Earnings - 20th Oct 2009

6:07PM Tupperware beats by $0.12, beats on revs; guides FY09 EPS above consensus, revs above consensus; guides FY10 EPS above consensus (TUP) 44.01 -0.26 : Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.42; revenues rose 0.2% year/year to $514 mln vs the $486.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.84-2.89 vs. $2.73 consensus; sees FY09 revs growth of 5-6%, which equates ~$2.27-2.29 bln vs. $2.06 bln consensus. Co issues upside guidance for FY10, sees EPS of $3.33-3.43, excluding non-recurring items, vs. $3.20 consensus; co sees FY10 revs growth of 6-8% in local currency, and with a 6% benefit from foreign exchange is an increase of 12-14% reported.

4:34PM Cymer beats by $0.19, beats on revs; guides Q4 revs above consensus (CYMI) 38.85 -0.12 : Reports Q3 (Sep) earnings of $0.36 per share, $0.19 better than the First Call consensus of $0.17; revenues fell 16.5% year/year to $92.3 mln vs the $82.2 mln consensus. Co issues upside guidance for Q4, sees Q4 revs to be comparable to Q3 revs, which equates to ~92.3 mln vs. $90.62 mln consensus. Co said, "In Q3, we responded to increased demand that resulted in Q3revenue increasing almost 50%, as compared to the prior quarter. In Q4, we anticipate maintaining this increased level of demand for light sources and Installed Base Products."

4:33PM Walter Energy beats by $0.18, beats on revs (WLT) 65.87 -0.05 : Reports Q3 (Sep) earnings of $0.45 per share, $0.18 better than the First Call consensus of $0.27; revenues fell 9.9% year/year to $278.3 mln vs the $222.8 mln consensus.Co says "Our third quarter performance illustrates the strong demand for our high quality coking coal... We continue to see improving market conditions for our product and we are on track to achieve sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of the Mine No. 7 East longwall in early January 2010." The Company expects to ship 126,000 tons of hard coking coal at 2008-2009 carryover pricing of approximately $315 per metric ton in the fourth quarter 2009. Coking coal production is expected to be between 1.4 and 1.5 mln tons in the fourth quarter, with production costs expected to average between $65 and $70 per ton. "We expect continued improvement in market conditions for the remainder of 2009, Moving into 2010, we are seeing increasing demand for premium mid- and low-vol coals from our key product destinations, as well as Asia, with port constraints in Australia continuing to make high-quality coking coals a scarce resource." Walter Coke is expecting improved sales and a return to profitability in the fourth quarter 2009, driven primarily by increased orders from the domestic steel industry. Capital expenditures were $14.9 mln in the third quarter, totaling $67.3 mln for the year. The Company expects full-year capital expenditures of approximately $85 mln. sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of
the Mine No. 7 East longwall in early January 2010."

4:10PM Gilead Sciences beats by $0.11, beats on revs (GILD) 46.12 -0.69 : Reports Q3 (Sep) earnings of $0.78 per share, $0.11 better than the First Call consensus of $0.67; revenues rose 31.4% year/year to $1.8 bln vs the $1.75 bln consensus. 3Q Drug Sales and First Call Consensus: Truvada $620.6 mln vs. $625 mln consensus; $605.3 mln vs. $604 mln First Call Consensus; Viread $169.7 mln vs. $158 mln First Call Consensus; Amibsome $77.0 mln vs. $72 mln Consensus

4:09PM Seagate Tech beats by $0.11, beats on revs; guides Q2 revs above consensus (STX) 15.55 +0.00 : Reports Q1 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.47; revenues fell 12.2% year/year to $2.66 bln vs the $2.62 bln consensus. Seagate Tech reports gross margin 24.5% vs 23.3% consensus. Co issues upside guidance for Q2, sees Q2 revs of $2.75-2.85 bln vs. $2.75 bln consensus. For the December quarter, the company is planning for the overall industry demand for disk drives to be 153-160 million units. Gross margin as a percent of revenue to be near the high end of the company's targeted range of 22-26% (consensus calls for 23.2%). During the first fiscal quarter, STX reduced short-term borrowings and long-term debt by approximately $465 mln primarily with the maturity of its $300 mln floating rate senior notes and by paying down its revolving credit facility by $150 mln. "At a time when economic conditions remained challenging we are very pleased with the company's financial performance, delivering strong revenues, margins and cash generation... The company has returned to its operating model well ahead of our expectations of six months ago and now expects to sustain gross margin of 22-26%. Although mission critical enterprise demand in particular has yet to recover to historical levels, we benefitted from our time-to-market product delivery to customers integrating our notebook, desktop and enterprise drives." While visibility has improved throughout the calendar year, the ongoing uncertainty in global economic conditions makes it difficult to predict product demand and other related matters, which makes it more likely that Seagate's actual results could differ materially from current expectations.

4:08PM Cree beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus (CREE) 41.16 +0.05 : Reports Q1 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.22; revenues rose 20.5% year/year to $169.1 mln vs the $164.5 mln consensus. Cree reports gross margin 43.6% vs 40% consensus and co guidance. Co issues upside guidance for Q2, sees EPS of $0.28-0.30, excluding non-recurring items, vs. $0.23 consensus; sees Q2 revs of $180-190 mln vs. $173.18 mln consensus. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.06 per diluted share. "We are benefitting from continued LED lighting adoption and high factory utilization and are well positioned for solid growth in Q2. As a result of the recent equity offering, we have the balance sheet to invest in the growth of our business as we look to continue to lead the LED lighting revolution."

