Earnings - 8th June 2009

8:40AM Diodes raises Q2 guidance due to continued improvement in demand and order rates (DIOD) 15.68 : Co raises Q2 guidance due to continued improvement in demand and order rates, primarily in Asia, the Company is raising its previous guidance and now expects Q2 revenue to increase 22-30% over Q1 revenue (which calc to revs ~$95.22-101.47 mln vs $93.47 mln First Call consensus), up from prior guidance of 14-22%. Co is also raising its guidance for gross margin and now expects Q2 gross margin to be ~24 to 28% versus the prior guidance of 20 to 24%. The revenue increase is driven primarily by demand for the products utilized in equipment such as LCD televisions and panels, set-top boxes, mobile handsets and netbooks as well as the production ramp up of previous design wins, which are leading to market share gains. Co continues to expect operating expenses to be in line with Q1 2009 levels. In accordance with FSP APB 14-1, GAAP results will include ~$2.2 million of non-cash interest expense from the amortization of debt discount related to the Company's Convertible Senior Notes. In addition, the Company expects income tax expense to be ~$2.0 to 2.5 million as the effective tax rate for Q2 of 2009 is based on improved profitability from Q1 of 2009 and will include non-cash U.S. income tax expense associated with repatriating earnings of foreign subsidiaries to the U.S. parent during Q1 of 2009.

1:45AM General Mills sees FY09 EPS above previous guidance; provides early outlook on FY10 sales expectations (GIS) 52.16 : In anticipation of meetings with European investors this week, co says that its current estimates of FY09 EPS exceed the most recent guidance of $3.87 to $3.89 excluding certain items (First Call consensus: $3.90). Preliminary year-end estimates exceed the co's prior 2009 EPS guidance by several cents, reflecting good operating performance and a lower fourth-quarter tax rate. Co also commented on reported net sales expectations for its three major business segments in fiscal 2010, which will include 52 weeks. General Mills said that its U.S. Retail business segment has demonstrated strong growth in fiscal 2009. Through the first nine months, reported net sales grew 10% with pound volume increasing 4%. The rate of U.S. Retail net sales growth is expected to moderate in 2010 from the levels seen in 2009 when significant input cost inflation necessitated stronger pricing actions by food manufacturers. General Mills currently anticipates that 2010 input cost inflation will be quite low, and that its net sales growth will be volume driven with little contribution from pricing. For General Mills' International segment, foreign currency exchange is expected to have a negative impact on reported results in fiscal 2009 and 2010. Through the first nine months of 2009, International segment net sales grew at a 10% rate on a constant-currency basis, but translation effects reduced reported net sales growth by 6 percentage points to 4%. General Mills affirmed that in 2010, the co expects its International segment to record strong sales growth on a constant-currency basis. The Bakeries and Fooservice segment says it is on track to meet its 2009 profit target. Co currently expects 2010 reported net sales for its Bakeries and Foodservice segment will be below 2009 levels. Underlying business trends are expected to show continued good sales growth for branded product lines. General Mills said it would provide specific guidance for its 2010 financial targets on July 1, but the co expressed comfort with the current Reuters mean consensus EPS estimate of $4.15 for FY10.

Earnings - 17th Dec 2008

4:39PM Nordson beats by $0.19, beats on revs; guides Q1 EPS below consensus, revs below consensus (NDSN) 32.80 +1.76 : Reports Q4 (Oct) earnings of $1.00 per share, excluding $0.10 per share charge related to previously announced severance and restructuring activity, $0.19 better than the First Call consensus of $0.81; revenues rose 2.5% year/year to $298 mln vs the $288.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.18-0.29, excluding non-recurring items, vs. $0.52 consensus; sees Q1 revs of $186.0-195.8 mln vs. $220.08 mln consensus.

4:18PM Nike beats by $0.02, misses on revs (NKE) 50.64 +1.00 : Reports Q2 (Nov) earnings of $0.80 per share, $0.02 better than the First Call consensus of $0.78; revenues rose 6.0% year/year to $4.6 bln vs the $4.69 bln consensus. The co reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from December 2008 through April 2009, totaling $6.7 bln, 1% lower than such orders reported for the same period last year. Excluding the effect of changes in foreign currency exchange rates, reported orders grew 6%... By region, futures orders for the U.S. were up 6%; EMEA (which includes Europe, the Middle East and Africa) decreased 13%; Asia Pacific increased 11% and the Americas grew 6%. By region, changes in currency exchange rates decreased reported futures orders growth by 12 percentage points in Europe; by 1 percentage point in Asia Pacific; and by 20 percentage points in the Americas region.

