Earnings - 11th Feb 2009

4:47PM International Coal reports Q4 (Dec) results, misses on revs; provides '09 and '10 production guidance (ICO) 2.74 +0.06 : Reports Q4 (Dec) loss of $0.24 per share, may not be comparable to the First Call consensus of ($0.06); revenues rose 25.7% year/year to $257.7 mln vs the $292.1 mln consensus. Fourth quarter 2008 financial results include non-cash asset impairment charges of $37.4 million. The pre-tax impairment charges include the previously announced $7.2 million charge for non-recoverable mine development costs related to the Sago mine closure, and a $30.2 million goodwill impairment charge related to the Company's ADDCAR subsidiary. For 2009, the Company expects to sell approximately 20.5 million to 21.3 million tons of coal. The average selling price is projected to be $61.50 to $63.50 per ton. The projected average cost per ton sold is $51.00 to $53.00, excluding selling, general and administrative expenses. The Company expects coal production to be approximately 19.5 million to 20.3 million tons. For 2010, the Company expects to sell 20.0 million to 21.0 million tons of coal. Coal production is expected to total 19.5 million to 20.5 million tons.

4:37PM Las Vegas Sands misses by $0.08, misses on revs (LVS) 3.98 +0.23 : Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.04; revenues rose 3.8% year/year to $1.09 bln vs the $1.17 bln consensus. Co says, "Our target for cost savings initiatives has been increased to $250 mln on an annual basis and these savings are designed to reduce our structural costs for a leaner environment while preserving the service standards that our guests expect us to deliver...   Development work on Marina Bay Sands, in Singapore, and Sands Bethlehem, in Bethlehem, Pennsylvania, continues to progress, with both projects generally tracking to our previously disclosed budgets and opening schedules. In Bethlehem, we are preparing for an opening of Sands Bethlehem in less than four months, in the second quarter of 2009, while in Singapore, we are targeting an opening date for Marina Bay Sands in less than one year. We look forward to bringing these two new properties online, and we expect each to significantly increase our cash flows."

4:10PM Sequenom misses by $0.07, misses on revs (SQNM) 16.90 +0.23 : Reports Q4 (Dec) loss of $0.25 per share, $0.07 worse than the First Call consensus of ($0.18); revenues rose 9.9% year/year to $12.2 mln vs the $13.8 mln consensus. For FY09, co expects the Genetic Analysis revenues to be approximately $49-$53 mln and total operating expenses, excluding Molecular Diagnostics, to be approx $53 mln.

4:09PM ComScore beats by $0.01, misses on revs; guides Q1 EPS above consensus, revs below consensus (SCOR) 12.82 +0.36 : Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.04; revenues rose 24.9% year/year to $31.6 mln vs the $32.5 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.09-0.10 vs. $0.08 consensus; sees Q1 revs of $30.3-30.8 mln vs. $33.38 mln consensus. Co says, "Our focus remains on the long term as we continue to build the leading global digital marketing intelligence platform."

4:08PM Network Appliance reports EPS in-line, misses on revs (NTAP) : Reports Q3 (Jan) earnings of $0.28 per share, in-line with the First Call consensus of $0.28; revenues fell 1.1% year/year to $874.3 mln vs the $912.5 mln consensus. NetApp estimates non-GAAP gross margins for Q4 of fiscal year 2009 to be ~60%; estimates non-GAAP operating expenses for Q4 2009 to increase by about $5-10 mln from Q3;  estimates the company will incur approximately $30-35 mln in GAAP severance and other charges associated with a business restructuring in Q4.

4:05PM Buffalo Wild Wings beats by $0.04, beats on revs; guides FY09 (BWLD) 21.91 +0.12 : Reports Q4 (Dec) earnings of $0.43 per share, $0.04 better than the First Call consensus of $0.39; revenues rose 32.6% year/year to $121.2 mln vs the $117.4 mln consensus. Co issues guidance for FY09 says "We believe our 2009 annual goals of 15% unit growth, 25% revenue growth, and 20% to 25% net earnings growth are achievable, this calculates to ~$1.63-1.71 vs. $1.59 consensus; on rev of $474.6 mln vs. $523.05 mln consensus.

