Earnings - 29th April 2009 (3)

6:37PM O'Reilly Auto beats by $0.07, reports revs in-line; guides Q2 EPS in-line; guides FY09 EPS above consensus (ORLY) 37.24 -1.40 : Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.40; revenues rose 80.1% year/year to $1.16 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.51-0.55, excluding non-recurring items, vs. $0.52 consensus. Co issues upside guidance for FY09, sees EPS of $1.92-1.96, excluding non-recurring items, vs. $1.85 consensus.

6:12PM Kirby Corp beats by $0.05; sees Q1 EPS in-line with consensus, FY09 above (KEX) 30.50 +0.90 : Reports Q1 (Mar) earnings of $0.57 per share,  excluding a $0.50 charge, $0.05 better than the First Call consensus of $0.52; revenues fell 16.0% year/year to $277.7 mln vs the $300.5 mln consensus. Co sees Q1 EPS of $0.45-0.55 vs $0.52 consensus; sees FY09 EPS of $2.55-2.65 vs $2.50 consensus. Co's capital spending guidance range was lowered slightly to $180-190 mln, which includes ~$135 mln for the construction of 46 new tank barges and five towboats."

6:08PM ProLogis misses by $0.04 (PLD) 8.46 +0.63 : Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.70. "Taking into consideration additional asset sale and refinancing agreements and the remaining capital requirements related to our development pipeline, we believe we have substantially addressed our anticipated cash needs through 2012. Our swift execution of these de-leveraging initiatives enables us to further enhance our focus on operating property performance, completing and leasing properties in our development portfolio and pursuing opportunities to generate value from our land bank."

6:05PM Cliffs Natural Resources beats by $0.07, misses on revs (CLF) 21.03 +0.82 : Reports Q1 (Mar) loss of $0.07 per share, $0.07 better than the First Call consensus of ($0.14); revenues fell 6.0% year/year to $464.8 mln vs the $527.7 mln consensus. Co says,in North American, Lower expected year-over-year volume and the related reduction in leverage over fixed costs, combined with significant depreciation and amortization in the segment, are expected to result in average cost of sales per ton in 2009 of $125 to $135... in Asia/Pacific, Iron Ore 2009 sales volume is expected to be 8.0 million tonnes, with production of 8.2 million tonnes. With annual price settlements for iron ore in 2009 not yet concluded, the Company is currently unable to provide guidance on average revenue per tonne in its Asia Pacific Iron Ore business segment. Cliffs expects Asia Pacific Iron Ore costs per tonne of approximately $45 to $55... reagarding the Sonoma Coal, Cliffs has a 45% economic interest in the Sonoma Coal Project and expects total production of approximately 3.1 million tonnes for 2009, down from a previous production estimate of 3.5 million tonnes. Sonoma is expected to have sales volume of 3.3 million tonnes and an approximate 60%/40% mix between thermal and metallurgical coal, respectively. Per-tonne costs at Sonoma are expected to be $75 to $85, down from a previous expectation of $85 to $95. The decrease from previous expectations is a result of lower-than-anticipated contract mining costs and royalties.

6:01PM Cabot misses by $0.16, misses on revs (CBT) 15.12 +0.92 : Reports Q2 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of ($0.11); revenues fell 40.2% year/year to $470 mln vs the $543.5 mln consensus. Co says, "We are encouraged by the monthly volume increases in many of our key businesses. While this may be an early indication that customer de-stocking is coming to an end, we remain cautious in the near term. Having said that, we are particularly pleased with our volume improvement in China as we are well positioned there with low cost operations, new capacity coming on line and an already strong market position in that region. We are actively managing our global capacity and working with customers to meet their needs in the new environment. The restructuring of our operations is well underway and will allow us to fully utilize a more efficient global asset base."

5:32PM Owens-Illinois beats by $0.19, misses on revs (OI) 18.46 +0.53 : Reports Q1 (Mar) earnings of $0.55 per share, $0.19 better than the First Call consensus of $0.36; revenues fell 22.5% year/year to $1.52 bln vs the $1.66 bln consensus. "Challenging market conditions will likely persist over the next several quarters, resulting in lower year-over-year demand and continued temporary production curtailments. However, we expect that shipments will improve sequentially in the second quarter due to seasonally stronger demand and as inventory de-stocking pressures subside. Our strategic footprint alignment initiative and moderating cost inflation also should benefit future earnings. Overall, we expect second quarter 2009 adjusted net earnings will decline on a year-over-year basis, but will improve from first quarter 2009 results."