4:15PM Ryder System announces strategic initiatives; workforce reduction; guides Q4 to low end of previous range (R) 36.60 +1.95 : Co announced several strategic and tactical initiatives to address current global economic conditions and drive long- term profitable growth. The initiatives include discontinuing current operations in several international markets and eliminating positions primarily in the U.S., to align costs with current and anticipated levels of business. In addition, the Company is responding to near-term challenges in the overall economy by eliminating approximately 700 positions primarily in the U.S. In total, the Company expects the fourth quarter 2008 pre-tax charges to be approximately $60 million to $67 million (approximately $53 million to $60 million, after-tax). "We expect fourth quarter 2008 earnings per share, excluding restructuring and other charges, to be at the low end of our previously established range of $1.03 to $1.13." (vs $0.86 First Call consensus)

4:13PM Atheros Communications lowers Q4 EPS and revs below consensus (ATHR) 15.99 +1.16 : Co lowers Q4 EPS to $0.14-0.19, ex-items, vs $0.35 consensus, down from $0.36-0.40; lowers revs to $95-100 mln vs $130.6 mln consensus, down from flat to down 5% sequentially, which equates to ~$131.2-138.1 mln. Co says, "The economic environment deteriorated significantly throughout Q4 and consumer demand across multiple geographies weakened. Additionally throughout the supply chain there have been aggressive reductions in inventory levels as the quarter progressed resulting in order cancellations and rescheduling of existing backlog. While we anticipated a weakening economy in the fourth quarter, demand from our PC OEM channel and to a lesser extent, our networking channel, slowed considerably more than expected."

4:05PM Paychex misses by $0.01, misses on revs; guides FY09 revs in-line (PAYX) 26.61 -0.01 : Reports Q2 (Nov) earnings of $0.39 per share, $0.01 worse than the First Call consensus of $0.40; revenues rose 3.2% year/year to $524.2 mln vs the $533 mln consensus. Co issues guidance slightly below consensus for FY09, sees FY09 revs growing 2-4% or to ~$2.11-2.15 bln vs. $2.18 bln consensus. "During the second quarter, the effects of the credit crisis and weakening economic conditions were clearly seen in our financial results. While the credit crisis reduced the returns on our investment portfolios, we managed our investments in a manner that protected principal and ensured we met the liquidity needs of our clients each and every day. The weakening economy was apparent in many of our key financial indicators. Over the past six months, we experienced companies going out of business increasing 12%, new business starts declining 13%, checks per client decreasing 1.5%, and we saw lower levels of new hire reporting."

4:01PM Herman Miller beats by $0.01, misses on revs (MLHR) 14.23 +0.24 : Reports Q2 (Nov) earnings of $0.60 per share, $0.01 better than the First Call consensus of $0.59; revenues fell 5.8% year/year to $476.6 mln vs the $486.9 mln consensus.

8:09AM Morgan Stanley reports wider than expected loss (MS) 16.13 : Reports Q4 (Nov) loss of $2.24 per share, $1.90 worse than the First Call consensus of ($0.34) (analyst EPS estimates ranged from -$1.15 to +$0.50). Net revenues were $1.8 bln, compared with negative $0.4 bln in last year's fourth quarter. Total capital as of November 30, 2008 was $192.3 bln, including $61.1 bln of common equity, preferred equity and junior subordinated debt issued to capital trusts. As of November 30, 2008, the Company has repurchased 39 mln shares of its common stock during this fiscal year as part of its capital management share repurchase program and book value per common share was $30.24, based on 1.0 bln shares outstanding. On December 16, 2008, the Board of Directors of Morgan Stanley approved a change in the Firm's fiscal year end from November 30 to December 31 of each year. This change to a calendar year reporting cycle will begin January 1, 2009... Co says it is targeting an additional $2 bln in cost savings including the annualized effect of the previously announced headcount reductions and additional non-compensation expense savings. Co also announces it is launching a Retail Banking Group and recruiting veteran senior bankers Cece S. Sutton and Jonathan W. Witter to lead the business and to build bank deposits leveraging Morgan Stanley's existing retail banking capabilities and financial holding company structure. The Company announced that its Board of Directors declared a $0.27 quarterly dividend per common share.

