7:50PM MetLife preannounces Q3 EPS and revs below consensus; co withdraws its 2008 earnings; co announces 75 mln common stock offering (MET) 36.87 -7.45 : Co issues downside guidance; co sees Q3 operating EPS of $0.83-0.93 vs $1.48 First Call consensus, sees revs of $1.15 bln vs $1.38 bln consensus. The co's range of operating earnings for Q3 of 2008 primarily reflects: A decline in variable investment income, which is expected to be below plan by ~$117 mln, net of income tax, or $0.16 per diluted common share. The impact of poor equity markets on fee revenue in the company's variable annuity business and a related adjustment to deferred acquisition costs; An accrual of ~$48 mln, net of income tax, or $0.07 per diluted common share, related to the first phase of the company's previously-announced Operational Excellence initiative. The previously-announced decision to commute three excess insurance policies for asbestos-related claims, which amounts to a reduction in operating earnings available to common shareholders of ~$23 mln, net of income tax, or $0.03 per diluted common share. Co says, "MET is a well capitalized co with a strong balance sheet and financial strength ratings that are among the highest in the industry. With our earlier announcement to offer 75 mln shares of common stock to the public, we are taking an additional, proactive step to further assure all of our stakeholders that MetLife is financially sound and well positioned to meet our future obligations." Seperately, co announced plans to offer 75 mln shares of common stock to the public. The offering will supplement the co's strong capital position and will be used for both general corporate purposes and potential strategic initiatives. The underwriters will have a 30-day option to purchase shares representing an additional 15% of the offering amount from MetLife, Inc. to cover over-allotments, if any. The offering is expected to price on Wednesday, October 8, 2008.
5:04PM China Organic Agriculture guides Q3 EPS and revs (CNOA) 0.22 +0.05 : Co sees Q3 EPS of $0.14-0.16 on revs of $34-36 mln. Co says, "Revenue of over $30 mln in a single quarter will be a record for CNOA. With a majority of these sales coming from our Ankang subsidiary, we can be assured our business model's focus on trading opportunities will provide strong growth for shareholders. As discussed in previous reports, this large jump in revenue for the quarter compared to the first two quarters of 2008 is largely due to the cyclical nature of rice sales. Since harvest takes place in Q3 and Q4 of the year, sales tend to be higher in these quarters. Nevertheless, CNOA's recent sales are still considered quite large, compared with last year's third quarter results of $22.4 mln."
4:11PM Team beats by $0.01, revs in-line, reaffirms FY09 prior guidance (TISI) 27.39 -1.30 : Co reports Q1 (Aug) earnings of $0.25 per share, a penny better than the First Call consensus. Revenue rose 19% yr/yr to $123.3 mln vs consensus of $123.3 mln (2 ests). Co says it is off to a great start to the 2009 fiscal year and it re-affirms its prior EPS guidance of $1.45-1.60 vs $1.55 consensus.
4:10PM YUM! Brands beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (YUM) 27.50 -0.81 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.6% year/year to $2.84 bln vs the $2.78 bln consensus. Co reaffirms guidance for FY08, sees EPS of $1.89 vs. $1.90 consensus. Co says the U.S. business delivered system same-store-sales growth of 3%. Company same-store-sales growth of 4% was led by strong performance at Taco Bell and Pizza Hut, partially offset by a 4% decline at KFC. The co says international development is on track to deliver at least 1,400 new units, exceeding the 2007 record of 1,358 (YRI 852, China Division 506) and their most recent guidance of 1,300. Co says "...We are confidently reaffirming our full-year forecast for 12% EPS growth based on our year-to-date 17% EPS growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth..."
4:06PM ScanSource sees Q1 revs below consensus (SCSC) 23.27 -0.72 : Co issues downside guidance; co sees Q1 revs of $535-543 vs $546.7 mln consensus.
4:03PM Unica lowers Q4 EPS and revs guidance (UNCA) 6.80 -0.26 : Co sees Q4 EPS of ~$0.01, down from previous non-GAAP guidance of $0.05-0.07, vs $0.06 First Call consensus; revs of ~$28 mln, down from $31.0-32.0 mln, vs $31.48 mln First Call consensus. "We are disappointed with the financial results we expect to report for the fourth quarter. The increasingly challenging macroeconomic environment had a negative impact on the length of sales cycles and secondarily on the timing of project implementations. "With the potential for current economic challenges to become more pronounced and/or take longer to improve, we believe it is prudent to target modest total revenue growth. At the same time, we expect continued strong growth in our subscription revenue and we are focused on expanding margins and driving positive cash flow in fiscal 2009. Long-term, there are a number of positive developments that make us optimistic about the company's strategic direction and future opportunity. For example, our subscription revenue growth remains very strong, we continue to win marquee customers and our pipeline of opportunities remains solid. Finally, we have a strong balance sheet to support the execution of our growth strategy and enhance shareholder value while the company weathers the short-term macroeconomic challenges."