5:31PM California Water beats by $0.04, beats on revs (CWT) 39.91 +0.57 : Reports Q1 (Mar) earnings of $0.12 per share, $0.04 better than the First Call consensus of $0.08; revenues rose 18.8% year/year to $86.6 mln vs the $77.2 mln consensus.

5:27PM Equity Res beats by $0.02, misses on revs; guides Q2 FFO in-line (EQR) 22.58 +1.05 : Reports Q1 (Mar) funds from operations of $0.57 per share, $0.02 better than the First Call consensus of $0.55; revenues rose 2.5% year/year to $515.1 mln vs the $522.9 mln consensus. Co issues in-line guidance for Q2, sees FFO of $0.53-0.58 vs. $0.54 consensus. The second quarter 2009 guidance midpoint assumes no additional gains from debt extinguishment.

5:17PM ITC Holdings reports Q1 EPS of $0.57 vs $0.57 First Call consensus; revs rose 10% YoY to $155.9 mln vs $147.70 mln First Call consensus (ITC) 45.03 +0.94 : Co sees FY09 $2.20-2.30 vs $2.32 First Call consensus.

5:12PM Oceaneering Intl beats by $0.12, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (OII) 44.41 +2.43 : Reports Q1 (Mar) earnings of $0.80 per share, $0.12 better than the First Call consensus of $0.68; revenues fell 0.2% year/year to $435 mln vs the $461.5 mln consensus. Co issues downside guidancefor Q2, sees EPS of $0.75-0.85 vs. $0.82 consensus. Co issues upside guidance for FY09, sees EPS of $3.10-3.60 vs. $3.20 consensus. Much uncertainty remains in predicting the rate of subsea field development order flow. Given our first quarter performance and outlook for the rest of the year, we are now anticipating that our EPS in 2009 will not follow our historical quarterly pattern.

5:08PM Essex Property beats by $1.01; guides FY09 FFO below consensus (ESS)67.02 +3.61 : Reports Q1 (Mar) funds from operations of $2.50 per share, $1.01 better thanthe First Call consensus of $1.49. Co issues downside guidance for FY09, sees FFO of $5.19-5.49, excluding non-recurring items, vs. $5.64 consensus.

4:47PM Arris beats by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (ARRS) 10.11 +0.50 : Reports Q1 (Mar) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues fell 13.3% year/year to $253.5 mln vs the $255.3 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-$0.24 vs. $0.18 consensus; sees Q2 revs of $270-$290 mln vs. $267.64 mln consensus.

4:44PM Sequenom reports Q1 results (SQNM) 14.91 +0.53 : Co reports Q1 EPS of ($0.29) vs ($0.24) First Call consensus; revs $8.7 mln vs $11.16 mln First Call consensus. On a consolidated basis the company is expected to report a 2009 loss of between $62-67 mln, which includes approximately $12 mln in non-cash FAS 123R expenses. On a consolidated basis, the company is expected to have a cash burn of between $45-52 mln.

4:43PM General Maritime beats by $0.05, beats on revs (GMR) 8.64 +0.02 : Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.30; revenues rose 35.9% year/year to $82.9 mln vs the $81.8 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the co's fleet decreased by 12.0% to $30,724 per day for the three months ended March 31, 2009 compared to $34,918 for the prior year period. The co's average daily rates for vessels on spot charters decreased by 24.8% to $26,445 for the three months ended March 31, 2009 compared to $35,155 for the prior year period.

4:37PM Tetra Tech beats by $0.02, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY09 EPS above consensus, revs below consensus (TTEK)24.07 +1.29 : Reports Q2 (Mar) earnings of $0.27 per share, excluding non-recurring items,$0.02 better than the First Call consensus of $0.25; revenues rose 15.6% year/year to $332.2 mln vs the $329.3 mln consensus. Co issues in-line EPS guidance for Q3, sees EPS of $0.29-0.31 vs. $0.30 consensus; sees Q3 revs of $330-350 mln vs. $369.16 mln consensus. Co issues in-line EPS guidance for FY09, sees EPS of $1.12-1.17, excluding $0.05 gain, vs. $1.16 consensus; sees FY09 revs of $1.35-1.40 bln vs. $1.41 bln consensus.

4:34PM CBL & Assoc beats by $0.07, beats on revs; guides FY09 FFO above consensus (CBL) 7.76 +0.88 : Reports Q1 (Mar) funds from operations of $0.78 per share, excluding non-cash impairment charge, $0.07 better than the First Call consensus of $0.71; revenues fell 3.5% year/year to $271.1 mln vs the $266.7 mln consensus. Co issues upside guidance for FY09, sees FFO of $2.95-3.09 vs. $2.94 consensus. Same Center NOI declined 1.2% for the quarter ended March 31, 2009, from the prior-year period. Stabilized mall occupancy was 89.1% as of March 31, 2009.

