Earnings - 3rd March 2009

4:05PM Masimo beats by $0.07, beats on revs; guides FY09 revs in-line (MASI) 23.00 +0.65 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.17; revenues rose 19.9% year/year to $83.1 mln vs the $80.4 mln consensus. Co issues guidance for FY09, sees EPS of $0.83-0.87, including a reduction in y/y royalty payments, may not be comparable to $0.81 consensus; sees FY09 revs of $352-361 mln vs. $357.32 mln consensus.

4:02PM Netezza beats by $0.05, beats on revs (NZ) 5.80 +0.04 : Reports Q4 (Jan) earnings of $0.09 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.04; revenues rose 28.1% year/year to $50.6 mln vs the $49.8 mln consensus. "We believe that we have positioned the company for substantial growth when the external macro conditions improve. However, while our very near term visibility remains good, we are not in a position to comment on the year's outlook, given the macro economic uncertainty that is evident today in the marketplace."

4:02PM Wilson Greatbatch beats by $0.13, beats on revs; guides FY09 revs in-line (GB) 17.56 -0.47 : Reports Q4 (Dec) earnings of $0.50 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.37; revenues rose 73.7% year/year to $146.6 mln vs the $132.2 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $550-600 mln vs. $571.35 mln consensus.

9:38AM ReneSola sees Q4 revs $157-159 mln vs $153.63 mln First Call consensus and sees FY09 revs $650-700 mln vs $759.09 mln First Call consensus (SOL) 2.47 +0.26 : Co estimates Q4 2008 net revenues in the range of $157-159 mln and production output of ~112 megawatts (MW). For the fourth quarter 2008, co expects to record write-downs of ~$130-$140 mln against the net realizable value of inventories as a result of the rapid decrease in the market price and value of feedstock such as polysilicon and scrap silicon materials, work in progress materials and finished solar wafers. As a result of the write-downs, co expects to report a net loss in the range of $125-$130 mln for the quarter. Co also sees FY09 revs of $650-700 mln vs $759.09 mln First Call consensus... "We have witnessed significant downward pressure on wafer ASPs and gross margin since late 2008 as industry demand has been negatively impacted by the broader repercussions of the financial crisis and seasonality... The price recalibrations witnessed from the fourth quarter of 2008 have resulted in margin compression and inventory write-downs for many participants in the industry. However, the affordability, competitiveness and popularity of solar energy should rise exponentially as solar generated electricity nears grid parity. Despite recent challenges, we remain confident in the mid- to long-term prospects of the industry and believe that ReneSola is well positioned to ride out the storm through our continual focus on cost reduction, prudent expansion in line with market demand, solid cash position, and significant pre-sold output for the year."

7:04AM Trina Solar beats by $0.01, beats on revs (TSL) 5.96 : Reports Q4 (Dec) loss of $0.03 per share, $0.01 better than the First Call consensus of ($0.04); revenues rose 113.3% year/year to $216.3 mln vs the $201.3 mln consensus. While the co typically provides a range of guidance for future performance, the current global economic and financial climate makes such predictions difficult. For the first quarter of 2009, the co expects to ship between 50 MW to 55 MW of PV modules. The co believes gross margin for the first quarter will likely be between 15% and 17%. For the full year of 2009 the co expects total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008.

7:03AM Seaspan beats by $0.02, beats on revs (SSW) 7.75 : Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.29; revenues rose 14.0% year/year to $62.7 mln vs the $61.3 mln consensus.

7:03AM AutoZone beats by $0.18, beats on revs (AZO) 140.03 : Reports Q2 (Feb) earnings of $2.03 per share, $0.18 better than the First Call consensus of $1.85; revenues rose 8.1% year/year to $1.45 bln vs the $1.38 bln consensus. Co said, "During these challenging economic times, we believe our merchandise and service offerings provide a compelling shopping experience for both our do-it-yourself and professional customers. We remain committed to growing our business through a relentless focus on customer service, continual refinement of our product offerings and ongoing improvements to grow our commercial sales, all while managing our expenses appropriately. At the end of the second quarter, our balance sheet was in excellent condition, and we remain committed to our disciplined approach of growing operating earnings while utilizing our capital effectively".

5:16AM Superior Well Services beats by $0.01, beats on revs (SWSI) 4.65 : Reports Q4 (Dec) earnings of $0.48 per share, $0.01 better than the First Call consensus of $0.47; revenues rose 70.3% year/year to $161.7 mln vs the $140.5 mln consensus.