9:04AM Safeway misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (SWY) 21.77 : Reports Q3 (Sep) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 3.9% year/year to $10.17 bln vs the $10.08 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.25-2.35 vs. $2.26 consensus. "During the third quarter we took action to provide our customers with better everyday values," said Steve Burd, Chairman, President and CEO. "As we begin the fourth quarter, our sales momentum is building, with identical-store sales (excluding fuel) currently above 1.5%, and we are continuing to reduce costs."
8:48AM Corning to reaffirm Q3 EPS of $0.43-0.45 ($0.44 First Call Consensus) at Conference (GLW) 13.95 : The co's Vice Chairman and Chief Financial Officer James Flaws will provide an update on the co's Display Technologies segment and Corning's outlook for the 2009 display glass market during the Maxim Group Growth Conference. Third-quarter glass volume shipments for the company's wholly owned business and Samsung Corning Precision Glass grew 2% sequentially, which was lower than expected. Flaws will explain that there was a more pronounced shift in glass demand to Corning's equity venture. "SCP's volume was up 12% in the third quarter, while volume at Corning's wholly owned business was down 10%, which was lower than expected," he will note. Despite the lower than expected volume at the company's wholly owned business, Corning still anticipates that its third-quarter earnings per share will be in line with the September revised guidance of $0.43 to $0.45, before special items. The company believes that inventory levels in the supply chain have declined, noting that Taiwanese panel makers reported improved panel shipments for August, while panel price declines have moderated. Flaws will note that Corning's glass pricing came in as expected in the third quarter and that the company currently intends to continue its pricing strategy in the fourth quarter... "Given this economic uncertainty, we are prepared to adjust our production capacity to match end market demand," Flaws will tell attendees.
8:20AM Advance Auto forecasts Q3 EPS estimate to be flat vs 3Q07 EPS of $0.57; First Call consensus is $0.66 (AAP) 34.37 : Co reports that revenue for its Q3 ended Oct 4, 2008 increased approx 2.6% driven by 124 net new stores and flat comparable store sales. The company had expected third quarter sales growth to decelerate vs the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in Q3. The lower than anticipated sales growth will result in the company's earnings per share to be approx flat as compared to 3Q07 reported EPS of $0.57, vs First Call consensus of $0.66. In addition, the company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.
8:05AM ION Geophysical awarded multi-year, Marine Multi-Component processing contract (IO) 9.99 : Co announces that its GX Technology Imaging Solutions group has been awarded a multi-year seismic data processing contract by Mobil Producing Nigeria Unlimited, operator of the Nigeria National Petroleum Corporation Joint Venture. The contract, the largest data processing award in IO's history, specifies that GX Technology and its longstanding Nigerian partner -- Bulwark Services -- will provide advanced imaging services for a series of 2C and 4C seabed seismic surveys that will be acquired over the next several years over producing fields offshore Nigeria.
3:21AM F5 Networks lowers Q4 revenue guidance (FFIV) 21.50 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $171.3 mln vs. $173.19 mln First Call consensus. Co expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter. John McAdam, F5 president and chief executive officer, said results for Q4 reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company's new entry-level products. "Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated," McAdam said. "During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter."
Showing posts with label GLW. Show all posts
Showing posts with label GLW. Show all posts
Tuesday, October 7, 2008
Wednesday, September 3, 2008
Earnings - 3rd Sept 2008
6:20PM China BAK Battery raises FY08 revs above single-analyst est; guides FY09 revs above single-analyst est (CBAK) 3.95 +0.02 : CBAK announced in conf call slides, the co raised FY08 revs to $240 mln vs $213.5 mln single-analyst est, up from $210 mln prior guidance. Co issues upside guidance; co sees FY09 revs of $370-410 mln vs $276.6 mln single-analyst est.
6:14PM Mindray Medical misses by $0.01, beats on revs; guides FY08 revs in-line (MR) 37.75 -0.35 : Reports Q2 (Jun) earnings of $0.21 per share, $0.01 worse than the First Call consensus of $0.22; revenues rose 99.6% year/year to $145.7 mln vs the $140.8 mln consensus. Co issues guidance for FY08, sees EPS of $1.16-1.18, may not be comparable to $1.00 consensus; reaffirms FY08 revs of $560-580 mln vs. $571.18 mln consensus.