8:01AM Lindsay Corp misses by $0.01, beats on revs (LNN) 38.30 : Reports Q1 (Nov) earnings of $0.51 per share, $0.01 worse than the First Call consensus of $0.52; revenues rose 49.0% year/year to $113.1 mln vs the $94.1 mln consensus. Lindsay's backlog of unshipped orders at November 30, 2008 was $40.1 million compared with $51.2 million at November 30, 2007. Irrigation backlog of $23.8 million decreased $6.1 million ($9.0 million prior to the inclusion of Watertronics) from the first quarter of fiscal 2008, and decreased $47.9 million from August 31, 2008. Infrastructure backlog of $16.3 million decreased $5.0 million from the first quarter of fiscal 2008 and decreased $4.3 million from the fiscal 2008 year-end.

7:34AM Schnitzer Steel expects to report a Q1 net loss due to a $60 mln write down of
inventories; consensus is for EPS of $0.30 (SCHN) 35.96 : Schnitzer Steel expects to report a Q1 (Nov) net loss vs $0.30 consensus, resulting from a $60 mln write down of inventories. A number of renegotiations, deferrals and cancellations of customer contracts have been experienced, this led to lower sales volumes and reduced sales prices. This is anticipated to result in a non-cash write down of the value of the co's Metals Recycling and Steel Manufacturing inventories by an amount currently estimated to be in the range of $60 million. Co says "While we will be reporting a first quarter net loss, we are encouraged by the fact that the financial results for our Metals Recycling and Steel Manufacturing Businesses are expected to be approximately breakeven prior to the inventory write downs." The co is making this announcement due to the unprecedented market conditions in which it is operating. The co does not plan to provide any further updates prior to Jan 8, 2009. In the future, the co does not intend to provide updated guidance except when it releases full quarterly results.

7:32AM ConAgra beats by $0.06, beats on revs; reaffirms FY09 EPS guidance (CAG) 15.05 : Reports Q2 (Nov) earnings of $0.43 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.37; revenues rose 10.6% year/year to $3.26 bln vs the $3.16 bln consensus. Co reaffirms guidance for FY09, sees EPS of slightly above $1.50, excluding non-recurring items, vs. $1.43 consensus.

7:30AM Newell Rubbermaid cuts Q4 and FY08 EPS guidance (NWL) 13.18 : Co announces that in light of the continuing significant deterioration of global economic conditions and the resulting impact on many of its retail customers, particularly in recent weeks, it now sees Q4 EPS of $0.06-$0.10 (vs $0.32 consensus), down from its previous range of $0.29-$0.34. For FY08, the cut their EPS range to a range of $1.17-$1.21 (vs $1.43 consensus) from the previous range of $1.40-$1.45. The co also said that net sales for Q4 are expected to show a year over year decline in the low teens percentage range. The company anticipates it will generate full year operating cash flow of $375 to $400 million, in line with previous guidance. "We are seeing extraordinary volatility, weaker than expected demand, and customer inventory reductions across virtually all geographies and market segments, with trends worsening as we near the end of our fourth quarter."

7:06AM General Mills beats by $0.13, reports revs in-line; guides FY09 EPS slightly above prior range (GIS) 61.25 : Reports Q2 (Nov) earnings of $1.36 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.23; revenues rose 8.3% year/year to $4.01 bln vs the $4.01 bln consensus. Co issues guidance for FY09, sees EPS of $3.83-3.87 vs. $3.89 consensus, prior range $3.81-3.85.

7:02AM Joy Global beats by $0.03, beats on revs; guides FY09 EPS & revs below consensus (JOYG) 22.66 : Reports Q4 (Oct) earnings of $1.11 per share, $0.03 better than the First Call consensus of $1.08; revenues rose 40.2% year/year to $1.03 bln vs the $1.01 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.60-4.00 vs. $4.20 consensus; co sees revs of $3.5-3.7 bln vs $3.98 bln consensus.