4:08PM SanDisk beats by $0.49, beats on revs (SNDK) 21.47 +0.01 : Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.49 better than the First Call consensus of $0.26; revenues rose 13.8% year/year to $935.2 mln vs the $787.9 mln consensus. SanDisk reports gross margin 46.6% vs 31.3% consensus. Co says, "We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010."

8:12AM Peabody Energy beats by $0.26, beats on revs; guides FY09 EPS above consensus (BTU) 43.37 : Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.26 better than the First Call consensus of $0.23; revenues rose 24.6% year/year to $1.67 bln vs the $1.42 bln consensus. Co issues raises/issues upside guidance for FY09, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.48 consensus; co also raises FY09 EBITDA guidance to $1.2-1.3 bln vs the $1.14 bln consensus. Given the high rate of deliveries to satisfy U.S. customer commitments, the co is targeting '09 sales of approximately 190 mln tons in the United States and 21-23 mln tons in Australia. Total co sales are expected to be 235-245 mln tons, including Trading and Brokerage contributions. For 2010, growing demand in the Pacific is driving higher Australia sales projections of 24 to 27 mln tons, or 15% above 2009's targets, with minimal capital required. In the United States, BTU is targeting '10 volumes of 185 to 195 mln tons, in line with '09's expectations and 5-15 mln tons lower than 2008. Peabody's 2010 PRB volumes are expected to decline up to another 5 mln tons from 2009's estimated 138 mln tons, and approximately 20-25 mln tons below peak operating levels in late 2008. Third quarter 2009 sales volumes totaled 63.5 mln tons, compared with 65.6 mln tons in the prior year period. U.S. sales reflect planned Powder River Basin (PRB) reductions. Australia sales of 6.5 mln tons were 30% above the second quarter due to higher seaborne thermal volumes and record metallurgical coal shipments. Australian metallurgical coal exports were 2.7 mln tons, nearly triple the pace of 1H09. U.S. revenues per ton increased 11% over the third quarter of last year due to higher realized prices in both the Midwestern and Western regions. Peabody's third quarter realized revs for Australia averaged $82 per ton, including $125 per ton for seaborne metallurgical coal and $72 per ton for seaborne thermal coal. Compared with the second quarter of 2009, Australian realized prices increased 33% due to a larger mix of seaborne metallurgical coal. 3Q09's Australian revs per ton were below year-ago levels due to lower annual pricing for seaborne coal contracts that began April 1.

8:04AM Precision Castparts misses by $0.09, misses on revs (PCP) 104.72 : Reports Q2 (Sep) earnings of $1.54 per share, $0.09 worse than the First Call consensus of $1.63; revenues fell 27.6% year/year to $1.3 bln vs the $1.39 bln consensus. "From a top-line perspective, overall sales declines seem to be bottoming out in the second quarter. Aerospace destocking is slowing, and our schedules show that we are closing the gap between orders and aircraft build rates. A gradual ramp begins in the third quarter, although some of our customers appear to be holding off orders as they approach their fiscal year ends. By the fourth quarter, we start to see schedules firming up and aligning more closely with current aircraft build rates beginning in March and carrying through the first quarter of fiscal 2011 and beyond. In addition, oil and gas and chemical processing orders are getting some traction and showing gradual sales upside in the third and fourth fiscal quarters. As sales increase, we have every expectation of driving those volumes across our improved cost structure and of aggressively leveraging every opportunity for upside performance."

8:02AM Cirrus Logic beats by $0.01, reports revs in-line; guides Q3 revs above consensus (CRUS) 5.86 : Reports Q2 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 4.5% year/year to $55.7 mln vs the $55.7 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $58-62 mln vs. $53.96 mln consensus. Gross margin is expected to be between 52 percent and 54 percent; and combined R&D and SG&A expenses are expected to range between $23 million and $25 million, which include approximately $2 million in share-based compensation and amortization of acquisition-related intangibles expenses. Gross margin for the quarter was 52 percent, down from 56 percent in the quarter a year ago and flat compared to 52 percent reported for the previous quarter.

7:38AM Caterpillar beats by $0.58, misses on revs; guides FY09 EPS above consensus; guides FY10 revs in-line (CAT) 57.85 : Reports Q3 (Sep) earnings of $0.64 per share, $0.58 better than the First Call consensus of $0.06, revenues fell 44% YoY to $7.3 bln vs $7.47 bln First Call consensus. Co issues guidance for FY09, sees EPS of $1.85-2.05 vs. $1.49 consensus; sees FY09 revs of $32-33 bln vs. $33.07 bln consensus. Co sees FY10 revs up 10-25% from midpoint of FY09 guidance; equates to ~$35.75-40.625 bln vs $33.14 bln First Call consensus, in part driven by the end of dealer inventory reductions which significantly impacted sales in 2009. "We are pleased with this quarter's profit given the severe economic environment and with our sales well below end-user demand as dealers continue to aggressively draw down inventories... During the quarter, our primary focus continued to be on trough management and operational execution. We lowered production as dealers continued to cut inventories, we reduced costs, maintained positive price realization, lowered inventory, delivered positive operating cash flow and improved our financial position... We believe the third quarter marked the low point for Caterpillar sales and revenues in what has been the toughest recession since the 1930s. We are seeing encouraging signs that indicate a recovery may be underway... However, the world economy is still facing significant challenges. There is uncertainty about the timing and strength of recovery... While 2010 will still be a difficult year, we expect improvement in our top line from the lows of 2009, and it's critical that we manage on the way up as well as we did in the face of declining volume. As a result, we've already started planning for an upturn. When it comes, it can come quickly, and we, our dealers and our suppliers will be prepared"