5:28PM Navistar reports Q3; raises FY08 EPS guidance (NAV) 54.05 -0.48 : Reports Q3 (Jun) earnings of $3.68, may not be comparable to the First Call dual-analyst est of $1.22; revenues were $4.0 bln vs the $3.90 bln First Call consensus. Co raised FY08 EPS to $6.35-7.35 vs $4.63 consensus, up from $4.26-5.72; sees revs of $15 bln vs $14.7 bln consensus. Co says, "Increased military revenue as well as strong demand for our fuel-efficient heavy trucks drove our overall results in the third quarter. Although we continue to face a weak truck market in North America and anticipate our results to moderate in the fourth quarter, we are revising our full-year guidance upward," said Daniel C. Ustian, Navistar chairman, president and chief executive officer.
5:14PM Massey Energy reaffirms produced tons sold in FY08 (MEE) 55.77 -3.58 : Co stated that it expects produced tons sold in Q3 to be in the range of 10.3-10.7 mln at an average price of $64.00-66.00 per ton. MEE further stated that it still expects full-year 2008 results, excluding the litigation charge recorded in Q2, to be within the ranges of full-year guidance provided previously but with produced tons sold and average price per ton trending toward the lower end of the respective ranges.
4:12PM H & R Block misses by $0.05, misses on revs; maintains FY09 EPS guidance (HRB) 26.50 +0.94 : Reports Q1 (Jul) loss of $0.40 per share, $0.05 worse than the First Call consensus of ($0.35); revenues fell 10.9% year/year to $339.6 mln vs the $378.3 mln consensus. Co maintains guidance for FY09, sees EPS of $1.60-1.70 vs. $1.66 consensus. On Sept. 3, 2008, the company announced that it plans to acquire the operator of H&R Block franchises in Texas, Oklahoma and Arkansas. This acquisition is expected to add approximately $0.05 to earnings per share for FY09. Co said it is maintaining guidance at this time in light of the fact that it generates its earnings almost entirely in the fiscal fourth quarter. This decision (to maintain guidance) also reflects consideration of other factors including higher loss reserves for H&R Block Bank in the first quarter and an assumed earnings contribution from HRBFA that will now be reported in discontinued operations starting in the fiscal second quarter... Improved off-season results from Tax Services were offset by a loss in the Consumer Financial Services segment, mainly due to an approximately $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank. "Compared with a year ago, operating results have improved, and losses from discontinued operations have diminished significantly. The decision to take additional loss reserves against the Bank's mortgage portfolio lowered performance slightly from what it would otherwise have been, but the company intends to maintain appropriate financial reserves while this portfolio runs off... Our Texas acquisition increases opportunities to grow the client base and to use franchising more aggressively in that market. Selling our securities brokerage unit should enhance returns on invested capital while reducing operating risks. These and other strategic steps improve opportunities to grow earnings and shareholder value."
4:02PM Guess beats by $0.08, beats on revs; raises Y09 guidance range, raises dividend (GES) 38.25 +1.09 : Reports Q2 (Jul) earnings of $0.57 per share, $0.08 better than the First Call consensus of $0.49; revenues rose 32.7% year/year to $515.2 mln vs the $460.9 mln consensus. Co raises guidance range for FY09, sees EPS of $2.47-2.53, compared to previous guidance of $2.40-2.48, vs. $2.49 consensus; sees FY09 revs of $2.06-2.11 bln, compared to previous guidance of $2.03-2.08 bln, vs. $2.09 bln consensus. Co also raises its qtrly dividend to $0.10 from $0.08 which equates to a 1.1% annual yield.
2:10PM Jos. A. Bank beats by $0.02, beats on revs (JOSB) 27.12 +1.36 : Reports Q2 (Jul) earnings of $0.48 per share, $0.02 better than the First Call consensus of $0.46; revenues rose 13.7% year/year to $152.7 mln vs the $147.4 mln consensus.
9:12AM LMI Aerospace reaffirms FY08 revs; issues FY09 revs in-line (LMIA) 23.05 : Co reaffirms guidance for FY08 (Dec), sees FY08 (Dec) revs of $249-265 mln vs. $257.03 mln First Call consensus. Co issues in-line guidance for FY09 (Dec), sees FY09 (Dec) revs of $289-304 mln vs. $290.30 mln consensus. FY09 gross margins will be approximately 24 percent to 25 percent, with selling, general and administrative expenses expected to be between $33.8 million and $34.3 million. "Due to the rapid increase in sales experienced in 2008 and the lower visibility of future sales in our Engineering Services segment, we are assuming our revenue in 2009 will be approximately the same as in 2008."