4:05PM Zymogenetics beats by $0.34, beats on revs; guides FY09 EPS above consensus (ZGEN) 4.99 +0.06 : Reports Q4 (Dec) loss of $0.13 per share, $0.34 better than the First Call consensus of ($0.47); revenues rose 75.6% year/year to $36 mln vs the $12.4 mln consensus. Co issues upside guidance for FY09, sees EPS of ($1.09)-(0.80) vs. ($1.55) consensus. The co expects to continue the trend of lower net losses in 2009, driven largely by increased net sales of RECOTHROM and higher collaboration and license revenues. Co says, "We expect another year of important progress in 2009, continuing to build the sales of RECOTHROM, advancing PEG-Interferon lambda into Phase 2, working to execute additional partnering transactions, and continuing to optimize the company's cost structure to achieve our long-term financial objectives."

4:02PM Chipotle Mexican Grill beats by $0.03, beats on revs (CMG) 47.34 -0.77 : Reports Q4 (Dec) earnings of $0.52 per share, $0.03 better than the First Call consensus of $0.49; revenues rose 19.5% year/year to $345.3 mln vs the $339.4 mln consensus. For FY09, co sees comparable restaurant sales increases in the low single digits; 120-130 new restaurant openings; An effective tax rate of approximately 38.5%; Diluted weighted average common shares outstanding of approximately 32.5 million.

8:56AM Genzyme beats by $0.02, reports revs in-line; guides FY09 EPS slightly below consensus, revs in-line (GENZ) 71.19 : Reports Q4 (Dec) earnings of $1.04 per share,$0.02 better than the First Call consensus of $1.02; revenues rose 13.2% year/year to $1.17 bln vs the $1.18 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.70 vs. $4.74 consensus; sees FY09 revs of 5.2-5.4 vs. $5.25 bln consensus. For FY09 Total revenue for the Genetic Disease segment is expected to reach $2.47 - $2.53 bln this year, compared with $2.23 bln in 2008. Myozyme revenue is expected to increase to $430 - $440 mln, compared with $296 mln in 2008. Th Revenue for Fabrazyme, an important growth driver that is performing well in a competitive marketplace, is expected to rise to $560 - $570 mln in 2009 from $494 mln last year. Cerezyme revenue is expected to reach $1.25 - $1.28 bln, compared with $1.24 bln in 2008, reflecting its mature status and the impact of foreign exchange.

7:33AM Reynolds American beats by $0.11, misses on revs (RAI) 38.86 : Reports Q4 (Dec) earnings of $1.27 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.16; revenues fell 2.4% year/year to $2.18 bln vs the $2.2 bln consensus. The Q4 EPS excludes non-cash trademark impairment charges of $145 mln and an investment impairment of $33 mln.

7:12AM Agrium beats by $0.15, beats on revs (AGU) 36.95 : Reports Q4 (Dec) earnings of $0.79 per share, $0.15 better than the First Call consensus of $0.64; revenues rose 33.0% year/year to $1.99 bln vs the $1.96 bln consensus. Co said,  "Our fourth quarter margins were excellent again this quarter, even with the challenges of reduced sales volumes and write-downs in inventories due to the unprecedented changes in phosphate and nitrogen prices over the past four months. We ended 2008 with earnings that were three times our previous record, and our strong balance sheet and positive earnings outlook places us in an excellent financial position for the future. Much of this success is a result of our disciplined growth strategy of diversifying across the entire agricultural value chain... Despite the economic turmoil and uncertainty the world has been facing, we believe that 2009 will prove to be a year where Agrium can again deliver strong annual results. We believe the reduced crop nutrient use experienced over the past four months is not sustainable and that it will ultimately impact grain production and support crop prices and crop input demand. Recent growth initiatives have positioned our Wholesale, Retail, and Advanced Technologies businesses to continue to benefit from what we believe will be robust demand for crop inputs in the coming year."

7:09AM Dean Foods beats by $0.07, misses on revs; guides Q1 and FY09 EPS slightly above consensus (DF) 18.31 : Reports Q4 (Dec) earnings of $0.46 per share, $0.07 better than the First Call consensus of $0.39; revenues fell 4.7% year/year to $3.08 bln vs the $3.22 bln consensus. Co issues upside guidance for Q1, sees EPS of at least $0.38 vs. $0.36 consensus. Co issues upside guidance for FY09, sees EPS of at least $1.50 vs. $1.49 consensus.

