Earnings - 20th April 2009

6:16PM Boston Scientific beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs in-line (BSX) 8.69 -0.33 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.12; revenues fell 1.8% year/year to $2.01 bln vs the $2.02 bln consensus. Co issues upside EPS guidance for Q2, sees EPS of $0.16-0.21 vs. $0.14 consensus; sees Q2 revs of $1.96-2.08 bln vs. $2.05 bln consensus. Co issues upside EPS guidance for FY09, sees EPS of $0.80-0.90 vs. $0.58 consensus; sees FY09 revs of $8.0-8.5 bln vs. $8.16 bln consensus.

5:02PM Mid-America Aptmt sees Q1 FFO of $0.99-1.03 vs $0.90 First Call consensus (MAA) 32.72 -3.23 : The co announces that it expects its first quarter 2009 FFO to exceed its prior guidance. Based on preliminary results, Mid-America expects to report FFO between $30.1 million and $31.5 million, representing a range of $0.99 to $1.03 per diluted share/unit, for the first quarter of 2009. This compares to Mid-America's FFO guidance of $0.87 to $0.97 per diluted share/unit. Net income available to common shareholders is expected to be between $7.4 million and $8.7 million, representing a range of $0.26 to $0.31 per diluted share for the same period. Simon Wadsworth, Chief Financial Officer, said, "Same-store property operating performance was better than our forecast based on solid occupancy and lower than expected expenses. Interest expense was also less than forecast because of the very favorable rate environment. While our first quarter operating results were better than we expected, the continued weakness in both the economy and the employment market as we enter the busy summer leasing season suggests the need for caution in forecasting the balance of the year."

4:35PM Texas Instruments beats by $0.04, beats on revs; guides Q2 in-line (TXN) 17.32 -0.65 : Reports Q1 (Mar) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03) (consensus includes restructuring charges); revenues fell 36.2% year/year to $2.09 bln vs the $1.9 bln consensus. Co reports Q1 gross margin of 38.6% vs 39.29% consensus. Co issues in-line guidance for Q2, sees EPS of 0.01-0.15, includes restructuring charges, vs. $0.02 consensus; sees Q2 revs of 1.95-2.40 vs. $1.94 bln consensus. Co said, "Demand for our products has begun to stabilize after sharp drops in the past two quarters. Many customers have increased orders for TI products as they have begun to slow down their inventory reductions. However, we remain sensitive to continuing weakness in the global economy, and we have yet to see signs of a broad-based recovery in our business. In this environment, we will keep our operations flexible so that we can respond quickly to any shifts in demand, whether up or down... We reduced our own inventory by $277 million, and at the same time worked with distributors to reduce channel inventory by $132 million. Our inventory reductions are essentially complete, and we expect to moderately increase production levels in our factories during the second quarter".

4:24PM Zions Bancorp reports Q1 (Mar) results (ZION) : Reports Q1 (Mar) earnings of $0.39 per share, may not be comparable to the First Call consensus of ($1.77). Net loan charge-offs of $151.7 mln compared to $179.7 mln in Q4... Provision for loan loss reserves of $297.6 mln compared to $285.2 mln in Q4... Net interest margin of 3.93% compared to 4.20% in Q4; spread between loan yields and deposit rates remained essentially unchanged q/q; drop driven primarily by an increase in liquidity position accompanied by a significant decrease in yields on short-term investments, and by the increase in nonaccrual loans... Impairment and valuation losses on securities of $249 mln, of which $182 million related to purchases of AAA and AA-rated securities from Lockhart that were downgraded.... Extended $3.8 bln of credit, of which $1.9 bln were new loans to credit-worthy individuals and businesses... Nonperforming assets were $1,770.2 million at March 31, 2009 ($1,663.2 million excluding FDIC-supported assets) compared to $1,140.5 mln in Q4; increase related mainly to commercial real estate loans primarily in Nevada, Arizona and Texas and to commercial and industrial loans primarily in Utah; NPA excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.00%, compared to 2.71% in Q4.... Net loan and lease charge-offs for Q1 were $151.7 million or 1.47%, this compares with $179.7 million or 1.72% for Q4... provision for loan losses was $297.6 mln for Q1 compared to $285.2 million for Q4. The provision for Q1 was 2.88%... allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 2.03%, compared to 1.65% in Q4... tangible common equity ratio was 5.26%, compared to 5.89% in Q4; tangible equity ratio was 8.28%, compared to 8.91% in Q4... Tier 1 risk-based capital and total risk-based capital were $5,204 million and $7,374 million compared to $5,269 million and $7,386 million at December 31, 2008, respectively. Estimated ratios at March 31, 2009 for Tier 1 risk-based capital and total risk-based capital were 9.33% and 13.23% compared to 10.22% and 14.32% at December 31, 2008, respectively.