9:05AM Corning issues Q3 downside guidance (GLW) 19.50 : Co issues downside guidance for Q3 (Sep), sees EPS of $0.43-0.45, excluding non-recurring items, compared to previous guidance of $0.48-0.51, vs. $0.50 First Call consensus; sees Q3 (Sep) revs of $1.58-1.62 bln, compared to previous guidance of $1.65-1.72 bln, vs. $1.7 bln consensus. Co sees Q3 gross margins of about 47%, compared to previous guidance of at least 50%. The guidance reductions are primarily related to lower-than-expected shipments of LCD glass in the co's wholly owned display business. "We continue to see evidence of ongoing strength in the retail market for LCD TVs, a key growth area for the LCD glass industry. However, the supply chain correction, as outlined in our second-quarter conference call, is taking longer than we expected. We believe that the set assembly portion of the supply chain built too much inventory in the first half of this year. As set assemblers have continued to hold back on orders, panel makers have lowered prices and reduced utilization rates to balance the supply chain. We think these utilization cutbacks will continue into September in Taiwan. As a result, we now expect third-quarter sequential volume for Corning's wholly owned display glass business to be down about 5% versus our previous guidance of flat to up 5%."
9:04AM United Tech reaffirms FY08 EPS and revenue guidance (UTX) 66.16 : Co reaffirms guidance for FY08 (Dec), sees EPS of $4.80-4.95 vs. $4.94 First Call consensus; sees FY08 (Dec) revs of more than $60 bln vs. $60.13 bln consensus.
6:33AM Staples reports EPS in-line, beats on revs (SPLS) 24.77 : Reports Q2 (Jul) earnings of $0.21 per share, in-line with the First Call consensus of $0.21; revenues rose 18.3% year/year to $5.07 bln vs the $4.69 bln consensus. Co reaffirms Y08 GAAP guidance, sees low single-digit EPS growth yr/yr on a GAAP basis.
6:14PM Mindray Medical misses by $0.01, beats on revs; guides FY08 revs in-line (MR) 37.75 -0.35 : Reports Q2 (Jun) earnings of $0.21 per share, $0.01 worse than the First Call consensus of $0.22; revenues rose 99.6% year/year to $145.7 mln vs the $140.8 mln consensus. Co issues guidance for FY08, sees EPS of $1.16-1.18, may not be comparable to $1.00 consensus; reaffirms FY08 revs of $560-580 mln vs. $571.18 mln consensus.
5:28PM Navistar reports Q3; raises FY08 EPS guidance (NAV) 54.05 -0.48 : Reports Q3 (Jun) earnings of $3.68, may not be comparable to the First Call dual-analyst est of $1.22; revenues were $4.0 bln vs the $3.90 bln First Call consensus. Co raised FY08 EPS to $6.35-7.35 vs $4.63 consensus, up from $4.26-5.72; sees revs of $15 bln vs $14.7 bln consensus. Co says, "Increased military revenue as well as strong demand for our fuel-efficient heavy trucks drove our overall results in the third quarter. Although we continue to face a weak truck market in North America and anticipate our results to moderate in the fourth quarter, we are revising our full-year guidance upward," said Daniel C. Ustian, Navistar chairman, president and chief executive officer.
5:14PM Massey Energy reaffirms produced tons sold in FY08 (MEE) 55.77 -3.58 : Co stated that it expects produced tons sold in Q3 to be in the range of 10.3-10.7 mln at an average price of $64.00-66.00 per ton. MEE further stated that it still expects full-year 2008 results, excluding the litigation charge recorded in Q2, to be within the ranges of full-year guidance provided previously but with produced tons sold and average price per ton trending toward the lower end of the respective ranges.
4:12PM H & R Block misses by $0.05, misses on revs; maintains FY09 EPS guidance (HRB) 26.50 +0.94 : Reports Q1 (Jul) loss of $0.40 per share, $0.05 worse than the First Call consensus of ($0.35); revenues fell 10.9% year/year to $339.6 mln vs the $378.3 mln consensus. Co maintains guidance for FY09, sees EPS of $1.60-1.70 vs. $1.66 consensus. On Sept. 3, 2008, the company announced that it plans to acquire the operator of H&R Block franchises in Texas, Oklahoma and Arkansas. This acquisition is expected to add approximately $0.05 to earnings per share for FY09. Co said it is maintaining guidance at this time in light of the fact that it generates its earnings almost entirely in the fiscal fourth quarter. This decision (to maintain guidance) also reflects consideration of other factors including higher loss reserves for H&R Block Bank in the first quarter and an assumed earnings contribution from HRBFA that will now be reported in discontinued operations starting in the fiscal second quarter... Improved off-season results from Tax Services were offset by a loss in the Consumer Financial Services segment, mainly due to an approximately $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank. "Compared with a year ago, operating results have improved, and losses from discontinued operations have diminished significantly. The decision to take additional loss reserves against the Bank's mortgage portfolio lowered performance slightly from what it would otherwise have been, but the company intends to maintain appropriate financial reserves while this portfolio runs off... Our Texas acquisition increases opportunities to grow the client base and to use franchising more aggressively in that market. Selling our securities brokerage unit should enhance returns on invested capital while reducing operating risks. These and other strategic steps improve opportunities to grow earnings and shareholder value."