1:15AM Petroleum Development beats by $0.19, beats on revenue (PETD) 11.01 : Reports Q4 (Jan) earnings of $0.76 per share, excludes items, $0.19 better than the First Call consensus of $0.57; revenues increased 105% year/year to $195.41 mln vs the $140.4 mln consensus. Q408 production increased 11% to 11.3 Bcfe compared to Q308 production of 10.2 Bcfe.

12:53AM First Ind. Rlty reports Q4 (Dec) results, beats on revs; guides FY09 FFO above consensus (FR) 2.10 : Reports Q4 (Dec) funds from operations of $0.52 per share, may not be comparable to the First Call consensus of ($0.17); revenues rose 44.3% year/year to $145.4 mln vs the $83.8 mln consensus. Under the co's prior definition of funds from operations (FFO), First Industrial's fourth quarter FFO was $(0.89) per share/unit on a diluted basis, compared to $1.22 per share/unit last year. Co issues upside guidance for FY09, sees FFO of $1.34-1.44, excluding non-recurring items, vs. $1.20 consensus.

Comments- FR, Debt laiden, however, the FFO is still positive and stock is wayyy too oversold. At somepoint, REITs will be a great short-sqeeze trade. Keep watching. 

Earnings - 24th July 2008 (1)

6:39AM Medco Health Solutions beats by $0.02, beats on revs; guides FY08 EPS in-line (MHS) 46.86 : Reports Q2 (Jun) earnings of $0.56 per share, $0.02 better than the First Call consensus of $0.54. Co raises their FY08 guidance to $2.30-2.33 (vs. $2.31 consensus), up from $2.27-2.31.

6:36AM Strayer Education beats by $0.03, beats on revs; guides Q3 EPS above consensus (STRA) 205.88 : Reports Q2 (Jun) earnings of $1.50 per share, $0.03 better than the First Call consensus of $1.47; revenues rose 24.1% year/year to $97.9 mln vs the $96.9 mln consensus. Enrollment at Strayer University for the 2008 summer term increased 20% to 34,176 students compared to 28,461 students for the same term in 2007. Across the Strayer University campus and online system, continuing student enrollments increased 21%, while new student enrollments increased 17%. Global online students increased 51%. Students taking 100% of their classes online (including campus based students) increased 23%. The total number of students taking at least one class online increased 22% to 25,166. Co issues upside guidance for Q3, sees EPS of $0.79-0.81 vs. $0.75 consensus.

6:33AM Dow Chemical misses by $0.04, beats on revs (DOW) 34.24 : Reports Q2 (Jun) earnings of $0.81 per share, $0.04 worse than the First Call consensus of $0.85; revenues rose 23.5% year/year to $16.38 bln vs the $14.89 bln consensus.

6:32AM Kinetic Concepts beats by $0.05, beats on revs; guides FY08 revs above consensus (KCI) 41.81 : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.93; revenues rose 16.5% year/year to $462.1 mln vs the $447.3 mln consensus. Co issues guidance for FY08, sees GAAP EPS of $2.47-2.57, may not be comparable to $3.79 consensus; sees FY08 revs of $1.917-1.947 bln vs. $1.85 bln consensus.

6:30AM EnCana beats by $0.12, beats on revs (ECA) 72.62 : Reports Q2 (Jun) earnings of $1.96 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.84; revenues rose 30.4% year/year to $7.32 bln vs the $5.95 bln consensus. Co raises Y08 cash flow guidance to $10-11 bln. Co raises natural gas production forecast by 70 MMcf/d to 3.85 Bcf/d.


6:22AM Potash beats by $0.21, beats on revs (POT) 200.69 : Reports Q2 (Jun) earnings of $2.82 per share, $0.21 better than the First Call consensus of $2.61; revenues rose 93.7% year/year to $2.62 bln vs the $2.55 bln consensus. Quarterly potash gross margin of $886.4 mln was 240% higher than the $260.4 mln of last year's second quarter and approached FY07's gross margin, reflecting the benefit of rising prices.

6:16AM Newmont Mining beats by $0.04, beats on revs (NEM) 46.95 : Reports Q2 (Jun) earnings of $0.51 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.47; revenues rose 19.3% year/year to $1.52 bln vs the $1.46 bln consensus.