4:16PM IBM beats by $0.04, misses on revs; reaffirms 2009 guidance, ahead of pace for 2010 roadmap (IBM) 100.43 -0.84 : Reports Q1 (Mar) earnings of $1.70 per share, $0.04 better than the First Call consensus of $1.66; revenues fell 11.4% year/year to $21.71 bln vs the $22.51 bln consensus. Reports Q1 gross margin 43.4% vs 42.4% consensus. IBM reaffirms prior 2009 EPS guidance for "at least $9.20", consensus is for $9.03. IBM says ahead of pace for 2010 roadmap of $10.00-11.00; consensus is for $9.78. Co said revs were impacted by strong U.S. dollar, down 11% YoY, down 4% adjusting for currency. "IBM continued to perform well in a very difficult economic environment. This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital. At the same time we have a disciplined approach to cost and expense management giving us a strong financial position." IBM's tax rate in the first-quarter 2009 was 26.5% compared with 27.5% in 1Q08, a decline of 1.0 point. IBM ended the first quarter of 2009 with $12.3 bln of cash on hand and generated free cash flow of $1.0 bln, up $450 mln year over year, excluding Global Financing receivables. The balance sheet remains strong, and the company is well positioned to take advantage of opportunities.

4:11PM Badger Meter beats by $0.09, misses on revs (BMI) 30.81 -1.99 : Reports Q1 (Mar) earnings of $0.47 per share, $0.09 better than the First Call consensus of $0.38; revenues fell 4.5% year/year to $65.3 mln vs the $66.3 mln consensus. Co said, "Our ability to achieve record first quarter earnings and earnings per share on lower sales reflects the impact of ongoing cost reduction initiatives, favorable copper costs and the strength of the dollar, compared to the first quarter of last year. Our gross profit margin increased to 40.1% for the first quarter of 2009, compared to 35.8% in the first quarter of 2008".

4:04PM Canadian Natl Rail beats by C$0.03, beats on revs (CNI) 39.43 -2.33 : Reports Q1 (Mar) earnings of C$0.64 per share, excluding non-recurring items, C$0.03 better than the First Call consensus of C$0.61; revenues fell 3.5% year/year to C$1.86 bln vs the C$1.82 bln consensus.

4:02PM Stryker reports EPS in-line, misses on revs; guides FY09 EPS in-line (SYK) 37.42 -0.52 : Reports Q1 (Mar) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues fell 2.0% year/year to $1.6 bln vs the $1.63 bln consensus. Co issues lower but in-line guidance for FY09, sees EPS of $2.90-3.10 vs. $3.07 consensus. As a result of the continued weaker demand for certain MedSurg Equipment products as well as consideration of slowing elective procedures for certain Orthopaedic Implant products, the Company is reducing its guidance for 2009.

8:36AM Providence Service Corp sees Q1 EPS of at least $0.35 vs. $0.25 First Call consensus; sees revs of $180-185 mln vs. $179.69 mln consensus (PRSC) 8.47 : Co issues upside guidance for Q1 (Mar), sees EPS of at least $0.35 vs. $0.25 First Call consensus; sees Q1 (Mar) revs of $180-185 mln vs. $179.69 mln consensus. On March 27, 2009, the co had estimated diluted earnings per share of at least $0.25 and rev of between approximately $170 mln and $180 mln for 1Q09. As previously stated, guidance for the 1Q09 includes approximately $1.5 mln in costs and expenses related to the amended credit agreement, including arrangement, legal, accounting and other expenses, as well as approximately $300,000 in legal and other fees related to the now abandoned consent solicitation.