4:02PM Guess beats by $0.08, beats on revs; raises Y09 guidance range, raises dividend (GES) 38.25 +1.09 : Reports Q2 (Jul) earnings of $0.57 per share, $0.08 better than the First Call consensus of $0.49; revenues rose 32.7% year/year to $515.2 mln vs the $460.9 mln consensus. Co raises guidance range for FY09, sees EPS of $2.47-2.53, compared to previous guidance of $2.40-2.48, vs. $2.49 consensus; sees FY09 revs of $2.06-2.11 bln, compared to previous guidance of $2.03-2.08 bln, vs. $2.09 bln consensus. Co also raises its qtrly dividend to $0.10 from $0.08 which equates to a 1.1% annual yield.
2:10PM Jos. A. Bank beats by $0.02, beats on revs (JOSB) 27.12 +1.36 : Reports Q2 (Jul) earnings of $0.48 per share, $0.02 better than the First Call consensus of $0.46; revenues rose 13.7% year/year to $152.7 mln vs the $147.4 mln consensus.
9:12AM LMI Aerospace reaffirms FY08 revs; issues FY09 revs in-line (LMIA) 23.05 : Co reaffirms guidance for FY08 (Dec), sees FY08 (Dec) revs of $249-265 mln vs. $257.03 mln First Call consensus. Co issues in-line guidance for FY09 (Dec), sees FY09 (Dec) revs of $289-304 mln vs. $290.30 mln consensus. FY09 gross margins will be approximately 24 percent to 25 percent, with selling, general and administrative expenses expected to be between $33.8 million and $34.3 million. "Due to the rapid increase in sales experienced in 2008 and the lower visibility of future sales in our Engineering Services segment, we are assuming our revenue in 2009 will be approximately the same as in 2008."
9:05AM Corning issues Q3 downside guidance (GLW) 19.50 : Co issues downside guidance for Q3 (Sep), sees EPS of $0.43-0.45, excluding non-recurring items, compared to previous guidance of $0.48-0.51, vs. $0.50 First Call consensus; sees Q3 (Sep) revs of $1.58-1.62 bln, compared to previous guidance of $1.65-1.72 bln, vs. $1.7 bln consensus. Co sees Q3 gross margins of about 47%, compared to previous guidance of at least 50%. The guidance reductions are primarily related to lower-than-expected shipments of LCD glass in the co's wholly owned display business. "We continue to see evidence of ongoing strength in the retail market for LCD TVs, a key growth area for the LCD glass industry. However, the supply chain correction, as outlined in our second-quarter conference call, is taking longer than we expected. We believe that the set assembly portion of the supply chain built too much inventory in the first half of this year. As set assemblers have continued to hold back on orders, panel makers have lowered prices and reduced utilization rates to balance the supply chain. We think these utilization cutbacks will continue into September in Taiwan. As a result, we now expect third-quarter sequential volume for Corning's wholly owned display glass business to be down about 5% versus our previous guidance of flat to up 5%."
9:04AM United Tech reaffirms FY08 EPS and revenue guidance (UTX) 66.16 : Co reaffirms guidance for FY08 (Dec), sees EPS of $4.80-4.95 vs. $4.94 First Call consensus; sees FY08 (Dec) revs of more than $60 bln vs. $60.13 bln consensus.
6:33AM Staples reports EPS in-line, beats on revs (SPLS) 24.77 : Reports Q2 (Jul) earnings of $0.21 per share, in-line with the First Call consensus of $0.21; revenues rose 18.3% year/year to $5.07 bln vs the $4.69 bln consensus. Co reaffirms Y08 GAAP guidance, sees low single-digit EPS growth yr/yr on a GAAP basis.
Wednesday, July 30, 2008
Earnings - 30th July 2008 (1)
9:30AM Lubrizol beats by $0.19, beats on revs; guides FY08 EPS, revs above consensus (LZ) 45.56 : Reports Q2 (Jun) earnings of $1.26 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.07; revenues rose 16.9% year/year to $1.35 bln vs the $1.25 bln consensus. Co issues upside guidance for FY08, sees EPS of $4.43-4.58, excluding non-recurring items, compared to previous guidance of $4.26-4.45, vs. $4.30 consensus; co sees rev growth of 18-19% yr/yr, which equates to approx $5.31-5.35 bln vs $4.96 bln consensus.
9:01AM Allergan reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (AGN) 53.10 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 19.8% year/year to $1.17 bln vs the $1.13 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.65 vs. $0.67 consensus. Co issues in-line guidance for FY08, sees EPS of $2.57-2.59 vs. $2.58 consensus.
