Earnings - 23th June 2009

4:35PM Darden Restaurants beats by $0.04, reports revs in-line; guides FY10 EPS below consensus (DRI) 33.00 -1.24 : Reports Q4 (May) earnings of $0.90 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.86; revenues rose 8.2% year/year to $1.98 bln vs the $1.98 bln consensus. Co issues downside guidancefor FY10, sees EPS of $2.59-2.85 vs. $2.91 consensus. Co says, "we're assuming that the economic and industry weakness we've experienced over the past six months will continue through all of our fiscal 2010. We are assuming that blended same-restaurant sales for our three large casual dining brands, Olive Garden, Red Lobster and LongHorn Steakhouse, will be between -2% and flat in FY10. Based on these same-restaurant results and ~50-55 net new restaurant openings, total sales change is expected to be between -1% and +1% and diluted net EPS are expected to range from -2% to +8%. Please note that our FY09 included a 53rd week of operations. Excluding that extra week, our FY10 same-restaurant sales assumptions and plans for net new restaurant openings are expected to drive total sales growth of +1% to +3% and diluted net EPS growth that ranges from flat to +10%. It is also important to note that going forward, we will no longer report results and prior period comparisons that exclude integration costs and purchase accounting adjustments."

4:32PM AeroVironment earnings correction: Beats by $0.01; guides FY10 revs above consensus (AVAV) 27.36 -0.49 : Earlier we incorrectly calculated the co's revenue guidance. We have deleted the original comment. Co reports Q4 (Apr) earnings of $0.27 per share,$0.01 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $76 mln vs the $71.2 mln consensus. Co issues upside guidance for FY10, sees FY10 revs growth of 18-22%, which equates to ~$292.2-302.2 mln. $290.35 mln consensus.

4:07PM Oracle beats by $0.02, beats on revs (ORCL) 19.87 -0.10 : Reports Q4 (May) earnings of $0.46 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.44; revenues fell 5.2% year/year to $6.86 bln vs the $6.47 bln consensus. Co says, "We executed substantially better than we expected on both the top and bottom line for the quarter. We grew Q4 non-GAAP operating margins by a faster than expected 240 bps to over 51%. That helped us generate $7.7 bln in free cash flow for fiscal 2009. We grew faster and took market share from SAP in every region around the world. In Europe our applications business grew 5% in constant currency versus negative 27% growth for SAP in their most recent quarter. Historically Europe has been an SAP stronghold, but these results prove that we can compete and beat them everywhere. The Exadata Database Machine is well on its way to being the most successful new product launch in Oracle's 30 year history. Several of Teradata's largest customers are performance testing -- then buying -- Oracle Exadata Database Machines. In a recent competitive benchmark, a Teradata machine took over six hours to process a query that our Exadata Database Machine ran in less than 30 minutes. They bought Exadata."

4:05PM Sonic beats by $0.04, beats on revs (SONC) 9.00 +0.50 : Reports Q3 (May) earnings of $0.24 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.20; revenues fell 9.9% year/year to $191.9 mln vs the $181.7 mln consensus. Co says, "While our sales were lower than we expected in the third quarter, we believe our continued emphasis on distinctive promotions that drive traffic, loyalty and check -- in concert with our unique quality and customer service experience -- will improve sales over the long run."

9:19AM Commercial Metals beats by $0.04, misses on revs (CMC) 14.21 : Reports Q3 (May) loss of $0.10 per share from cont ops, $0.04 better than the First Call consensus of ($0.14); revenues fell 53.9% year/year to $1.34 bln vs the $1.49 bln consensus. Co says it believes for the balance of calendar 2009, market conditions in the US will remain difficult. There is very little evidence of stimulus dollars impacting demand. It is likely in 2010 that the stimulus package will impact infrastructure spending and, thus, demand for steel long products such as rebar. Co is seeing some small signs of a pick up in demand. However, this is more a function of seasonality and restocking of certain steel products than a general recovery in demand. Co believes destocking of rebar and merchant products is almost over. It is likely that steel prices will stabilize and recover modestly in the coming months.