6:32AM Magellan Health issues in-line guidance for FY09 (MGLN) 32.50 : Co issues in-line guidance for FY09 (Dec), sees EPS of $1.96-2.51 vs. $2.02 First Call consensus; sees FY09 (Dec) revs of $2.5-2.6 bln vs. $2.44 bln consensus. Cash flow from operations is expected to be in the range of $129 million to $178 million in 2009, with a net increase in cash, cash equivalents and unrestricted investments of $96 million to $157 million by the end of 2009, excluding the impact of any further share repurchases.

Earnings - Sept 17 2008

4:01PM Herman Miller beats by $0.05, misses on revs; guides Q2 EPS in-line, revs in-line (MLHR) 26.87 -0.76 : Reports Q1 (Aug) earnings of $0.60 per share, $0.05 better than the First Call consensus of $0.55; revenues fell 2.6% year/year to $479.1 mln vs the $489 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.59-0.66 vs. $0.64 consensus; sees Q2 revs of $490-515 mln vs. $502.76 mln consensus. Co said, that these estimates reflect both a challenging U.S. demand picture and the rising commodity costs previously discussed, offset partially by the favorable impacts of the price increase and a lower share count.

9:11AM Constellation Energy affirms bank commitment for $2 bln credit facility, reiterates limited exposure to financial services sector, reaffirms Q3 and FY08 EPS guidance, and confirms strategic alternatives (CEG) 30.76 : Co reaffirms its Q3 EPS guidance of $0.83-$0.99 vs First Call conensus of $0.98 and reaffirms its FY08 EPS guidance of $5.25-$5.75 vs First Call consensus of $5.47. CEG also announces that the sponsoring banks have confirmed that the firm, underwritten commitment for an additional $2 bln credit facility announced on Aug 27, 2008, remains in effect. CEG also confirms that it has retained Morgan Stanley and UBS to act in an advisory capacity to evaluate strategic alternatives. The company and its advisors are in active discussions with potential strategic partners. CEG also reinforced that its credit exposure to financial institutions is limited. The company's estimated aggregate credit exposure, net of collateral, to these financial institutions was approx $120 mln, with no single financial institution representing more than $28 mln of net credit risk exposure.

8:19AM Brady beats by $0.02, beats on revs; guides FY09 EPS below consensus, revs below consensus (BRC) 35.65 : Reports Q4 (Jul) earnings of $0.64 per share, $0.02 better than the First Call consensus of $0.62; revenues rose 9.4% year/year to $396.8 mln vs the $385.7 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.54-2.63 vs. $2.69 consensus, down from $2.63-2.75 previously; sees FY09 revs of $1.52-1.55 bln vs. $1.57 bln consensus, down from $1.56-1.59 bln previously.

7:32AM Somanetics beats by $0.03, reports revs in-line; reaffirms FY08 revs guidance (SMTS) 22.03 : Reports Q3 (Aug) earnings of $0.23 per share, $0.03 better than the First Call consensus of $0.20; revenues rose 22.0% year/year to $12.4 mln vs the $12.5 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $56.2-50.0 mln vs. $47.78 mln consensus.

7:08AM General Mills beats by $0.09, beats on revs; guides FY09 EPS in-line (GIS) 69.55 : Reports Q1 (Aug) earnings of $0.96 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.87; revenues rose 13.8% year/year to $3.5 bln vs the $3.28 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.81-$3.85 vs. $3.84 consensus. The co said that fiscal 2009 net sales are expected to grow at a mid single-digit rate, driven primarily by price and mix. Segment operating profits are also expected to grow at a mid single-digit rate.

Earnings - 25th June 2008

4:35PM Energen raises FY08 and FY09 EPS guidance on higher commodity price assumptions (EGN) 15.62 -0.38 : Co announced that it is raising the underlying commodity price assumptions applicable to the unhedged production of its oil and gas exploration and production unit for the remainder of 2008 and for 2009. Co sees FY08 $4.30-4.70 vs $4.50 First Call consensus, up from previous guidance of $4.15-4.55; sees FY09 $5.15-5.55 vs $5.03 First Call consensus, up from previous guidance of $4.65-5.05. Energen's revised NYMEX price assumptions for unhedged production for the rest of 2008 and for the year 2009 are $10 per thousand cubic feet of natural gas and $100 per barrel of oil; its new natural gas liquids price assumption is $1.30 per gallon for the remainder of 2008 and for 2009.