8:18AM Temple-Inland beats by $0.12, beats on revs (TIN) 14.83 : Reports Q2 (Jun) earnings of $0.07 per share, $0.12 better than the First Call consensus of ($0.05); revenues fell 3.1% year/year to $991 mln vs the $978.5 mln consensus. Corrugated packaging operating income declined yr/yr as higher box prices were more than offset by increased costs for energy, fiber and freight. Building products operating income declined yr/yr due to lower gypsum prices and volumes. "While cost inflation and tough conditions in the housing industry continue to present significant challenges for our company, we were pleased with our improved earnings in second quarter 2008 compared with first quarter 2008. Corrugated packaging continued to experience significant cost inflation in the quarter. We remain very focused on implementing the current price increase, which will more than offset cost inflation experienced during the year. The mill system ran well during the quarter and we completed our scheduled maintenance at our Bogalusa, LA mill. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization, and we will see the benefit from these efforts in the second half of 2008 and into 2009. Building products returned to profitability in the quarter, benefiting from seasonal improvement in lumber pricing and our initiatives to lower cost and match our production to our demand. We continue to believe building products markets will remain very difficult for the balance of 2008, but are determined to control costs and minimize losses for the year."
7:40AM Cummins beats by $0.26, reports revs in-line; guides FY08 revs below consensus (CMI) 66.02 : Reports Q2 (Jun) earnings of $1.49 per share, $0.26 better than the First Call consensus of $1.23; revenues rose 16.3% year/year to $3.89 bln vs the $3.88 bln consensus. Co issues downside guidance for FY08, now forecasting a 15 percent sales increase, equates to $15.0 bln vs. $15.35 bln consensus, up from its previous guidance of 12 percent. The Co expects to earn an EBIT margin of 10 percent of sales for the year.
7:39AM Reynolds American beats by $0.06, beats on revs; reaffirms full year guidance (RAI) 50.72 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues fell 0.4% year/year to $2.34 bln vs the $2.31 bln consensus. Company reaffirms full-year guidance: earnings (excluding JV gain) consistent with prior year. The co's operating margin was 25.7%, an improvement of 1.7% points from the prior-year period. Q2 results were driven by higher pricing and productivity at R.J. Reynolds, and continued volume and pricing gains at Conwood. These factors more than offset lower cigarette volume and higher settlement expense.
7:33AM Hess reports EPS in-line, beats on revs (HES) 94.25 : Reports Q2 (Jun) earnings of $2.76 per share, in-line with the First Call consensus of $2.76; revenues rose 57.9% year/year to $11.72 bln. The co's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007.
7:33AM Southern Co beats by $0.06 (SO) 35.73 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 11.7% year/year to $4.22 bln vs the $3.97 bln consensus. Earnings for the second quarter excluded a $67 mln charge, or 9 cents per share, related to three leveraged leases from the 1990s when Southern Company pursued development of international energy projects. Earnings for the second quarter excluded synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.
7:30AM Owens Corning beats by $0.04, beats on revs (OC) 24.50 : Reports Q2 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 22.8% year/year to $1.57 bln vs the $1.41 bln consensus. Owens Corning expects continued global strength in its composite materials business throughout 2008. The company is on-track to achieve at least $30 million in synergies in 2008 from its recent composites acquisition. Weakness in the U.S. housing market will continue to affect demand for Owens Corning's residential insulation products throughout 2008. Capital expenditures in 2008, excluding precious metal purchases, are now estimated to be about $350 million. The increased capital will be targeted to achieve growth and synergies in the composites business, as well as to accelerate energy reduction programs of all operations. Owens Corning had previously estimated that capital expenditures for 2008 would total $325 million.
7:24AM Noble Energy misses by $0.15, beats on revs (NBL) 74.62 : Reports Q2 (Jun) earnings of $1.93 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of $2.08; revenues rose 57.7% year/year to $1.21 bln vs the $1.02 bln consensus.
7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".
7:16AM Cameron beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (CAM) 46.58 : Reports Q2 (Jun) earnings of $0.65 per share, $0.03 better than the First Call consensus of $0.62; revenues rose 30.0% year/year to $1.48 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.69-0.71 vs. $0.69 consensus. Co issues upside guidance for FY08, sees EPS of $2.64-2.68, compared to previous guidance of $2.50-2.60, vs. $2.61 consensus.
7:06AM Garmin misses by $0.07, misses on revs; guides FY08 EPS below consensus, revs below consensus (GRMN) 45.06 : Reports Q2 (Jun) earnings of $0.93 per share, excluding gain from the tender of their Tele Atlas N.V shares, $0.07 worse than the First Call consensus of $1.00; revenues rose 22.9% year/year to $912 mln vs the $956.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $3.86, excluding excluding gain from the tender of their Tele Atlas N.V shares, vs. $4.00 consensus; sees FY08 revs of 3.9 bln vs. $4.13 bln consensus. Gross margin remained solid at 45.8% compared to 48.2% in first quarter 2008 and 50.5% in second quarter 2007.