4:33PM Genco Shipping & Trading beats by $0.06, reports revs in-line; co's cash dividends and share repurchases will be suspended (GNK) 17.52 +0.88 : Reports Q1 (Mar) earnings of $1.32 per share, $0.06 better than the First Call consensus of $1.26; revenues rose 5.4% year/year to $96.7 mln vs the $96 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet decreased 7.5% to $33,203 per day for the three months ended March 31, 2009 compared to $35,891 for the three months ended March 31, 2008. On January 26, 2009, the co announced that it had entered into an agreement with DnB NOR Bank ASA and Bank of Scotland PLC as the lead arrangers to amend its $1.4 bln credit facility. Under terms of the amended ten-year $1.4 bln facility, the collateral maintenance requirement is waived until such time that GNK is in a position to satisfy the requirement as well as continue to comply with all other covenants and certain other conditions previously announced. GNK continues to be able to borrow the undrawn portion of the loan during the waiver period. Amounts borrowed under the amended facility began to reduce on March 31, 2009 at $12.5 million per quarter and will bear interest at LIBOR plus 2.00%. The co also announced that, under the terms of the amended credit facility, its cash dividends and its share repurchases will be suspended, effective immediately. GNK will be able to reinstate its cash dividends and share repurchases once the Company can represent that it is in a position to again satisfy the collateral maintenance covenant. The amendment to the credit facility places no further restrictions on uses of the Company's cash.

Earnings - 23rd July 2008 (2)

6:08PM Alcon beats by $0.14, beats on revs; raises FY08 EPS above consensus, raises revs above consensus (ACL) 159.85 -5.21 : Reports Q2 (Jun) earnings of $1.88 per share, $0.14 better than the First Call consensus of $1.74; revenues rose 17.9% year/year to $1.74 bln vs the $1.68 bln consensus. Co raises guidance for FY08, sees EPS of $6.48-6.54 vs. $6.44 consensus, up from $6.24-6.30; raises FY08 revs of $6.46-6.51 bln vs. $6.4 bln consensus, up from $6.4-6.5 bln. Co says the increase is primarily due to the continuation of a more favorable currency environment than originally expected.

6:04PM Kirby Corp beats by $0.01, beats on revs; guides Q3 EPS above consensus; raises FY08 EPS in-line (KEX) 46.01 +0.99 : Reports Q2 (Jun) earnings of $0.74 per share, $0.01 better than the First Call consensus of $0.73; revenues rose 20.9% year/year to $348.3 mln vs the $324.1 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.75-0.80 vs. $0.74 consensus. Co raises FY EPS guidance in-line; co sees EPS of $2.90-3.00 vs. $2.88 consensus. Co is also increasing its capital spending guidance range for 2008 to $165-175 mln, which includes ~$90 mln for the construction of new tank barges and towboats."

5:19PM Agnico-Eagle Mines misses by $0.07, misses on revs (AEM) 63.90 -4.02 : Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.07 worse than the First Call consensus of $0.15; revenues rose 16.3% year/year to $92.8 mln vs the $127.4 mln consensus. The reduction in net income was almost entirely due to the 56% decrease in the realized price of zinc, combined with a 7% decrease in zinc sales due to lower production, compared to the second quarter of 2007. The decline in zinc production during the quarter is due to the focus of mining on the lower mine at LaRonde where the ore is more gold/copper rich and has lower zinc grades.

5:19PM Noble Corp beats by $0.09, misses on revs (NE) 52.76 -3.21 : Reports Q2 (Jun) earnings of $1.40 per share, $0.09 better than the First Call consensus of $1.31; revenues rose 12.0% year/year to $812.9 mln vs the $834.9 mln consensus. Looking ahead, our industry faces a number of challenges. Raw materials costs, such as the price of steel, continue to climb. Added to this are increases in labor costs and the fluctuation in foreign exchange.

5:17PM Cabot beats by $0.14, beats on revs (CBT) 25.39 +0.64 : Reports Q3 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.38; revenues rose 29.4% year/year to $840 mln vs the $801.5 mln consensus. Co says, "We remain solidly committed to our strategy and long term financial targets. Our Company is well positioned to meet our commitments to improve earnings and create shareholder value. We continue to aggressively manage the impact of increasing feedstock costs through price increases but we will continue to experience negative effects in Q4 due to substantial hydrocarbon price increases in June and July. We are planning to eliminate most of the time lag in our rubber blacks supply contracts over the coming 18 to 24 months and have implemented monthly pricing adjustments where feasible. Demand remains solid across most of our businesses with our leading positions in emerging markets providing strong support. We are managing our new business efforts with renewed discipline, including taking concrete steps to work more closely with lead users and key partners and terminating under-performing projects where appropriate. Our commitment to high return investments in energy recovery projects and to attractive growth opportunities in emerging regions continues."