7:05AM America's Car-Mart beats by $0.05, beats on revs (CRMT) 17.66 : Reports Q4 (Apr) earnings of $0.43 per share, $0.05 better than the First Call consensus of $0.38; revenues rose 1.8% year/year to $77.9 mln vs the $74.9 mln consensus. Same store revenue increased .9% for the three months. The average down-payment percentage was 8.6% compared to 7.5% for the prior year period and collections as a percentage of average finance receivables was 17.7% compared to 17.5% for the prior year. The provision for credit losses was 20.8% of sales compared to 20.0% in the same period last year. Net charge-offs as a percentage of average finance receivables was 6.3% compared to 5.9% in the same period last year. Gross margins on vehicle sales were slightly lower during 4Q09 and Selling, General, and Administrative Expenses were higher as infrastructure investments, primarily payroll costs, continued to be phased in. Co says, "Our future growth will come from both increases in sales at our existing dealerships and the addition of new dealerships. We finished 2009 with an increase in the average number of retail units sold per lot per month. Even with this increase, we know that we have significant up-side for volume levels at our existing dealerships... We saw improvements in credit loss percentages and the level of accounts over 30 days past due at year end is at its lowest level in several years. It is exciting to be in a position to grow revenues into the future without near-term capital constraints and maximize the leveraging of the infrastructure investments we have made."

Earnings - 18th Dec 2008

5:22PM Potash lowers FY08 EPS below consensus (POT) 74.22 -5.88 : Co lowers FY08 EPS to ~$10.75 vs. $11.56 First Call consensus, down from prior $12.00-13.00. Co says Q4 earnings are expected to be the third-highest in our history (behind only Q2 and Q3 of 2008) and full-year 2008 earnings will be our fifth consecutive record year and should be more than triple the $3.40 per share earned in 2007. This revision was precipitated by weaker Q4 sales volumes in all three nutrients, lower potash volumes to higher netback spot markets and lower prices and margins in our nitrogen and phosphate segments.These impacts have been partially offset by a 1% reduction in our consolidated reported corporate income tax rate. We anticipate total potash sales volumes for 2008 will be below 9 mln tonnes with potash gross margin more than triple that of 2007. Consistent with our long-held strategy of matching production to meet market demand, we recently announced a 2-mln-tonne curtailment of production beginning in January. We currently anticipate 2009 potash volumes could be similar to slightly above 2008 levels with a strong final three quarters next year. Annualizing expected Q4 2008 per-tonne potash prices alone could push 2009 realizations to almost $200 per tonne higher than those for full-year 2008, without considering price increases already achieved by Canpotex(2) for first-half 2009 shipments to Korea and Japan or upcoming contract settlements with China and India for 2009. Given difficult global credit conditions and increased geopolitical risk in certain regions where prospective potash capacity might have been added over the next decade, we believe that the 8 mln tonnes of brownfield capacity we are adding over the next five years is even more valuable today than it was when we announced the projects. While we anticipate a slow start to 2009 for all three nutrients, we believe global production curtailments - the logical economic response to supply/demand imbalances when buyers step away from the market - will significantly tighten these markets when demand returns, which we expect to be during the second-quarter of 2009.

4:32PM Darden Restaurants beats by $0.14, beats on revs (DRI) 23.98 -0.15 : Reports Q2 (Nov) earnings of $0.44 per share, $0.14 better than the First Call consensus of $0.30; revenues rose 9.9% year/year to $1.67 bln vs the $1.65 bln consensus. Darden stated that it now expects combined U.S. same-restaurant sales declines in fiscal 2009 of approximately -1.25% to -2.25% for Red Lobster, Olive Garden and LongHorn Steakhouse (which reflects anticipated declines of approximately -2% to -4% in the second half of the fiscal year), and that it now expects to open approximately 70 net new restaurants in fiscal 2009. The Company also stated that it now anticipates reported diluted net earnings per share declines from continuing operations of -1% to -6% in fiscal 2009, which includes the impact of the 53rd week.