6:31AM SPX Corp beats by $0.13, misses on revs; raises guidance for FY08 (SPW) 120.65 : Reports Q2 (Jun) earnings of $1.70 per share, $0.13 better than the First Call consensus of $1.57; revenues rose 28.8% year/year to $1.56 bln vs the $1.57 bln consensus. Co raises guidance for FY08, to EPS of $6.40-6.60 from $6.20-6.40 vs. $6.41 consensus.
6:01AM Rubicon Tech beats by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (RBCN) 16.12 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 39.6% year/year to $11.5 mln vs the $11.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.46 consensus.
1:58AM Arcelor Mittal beats by $1.38, beats on revs; Q308 Ebitda to exceed $8.5 bln (MT) 84.00 : Reports Q2 (Jun) earnings of $4.19 per share, $1.38 better than the First Call consensus of $2.81; revenues rose 39.0% year/year to $37.84 bln vs the $35.09 bln consensus. Co announces Q308 Ebitda will exceed $8.5 bln. Total steel shipments for Q208 were 29.8 mln metric tonnes as compared with steel shipments of 29.2 mln metric tonnes for Q108 and steel shipments of 28.7 mln metric tonnes for Q207. Flat carbon sales in the Americas were higher at $7.5 bln for Q208 vs sales of $6.5 bln for Q108.
1:22AM Dentsply beats by $0.03, beats on revs; guides FY08 EPS in-line (XRAY) 38.93 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.2% year/year to $594.8 mln vs the $567.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.91 vs. $1.88 consensus (prior range $1.83-1.88).
1:18AM Silver Wheaton reports Q208 results (SLW) 13.96 : Reports Q2 (Jun) earnings of $0.10 per share, $0.04 worse than the First Call consensus fo $0.14; revenues increased 1.5% year/year to $49.68 mln vs the $61.25 mln consensus.
12:39AM Brigham Exploration beats by $0.02, beats on revs (BEXP) 13.37 : Reports Q2 (Jun) earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. Co expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day.
9:01AM Allergan reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (AGN) 53.10 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 19.8% year/year to $1.17 bln vs the $1.13 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.65 vs. $0.67 consensus. Co issues in-line guidance for FY08, sees EPS of $2.57-2.59 vs. $2.58 consensus.
8:18AM Temple-Inland beats by $0.12, beats on revs (TIN) 14.83 : Reports Q2 (Jun) earnings of $0.07 per share, $0.12 better than the First Call consensus of ($0.05); revenues fell 3.1% year/year to $991 mln vs the $978.5 mln consensus. Corrugated packaging operating income declined yr/yr as higher box prices were more than offset by increased costs for energy, fiber and freight. Building products operating income declined yr/yr due to lower gypsum prices and volumes. "While cost inflation and tough conditions in the housing industry continue to present significant challenges for our company, we were pleased with our improved earnings in second quarter 2008 compared with first quarter 2008. Corrugated packaging continued to experience significant cost inflation in the quarter. We remain very focused on implementing the current price increase, which will more than offset cost inflation experienced during the year. The mill system ran well during the quarter and we completed our scheduled maintenance at our Bogalusa, LA mill. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization, and we will see the benefit from these efforts in the second half of 2008 and into 2009. Building products returned to profitability in the quarter, benefiting from seasonal improvement in lumber pricing and our initiatives to lower cost and match our production to our demand. We continue to believe building products markets will remain very difficult for the balance of 2008, but are determined to control costs and minimize losses for the year."
7:40AM Cummins beats by $0.26, reports revs in-line; guides FY08 revs below consensus (CMI) 66.02 : Reports Q2 (Jun) earnings of $1.49 per share, $0.26 better than the First Call consensus of $1.23; revenues rose 16.3% year/year to $3.89 bln vs the $3.88 bln consensus. Co issues downside guidance for FY08, now forecasting a 15 percent sales increase, equates to $15.0 bln vs. $15.35 bln consensus, up from its previous guidance of 12 percent. The Co expects to earn an EBIT margin of 10 percent of sales for the year.
7:39AM Reynolds American beats by $0.06, beats on revs; reaffirms full year guidance (RAI) 50.72 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues fell 0.4% year/year to $2.34 bln vs the $2.31 bln consensus. Company reaffirms full-year guidance: earnings (excluding JV gain) consistent with prior year. The co's operating margin was 25.7%, an improvement of 1.7% points from the prior-year period. Q2 results were driven by higher pricing and productivity at R.J. Reynolds, and continued volume and pricing gains at Conwood. These factors more than offset lower cigarette volume and higher settlement expense.