5:03PM Baidu.com beats by $0.13, beats on revs; guides Q3 revs in-line (BIDU) 288.70 -3.66 : Reports Q2 (Jun) earnings of $1.11 per share, $0.13 better than the First Call consensus of $0.98; revenues rose 124.2% year/year to $117 mln vs the $112.5 mln consensus. The number of active online marketing customers during the second quarter grew to over 181,000, an increase of 12.4 % from the previous quarter. Co issues in-line guidance for Q3, sees Q3 revs of $132-136 mln vs. $135.26 mln consensus.

4:33PM IRobot beats by $0.11, beats on revs; guides FY08 revs above consensus (IRBT) 13.33 +0.31 : Reports Q2 (Jun) loss of $0.18 per share, $0.11 better than the First Call consensus of ($0.29); revenues rose 42.9% year/year to $67.2 mln vs the $51.7 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $295-305 mln vs. $292.3 mln consensus.

4:29PM Core Labs beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs above consensus (CLB) 118.80 -5.75 : Reports Q2 (Jun) earnings of $1.51 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.49; revenues rose 17.4% year/year to $197.7 mln vs the $190.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.55-1.61 vs. $1.61 consensus; sees Q3 revs of $200-210 mln vs. $200.91 mln consensus. Co issues upside guidance for FY08, sees EPS of $6.05-6.15 vs. $6.17 consensus; sees FY08 revs of $784-795 mln vs. $780.87 mln consensus.

4:22PM Varian Medical beats by $0.12, beats on revs; guides FY08 EPS above consensus, revs above consensus (VAR) 53.28 +0.82 : Reports Q3 (Jun) earnings of $0.58 per share, $0.12 better than the First Call consensus of $0.46; revenues rose 21.1% year/year to $513 mln vs the $480.3 mln consensus. Co issues upside guidance for FY08, sees EPS growth of ~22% YoY (which calculates to ~$2.23 vs. $2.11 consensus); sees FY08 revs growth of ~17-18% (which calculates to ~$2.08-2.096 bln vs. $2.05 bln consensus). "At this early stage, we estimate that revenues for fiscal 2009 could grow by about 12 percent and that earnings per diluted share should grow at a slightly faster rate than revenues."

4:15PM F5 Networks beats by $0.01, beats on revs; guides Q4 revs in-line (FFIV) 30.98 -1.43 : Reports Q3 (Jun) GAAP earnings of $0.23 per share, $0.01 better than the First Call consensus of $0.22; revenues rose 25.1% year/year to $165.6 mln vs the $161.4 mln consensus. Co issues guidance for Q4, sees EPS of $0.19-0.20, includes a $5.3 charge, may not be comparable to $0.24 consensus; sees Q4 revs of $172-174 mln vs. $169.08 mln consensus.

4:12PM Omniture misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY08 EPS in-line, revs in-line (OMTR) 20.97 -0.14 : Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.11; revenues rose 123.6% year/year to $74.9 mln vs the $74.3 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.10-0.11 vs. $0.12 consensus; sees Q3 revs of $78.5-80.5 vs. $79.82 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.41-0.46 vs. $0.45 consensus; sees FY08 revs of $308-313 vs. $310.56 mln consensus.

4:11PM Airgas reports EPS in-line, beats on revs; guides Q2 EPS in-line; tightening Y09 guidance range (ARG) 59.18 -0.53 : Reports Q1 (Jun) earnings of $0.81 per share, in-line with the First Call consensus of $0.81; revenues rose 22.0% year/year to $1.12 bln vs the $1.08 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.82-0.84 vs. $0.82 consensus. Co tightening guidance range for FY09, sees EPS of $3.30-3.40, compared to previous guidance of $3.24-3.40, vs. $3.39 consensus.

4:09PM Terex beats by $0.32, beats on revs; guides FY08 EPS in-line, revs in-line (TEX) 50.08 +0.62 : Reports Q2 (Jun) earnings of $2.32 per share, $0.32 better than the First Call consensus of $2.00; revenues rose 25.3% year/year to $2.94 bln vs the $2.76 bln consensus. Co issues in-line guidance for FY08, sees EPS of $6.85-7.15 vs. $6.92 consensus; sees FY08 revs of $10.5-10.9 bln vs. $10.5 bln consensus. Co says, "We expect strong infrastructure and commodity demand trends for our Cranes and MPM segments to continue, which will drive a higher portion of our net sales and income for the balance of 2008."