2:03AM Arcelor Mittal misses by $0.10, beats on revs; lowers annual dividend to $0.75 from $1.28 (MT) 24.80 : Reports Q4 (Dec) earnings of $0.34 per share, excluding exceptional charges and tax benefit, $0.10 worse than the First Call consensus of $0.44; revenues fell 21.1% year/year to $22.09 bln vs the $19.73 bln consensus. Total steel shipments for the three months ended December 31, 2008 were 17.1 mln metric tonnes as compared with steel shipments of 25.6 mln metric tonnes for the three months ended September 30, 2008 and 28.0 mln metric tonnes for the three months ended December 31, 2007. The decrease resulted from a collapse in demand. Total steel shipments in the Flat Carbon Americas segment were nearly halved at 3.9 mln metric tonnes for the three months ended December 31, 2008, as compared with steel shipments of 6.9 mln metric tonnes for the three months ended September 30, 2008, in line with the sharp deterioration of global steel markets in Q4. Sales also declined to $4.5 bln for the three months ended December 31, 2008 as compared with sales of $8.5 bln for the three months ended September 30, 2008, due to both lower volumes and prices (an 8.7% decrease in average steel selling price). The segment recorded an operating loss of $0.4 bln for the three months ended December 31, 2008 representing a decline from operating income of $0.6 bln for the three months ended September 30, 2008. The operating loss included exceptional charges of $0.5 bln related to write-downs of inventory and raw material supply contracts. Co reduces annual dividend to $0.75/share from $1.28.

12:12AM DaVita beats by $0.04, reports revs in-line (DVA) 47.43 : Reports Q4 (Dec) earnings of $0.94 per share, $0.04 better than the First Call consensus of $0.90; revenues rose 7.8% year/year to $1.46 bln vs the $1.47 bln consensus. Operating income guidance for 2009 remains unchanged at a range of $820-$880 mln.

Earnings - 13th Aug 2008

6:09PM Netease.com beats by $0.10, beats on revs (NTES) 24.05 +1.36 : Reports Q2 (Jun) earnings of $0.49 per share, $0.10 better than the First Call consensus of $0.39; revenues rose 9.5% year/year to $104 mln vs the $99 mln consensus.

6:06PM Ctrip.com beats by $0.05, beats on revs; guides Q3 revs; Board approves $15 shrae repurchase (CTRP) 43.20 -2.59 : Reports Q2 (Jun) earnings of $0.25 per share, $0.05 better than the First Call consensus of $0.20; revenues rose 30.0% year/year to $55 mln vs the $53.8 mln consensus. For the third quarter of 2008, Ctrip expects the year-on-year net revenue growth rate to be in the range of 15-20%. The board of directors has approved a share repurchase program, which is subject to shareholder approval during CTRP's annual general meeting currently scheduled in September 2008. The board has authorized CTRP to repurchase, using funds from CTRP's available cash balance, up to US$15 mln worth of its own ADSs.

4:09PM Network Appliance reports EPS in-line, revs in-line; issues Q2 guidance, announces $1 bln share repurchase program (NTAP) 25.69 -0.62 : Reports Q1 (Jul) earnings of $0.22 per share, in-line with the First Call consensus of $0.22; revenues rose 26.1% year/year to $869 mln vs the $861.6 mln consensus. Co issues guidance for Q2, sees EPS of $0.27-0.30 vs. $0.30 consensus; sees Q2 revs of $910-940 vs. $918.19 mln consensus. Additionally, the co announced a $1 bln share repurchase program. "Our new fiscal year got off to a good start, and our efforts to increase awareness and sales capacity in order to secure new customers are delivering results... Despite economic uncertainty, customers have continued to expand and evolve their storage infrastructure and are looking to NetApp to help them reduce costs and enable new capabilities."
4:06PM Clean Energy Fuels beats by $0.06, beats on revs (CLNE) 14.70 +0.43 : Reports Q2 (Jun) loss of $0.05 per share, $0.06 better than the First Call consensus of ($0.11); revenues rose 12.7% year/year to $34.6 mln vs the $33.8 mln consensus. "As we expected, our financial performance in the first half of 2008 was hampered by the combination of the loss of a few non-core customers, the impact of higher natural gas prices on our fixed-price customer contracts, and the long lead time for our key Port project to translate into gallons and revenue. With that said, we continue to see our pipeline grow and remain optimistic about the outlook for natural gas as a vehicle fuel," said Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer. "We believe Clean Energy stands to benefit from the momentum generated from energy issues coming to the forefront in the U.S. There is proposed legislation in Congress promoting natural gas as a transportation fuel and we are seeing an increasing number of grants providing incentives to switch to natural gas fueling solutions. Highlighting Clean Energy's industry leadership, we recently teamed up with General Motors Corp. to open a hydrogen fueling station at our Clean Energy natural gas fueling station at the Los Angeles International Airport."