7:33AM Hess reports EPS in-line, beats on revs (HES) 94.25 : Reports Q2 (Jun) earnings of $2.76 per share, in-line with the First Call consensus of $2.76; revenues rose 57.9% year/year to $11.72 bln. The co's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007.
7:33AM Southern Co beats by $0.06 (SO) 35.73 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 11.7% year/year to $4.22 bln vs the $3.97 bln consensus. Earnings for the second quarter excluded a $67 mln charge, or 9 cents per share, related to three leveraged leases from the 1990s when Southern Company pursued development of international energy projects. Earnings for the second quarter excluded synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.
7:30AM Owens Corning beats by $0.04, beats on revs (OC) 24.50 : Reports Q2 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 22.8% year/year to $1.57 bln vs the $1.41 bln consensus. Owens Corning expects continued global strength in its composite materials business throughout 2008. The company is on-track to achieve at least $30 million in synergies in 2008 from its recent composites acquisition. Weakness in the U.S. housing market will continue to affect demand for Owens Corning's residential insulation products throughout 2008. Capital expenditures in 2008, excluding precious metal purchases, are now estimated to be about $350 million. The increased capital will be targeted to achieve growth and synergies in the composites business, as well as to accelerate energy reduction programs of all operations. Owens Corning had previously estimated that capital expenditures for 2008 would total $325 million.
7:24AM Noble Energy misses by $0.15, beats on revs (NBL) 74.62 : Reports Q2 (Jun) earnings of $1.93 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of $2.08; revenues rose 57.7% year/year to $1.21 bln vs the $1.02 bln consensus.
7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".
7:16AM Cameron beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (CAM) 46.58 : Reports Q2 (Jun) earnings of $0.65 per share, $0.03 better than the First Call consensus of $0.62; revenues rose 30.0% year/year to $1.48 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.69-0.71 vs. $0.69 consensus. Co issues upside guidance for FY08, sees EPS of $2.64-2.68, compared to previous guidance of $2.50-2.60, vs. $2.61 consensus.
7:06AM Garmin misses by $0.07, misses on revs; guides FY08 EPS below consensus, revs below consensus (GRMN) 45.06 : Reports Q2 (Jun) earnings of $0.93 per share, excluding gain from the tender of their Tele Atlas N.V shares, $0.07 worse than the First Call consensus of $1.00; revenues rose 22.9% year/year to $912 mln vs the $956.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $3.86, excluding excluding gain from the tender of their Tele Atlas N.V shares, vs. $4.00 consensus; sees FY08 revs of 3.9 bln vs. $4.13 bln consensus. Gross margin remained solid at 45.8% compared to 48.2% in first quarter 2008 and 50.5% in second quarter 2007.
6:31AM SPX Corp beats by $0.13, misses on revs; raises guidance for FY08 (SPW) 120.65 : Reports Q2 (Jun) earnings of $1.70 per share, $0.13 better than the First Call consensus of $1.57; revenues rose 28.8% year/year to $1.56 bln vs the $1.57 bln consensus. Co raises guidance for FY08, to EPS of $6.40-6.60 from $6.20-6.40 vs. $6.41 consensus.
6:01AM Rubicon Tech beats by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (RBCN) 16.12 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 39.6% year/year to $11.5 mln vs the $11.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.46 consensus.
1:58AM Arcelor Mittal beats by $1.38, beats on revs; Q308 Ebitda to exceed $8.5 bln (MT) 84.00 : Reports Q2 (Jun) earnings of $4.19 per share, $1.38 better than the First Call consensus of $2.81; revenues rose 39.0% year/year to $37.84 bln vs the $35.09 bln consensus. Co announces Q308 Ebitda will exceed $8.5 bln. Total steel shipments for Q208 were 29.8 mln metric tonnes as compared with steel shipments of 29.2 mln metric tonnes for Q108 and steel shipments of 28.7 mln metric tonnes for Q207. Flat carbon sales in the Americas were higher at $7.5 bln for Q208 vs sales of $6.5 bln for Q108.
1:22AM Dentsply beats by $0.03, beats on revs; guides FY08 EPS in-line (XRAY) 38.93 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.2% year/year to $594.8 mln vs the $567.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.91 vs. $1.88 consensus (prior range $1.83-1.88).
1:18AM Silver Wheaton reports Q208 results (SLW) 13.96 : Reports Q2 (Jun) earnings of $0.10 per share, $0.04 worse than the First Call consensus fo $0.14; revenues increased 1.5% year/year to $49.68 mln vs the $61.25 mln consensus.
12:39AM Brigham Exploration beats by $0.02, beats on revs (BEXP) 13.37 : Reports Q2 (Jun) earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. Co expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day.
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