4:08PM MEMC Elec misses by $0.08, misses on revs; guides Q3 revs in-line; guides FY08 EPS in-line, revs below consensus; increases stock repurchase program by $500 mln (WFR) 53.80 +2.17 : Reports Q2 (Jun) earnings of $0.92 per share, $0.08 worse than the First Call consensus of $1.00; revenues rose 6.0% year/year to $531.4 mln vs the $557.9 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $560-620 mln vs. $616.34 mln consensus. Co issues mixed guidance for FY08, sees EPS of $4.00-4.30 vs. $4.30 consensus; sees FY08 revs of $2.250-2.350 bln vs. $2.36 bln consensus... Co also announces the Board authorizes $500 mln increase in share repurchase program.


4:06PM Chipotle Mexican Grill misses by $0.01, reports revs in-line (CMG) 83.80 +2.14 : Reports Q2 (Jun) earnings of $0.74 per share, $0.01 worse than the First Call consensus of $0.75; revenues rose 24.3% year/year to $340.8 mln vs the $343.9 mln consensus. Comparable restaurant sales increased 7.1%. Restaurant level operating margins decreased 80 basis points to 22.4% . "We continue to expect 130 to 140 new restaurants openings in 2008, and though we face significant economic challenges in the short term, we continue to believe we can grow diluted earnings per share over the long-term at an average annual rate of at least 25%." Co reiterates FY08 comp restaurant sales increases in the mid single digits; 130-140 new restaurant openings; and non-cash stock compensation expense of approximately $12.5 to $13.0 million

4:05PM Tractor Supply beats by $0.05, beats on revs; guides FY08 EPS in-line, revs in-line (TSCO) 33.60 +2.08 : Reports Q2 (Jun) earnings of $1.24 per share, $0.05 better than the First Call consensus of $1.19; revenues rose 13.6% year/year to $898.3 mln vs the $888.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.49-2.55 vs. $2.50 consensus; and narrows its FY08 revs to $2.98-3.03 bln from $2.98-3.04 bln vs. $2.97 bln consensus. The co confirms that same-store sales for the year will be approx flat to 2%. The firm says the co anticipates opening approximately 88 to 93 stores for the full year and now expects there will be slightly fewer selling weeks from new stores in 2008.

4:04PM Nutrisystem beats by $0.06, beats on revs; guides Q3 revs below consensus; reaffirms FY08 revs guidance (NTRI) 17.58 -0.38 : Reports Q2 (Jun) earnings of $0.71 per share, $0.06 better than the First Call consensus of $0.65; revenues fell 9.1% year/year to $194 mln vs the $185.3 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $160-170 mln vs. $180.55 mln consensus; co sees adjusted EBITDA of $25-30 mln. Co reaffirms guidance for FY08, sees FY08 revs of $700-720 mln vs. $716.91 mln consensus; co sees adjusted EBITDA of $110-120 mln.

8:40AM Exelon beats by $0.11, reports revs in-line; reaffirms FY08 EPS guidance (EXC) 84.58 : Reports Q2 (Jun) earnings of $1.13 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.02; revenues rose 2.7% year/year to $4.62 bln vs the $4.6 bln consensus. Co reaffirms guidance for FY08, sees EPS of $4.00-4.40, excluding non-recurring items, vs. $4.35 consensus.

8:38AM ConocoPhillips beats by $0.05, beats on revs (COP) 84.31 : Reports Q2 (Jun) earnings of $3.50 per share, $0.05 better than the First Call consensus of $3.45; co reports revs of $71.4 bln vs $47.4 bln in yr ago period. "During the second quarter, we produced 2.2 million BOE per day, including an estimated 0.4 million BOE per day from our LUKOIL Investment segment. In the downstream business, our worldwide refining crude oil capacity utilization rate improved to 93 percent... Looking ahead to the third quarter, we anticipate the company's E&P segment production will be similar to the second quarter. We expect full-year 2008 production will be consistent with our operating plan. We anticipate exploration expenses to be approximately $375 million for the quarter."

8:32AM Genzyme beats by $0.01, beats on revs; reaffirms FY08 EPS guidance (GENZ) 79.30 : Reports Q2 (Jun) earnings of $0.98 per share, $0.01 better than the First Call consensus of $0.97; revenues rose 25.5% year/year to $1.17 bln vs the $1.13 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.90 vs. $3.94 consensus.