4:13PM Research In Motion reports EPS in-line; guides Q4 EPS above consensus, revs above consensus (RIMM) 38.44 -2.23 : Reports Q3 (Nov) earnings of $0.83 per share, excluding non-recurring items, in-line with the First Call consensus of $0.83; revenues rose 7.9% year/year to $2.78 bln vs the $2.81 bln consensus. Co issues upside guidancefor Q4, sees EPS of $0.83-0.91 vs. $0.83 consensus; sees Q4 revs of $3.3-3.5 vs. $2.98 bln consensus. Sees gross margins of between 40-41% in Q4. Based on RIMM's current expectations for product mix and device average selling prices, RIMM expects gross margins in fiscal 2010 to be similar to or slightly better than Q4. The revenue breakdown for the quarter was approximately 81% for devices, 13% for service, 2% for software and 4% for other revenue. During the quarter, RIM shipped approximately 6.7 mln devices. Approximately 2.6 mln net new BlackBerry subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base increased from the prior quarter by approximately 14% to approximately 21 mln. Net subscriber account additions in the fourth quarter are expected to be approximately 2.9 mln.

4:09PM Teekay Shipping says it expects its Q3 results to exceed the current consensus estimate of $1.01 per share (TK) 15.42 -1.38 : Co announces that it expects Q3 EPS results to exceed the current consensus estimate of $1.01 per share. The co also announced that it expects to publish its complete Q3 results in January 2009, upon finalization of the regular quarterly review by the co's independent auditor, Ernst & Young LLP. The delay is due to a later than normal start to the co's Q3 earnings review process as a result of committing resources to finalize the previously announced restatement of historical results. The Company's estimated earnings for the third quarter of 2008 reflect the strong spot tanker freight rates prevalent during the quarter. As a result, the Company realized an average Suezmax spot rate of approximately $67,000 per day and an average Aframax spot rate of approximately $46,000 per day. This counter-seasonal strength in tanker freight rates was primarily due to higher volumes of oil production from ton-mile intensive OPEC producers, rising crude oil import volumes into the United States, China and India, as well as other factors, including port delays in the United States and Japan and stockpiling of oil ahead of the Olympics in China. Tanker rates have also been supported in the second half of 2008 by a dampening of tanker supply growth due to the removal of tankers from the global fleet for conversion purposes and an increase in scrapping compared to previous years. During the first nine months of 2008, the world tanker fleet grew by three percent, a decrease from the annual fleet supply growth rate of approximately six percent experienced for the same period in 2006 and 2007.

4:08PM Teekay Tankers reports Q3 EPS of $0.84, excluding $0.06 unrealized loss relating to the change in fair value of an interest rate swap, vs $0.79 First Call consensus; revs of $41.5 mln vs $38.96 mln First Call consensus (TNK) 11.30 -1.48 : Average spot tanker freight rates during the third quarter of 2008 were the highest on record for a third quarter. This counter-seasonal strength in tanker freight rates was primarily due to higher volumes of oil production from ton-mile intensive OPEC producers, rising crude oil import volumes into the United States, China and India, as well as other factors, including port delays in the United States and Japan and stockpiling of oil ahead of the Olympics in China.

4:05PM Accenture beats by $0.06, beats on revs; guides Q2 revs below consensus; guides FY09 EPS in-line (ACN) 30.36 +0.12 : Reports Q1 (Nov) earnings of $0.74 per share, $0.06 better than the First Call consensus of $0.68; revenues rose 6.0% year/year to $6.47 bln vs the $5.97 bln consensus. Co issues Q2 guidance below consensus, sees Q2 revs of $5.45-5.65 bln vs. $5.71 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.78-2.85 from previous guidance of $2.85-2.93 vs. $2.78 consensus. Accenture now expects operating cash flow to be $2.8 bln to $3.0 bln; property and equipment additions to be $370 mln; and free cash flow to be in the range of $2.4 bln to $2.6 bln. The co's previous outlook was $3.0 bln to $3.2 bln for operating cash flow; $425 mln for property and equipment additions; and $2.6 bln to $2.8 bln for free cash flow.

4:04PM Oracle reports EPS in-line, misses on revs (ORCL) : Reports Q2 (Nov) earnings of $0.34 per share, excluding non-recurring items, in-line with the First Call consensus of $0.34; revenues rose 5.5% year/year to $5.61 bln vs the $5.84 bln consensus.