4:28PM Autodesk reaffirms Q2 guidance; narrows Q3 EPS, lowers Q3 revs; sees FY09 EPS in-line, revs above consensus (ADSK) 36.35 +0.61 : Co reaffirms Q2 EPS of $0.50-0.52 vs $0.53 consensus, sees revs of $600-610 mln vs $605.4 mln consensus; narrows Q3 EPS of $0.53-0.55 vs $0.55 consensus, from $0.53-0.56, lowers revs to $615-630 mln vs $611.8 mln consensus, down from $605-620 mln. Co sees FY09 EPS of $2.20-2.30 vs $2.25 consensus, revs of $2.48-2.53 bln vs $2.47 bln consensus. Co updated its financial guidance to reflect the anticipated effects of the acquisition of Moldflow. ADSK acquired Moldflow for $22 per share, or ~$297 million, less the amount in Moldflow's cash balance and proceeds from options exercises.

4:28PM CKE Restaurants beats by $0.04, reports revs in-line (CKR) 12.30 +0.54 : Reports Q1 (Apr) earnings of $0.31 per share, $0.04 better than the First Call consensus of $0.27; revenues fell 3.2% year/year to $466.2 mln vs the $465.5 mln consensus. Blended company-operated same-store sales for the first fiscal quarter of fiscal 2009 increased 1.8%. Same-store sales increased 3.9% at Carl's Jr. and decreased 0.6% at Hardee's company-operated restaurants.

4:20PM Nike beats by $0.02, beats on revs (NKE) 65.97 +0.00 : Reports Q4 (May) earnings of $0.98 per share, $0.02 better than the First Call consensus of $0.96; revenues rose 16.1% year/year to $5.09 bln vs the $4.95 bln consensus. "The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June 2008 through November 2008, totaling $8.8 bln, 11 percent higher than such orders reported for the same period last year. Changes in currency exchange rates increased reported orders growth by 3 percentage points."

4:17PM Bed Bath & Beyond beats by $0.03, beats on revs (BBBY) 28.57 +0.27 : Reports Q1 (May) earnings of $0.30 per share, $0.03 better than the First Call consensus of $0.27; revenues rose 6.1% year/year to $1.65 bln vs the $1.62 bln consensus. Comparable store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year's fiscal first quarter.

4:10PM Research In Motion misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs above consensus (RIMM) 142.33 +1.85 : Reports Q1 (May) earnings of $0.84 per share, $0.01 worse than the First Call consensus of $0.85; revenues rose 19.1% year/year to $2.24 bln vs the $2.27 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.84-0.89 vs. $0.90 consensus; sees Q2 revs of $2.55-2.65 bln vs. $2.44 bln consensus. RIMM Q1 (May) net Blackberry subscriber additions 2.3 mln vs. guidance of 2.20 mln. RIMM sees Q2 (Aug) net subs of 2.6 mln... The revenue breakdown for the quarter was approximately 82% for devices, 13% for service, 3% for software and 2% for other revenue. During the quarter, RIM shipped approximately 5.4 mln devices. "We are pleased to report another record quarter with revenue increasing 107% as the popularity of the BlackBerry platform continued to spread in business, government and consumer segments. Our comprehensive technology and business strategies continue to reap strong results in the market and RIMM is well positioned to build on its momentum throughout the remainder of fiscal 2009... As we prepare this summer to ship our 40 millionth BlackBerry smartphone, we continue to steadily scale our business and partnerships to support the opportunities ahead in this thriving sector."