7:37AM BlackRock beats by $0.17, beats on revs (BLK) 230.43 : Reports Q3 (Sep) earnings of $2.10 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.93; revenues fell 13.2% year/year to $1.14 bln vs the $1.13 bln consensus. Third quarter new business results reflected increasing demand for higher return investments, driving net inflows of $14.5 bln in equities, balanced, fixed income and alternative investments, and net outflows of $26.4 bln in cash management. "Improving investor sentiment was the most important factor in third quarter results. Clients are putting money back to work in the markets, driving inflows in equities and bonds, and outflows in money market funds industry-wide. This shift drove the rally in global stocks and tighter credit spreads, as well as a favorable revenue mix in net new business. Assets under management increased $61.6 bln to $1.435 trln at September 30, 2009. Net new business in long-dated investment products totaled $14.5 bln. In contrast, net outflows in cash management were $26.4 bln and distributions from advisory accounts totaled $4.6 bln. BlackRock Solutions business remained strong, with seven net new assignments added during the quarter. Year-over-year, AUM has increased $176.2 bln or 14%, including net new business of $133.4 bln, and BlackRock Solutions has added 56 net new assignments. Our pipeline of wins funded or to be funded totaled $42.5 bln as of October 15, 2009. "The BGI transaction remains on target for a December 1, 2009 closing."

7:03AM Pfizer beats by $0.03, beats on revs; raises FY09 guidance above consensus (PFE) 17.98 : Reports Q3 (Sep) earnings of $0.51 per share, $0.03 better than the First Call consensus of $0.48; revenues fell 2.9% year/year to $11.62 bln vs the $11.41 bln consensus. Co raises guidance for FY09, sees EPS of $2.00-2.05 vs. $1.98 consensus, prior guidance $1.90-2.00; sees FY09 revs of $49-50 bln vs. $48.43 bln consensus, prior guidance $45-46 bln. Co said, "During the first nine months of 2009, we have continued to deliver on our 2009 financial commitments and our longer-term cost-reduction target. Completion of both the Wyeth acquisition and associated integration plans is a testament to the hard work and dedication of talented colleagues throughout the organization. Looking ahead, we anticipate that our broad portfolio of products and increased investment in high-growth opportunities will better position us to generate consistent earnings growth and continue to deliver on our commitments."

6:18AM Lexmark beats by $0.20, beats on revs; guides Q4 EPS above consensus (LXK) 22.57 : Reports Q3 (Sep) earnings of $0.65 per share which excludes $0.52 per share for restructuring-related activities which includes $0.34 per share for additional restructuring charges the co is announcing today, $0.20 better than the First Call consensus of $0.45; revenues fell 15.3% year/year to $958 mln vs the $901.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.50-$0.60 vs. $0.47 consensus. The co also announces additional restructuring initiatives designed to streamline its world-wide organization to improve operating efficiencies and effectiveness. This October 2009 plan includes reductions primarily in the areas of manufacturing and supply chain, service delivery overhead, marketing and sales support, corporate overhead, and development. The company expects these actions to be principally complete by the end of the first quarter of 2011. These October 2009 actions are expected to impact about 825 positions worldwide and will result in total pre-tax charges of approximately $120 mln with approximately $33 mln incurred in the third quarter of 2009. Lexmark expects these October 2009 actions will generate savings of approximately $70 mln in 2010 and ongoing savings of $110 mln beginning in 2011 with approximately 60% impacting operating expense and 40%impacting cost of goods sold.

1:38AM Allegiant Travel beats by $0.05, beats on revs (ALGT) 39.63 : Reports Q3 (Sep) earnings of $0.68 per share, $0.05 better than the First Call consensus of $0.63; revenues rose 13.9% year/year to $133.1 mln vs the $130.5 mln consensus. "Cost per passenger excluding fuel declined to $50.31 in the third quarter from $53.33 in the prior year, which understates the improvement since system load factor was 3.8% lower than last year. Please note these figures include bonus accrual, which has increased significantly in 2009 since it is tied to profitability and therefore further disguises underlying cost improvement. Excluding bonus accrual, cost per passenger excluding fuel declined to $4." Co reports load factor in 3Q of 89.9% 93.8% in 3Q08.

