Earnings - 4th May 2009

5:32PM Health Care REIT beats by $0.02, reports revs in-line; lowers FY09 FFO in-line (HCN) 34.93 +1.87 : Reports Q1 (Mar) funds from operations of $0.81 per share, $0.02 better than the First Call consensus of $0.79; revenues rose 14.0% year/year to $144.3 mln vs the $145.1 mln consensus. Co lowers guidance for FY09, sees FFO of $3.20-3.30 vs. $3.22 consensus.

5:09PM Healthsouth beats by $0.17, reports revs in-line; guides FY09 EPS at top end of prior range, in-line with consensus (HLS) 9.99 +0.65 : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.22; revenues rose 2.3% year/year to $475.1 mln vs the $479.5 mln consensus. Co issuesin-line guidance for FY09, sees EPS on the higher end of previously given guidance of $0.85-0.90 vs. $0.87 consensus; sees adjusted Consolidated EBITDA in the range of $342.0-352.0 mln.

4:47PM EOG Resources misses by $0.06, beats on revs (EOG) 72.04 +5.96 : Reports Q1 (Mar) earnings of $0.53 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.59; revenues rose 2.1% year/year to $1.16 bln vs the $0.98 bln consensus.

4:36PM MGM Mirage beats by $0.01, misses on revs (MGM) 9.44 +1.58 : Reports Q1 (Mar) loss of $0.06 per share, excluding a gain of $0.44, net of tax, related to the sale of the Treasure Island hotel and casino, $0.01 better than the First Call consensus of ($0.07); revenues fell 20.4% year/year to $1.5 bln vs the $1.58 bln consensus. Co said, "While we experienced significant group cancellations early in the quarter and experienced a continuation of negative consumer spending trends from the fourth quarter, cancellations have tapered off and we see signs that business levels seem to be stabilizing... Our resorts have seen sequential increases in occupancy levels through the first quarter and into April, and our forward booking pace is improving. This is allowing us the opportunity to better yield our room pricing. Additionally, world-class events at our resorts continue to drive revenue and we have an exceptionally strong event calendar in the second and third quarters, with recent events such as the Pacquiao vs. Hatton fight; and numerous other premier concerts and events in the summer months."  As a result of the short-term nature of the waiver under the senior credit facility and potential cross-defaults under the indentures, the Company has classified all of its outstanding borrowings as current liabilities as of March 31, 2009.

4:26PM Innophos Holdings beats by $0.12, beats on revs (IPHS) 17.12 +1.79 : Reports Q1 (Mar) earnings of $1.39 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.27; revenues rose 17.4% year/year to $190.8 mln vs the $179.8 mln consensus. On a sequential basis, management currently expects second quarter 2009 volumes, excluding GTSP fertilizer sales, to increase approximately 5% from those experienced in the first quarter, with Mexico operating rates unchanged. The Company expects its second quarter 2009 raw material cost structure to be $15-18 million higher than the first quarter due to higher phosphate rock costs in Mexico, the first quarter inventory re-pricing benefit and the mix of phosphoric acid supply in the United States. This increased cost will be offset somewhat by improved fixed cost containment.

4:16PM Herbalife beats by $0.09, beats on revs; guides Q2 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs in-line (HLF) : Reports Q1 (Mar) earnings of $0.68 per share, $0.09 better than the First Call consensus of $0.59; revenues fell 13.7% year/year to $521.7 mln vs the $514 mln consensus. Co issuesupside guidance for Q2, sees EPS of 0.69-0.73 vs. $0.67 consensus, a volume point decline of 7-9% and a net sales decline of 14-16% (~$537-550 mln, versus $557 consensus) compared to the same period in 2008, respectively, and an effective tax rate range of 31-32%.  Co issues upside guidance for FY09, sees EPS of 2.90-3.10 vs. $2.81 consensus, with sales net sales declining of 7%-9% y/y  ($2147-2194 mln, vs. $2148 mln consensus), respectively, along with an effective tax rate range of 31-32%..

4:11PM Comstock misses by $0.02, misses on revs (CRK) 39.38 +3.19 : Reports Q1 (Mar) loss of $0.12 per share, $0.02 worse than the First Call consensus of ($0.10); revenues fell 46.4% year/year to $68.4 mln vs the $73.7 mln consensus. The loss in the first quarter is attributable to the decline in oil and natural gas prices. Comstock averaged $4.75 per Mcf for sales of its natural gas production in the first quarter of 2009, 42% lower than the $8.22 per Mcf realized in 2008's first quarter. Realized oil prices in the first quarter of 2009 averaged $35.03 per barrel, 57% lower than the $81.49 per barrel in 2008's first quarter.

4:09PM Myriad Genetics beats by $0.01, misses on revs (MYGN) 37.74 -0.41 : Reports Q3 (Mar) earnings of $0.25 per share, $0.01 better than the First Call consensus of $0.24; revenues rose 41.6% year/year to $87.5 mln vs the $90.5 mln consensus. The revenue improvement resulted primarily from an increase in the co's sales and marketing efforts, including expansion of its women's health sales force, and the continuation of its direct-to-consumer marketing campaign, which the co believes has resulted in improved physician acceptance and adoption of its molecular diagnostic products. As announced on October 20, 2008, Myriad Genetics plans to spin off its research and drug development businesses from its molecular diagnostics business to form two "well-capitalized, highly-focused, independent public companies." The transaction is expected to be completed by the end of the second calendar quarter of 2009.

4:07PM NetSuite beats by $0.02, reports revs in-line (N) 14.38 +0.39 : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.00); revenues rose 22.0% year/year to $41.6 mln vs the $42 mln consensus.