4:07PM Herman Miller beats by $0.14, beats on revs; guides Q1 EPS in-line, revs in-line (MLHR) 23.99 +0.18 : Reports Q4 (May) earnings of $0.71 per share, $0.14 better than the First Call consensus of $0.57; revenues rose 7.0% year/year to $519.1 mln vs the $488.4 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.49-0.56 vs. $0.55 consensus; sees Q1 revs of $470-495 mln vs. $491.05 mln consensus. Co said, "Changing economic conditions required us to closely examine how and where we invest our resources to optimize our growth and minimize the impact of ongoing challenges in the U.S. market. As a result, we are well positioned for what we expect will continue to be a difficult near-term environment."

4:05PM Oracle beats by $0.03, beats on revs (ORCL) 22.47 +0.24 : Reports Q4 (May) earnings of $0.47 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.44; revenues rose 23.8% year/year to $7.28 bln vs the $6.85 bln consensus. "Non-GAAP operating margins were up 200 basis points in FY08 to a record 43.0%. Non-GAAP earnings per share were up 29% for the year and non-GAAP EPS has tripled over the last five years. Oracle has delivered solid results year-after-year." "Oracle's application new software license revenues grew 38% in FY08, while SAP's new software license revenues grew only 13% in their most recent fiscal year. This is the third consecutive year we've taken applications market share from SAP." "Four years ago we publicly announced a five year plan to deliver non-GAAP earnings per share at a compound annual growth rate of 20%. During the past four years we exceeded our plan and delivered a non-GAAP EPS CAGR of over 26%."

4:03PM Red Hat reports EPS in-line, beats on revs (RHT) 22.21 +0.72 : Reports Q1 (May) earnings of $0.18 per share, excluding non-recurring items, in-line with the First Call consensus of $0.18; revenues rose 52.0% year/year to $156.6 mln vs the $153 mln consensus.

11:23AM Industrial Services sees Q2 EPS of $0.42-0.44 vs $0.22 a year ago (IDSA) 15.99 +1.66 : Co provides financial guidance for the second quarter and first six months of 2008. Based on actual results from the first two months of the period and on projected trends, the company said Q2 2008 earnings are expected to be in the range of $0.42-0.44 per share vs $0.22 a year ago. For the first six months of 2008, co estimates EPS of $0.72-0.74 vs $0.44 a year ago. "Global demand for commodities continues to be strong, as does pricing for ferrous and non-ferrous materials. We are well positioned to benefit from these demand and pricing trends."

9:13AM Airmedia raises Q2 rev guidance above consensus (AMCN) 13.47 : Co issues upside guidance for Q2 (Jun), raises Q2 (Jun) revenue guidance to $29-30 mln from $26-28 mln vs. $26.86 mln First Call consensus. Co said that despite the impact of the Sichuan earthquake and the slowdown of air passenger volume growth, they are able to raise guidance due to stronger than expected results of all products lines, especially the digital frame business

8:10AM Monsanto beats by $0.11, misses on revs; guides FY08 EPS above consensus (MON) 135.79 : Reports Q3 (May) earnings of $1.45 per share, $0.11 better than the First Call consensus of $1.34; revenues rose 26.2% year/year to $3.59 bln vs the $3.71 bln consensus. Co raised guidance for FY08, sees EPS of ~$3.40 vs. $3.39 consensus, up from $3.15-3.25. Co now expects that its free cash flow for fiscal year 2008 will be $550 million. The co expects net cash provided by operating activities to be in the range of $2.6 bln. As part of today's announcement, MON also published a preliminary report on the co's biotech trait acreage for fiscal year 2008 on its website.

8:06AM Dean Foods guides Q2 EPS above consensus; reaffirms FY08 guidance (DF) 18.39 : Co issues upside guidance for Q2 (Jun), sees EPS of at least $0.32, excluding non-recurring items, vs. $0.29 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of at least $1.20 vs. $1.25 consensus. Co said, "Our DSD Dairy business is performing particularly well in the second quarter... Our team's efforts to reduce the cost of production and distribution, combined with effective management of the pass through of increased dairy commodity and energy costs through this inflationary period, is resulting in a strong overall performance in the second quarter."