Earnings - 5th May 2009

6:29PM Ultra Petroleum beats by $0.03, misses on revs (UPL) 46.82 -0.36 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues fell 38.0% year/year to $168 mln vs the $177.3 mln consensus.Co is confirming its annual natural gas and crude oil production guidance for 2009 of 172 to 177 Bcfe. Production for 2009 is an 18 to 22 percent increase over 2008's record annual production of 145.3 Bcfe. All forecast production growth is generated organically and does not include any contribution from exploratory efforts in Pennsylvania. Production guidance for the remainder of 2009 on a quarterly basis is listed in the table below. Fourth quarter 2009 production is forecast to exceed fourth quarter 2008 volumes by ten percent.

4:54PM Central European Dist beats by $0.03, beats on revs; reaffirms FY09 EPS guidance in-line, revs above consensus (CEDC) 24.26 +0.66 : Reports Q1 (Mar) earnings of $0.21 per share, $0.03 better than the First Call consensus of $0.18; revenues fell 27.0% year/year to $297.8 mln vs the $228 mln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.40-2.65 vs. $2.60 consensus; sees FY09 revs of $1.55-1.68 bln vs. $1.53 bln consensus.

4:37PM Titanium Metals beats by $0.02, misses on revs (TIE) 7.68 -0.01 : Reports Q1 (Mar) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues fell 30.7% year/year to $203.4 mln vs the $239.2 mln consensus. In addition to competitive pricing pressures resulting from lower demand for titanium products, declines in raw material costs, primarily titanium scrap, have also contributed to lower selling prices for certain products under long-term customer agreements, due in part to raw material indexed pricing adjustments included in certain of these agreements. Although the Company believes long-term global demand trends for titanium are favorable, recent adjustments in production schedules for Boeing and Airbus, delays in the development of the Boeing 787 and a weak global economy are expected to continue to impact customer inventory levels, product demand and product selling prices until global economic conditions improve and commercial aerospace production schedules stabilize.

4:30PM Gladstone misses by $0.02 (GLAD) 6.35 +0.02 : Reports Q1 (Mar) net investment income of $0.26 per share, $0.02 worse than the First Call consensus of $0.28. Net increase in net assets resulting from operations for the quarter ended March 31, 2009 was $10.3 mln, or $0.48 per share, as compared to a net decrease in net assets resulting from operations of ($11.9) mln, or ($0.61) per share, for the quarter ended March 31, 2008. Total assets were $411.4 mln at March 31, 2009, as compared to $425.7 mln at September 30, 2008. Net asset value was $12.10 per actual common share outstanding at March 31, 2009, as compared to $12.89 per actual common share outstanding at September 30, 2008.

4:23PM Airgas beats by $0.03, misses on revs (ARG) 43.72 -0.46 : Reports Q4 (Mar) earnings of $0.68 per share, $0.03 better than the First Call consensus of $0.65; revenues fell 8.7% year/year to $992.1 mln vs the $1.02 bln consensus.

4:21PM Cephalon beats by $0.20, misses on revs; guides Q2 revs below consensus; guides FY09 revs in-line (CEPH) 65.88 +0.75 : Reports Q1 (Mar) earnings of $1.47 per share, $0.20 better than the First Call consensus of $1.27; revenues rose 17.3% year/year to $520 mln vs the $533.3 mln consensus. Co issues guidance for Q2, sees basic EPS of $1.40-1.45, not comparable to $1.41 consensus; sees Q2 revs of $515-535 mln vs. $556.75 mln consensus. Co issues guidance for FY09, reaffirms basic EPS guidance of $6.50-6.60, not comparable to $5.79 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.26 bln consensus... Drug sales for Q1 are as follows: Actiq $38.2 mln vs. $47 mln First Call Consensus; Fentora $33.7 mln vs. $39 mln First Call Consensus; Provigil 253.4 mln vs. $271 mln First Call Consensus; Treanda $50.2 mln vs. $42 mln First Call Consensus... The FY09 guidance includes CNS franchise sales of $1.16-$1.19 billion, pain franchise sales which were decreased to $530-$555 million, oncology franchise sales which were increased to $300-$320 million, and other product sales which were decreased to $150-$175 million. "While the economy and various healthcare reform proposals create uncertainty for investors, we are taking steps to continue to build a world class biopharmaceutical company... In the short run, AMRIX and TREANDA will supply growth. Longer term, we expect that our recent business development transactions will enable us to create a new franchise in inflammatory diseases and our clinical development work with NUVIGIL will allow it to reach new markets."

4:15PM American Medical beats by $0.10, beats on revs; guides Q2 EPS above consensus; raisesaFY09 EPS above consensus (AMMD) 12.13 -0.41 : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.15; revenues rose 2.7% year/year to $123.6 mln vs the $119.7 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.22-0.26, excluding non-recurring items, vs. $0.20 consensus. Co raises guidance for FY09, sees EPS of $0.96-1.07, excluding non-recurring items, vs. $0.80 consensus, up from $0.86-0.99.