4:05PM Chesapeake Energy misses by $0.02, misses on revs (CHK) 22.81 +1.93 : Reports Q1 (Mar) earnings of $0.46 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.48; revenues rose 23.8% year/year to $2 bln vs the $2.2 bln consensus. "We are now experiencing substantial savings in service costs from our vendors and anticipate directing approximately 80% of our planned drilling capital expenditures in the remaining three quarters of 2009 to our low-cost Big 4 shale plays. As a result, we anticipate generating exceptional drillbit finding and development costs this year, particularly given the impact of the drilling carries we will receive from our joint venture partners in the Haynesville, Fayetteville and Marcellus Shale plays. In addition, we believe it will be possible during the year to reduce our currently budgeted capex by a further 5-10% as we take advantage of further service cost reductions and much lower leasehold acquisition costs."

4:05PM Ternium S.A. misses by $0.40, misses on revs (TX) 9.49 +0.58 : Reports Q1 (Mar) loss of $0.46 per share, $0.40 worse than the First Call consensus of ($0.06); revenues fell 39.5% year/year to $1.17 bln vs the $1.26 bln consensus.  This y/y decrease was mainly due to a US$385.9 mln lower operating result, a US$200.8 mln lower net foreign exchange result and the absence in the 1Q09 of a US$159.9 mln discontinued operations gain present in the 1Q08, partially offset by a US$106.4 mln reduction in income tax expense. Ternium expects apparent demand in its main markets to remain weak in the 2Q09 as a result of the continued reduction of steel inventories. In 2H09, the co anticipates shipments to gradually increase, prices to remain weak due to the steel industry's low capacity utilization in Ternium's regions and costs to be reduced by lower price of steel making inputs and the initiatives that Ternium is carrying out to adjust to the current environment. The co anticipates a lower net debt position at the close of 2Q09, mainly as a result of a continuing decline in working capital needs and a low level of capital expenditures. Ternium plans to achieve a balance between inventory levels and expected demand in 3Q09.

4:02PM Texas Roadhouse beats by $0.03, reports revs in-line (TXRH) 11.17 +0.12 : Reports Q1 (Mar) earnings of $0.20 per share, $0.03 better than the First Call consensus of $0.17; revenues rose 16.5% year/year to $246.1 mln vs the $245.8 mln consensus. The co reported that comparable restaurant sales for the first four weeks of the second quarter of fiscal 2009 decreased approximately 3.1% compared to the same period of the prior year. Additionally, the Company noted that these results were negatively impacted by an estimated 1.25% due to the calendar shift of Easter weekend to this four week April period as compared to the Company's first quarter of the prior year. The Company also announced that effective April 1, 2009, it implemented an average menu price increase of 1.4% throughout its restaurants. While the economic outlook for 2009 remains uncertain, the Company announced it is now estimating 2009 diluted earnings per share to be flat to up 5% as compared to its 53-week 2008 year.

8:48AM Public Service beats by $0.13; guides FY09 EPS in-line (PEG) 31.15 : Reports Q1 (Mar) earnings of $0.95 per share, ex-items, $0.13 better than the First Call consensus of $0.82. Co issues in-line guidance for FY09, sees EPS of $3.00-$3.25 vs. $3.06 consensus. Co states, "...the market remains challenging, with power prices down and demand softening. But, effective portfolio management and cost control efforts give us the confidence to manage through these difficult times."

7:57AM Calgon Carbon reports EPS in-line, misses on revs (CCC) 17.07 : Reports Q1 (Mar) earnings of $0.11 per share, in-line with the First Call consensus of $0.11; revenues rose 0.3% year/year to $90.6 mln vs the $95.7 mln consensus.

7:33AM Tyson Foods beats by $0.01, misses on revs (TSN) 10.56 : Reports Q2 (Mar) loss of $0.05 per share, ex-items, $0.01 better than the First Call consensus of ($0.06); revenues fell 0.5% year/year to $6.31 bln vs the $6.64 bln consensus. Chicken segment sales were $2.4 bln and $4.6 bln, respectively, in the second quarter and six months of fiscal 2009. Operating loss was $46 mln and $332 mln, respectively, in the second quarter and six months of fiscal 2009. Co states, "Our Chicken segment has been profitable since the end of February, and I am pleased with the consistent progress we are making. We have improved our operational efficiencies, our product mix, and we are benefiting from lower grain costs and more favorable chicken prices. Our Beef, Pork and Prepared Foods segments generated financial returns at or near normalized ranges in the second quarter, excluding one-time charges in Prepared Foods."

7:09AM Entergy misses by $0.06, misses on revs; guides FY09 EPS in-line (ETR) 66.90 : Reports Q1 (Mar) earnings of $1.29 per share, $0.06 worse than the First Call consensus of $1.35; revenues fell 2.6% year/year to $2.79 bln vs the $3.07 bln consensus. Co issues in-line guidance for FY09, sees EPS of $6.70-7.30 vs. $6.82 consensus.

6:31AM Barnes Group beats by $0.01, misses on revs; guides FY09 EPS in-line (B)13.92 : Reports Q1 (Mar) earnings of $0.22 per share, $0.01 better than the First Call consensus of $0.21; revenues fell 31.7% year/year to $262.2 mln vs the $286.7 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.20-1.35 vs. $1.24 consensus.

Earnings - 24th Feb 2009

5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."

5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."

5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.

4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."

4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.

4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.

4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."

4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.

9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."

8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.

8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.

8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."

8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.

8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.

7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."

6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."

6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.

6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.

12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.