4:01PM Intrepid Potash expects sales levels for the Q4 to be less than half of the levels seen in Q3; consensus calls for a decline of ~2% sequentially (IPI) 20.21 -0.56 : Co announced that, consistent with public announcements from other fertilizer producers, the co has seen the reduction and deferral of sales of potash and langbeinite, which normally would occur in the fourth quarter, into early 2009. Due to these reductions and deferrals, the co expects sales levels for 4Q08 to be less than half of the levels seen in the third quarter of this year (consensus calls for a decline of ~2%). In addition, the co anticipates producing potash and langbeinite volumes for the full year that are below the previous guidance range and anticipates that its corresponding annual cost of goods sold for both potash and langbeinite will be higher than previous guidance. The higher cost per ton numbers are a function of the co strengthening its workforce and continuing infrastructure improvements while at the same time producing fewer tons. In order to manage some variable cost elements, the co has recently elected to reduce its contract labor in Carlsbad, New Mexico through the end of 2008 and into 2009 as long as the current market conditions exist. As a result of entering 2009 with relatively higher than historical inventory levels, and in an effort to manage the supply demand balance, the Company currently anticipates that 2009 potash production will be below 800,000 tons. "We are evaluating the market in a real-time fashion and taking the appropriate actions to navigate the Company through this period of general market uncertainty. We will continue to actively monitor sales and production rates to manage inventory levels against the near-term market demand profile while at the same time being thoughtful about long-term fundamentals. We firmly believe that the macro potash trends of world population growth, improved diets and farmers investing for yield remain unchanged. The strength of our debt-free balance sheet allows us to make these proactive, real-time, operating and marketing decisions that are in the best long-term interests of our stockholders."

8:43AM Discover Financial Services reports Q4 (Nov) of $0.92, may not be comparable to consensus of $0.13 (DFS) : Reports Q4 (Nov) earnings of $0.92 per share, including settlement, may not be comparable to the First Call consensus of $0.13. On October 27, 2008 Discover reached a $2.75 bln settlement of its antitrust lawsuit with Visa and MasterCard. Discover received an $863 mln payment in November 2008, and expects to receive the remaining proceeds in equal $472 mln installments over the four quarters of 2009. The proceeds will be reflected as revenue in Discover's U.S. Card segment in the period earned. Fourth quarter income from continuing operations was $444 mln, up from $210 mln in the fourth quarter of 2007. The fourth-quarter managed net charge-off rate was 5.48% and the managed over 30 days delinquency rate was 4.56%. Provision for loan losses increased $521 mln, or 89%, due to higher net charge-offs and an increase in loan loss reserves in excess of charge-offs in the quarter. The reserve increase in excess of charge-offs of $415 mln resulted from a higher reserve rate as well as higher on-balance sheet loans due to maturing securitizations. The company continues to maintain liquidity and capital positions that it believes are appropriate for the current environment. Cash liquidity was $9.4 bln and tangible equity was $5.5 bln, or 11.0% of net managed receivables, at November 30, 2008. The co applied to the U.S. Treasury to participate in the Capital Purchase Program and to the Federal Reserve to become a bank holding co.

7:47AM Covance lowers FY08 guidance (CVD) 42.78 : Co revised its financial expectations for 2008 and provided financial guidance for 2009. Covance now expects 2008 full-year earnings per share to be $3.02 on low double-digit revenue growth versus the previous expectation of earnings per share of $3.18 on low-teens revenue growth (both EPS targets exclude the gain from the sale of centralized ECG services) vs $3.14 First Call consensus. Co expects full-year 2009 revenue growth to be in the range of approximately 5-10% over 2008 and EPS to be in the range of $3.00 to $3.20 vs $3.44 First Call consensus. These results assume foreign exchange rates remain at budgeted levels throughout 2009, which would negatively impact year-on-year growth in revenue by approximately $100 mln and earnings per share by $0.27 versus the average 2008 exchange rates. Excluding the impact of foreign exchange, revenue growth is expected to be in the range of approximately 10-15% and earnings growth is expected to be in the range of approximately 8-15%. Looking to the first quarter of 2009, co expects a modest sequential decline in earnings per share from the fourth quarter of 2008, relating largely to new operations coming online.