7:37AM Williams Cos raised FY08 and FY09 EPS guidance above consensus (WMB) 39.13 : Co raises FY08 EPS guidance to $2.30-2.80 vs $2.21 consensus, up from prior $1.70-2.10; raises FY09 EPS to $2.05-2.90 vs $2.48 consensus, up from $1.80-2.30. Co says, "The increase in earnings guidance primarily reflects the co's more favorable outlook for commodity prices during 2008 and 2009. The more favorable prices are expected to benefit the company's exploration & production and midstream businesses. A chart attached to the end of this press release includes the guidance updates for the business segments and WMB in total. For 2008 the company now expects unhedged natural gas prices ranging from $9.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $100-120 per barrel (West Texas Intermediate). For 2009, the co now expects unhedged natural gas prices ranging from $8.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $80-120 per barrel (WTI). WMB also is updating its capital expenditure guidance for 2008 and 2009. The new range for 2008 is $3.03-3.38 bln, up from the previous range of $2.6-2.95 bln. For 2009, the new range is $2.63-3.03 bln, compared with the previous range of $2.3-2.7 bln.

7:31AM EMCOR Group raises guidance for FY08 (EME) 27.75 : Co raises guidance for FY08 (Dec), to EPS of $2.22-2.42 from $2.08-2.28 vs. $2.31 First Call consensus; raises FY08 (Dec) revenue guidance to $6.8-7.0 bln from $6.3-6.5 bln vs. $6.76 bln consensus. The increased guidance reflects continuing indications of strong demand for the Company's services in many of its markets.

7:02AM Rockwell Automation guides Q3 below consensus; will not meet previous FY08 guidance (ROK) 52.19 : Co issues downside guidance for Q3 (Jun), sees EPS of $0.93-1.00 vs. $1.13 First Call consensus. Given the expected third quarter earnings, and what appear to be less favorable market conditions in the U.S. and Europe, the Company no longer believes that full year EPS will fall within the previous annual guidance range of $4.25-4.45 (consensus $4.29).

6:32AM General Mills reports EPS in-line, beats on revs; guides FY09 EPS below consensus (GIS) 62.40 : Reports Q4 (May) earnings of $0.73 per share, excluding non-recurring items, in-line with the First Call consensus of $0.73; revenues rose 13.4% year/year to $3.47 bln vs the $3.37 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.78-3.83 vs. $3.84 consensus.

Earnings - 18th June 2008

6:30PM USANA raises Q2 EPS and revs above consensus (USNA) 25.99 +0.05 : Co raises Q2 EPS to $0.60-0.63 vs $ 0.48 consensus, up from $0.48-0.51; raises revs to $107-109 mln vs $103.9 consensus, up from $103-106 mln. Co says "the higher than expected net sales increase can primarily be attributed to better than expected results from promotional and incentive programs offered during Q2. The success of these programs has boosted results in both the North America and Asia Pacific regions. The expected increase to EPS is primarily due to higher than expected sales and decreased Selling General and Administrative expense."

5:02PM John Wiley reports Q4 EPS and revs above consensus (JW.A) 46.79 -0.15 : JW.A reports Q4 EPS of $0.49 vs $0.35 First Call consensus and revs of $433 mln vs $427.14 mln First Call consensus. On the Higher Education segment, online sales directly to students grew significantly during the year. Blackwell Q4 revs increased to $138 million from $106 million in the same period of the previous year. The improvement was principally driven by increased subscription revenue and higher backfile sales.