4:10PM Las Vegas Sands beats by $0.03, beats on revs (LVS) 11.51 +2.01 : Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.02); revenues were unchanged from the year-ago period at $1.08 bln. Co says the steady execution of the business plan it presented in November 2008, including the implementation of its cost savings program, continues to be its primary focus as it navigates through the current challenging economic conditions. Co has made notable progress during the quarter on each of the three basic objectives of its plan first, to maximize its cash flow from current operations in Las Vegas and Macao, including through theimplementation of ~$470 mln in annualized cost savings...  The Venetian Macao continues to attract large numbers of visitors, and it remained pleased with its gaming volumes overall, which have held up relatively well despite the challenging operating environment.Visits to The Venetian Macao increased to over 6.0 mln during Q1 of 2009, representing a 14.1% increase compared to visits in Q1 of 2008. According to the Statistics and Census Service of Macao, visitor arrivals to the Macao market decreased by ~9.6% during Q1 of 2009 compared to the same quarter in 2008... The co's current developments in Bethlehem, Pennsylvania and Singapore remain on track. In less than three weeks, on May 22nd, co plans the debut and soft opening of its newest property, Sands Bethlehem, with a formal grand opening celebration planned for June 9th. This expansive complex, developed on the site of Pennsylvania's historic Bethlehem Steel Works in the Lehigh Valley, will bring a unique entertainment destination, including a slot floor with 3,000 of the most popular slot machines featuring the latest releases from the major slot manufacturers, to one of the few gaming markets in the country that has experienced healthy growth throughout 2008 and into 2009. In Singapore, co continues to target a late 2009 / early 2010 opening of Marina Bay Sands. Both its construction timeline and development budget remain on track for this important project.

4:06PM Xenoport beats by $0.01, beats on revs (XNPT) 14.78 +0.17 : Reports Q1 (Mar) loss of $0.29 per share, $0.01 better than the First Call consensus of ($0.30); revenues rose 75.3% year/year to $26.3 mln vs the $19.9 mln consensus.

4:05PM Dolan Media beats by $0.05, beats on revs; guides FY09 EPS above consensus, revs above consensus (DM) 12.20 +0.13 : Reports Q1 (Mar) earnings of $0.18 per share, $0.05 better than the First Call consensus of $0.13; revenues rose 54.0% year/year to $63.9 mln vs the $59.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.70-0.80 vs. $0.58 consensus; sees FY09 revs of $240-252 mln vs. $238.61 mln consensus.

4:01PM Plantronics beats by $0.17, beats on revs; guides Q1 EPS above consensus, revs above consensus (PLT) 13.57 +0.12 : Reports Q4 (Mar) earnings of $0.01 per share,$0.17 better than the First Call consensus of ($0.16); revenues fell 29.7% year/year to $146.8 mln vs the $129.6 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.08-0.12 vs. $0.04 consensus; sees Q1 revs of $145-150 mln vs. $137.93 mln consensus.

9:33AM Vornado Rlty Trust beats by $0.15, beats on revs (VNO) 51.92 0.54 : Reports Q1 (Mar) funds from operations of $1.73 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $1.58; revenues rose 5.1% year/year to $682 mln vs the $650 mln consensus.

9:30AM Wynn Resorts misses by $0.29, reports revs in-line (WYNN) 42.81 +0.00 : Reports Q1 (Mar) loss of $0.27 per share, $0.29 worse than the First Call consensus of $0.02; revenues fell 5.0% year/year to $740 mln vs the $742.6 mln consensus. Co reports Table games win percentage of 17.7% was below the property's expected range of 21% to 24% and the 19.9% in the first quarter of 2008. Construction continues on a further expansion of Wynn Macau. Encore at Wynn Macau is expected to open in 2010, adding a fully-integrated resort hotel to Wynn Macau with approximately 400 luxury suites and four villas, along with restaurants, retail and gaming space. The current project budget is approximately $700 million. As of March 31, 2009, we have incurred $254.6 million associated with the construction of Encore at Wynn Macau.our business transformation is reflected in our operating segment performance."

8:24AM Pegasystems beats by $0.13, beats on revs (PEGA) 17.36 : Reports Q1 (Mar) earnings of $0.23 per share, $0.13 better than the single analyst est of $0.10; revenues rose 28.7% year/year to $62.4 mln vs the $58.9 mln single analyst est. Co says, "We expect these challenging conditions will continue and so we are working hard on building pipeline and backlog for the remainder of 2009."

8:08AM Precision Castparts misses by $0.01, misses on revs (PCP) 77.39 : Reports Q4 (Mar) earnings of $1.87 per share, $0.01 worse than the First Call consensus of $1.88; revenues fell 9.2% year/year to $1.6 bln vs the $1.77 bln consensus. "During our fourth quarter, we faced some strong headwinds - slower-than-expected recovery from the Boeing strike, lower metal selling prices, and weakening foreign currencies, and our operations were equal to the challenge," Donegan said. "During the first quarter and into the second quarter of fiscal 2010, our aerospace customers are making corrections to their inventories that will take some anticipated growth out of their schedules and will impact each of our three operating segments. The second quarter will also have its seasonal challenges of scheduled forge shutdowns for maintenance and extended holidays in our European operations. All of our efforts will be directed at minimizing the impact to our results. Looking beyond these headwinds, however, we regain traction, and we see sales and margin growth resuming in our third and fourth quarters as the base build schedules start to stabilize, and 787 production work begins."