7:15AM Wimm-Bill-Dann Foods reports Q3 op income of $67.6 mln vs $59.9 mln; revs $702.1 mln vs $749.99 mln First Call consensus (WBD) 26.30 :

7:04AM Ingersoll-Rand lowers Fourth-Quarter and Full-Year 2008 Revenue and Earnings Estimates (IR) 16.35 : Co issues downside guidance for Q4 (Dec), sees EPS of $0.20-0.30 down from $0.55-0.75 vs. $0.60 First Call consensus; sees Q4 (Dec) revs of $3.7 bln down from $4.1 bln vs. $4.03 bln consensus. Co says "Our initial forecast for the fourth quarter of 2008 was based on sharply lower growth expectations compared with the first half of the year as we anticipated weaker results in many of our key end markets... The rate of decline accelerated compared with prior expectations. We had lower than expected revenues in all of our business segments, primarily due to softer North American and sharply declining Western European markets. The rate of deterioration in European economic activity was especially severe over the last six weeks. The strengthening of the U.S. dollar against the Euro also amplified the year-over-year revenue decline... "We have accelerated our previously announced productivity actions for the balance of the year and for 2009 to deal with the slowing environment, while continuing to build a strong business for the future. We are realizing the synergies from the recent acquisition of Trane and from our initiatives in purchasing and Lean Six Sigma, which will produce even greater benefits in 2009. We expect the Trane acquisition synergies to exceed $75 mln in 2008 and we are on track to realize an additional $125 mln in 2009. We are also targeting to capture significant material cost reductions in 2009 from the recent sharp declines in key commodities. 

6:40AM Apogee Enterpr beats by $0.17, beats on revs; reaffirms FY09 guidance of $1.65-$1.82 (APOG) 8.95 : Reports Q3 (Nov) earnings of $0.58 per share, excluding gain of $0.04 per share on the sale of its 34-percent interest in the PPG Auto Glass LLC joint venture,$0.17 better than the First Call consensus of $0.41; revenues rose 13.9% year/year to $240.4 mln vs the $235 mln consensus. Co reaffirms FY09 guidance of $1.65-$1.82. Co says "Delays, cancellations and slower conversion of bid projects into awards have impacted the size of our backlog and have led to uncertainty regarding our outlook for fiscal 2010. At this time, we estimate that our fiscal 2010 revenues are likely to be down at least 10 percent.

Earnings - 25th June 2008

4:35PM Energen raises FY08 and FY09 EPS guidance on higher commodity price assumptions (EGN) 15.62 -0.38 : Co announced that it is raising the underlying commodity price assumptions applicable to the unhedged production of its oil and gas exploration and production unit for the remainder of 2008 and for 2009. Co sees FY08 $4.30-4.70 vs $4.50 First Call consensus, up from previous guidance of $4.15-4.55; sees FY09 $5.15-5.55 vs $5.03 First Call consensus, up from previous guidance of $4.65-5.05. Energen's revised NYMEX price assumptions for unhedged production for the rest of 2008 and for the year 2009 are $10 per thousand cubic feet of natural gas and $100 per barrel of oil; its new natural gas liquids price assumption is $1.30 per gallon for the remainder of 2008 and for 2009.

4:28PM Autodesk reaffirms Q2 guidance; narrows Q3 EPS, lowers Q3 revs; sees FY09 EPS in-line, revs above consensus (ADSK) 36.35 +0.61 : Co reaffirms Q2 EPS of $0.50-0.52 vs $0.53 consensus, sees revs of $600-610 mln vs $605.4 mln consensus; narrows Q3 EPS of $0.53-0.55 vs $0.55 consensus, from $0.53-0.56, lowers revs to $615-630 mln vs $611.8 mln consensus, down from $605-620 mln. Co sees FY09 EPS of $2.20-2.30 vs $2.25 consensus, revs of $2.48-2.53 bln vs $2.47 bln consensus. Co updated its financial guidance to reflect the anticipated effects of the acquisition of Moldflow. ADSK acquired Moldflow for $22 per share, or ~$297 million, less the amount in Moldflow's cash balance and proceeds from options exercises.

4:28PM CKE Restaurants beats by $0.04, reports revs in-line (CKR) 12.30 +0.54 : Reports Q1 (Apr) earnings of $0.31 per share, $0.04 better than the First Call consensus of $0.27; revenues fell 3.2% year/year to $466.2 mln vs the $465.5 mln consensus. Blended company-operated same-store sales for the first fiscal quarter of fiscal 2009 increased 1.8%. Same-store sales increased 3.9% at Carl's Jr. and decreased 0.6% at Hardee's company-operated restaurants.