8:06AM Macy's beats by $0.10, reports revs in-line; guides FY09 EPS below consensus (M) 20.27 : Reports Q2 (Jul) earnings of $0.29 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.19; revenues fell 3.0% year/year to $5.72 bln vs the $5.76 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.70-1.85, excluding non-recurring items, vs. $1.86 consensus. The first Q2 non-recurring item relates to the consolidation of three Macy's divisions announced in February 2008, which is expected to save approximately $100 million per year beginning in 2009. In the second quarter of 2008, the company booked consolidation costs of $26 million ($17 million after tax or 4 cents per diluted share). Second quarter 2008 results also include non-cash asset impairment charges of $50 million ($31 million after tax or 8 cents per diluted share) related to private brand tradenames acquired in the merger with The May Department Stores Company in 2005... Macy's, Inc. currently expects same-store sales in the fall season to be flat to down 1 percent, which would result in fiscal 2008 same-store sales of down 1 percent to down 1.6 percent.

7:39AM KHD Humboldt Wedag beats by $0.13, misses on revs, issues inline FY08 EPS guidance (KHD) 26.60 : Reports Q2 (Jun) earnings of $0.63 per share, excluding items, $0.13 better than the single analyst estimate of $0.50; revenues fell 9.6% year/year to $144.2 mln vs the $189.80 mln single analyst estimate. Co issues in-line guidance, sees FY08 EPS of $2.05-$2.15 vs single analyst estimate of $2.12, and sees order intake to increase to $1.1 bln. The co's order backlog is $1.3 bln, up 96% yr/yr, with 41% from Russia and Eastern Europe, 26% from the Middle East and 26% from Asia. Order intake for Q2 was $320.1 mln, up 105% yr/yr, with 53% coming from the emerging markets of Russia and Eastern Europe and 31% from Asia.

7:16AM Liz Claiborne beats by $0.09, reports revs in-line; guides Q3 EPS below consensus (LIZ) 14.91 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.00); revenues fell 7.1% year/year to $973.8 mln vs the $970.4 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.37-0.42 vs. $0.58 consensus. Co narrow guidance rannge for FY08, to EPS of $1.40-1.50 from $1.40-1.60 vs. $1.39 consensus.

7:07AM Canadian Solar reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line; guides FY08 revs in-line (CSIQ) 30.91 : Reports Q2 (Jun) earnings of $0.36 per share, includes one-time non-cash debt conversion chrage of $10.2 mln, may not be comparable to the First Call consensus of $0.47; revenues rose 251.9% year/year to $212.6 mln vs the $206.8 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $245-255 mln vs. $247.63 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $850-970 mln vs. $908.93 mln consensus. "Based on current sales and supply agreements and market forecasts, we reiterate our 2009 shipment target of 500 - 550MW. The 2009 target includes about 400 MW of regular solar modules and 100 - 150 MW of e- Modules." "Shipments for Q308 are expected to be approximately 60 MW."

7:04AM Deere misses by $0.04 (DE) 69.35 : Reports Q3 (Jul) earnings of $1.32, $0.04 worse than the First Call consensus of $1.36; revenues rose 18.1% year/year to $7.07 bln vs the $7.23 bln consensus. Company equipment sales are projected to increase by about 21 percent for the full year and 29 percent for the fourth quarter of 2008. Included in the forecast is about 5 percent of currency translation impact for the year and about 3 percent for the quarter. Deere's net income is forecast to be about $425 million for the fourth quarter. Escalating raw material costs are expected to have an impact on margins for the quarter.