7:34AM IntercontinentalExchange beats by $0.14, reports revs in-line (ICE) 90.43 : Reports Q1 (Mar) earnings of $1.09 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.95; revenues rose 12.1% year/year to $232 mln vs the $230.3 mln consensus. The increase in transaction and clearing revenue was driven primarily by new products, strong trading volume in ICE's futures segment, the launch of ICE Clear Europe in November 2008, an increase of participants in ICE's markets and the Creditex acquisition. Total volume for ICE Futures Europe represented the highest quarterly contract volume in exchange history.

7:33AM Foundation Coal misses by $0.06, misses on revs (FCL) 20.67 : Reports Q1 (Mar) loss of $0.10 per share, $0.06 worse than the First Call consensus of ($0.04); revenues fell 2.9% year/year to $395.3 mln vs the $400.8 mln consensus. Co said, "Despite the economic downturn, Foundation expects to ship up to 2 million more tons of coal in 2009 than in 2008. Currently, Foundation is engaged in conversations with several steam coal customers regarding the potential need to defer coal shipments due to logistical challenges arising from growing inventories and reduced electricity demand. Up to this point negotiated customer deferrals have not occurred. However, as reflected in our new shipment guidance, the deferral of some 2009 shipments now appears probable, and Foundation will work with its customers to achieve a solution that benefits both parties and preserves the present value of each contract. While the range of possible outcomes is broad due to today's dynamic market environment, under the current shipment scenario, Foundation continues to forecast record financial performance and positive free cash flow for the full year 2009 based on our favorable hedged position."

7:11AM Archer-Daniels misses by $0.12, misses on revs (ADM) 26.17 : Reports Q3 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.12 worse than the First Call consensus of $0.49; revenues fell 20.7% year/year to $14.84 bln vs the $16.94 bln consensus. Co said, "While the quarterly results were adversely impacted by two significant, unusual items, our underlying performance was solid in view of the global economic conditions and the associated challenges faced by our industry... Our financial condition is strong, and we remain focused on managing risks and costs as we execute our long-term growth strategy."

7:06AM Steven Madden beats by $0.01, reports revs in-line; guides FY09 EPS in-line (SHOO) 30.15 : Reports Q1 (Mar) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 6.9% year/year to $107.4 mln vs the $106.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.95 vs. $1.88 consensus. Co's sales are expected to decline 2% to 4% for FY09 (we have calculated this to be FY09 revs of $439-448 mln vs $454.6 mln consensus). Same store sales increased 7.6% in the first quarter of 2009 compared to a decrease of 3.7% in the first quarter of 2008. Gross margin improved to 40.5% as compared to 40.0% in the first quarter of 2008.

7:04AM Emergency Medical Services beats by $0.06, reports revs in-line (EMS) 35.77 : Reports Q1 (Mar) earnings of $0.56 per share, $0.06 better than the First Call consensus of $0.50; revenues rose 8.3% year/year to $613 mln vs the $617 mln consensus.

6:11AM Cognizant Tech beats by $0.01, beats on revs; guides Q2 EPS in-line, revs above consensus (CTSH) 25.90 : Reports Q1 (Mar) GAAP earnings of $0.38 per share,$0.01 better than the GAAP First Call consensus of $0.37; revenues rose 16.0% year/year to $745.9 mln vs the $734.3 mln consensus. Co issues guidance for Q2, sees GAAP EPS of $0.37-0.42 vs. $0.37 GAAP consensus; sees Q2 revs of At least $760 mln vs. $748.51 mln consensus.

6:10AM Macerich beats by $0.10; guides FY09 FFO in-line (MAC) 19.17 : Reports Q1 (Mar) funds from operations of $1.16 per share, $0.10 better than the First Call consensus of $1.06; revenues fell 3.1% year/year to $210.8 mln. Co issues in-line guidance for FY09, sees FFO of $4.25-4.55 vs. $4.40 consensus, adjusted to reflect the impact of issuing 90% of its dividend in stock. The new FFO guidance range assumes the same total FFO but factors in new shares issued for the dividend.

4:03AM Nordic American Tanker reports Q109 EPS and declares dividend (NAT) 36.49 : Co's board declares a dividend of $0.88 per share in respect of Q109. This compares with a dividend of $1.18 per share which was declared in respect of Q108. Net income for Q109 was $0.46 per share based on the weighted average number of shares outstanding during the quarter, 37,424,291, compared to $0.78 per share for Q108 (No First Call estimates available). As of the end of Q109, NAT does not have any net debt. At the time of this release, the co has not drawn on its $500 mln revolving credit facility. The credit facility, which matures in September 2013, is not subject to reduction by the lenders and there is no obligation to repay principal during the term of the facility.

2:10AM Granite Construction reports Q109 results (GVA) 39.63 : Reports Q1 (Mar) earnings of $0.23 per share, excludes items, $0.31 better than the First Call consensus fo ($0.08); revenues declined 23.6% year/year to $347.4 mln vs the $383.44 mln consensus. Co expects Granite East to continue to deliver gross margins in the mid-teens while building a strong backlog of work. Bidding pipeline remains full. Co is tracking more than $4 bkn worth of various infrastructure-related projects that are expected to bid between now and the end of 2009. 2009 outlook includes revenue expectations for Granite West to be in the range of $1.6-1.9 bln with a corresponding gross profit margin percentage between 14-17%. Granite East 2009 revenue is expected to be in the range of $675.0-775.0 mln with a corresponding gross profit margin percentage between 13-15%. In addition, net income attributable to noncontrolling interest in joint ventures for the total co is expected to be approx $25.0-35.0 mln.