4:20PM Nike beats by $0.02, beats on revs (NKE) 65.97 +0.00 : Reports Q4 (May) earnings of $0.98 per share, $0.02 better than the First Call consensus of $0.96; revenues rose 16.1% year/year to $5.09 bln vs the $4.95 bln consensus. "The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June 2008 through November 2008, totaling $8.8 bln, 11 percent higher than such orders reported for the same period last year. Changes in currency exchange rates increased reported orders growth by 3 percentage points."

4:17PM Bed Bath & Beyond beats by $0.03, beats on revs (BBBY) 28.57 +0.27 : Reports Q1 (May) earnings of $0.30 per share, $0.03 better than the First Call consensus of $0.27; revenues rose 6.1% year/year to $1.65 bln vs the $1.62 bln consensus. Comparable store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year's fiscal first quarter.

4:10PM Research In Motion misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs above consensus (RIMM) 142.33 +1.85 : Reports Q1 (May) earnings of $0.84 per share, $0.01 worse than the First Call consensus of $0.85; revenues rose 19.1% year/year to $2.24 bln vs the $2.27 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.84-0.89 vs. $0.90 consensus; sees Q2 revs of $2.55-2.65 bln vs. $2.44 bln consensus. RIMM Q1 (May) net Blackberry subscriber additions 2.3 mln vs. guidance of 2.20 mln. RIMM sees Q2 (Aug) net subs of 2.6 mln... The revenue breakdown for the quarter was approximately 82% for devices, 13% for service, 3% for software and 2% for other revenue. During the quarter, RIM shipped approximately 5.4 mln devices. "We are pleased to report another record quarter with revenue increasing 107% as the popularity of the BlackBerry platform continued to spread in business, government and consumer segments. Our comprehensive technology and business strategies continue to reap strong results in the market and RIMM is well positioned to build on its momentum throughout the remainder of fiscal 2009... As we prepare this summer to ship our 40 millionth BlackBerry smartphone, we continue to steadily scale our business and partnerships to support the opportunities ahead in this thriving sector."

4:07PM Herman Miller beats by $0.14, beats on revs; guides Q1 EPS in-line, revs in-line (MLHR) 23.99 +0.18 : Reports Q4 (May) earnings of $0.71 per share, $0.14 better than the First Call consensus of $0.57; revenues rose 7.0% year/year to $519.1 mln vs the $488.4 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.49-0.56 vs. $0.55 consensus; sees Q1 revs of $470-495 mln vs. $491.05 mln consensus. Co said, "Changing economic conditions required us to closely examine how and where we invest our resources to optimize our growth and minimize the impact of ongoing challenges in the U.S. market. As a result, we are well positioned for what we expect will continue to be a difficult near-term environment."

4:05PM Oracle beats by $0.03, beats on revs (ORCL) 22.47 +0.24 : Reports Q4 (May) earnings of $0.47 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.44; revenues rose 23.8% year/year to $7.28 bln vs the $6.85 bln consensus. "Non-GAAP operating margins were up 200 basis points in FY08 to a record 43.0%. Non-GAAP earnings per share were up 29% for the year and non-GAAP EPS has tripled over the last five years. Oracle has delivered solid results year-after-year." "Oracle's application new software license revenues grew 38% in FY08, while SAP's new software license revenues grew only 13% in their most recent fiscal year. This is the third consecutive year we've taken applications market share from SAP." "Four years ago we publicly announced a five year plan to deliver non-GAAP earnings per share at a compound annual growth rate of 20%. During the past four years we exceeded our plan and delivered a non-GAAP EPS CAGR of over 26%."

4:03PM Red Hat reports EPS in-line, beats on revs (RHT) 22.21 +0.72 : Reports Q1 (May) earnings of $0.18 per share, excluding non-recurring items, in-line with the First Call consensus of $0.18; revenues rose 52.0% year/year to $156.6 mln vs the $153 mln consensus.

11:23AM Industrial Services sees Q2 EPS of $0.42-0.44 vs $0.22 a year ago (IDSA) 15.99 +1.66 : Co provides financial guidance for the second quarter and first six months of 2008. Based on actual results from the first two months of the period and on projected trends, the company said Q2 2008 earnings are expected to be in the range of $0.42-0.44 per share vs $0.22 a year ago. For the first six months of 2008, co estimates EPS of $0.72-0.74 vs $0.44 a year ago. "Global demand for commodities continues to be strong, as does pricing for ferrous and non-ferrous materials. We are well positioned to benefit from these demand and pricing trends."