8:02AM Lubrizol guides EPS above consensus for Q1 (LZ) 39.03 : Co issues upside guidance for Q1 (Mar), sees EPS of $1.06, ex items vs. $0.87 First Call consensus.

7:16AM Halliburton beats by $0.03, misses on revs (HAL) 18.78 : Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the First Call consensus of $0.41. "During the first quarter, we experienced significant volume reduction and margin compression due to the steep downturn in North America drilling activity. The first quarter brought unprecedented declines in the rig count and prolonged weakness to the commodity markets. These industry-wide declines have been exacerbated by restrictions to some of our customers' access to capital and the decrease in global demand for oil and natural gas."

7:15AM Bank of America reports results above consensus for Q1 (BAC) 10.60 : After preferred dividends, including $402 mln paid to the U.S. government, diluted earnings per share were $0.44 per share, may not compare to the First Call consensus of $0.04; revenues rose 111.7% year/year to $36 bln vs the $27.13 bln consensus. Co reports Pretax, Pre-Provision Income of $19 bln. Co said, The Merrill Lynch integration is on track and expected to meet targeted cost savings. The Countrywide transition is on track. Cost savings from the acquisition are ahead of schedule. Merrill Lynch contributed $3.7 bln to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened. Consumers are under significant stress from rising unemployment and underemployment levels. These conditions led to higher losses in almost all consumer portfolios. Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio. Commercial losses increased from the prior quarter driven by higher broad-based losses in the non-homebuilder portion of the real estate portfolio within Global Banking and the small business portfolio within Global Card Services. The provision for credit losses of $13.4 bln rose from $8.5 bln in the fourth quarter and included a $6.4 bln net addition to the allowance for loan and lease losses. Reserves were added across most consumer portfolios reflecting increasing economic stress on consumers. Reserves were also increased on commercial portfolios. Nonperforming assets were $25.7 bln compared with $18.2 bln at December 31, 2008 and $7.8 bln at March 31, 2008, reflecting the continued deterioration in portfolios tied to housing. The provision for credit losses increased to $3.4 bln driven by economic and housing market weakness particularly in regions experiencing higher unemployment and falling home prices.

7:09AM Eaton beats by $0.03, misses on revs; guides Q2 EPS below consensus, assumes revs below consensus; guides FY09 EPS below consensus (ETN) 44.75 : Reports Q1 (Mar) loss of $0.22 per share, excluding integration charges, $0.03 better than the First Call consensus of ($0.25); revenues fell 19.5% year/year to $2.81 bln vs the $3.06 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.25, excluding non-recurring items, vs. $1.06 consensus; assumes Q2 revs of $3.0-3.1 bln vs. $3.5 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-3.00, excluding non-recurring items, vs. $3.44 consensus. CEO Cutler comments, "Given the uncertain end market demand, it is very difficult to provide guidance for the second quarter. Assuming our sales in the second quarter total between $3.0 bln and $3.1 bln, coupled with the additional charges we expect in the quarter, we anticipate net income per share for Q209 to be approximately $0.15 and operating earnings per share, which exclude charges to integrate our recent acquisitions, to be approximately $0.25. As a result of our lower market forecast for 2009, we are lowering our full-year guidance to net income per share of between $2.10 and $2.60 and operating earnings per share of between $2.50 and $3.00. Our second half 2009 and full year 2010 results will be strengthened by the savings from the resource adjustment actions taken during the first half of 2009."

7:03AM Weatherford misses by $0.02, reports revs in-line (WFT) 14.75 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.29, mainly due to a sharp drop off in customer activity in North America; revenues rose 2.7% year/year to $2.26 bln vs the $2.26 bln consensus.

6:37AM Eli Lilly beats by $0.21, reports revs in-line; guides FY09 EPS in-line (LLY) 33.75 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.99; revenues rose 5.0% year/year to $5.05 bln vs the $5.05 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.25, excluding non-recurring items, vs. $4.14 consensus. There were no significant items affecting net income in the first quarter of 2009; however, the reported EPS for the first quarter of 2008 were favorably affected by significant items netting to $.05 per share. To reflect the impact of the ImClone acquisition as if the acquisition occurred in January 1, 2008, Q108 pro forma EPS have been reduced by $.04 per share

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.