1:49AM Vulcan Materials misses by $0.22, misses on revs (VMC) 50.50 : Reports Q1 (Mar) loss of $0.29 per share, $0.22 worse than the First Call consensus of ($0.07); revenues fell 26.6% year/year to $600.3 mln vs the $690.4 mln consensus. Aggregates shipments declined 30%, reducing earnings $0.58 per diluted share. Aggregates pricing increased 2% overall, with wide variations across markets. Aggregates unit variable production costs were flat and cash fixed costs decreased 21%. Asphalt material margins recovered from the depressed prior year levels. Co expects higher selling prices for products in 2009 to help offset the earnings effects of lower volumes. The average selling price for asphalt mix in 2009 should increase from 2008 as shipments reflect sales orders that include recovery of the sharp increase in liquid asphalt cost that peaked in late 2008. Co expects to reduce total debt by $200 mln during 2009. For FY09, co expects capital spending to be approx $200 mln, down from the $354 mln spent in 2008.

Earnings - 22nd July 2008 (1)

8:05AM Forest Labs beats by $0.07, reports revs in-line; guides FY09 EPS in-line (FRX) 35.29 : Reports Q1 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 4.2% year/year to $966.8 mln vs the $974.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.23 consensus.

8:03AM Supervalu beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 27.82 : Reports Q1 (May) earnings of $0.79 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.76; revenues rose 0.4% year/year to $13.35 bln vs the $13.19 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.04-3.20, excluding non-recurring items, compared to previous guidance of $3.10-3.25, vs. $3.07 consensus; sees FY09 revs of approx $45 bln vs. $44.81 bln consensus.

8:02AM Precision Castparts beats by $0.02, reports revs in-line (PCP) 103.53 : Reports Q1 (Jun) earnings of $1.95 per share, $0.02 better than the First Call consensus of $1.93; revenues rose 11.2% year/year to $1.83 bln vs the $1.84 bln consensus. Co said, "Overall, we see solid demand from our core customers for the rest of the year... Our relentless focus on operational efficiencies will continue. However, it is worth noting once again that our Forged Products operation will be affected by scheduled downtime of its major forging equipment in the second quarter, reducing sales and impacting earnings due to lost leverage."

7:50AM UPS reports EPS in-line, beats on revs; guides FY08 EPS in-line (UPS) 59.46 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 6.7% year/year to $13 bln vs the $12.81 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.70 vs. $3.64 consensus. Co sees 2H EPS of $1.78-1.98 vs $1.84 consensus. Co says comparisons to last year's results would be more difficult in Q3 and moderate in Q4. "Slow U.S. economic activity and fuel price increases hit us and our customers during the quarter. Even though economists do not predict a recovery until 2009, we anticipate that the second half of 2008 will generate modestly better results than the first half, assuming business conditions do not worsen."

7:39AM Lockheed Martin beats by $0.13, beats on revs; guides FY08 EPS in-line, revs in-line (LMT) 101.59 : Reports Q2 (Jun) earnings of $2.01 per share, $0.13 better than the First Call consensus of $1.88; revenues rose 3.6% year/year to $11.04 bln vs the $10.86 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.45-7.60 vs. $7.47 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus.

7:37AM Caterpillar beats by $0.20, beats on revs; guides FY08 (Dec) EPS in-line (CAT) 73.23 : Reports Q2 (Jun) earnings of $1.74 per share, $0.20 better than the First Call consensus of $1.54; revs of $13.62 bln vs $12.69 bln First Call consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of $6.00 vs. $6.03 consensus. Co sees 2008 sales and revenues of about $50 bln compared to previous guidance of $47.2-49.5 bln (First Call consensus is $50.1 bln). "Never in my 35 plus years with the company have I seen Caterpillar do so well in the face of such a difficult economic climate in the United States. We are on track to deliver our fifth straight year of record profits despite very tough conditions in the United States, declines in Europe and significantly higher material costs, particularly in the second half of the year. Still, for many of our products, supply is very tight, and we are producing as much as we can."

7:31AM Jefferies Group beats by $0.13, beats on revs (JEF) 17.32 : Reports Q2 (Jun) loss of $0.03 per share, $0.13 better than the First Call consensus of ($0.16); revenues fell 15.8% year/year to $392.1 mln vs the $275 mln consensus. "In the face of a market environment that continues to be challenging, Jefferies achieved significantly improved financial results in the second quarter... Our firm remains in a strong financial and market position with excess liquidity, a solid business base, and a platform positioned to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."

7:29AM Western Union beats by $0.02; guides FY08 EPS above consensus, reaffirms rev guidance (WU) 25.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues rose 12.0% year/year to $1.35 bln vs the $1.33 bln consensus. Co issues upside guidance for FY08, sees EPS at the high end of $1.29-1.33, excluding non-recurring items, vs. $1.28 consensus; co reafffirms FY08 revenue growth of 9-11%.