6:14AM Air Methods issues downside Q208 EPS guidance (AIRM) 30.69 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.38-0.41 vs. $0.65 First Call consensus. Based on preliminary Q208 results, total community-based patient transports were 11,635. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased 651 transports or 7%, while weather cancellations for these same bases increased by 459 transports compared with the prior-year quarter. Co also announces that fuel costs per community-based patient transport were 58% higher than during the prior-year quarter. Based on patients transported during the current-year quarter, this increase resulted in approx $1.8 mln in increased fuel costs.

6:08AM RadioShack beats by $0.09, beats on revs (RSH) 14.02 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.26; revenues rose 6.4% year/year to $995 mln vs the $908.5 mln consensus. Co reports Q208 comparable store sales increased 6.9% vs Q207. Co announces $200 mln share repurchase program has been authorized.

6:04AM Starwood Hotels beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus (HOT) 39.82 : Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.52; revenues rose 0.1% year/year to $1.57 bln vs the $1.49 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.52-0.57, excluding non-recurring items, vs. $0.66 consensus. Co issues downside guidance for FY08, sees EPS of $2.17-2.32, excluding non-recurring items, vs. $2.44 consensus.


5:11AM Smith Intl beats by $0.02, beats on revs (SII) 79.68 : Reports Q2 (Jun) earnings of $0.91 per share, $0.02 better than the First Call consensus of $0.89; revenues rose 18.0% year/year to $2.49 bln vs the $2.38 bln consensus.

5:09AM Thermo Fisher beats by $0.02, beats on revs (TMO) 58.78 : Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.77; revenues rose 13.6% year/year to $2.71 bln vs the $2.62 bln consensus.

3:48AM VASCO Data Security beats by $0.05, beats on revs; reduces FY08 revenue growth percentage guidance (VDSI) 11.48 : Reports Q2 (Jun) earnings of $0.20 per share, $0.05 better than the First Call consensus of $0.15; revenues rose 9.3% year/year to $35.4 mln vs the $34.2 mln consensus. Co projects revenue growth of 15% to 25% for FY08 over FY07, a reduction from its previous guidance of 10 percentage points in each end of the range. Projects gross margins as a percentage of revenue of 60% to 68% for FY08, which is unchanged from previous guidance, and operating margins as a percentage of revenue of 20% to 25% for FY08, which is also unchanged from previous guidance.


2:34AM Suncor Energy beats by $0.17 (SU) 52.90 : Reports Q2 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.71. The increase in earnings was primarily due to improved price realizations on oil sands products as benchmark crude prices rose to historically high levels, and strong results from natural gas operations. This was partially offset by lower oil sands production, increased operating expenses and purchases in the oil sands business, and reduced margins in the refining and marketing business.

1:25AM Syngenta reports 2H08 results (SYT) 53.67 : Co reports Sales were up 20% at constant exchange rates to $7.3 bln. Crop Protection sales were up 21% at $5.55 bln. Seeds sales increased 15% to $1.74 bln. EPS increased 36% to $16.53. EPS was $15.93 after restructuring and impairment.

1:17AM Petro-Canada increases quarterly dividend 54% to $0.20 (PCZ) 46.13 : The dividend will be payable on October 1, 2008 to shareholders of record at the close of business on September 3, 2008.


1:04AM Range Resources misses by $0.06, beats on revs (RRC) 54.12 : Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.54; revenues rose 62.5% year/year to $347.6 mln vs the $316.9 mln consensus.

12:54AM Newfield Expl beats by $0.08, beats on revs (NFX) 52.00 : Reports Q2 (Jun) earnings of $1.06 per share, excluding commodity derivatives loss, $0.08 better than the First Call consensus of $0.98; revenues rose 31.4% year/year to $691 mln vs the $538 mln consensus.

12:40AM First Ind. Rlty beats by $0.02, beats on revs; guides Q3 FFO below consensus; reaffirms upside FY08 FFO (FR) 29.44 : Reports Q2 (Jun) funds from operations of $1.16 per share, $0.02 better than the First Call consensus of $1.14; revenues rose 13.7% year/year to $130.8 mln vs the $101.4 mln consensus. Co issues downside guidance for Q3, sees FFO of $1.08-1.18 vs. $1.21 consensus. Co reafirms upside guidance for FY08, sees FFO of $4.70-5.00 vs. $4.67 consensus.

12:00AM Qualcomm reports EPS in-line, beats on revs (QCOM) 44.82 : Reports Q3 (Jun) earnings of $0.55 per share, excluding the Qualcomm Strategic Initiatives segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process research and development expense, in-line with the First Call consensus of $0.55; revenues rose 18.6% year/year to $2.76 bln vs the $2.71 bln consensus.