidance range (ITRI) 91.78 -1.20 : Reports Q2 (Jun) earnings of $1.02 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $0.82; revenues rose 27.9% year/year to $514 mln vs the $478.1 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $465-480 mln vs. $471.55 mln consensus. Co raises guidance range for FY08, sees EPS of $3.35-3.50, compared to previous guidance of $3.25-3.45, vs. $3.38 consensus; sees FY08 revs of $1.91-1.95 bln, compared to previous guidance of $1.88-1.93, vs. $1.92 bln consensus.

4:03PM ManTech beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY08 EPS above consensus, revs above consensus (MANT) 56.63 +1.30 : Reports Q2 (Jun) earnings of $0.62 per share, $0.02 better than the First Call consensus of $0.60; revenues rose 33.4% year/year to $465 mln vs the $442.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.63-0.66 vs. $0.62 consensus; sees Q3 revs of $473-488 mln vs. $450.04 mln consensus. Co raises guidance for FY08, sees EPS of $2.46-2.53 vs. $2.44 consensus, up from $2.37-2.47; raises FY08 revs to $1.85-1.88 bln vs. $1.79 bln consensus, up from $1.74-1.80 bln.