7:09AM Rockwell Automation beats by $0.06, beats on revs; guides FY08 EPS in-line (ROK) 43.63 : Reports Q3 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 1051.8% year/year to $14.75 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00-4.10 vs. $4.02 consensus. ""For the remainder of the fiscal year we expect to see continued strength in Asia-Pacific and Latin America as well as in resource-based industries. However, macro-economic conditions in Europe and the U.S. are weakening. We have begun to see a change in buying behavior by some of our customers in consumer related industries, including project delays and curtailed capital spending."

7:08AM Waters beats by $0.05, beats on revs (WAT) 62.32 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.71; revenues rose 13.2% year/year to $399 mln vs the $394 mln consensus. "Though the first half of 2008 presented Waters with a challenging economic environment, solid sales of our technologically advanced systems solutions, as well as our recurring revenues, resulted in strong earnings growth and superior cash generation."

7:07AM BJ Services beats by $0.08, beats on revs; guides Q4 EPS above consensus (BJS) 30.01 +1.46 : Reports Q3 (Jun) earnings of $0.48 per share, $0.08 better than the First Call consensus of $0.40; revenues rose 15.2% year/year to $1.33 bln vs the $1.24 bln consensus. Co issues upside guidance for Q4, sees EPS of 0.54-0.57 vs. $0.50 consensus. "Looking at our fourth fiscal quarter, we expect drilling activity in the U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada, the spring break-up period is over, and we expect meaningful positive contribution sequentially from our operations there. We anticipate modest sequential revenue and margin improvement from our International Pressure Pumping and Oilfield Services operations."

7:06AM CardioNet beats by $0.01, beats on revs; reaffirms FY08 revs guidance (BEAT) 29.85 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues rose 68.4% year/year to $29.3 mln vs the $28.4 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs to the high end of $117-120 mln vs. $119.05 mln consensus. The strength of our second quarter increases our level of comfort toward the high-end of that range. We believe that the third quarter will be impacted by seasonality related to physician and patient schedules over the summer months, which will moderate our sequential growth."

6:45AM Baker Hughes beats by $0.12 - Correction (BHI) 84.36 : Reports Q2 (Jun) earnings of $1.36 per share, excluding a $0.13 charge, $0.12 better than First Call consensus of $1.24; revenues rose 18.1% year/year to $3 bln vs the $2.76 bln consensus. Outside of North America, revenue for FY08 is expected to increase 14% to 16% compared to FY07. (Briefing.com note: Earlier we made an error in our reporting. The original comment has been removed.)

6:33AM CME Group beats by $0.08, reports revs in-line (CME) 325.53 : Reports Q2 (Jun) earnings of $3.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $3.85; revenues rose 71.1% year/year to $563 mln vs the $568.5 mln consensus. Co sees Y08 pro forma operating expense to be closer to the bottom end of previous guidance of $855-870 mln, excluding NYMEX. "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue. We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality. We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."

6:12AM Halliburton reports EPS in-line, beats on revs (HAL) 48.91 : Reports Q2 (Jun) earnings of $0.68 per share, excludes discontinued operations and includes patent settlement and acquisition-related expense offset by investment gains, in-line with the First Call consensus of $0.68; revenues rose 20.1% year/year to $4.49 bln vs the $4.25 bln consensus.

6:05AM DuPont beats by $0.04, beats on revs; guides FY08 EPS in-line (DD) 44.05 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues rose 12.2% year/year to $8.84 bln vs the $8.47 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.45-3.55 vs. $3.50 consensus. The company expects second half 2008 earnings per share to be modestly lower than last year due to the impact of higher energy and ingredient costs, lower demand in certain developed markets, lower income from asset sales, and a higher base tax rate. The company expects second half 2008 earnings per share to be about equally split between the third and fourth quarters.

6:03AM UnitedHealth beats by $0.03, beats on revs; guides FY08 EPS in-line (UNH) 23.83 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $20.27 bln vs the $20.04 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $2.95 consensus.

6:02AM ICON plc beats by $0.03, beats on revs; guides FY08 EPS above consensus, revs above consensus (ICLR) 77.79 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 48.5% year/year to $218.3 mln vs the $209.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.46-2.52 vs. $2.44 consensus; sees FY08 revs of $870-890 mln vs. $852.73 mln consensus.

1:01AM Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (JEC) 83.53 : Reports Q3 (Jun) earnings of $0.87 per share, $0.05 better than the First Call consensus of $0.82; revenues rose 40.1% year/year to $2.92 bln vs the $2.75 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.15-3.40, includes one-time gain, vs. $3.25 consensus. Backlog increased $7.3 bln, or 65.8%, from Q207, to $18.3 bln.

12:53AM Steel Dynamics beats by $0.12, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STLD) 32.96 : Reports Q2 (Jun) earnings of $1.05 per share, $0.12 better than the First Call consensus of $0.93; revenues rose 163.8% year/year to $2.4 bln vs the $2.35 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.15 vs. $0.97 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90 vs. $3.46 consensus. Chief executive Keith Busse commented, "third-quarter steel and scrap shipments could decline slightly as the result of seasonally planned mill outages and other consumer / provider industrial outages in July and August. Currently, though, order activity remains strong for steel products and metals recycling volumes are running at a record pace."