6:33AM Gildan Activewear beats by $0.01, beats on revs; reaffirms FY08 EPS guidance (GIL) 27.73 : Reports Q3 (Jun) earnings of $0.46 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.45; revenues rose 30.6% year/year to $380.8 mln vs the $355.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $1.45-1.50 vs. $1.48 consensus.

5:25AM Toll Brothers reports preliminary Q308 totals for home building revenues, backlog and contracts (TOL) 20.64 : Co reports that, for Q308 ending July 31, 2008, home building revenues were approx $796.5 mln, backlog was approx $1.75 bln and net signed contracts were approx $469.7 mln. These totals represented declines of 34%, 52% and 35%, respectively, in dollars, and 31%, 48% and 27%, respectively, in units, compared to Q307 results.

5:22AM Pan Am Silver misses by $0.02, beats on revs (PAAS) 25.20 : Reports Q2 (Jun) earnings of $0.31 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.33; revenues rose 31.4% year/year to $104.1 mln vs the $99 mln consensus.

3:20AM LDK Solar signs five-year wafer supply agreement with LX Telecom & Energy (LDK) 39.37 : Co signs a five-year contract to supply multicrystalline solar wafers to India-based XL Telecom & Energy. Under the terms of the agreement, LDK Solar will deliver approx 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Limited over a five-year period, commencing in Q109 and extending through 2013.

3:14AM ING Group posts EUR 1.9 bln underlying net profit in Q2 (ING) 34.09 : Co reports underlying net profit of EUR 1,946 mln, down 28.8% from 2Q07 on lower investment income. Net EPS down 20.3% to EUR 0.94; EUR 5 bln share buyback added EUR 0.05 per share. Lower real estate & private equity valuations, lower equity capital gains account for EUR 754 mln net decline.

3:12AM Cellcom Israel reports Q208 results (CEL) 33.16 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65; revenues increased 9.9% year/year to $477 mln vs the $445.63 mln consensus.


1:09AM GeoEye restates financial statements for YE2005, 2006 and 2007 and for quarters ended Sept. 30, 2007 and March 31, 2008 (GEOY) 24.53 : Co restates its financial statements for the years ended December 31, 2005, 2006 and 2007 and quarterly information for such periods and for each of the quarters ended September 30, 2007 and March 31, 2008, for the following reasons: As part of the NextView program, the National Geospatial-Intelligence Agency agreed to pay approx $237 mln to share the cost of constructing the co's GeoEye-1 satellite. Additionally, co reports a decrease income tax expense and related tax liabilities from the amounts reported on the 2007 Form 10-K because the previously identified ownership change occurred earlier than previously reported and thus eliminated fewer net operating losses. Finally, co identified a decrease of $3.0 mln in direct expenses in 2007 due to an overstatement of imagery purchased from third parties associated with imagery sales in 2007.

1:03AM GeoEye reports Q208 results (GEOY) 24.53 : Reports Q2 (Jun) earnings of $0.12 per share, $0.01 worse than the First Call consensus of $0.13; revenues fell 29.1% year/year to $34.2 mln vs the $35.09 mln consensus.

12:52AM Star Bulk Carriers reports Q208 results (SBLK) 9.86 : Reports Q2 (Jun) earnings of $0.27 per share, excludes items, $0.06 worse than the First Call consensus of $0.33; revenues were $59.23 mln vs the $49.34 mln consensus.

12:46AM Sociedad Quimica y Minera reports earnings for Q208 (SQM) 32.46 : Co announces announced year/year earnings growth of 146.6% for Q208, reporting quarterly net income of $125.7 mln ($0.48 per ADR) compared to the 2007 figure of $51.0 mln ($0.19 per ADR). Operating income for Q2 reached $156.1 mln, 112.5% higher than the $73.5 mln recorded for the same period of 2007. Revenues totaled $460.8 mln, an increase of approx 43.3% with respect to Q207, when revenues amounted to $321.6 mln. No First Call estimates are available.