9:13AM Airmedia raises Q2 rev guidance above consensus (AMCN) 13.47 : Co issues upside guidance for Q2 (Jun), raises Q2 (Jun) revenue guidance to $29-30 mln from $26-28 mln vs. $26.86 mln First Call consensus. Co said that despite the impact of the Sichuan earthquake and the slowdown of air passenger volume growth, they are able to raise guidance due to stronger than expected results of all products lines, especially the digital frame business

8:10AM Monsanto beats by $0.11, misses on revs; guides FY08 EPS above consensus (MON) 135.79 : Reports Q3 (May) earnings of $1.45 per share, $0.11 better than the First Call consensus of $1.34; revenues rose 26.2% year/year to $3.59 bln vs the $3.71 bln consensus. Co raised guidance for FY08, sees EPS of ~$3.40 vs. $3.39 consensus, up from $3.15-3.25. Co now expects that its free cash flow for fiscal year 2008 will be $550 million. The co expects net cash provided by operating activities to be in the range of $2.6 bln. As part of today's announcement, MON also published a preliminary report on the co's biotech trait acreage for fiscal year 2008 on its website.

8:06AM Dean Foods guides Q2 EPS above consensus; reaffirms FY08 guidance (DF) 18.39 : Co issues upside guidance for Q2 (Jun), sees EPS of at least $0.32, excluding non-recurring items, vs. $0.29 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of at least $1.20 vs. $1.25 consensus. Co said, "Our DSD Dairy business is performing particularly well in the second quarter... Our team's efforts to reduce the cost of production and distribution, combined with effective management of the pass through of increased dairy commodity and energy costs through this inflationary period, is resulting in a strong overall performance in the second quarter."

7:37AM Williams Cos raised FY08 and FY09 EPS guidance above consensus (WMB) 39.13 : Co raises FY08 EPS guidance to $2.30-2.80 vs $2.21 consensus, up from prior $1.70-2.10; raises FY09 EPS to $2.05-2.90 vs $2.48 consensus, up from $1.80-2.30. Co says, "The increase in earnings guidance primarily reflects the co's more favorable outlook for commodity prices during 2008 and 2009. The more favorable prices are expected to benefit the company's exploration & production and midstream businesses. A chart attached to the end of this press release includes the guidance updates for the business segments and WMB in total. For 2008 the company now expects unhedged natural gas prices ranging from $9.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $100-120 per barrel (West Texas Intermediate). For 2009, the co now expects unhedged natural gas prices ranging from $8.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $80-120 per barrel (WTI). WMB also is updating its capital expenditure guidance for 2008 and 2009. The new range for 2008 is $3.03-3.38 bln, up from the previous range of $2.6-2.95 bln. For 2009, the new range is $2.63-3.03 bln, compared with the previous range of $2.3-2.7 bln.

7:31AM EMCOR Group raises guidance for FY08 (EME) 27.75 : Co raises guidance for FY08 (Dec), to EPS of $2.22-2.42 from $2.08-2.28 vs. $2.31 First Call consensus; raises FY08 (Dec) revenue guidance to $6.8-7.0 bln from $6.3-6.5 bln vs. $6.76 bln consensus. The increased guidance reflects continuing indications of strong demand for the Company's services in many of its markets.

7:02AM Rockwell Automation guides Q3 below consensus; will not meet previous FY08 guidance (ROK) 52.19 : Co issues downside guidance for Q3 (Jun), sees EPS of $0.93-1.00 vs. $1.13 First Call consensus. Given the expected third quarter earnings, and what appear to be less favorable market conditions in the U.S. and Europe, the Company no longer believes that full year EPS will fall within the previous annual guidance range of $4.25-4.45 (consensus $4.29).

6:32AM General Mills reports EPS in-line, beats on revs; guides FY09 EPS below consensus (GIS) 62.40 : Reports Q4 (May) earnings of $0.73 per share, excluding non-recurring items, in-line with the First Call consensus of $0.73; revenues rose 13.4% year/year to $3.47 bln vs the $3.37 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.78-3.83 vs. $3.84 consensus.