4:13PM Coventry Health Care issues quarterly and full year 2008 guidance well below consensus (CVH) 40.00 -0.97 : Co gives 2008 guidance below consensus, now sees sees Q2 EPS of $0.55-0.57 vs $1.04 First Call consensus. Sees Q3 EPS of $1.05-1.09 vs $1.22 First Call consensus. Co now sees FY08 EPS of $3.65-3.75 vs $4.43 First Call consensus, down from $4.44 prior guidance; sees FY08 consolidated revs of $11.8-12.045 bln vs $12.31 bln First Call consensus. Based upon a review of each line of business, the co has observed and quantified the following developments contributing to the revised expectations and guidance: 1) Medicare Advantage Medical Loss Ratio (M.L.R.): The co expects the 2008 Medicare Advantage medical loss ratio to be between 85.5% and 85.9%, an increase of approximately 300 to 340 bps from the Company's prior estimate. The driver of this change is the Company's Medicare Advantage Private Fee-for-Service business. The Company has received a much higher than expected level of PFFS claims related to prior periods, which is inconsistent with claims submission patterns of network-based Medicare Advantage products... 2) Commercial Group Risk M.L.R.: The commercial group risk M.L.R. is being pressured by higher than expected levels of outpatient utilization and, to a lesser extent, a higher than expected inpatient unit cost trend caused by an increased severity level of facility claims. The Company's revised 2008 health plan commercial group risk M.L.R. forecast is approximately 80.3% versus previous guidance of approximately 78.8%... 3) Other Modifications: The co is revising its revenue outlook from a midpoint of 23.9% growth over the prior year to a midpoint of 20.7%. The reduction in risk revenue guidance is primarily driven by the full year outlook on commercial group risk membership which is expected to be down by approximately 4.0% from prior year (although slightly up for the remainder of 2008 as compared to Q108), and an anticipation of Medicare Advantage membership growth in 2008 of approximately 90,000 members compared to a previous forecast for growth of 100,000 members. "We have implemented corrective actions that we anticipate will put us back on an acceptable EPS growth path for 2009 and beyond."

4:05PM Casella Waste beats by $0.04, beats on revs; guides FY09 revs above consensus (CWST) 12.09 -0.42 : Reports Q4 (Apr) loss of $0.18 per share, excluding non-recurring items, $0.04 better than the First Call consensus of ($0.22); revenues rose 10.2% year/year to $139.6 mln vs the $137.7 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $610-628 mln vs. $605.67 mln consensus.

8:33AM General Mills guides Q4 & FY08 above consensus; guides FY09 in-line (GIS) 60.73 : Co issues upside guidance for Q4 (May), sees EPS of $0.73 vs. $0.68 First Call consensus. Co issues upside guidance for FY08 (May), sees EPS of $3.52 vs. $3.48 consensus; sees FY08 (May) revs of $13.7 bln vs. $13.44 bln consensus. Co issues in-line guidance for FY09 (May), sees EPS of $3.78-3.83 vs. $3.81 consensus.

7:58AM FedEx misses by $0.02, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus (FDX) 84.33 : Reports Q4 (May) earnings of $1.45 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $1.47; revenues rose 7.8% year/year to $9.87 bln vs the $9.6 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.80-1.00 vs. $1.27 consensus. Co issues downside guidance for FY09, sees EPS of $4.75-5.25 vs. $5.92 consensus. This guidance incorporates the current high fuel prices and the related impact on fuel surcharges, which are reducing demand for FedEx services and impacting yield across the company's transportation segments. This outlook assumes no additional increases to current fuel prices and no further weakening in the economy. Co said, "The operating environment for fiscal 2009 is expected to be very difficult due to the weak U.S. economy and extremely high fuel prices.. However, we will focus on reducing expenses and remaining cash flow positive, and will continue to take positive steps to improve the customer experience across our portfolio of services."

7:32AM Somanetics beats by $0.05, beats on revs; reaffirms FY08 guidance (SMTS) 20.55 : Reports Q2 (May) earnings of $0.21 per share, $0.05 better than the First Call consensus of $0.16; revenues rose 39.3% year/year to $12.7 mln vs the $11 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $46.2-50 mln vs. $45.79 mln consensus; reaffirms Income before income taxes in the range of $15.3-17.5 mln.

Canadian Solar raises revenue forecast (CSIQ 47.00, +4.54, +10.7%) on Tuesday raised its 2008 revenue forecast to a range of $750 million to $870 million, from its previous view of $650 million to $750 million. The Jiangsu, China-based solar panel manufacturer cited sales of its e-Module products, which will be realized in the second half of the year, for the increase. Shares of Canadian Solar closed Monday at $42.46.

12:00AM Panera Bread raises Q208 PES guidance (PNRA) 45.56 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.48-0.50 vs. $0.42 First Call consensus. The increase is driven by projected co-owned comparable bakery-cafe sales growth of 6.1% to 6.4% (versus its previously targeted range of 5% to 6%), and better than expected margin improvement on higher growth in gross profit per transaction. Panera also announces that with the continuing rise in gasoline prices, they expect an incremental $(0.02) to $(0.03) per diluted share of negative impact on the previously announced EPS target range for 2H08.