Earnings - 30th April 2009 (2)

8:55AM Marathon Oil misses by $0.04, beats on revs (MRO) : Reports Q1 (Mar) earnings of $0.34 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.38; revenues fell 42.8% year/year to $10.36 bln vs the $8.94 bln consensus. Co said they "also announced the signing of agreements to sell a portion of our Permian Basin production assets for $301 million. Including these most recent agreements, we have announced asset sales with transaction values totaling approximately $1.6 billion since launching our asset review and divestiture program in March 2008. It's anticipated this program will generate $2 to $4 billion on a pretax basis, with additional announcements expected by mid-2009."

8:49AM Apache beats by $0.30, beats on revs; acquires nine oil and gas fields from MRO (APA) 69.83 : Reports Q1 (Mar) earnings of $0.65 per share, $0.30 better than the First Call consensus of $0.35; revenues fell 48.7% year/year to $1.63 bln vs the $1.56 bln consensus. Apache today also announced an agreement to acquire nine Permian Basin oil and gas fields with current production of 3,500 barrels of oil equivalent per day from Marathon Oil for $187.4 mln. Apache produced 548,279 barrels of oil equivalent (boe) per day in the first quarter, up from 518,162 boe per day in Q4 of 2008. Natural gas production rose to 1.6 billion cubic feet (Bcf) per day compared to 1.5 Bcf per day in Q4. Liquid hydrocarbon production increased to 277,547 barrels per day from 261,609 barrels per day in Q4. Apache's equivalent production declined 2 percent from the first quarter of 2008, which was before production was curtailed by a pipeline explosion at the Varanus Island hub in Australia and two Gulf of Mexico hurricanes.

8:47AM Helmerich & Payne misses by $0.06, beats on revs (HP) 33.58 : Reports Q2 (Mar) earnings of $0.97 per share, ex-item, $0.06 worse than the First Call consensus of $1.03; revenues rose 9.9% year/year to $520.3 mln vs the $501.8 mln consensus. Co states, "It is clear now that the energy industry is suffering the worst cyclical downturn since 1981. The rig count has fallen by more than half in response to dramatic customer spending reductions. The Company entered the downturn with the highest percentage of contractual protection in our history. We are well positioned to navigate the challenging market environment that has caught most of us by surprise. Conditions may continue to worsen until more visibility emerges regarding commodity price fundamentals. Customers will return to the drill bit once improving prices encourage them to do so. At that time, our brand leadership, asset quality and organizational strength will continue to offer customers distinctive performance and service."

8:37AM Corinthian Colleges beats by $0.06, beats on revs; guides JunQ above consensus (COCO) 15.83 : Reports Q3 (Mar) earnings of $0.29 per share, $0.06 better than the First Call consensus of $0.23; revenues rose 23.8% year/year to $346.4 mln vs the $333.2 mln consensus. Co issues upside guidance for Q4 (Jun), sees EPS of $0.23-0.25 vs. $0.21 consensus; sees Q4 revs of $341-346 mln vs. $324.4 mln consensus. Total student population at March 31 was 84,722 up 17.8% yr/yr.

8:27AM Covidien correction: Beats by $0.22, ex items (COV) 33.95 : Earlier we incorrectly reported that COV has missed consensus. We have deleted the original comment. Reports Q2 (Mar) adjusted earnings of $1.07 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.85; revenues rose 11.3% year/year to $2.7 bln vs the $2.65 bln consensus. Second-quarter gross margin of 56.2% was up 3.8% from the prior-year period. Q2 adjusted gross margin, excluding Oxy ER, was 51.8% versus 52.4% last year. The decline was largely due to unfavorable foreign exchange. With the sales of Oxy ER completed, guidance now excludes Oxy ER. Covidien estimates that total co operational growth will be in the range of 4% to 7% for 2009. Total Covidien net sales are now expected to be down 3% to flat. The co expects no change to its previously communicated sales growth rates for Medical Devices (-3% to flat vs 2008) or Medical Supplies (up 2% to 5% vs 2008). Sales of Imaging Solutions are now anticipated to be -9% to -6% below 2008, while sales of Pharmaceutical Products are expected to be up 5% to 8% versus 2008. The operating margin is projected to be in the 19% to 20% range.

8:06AM Exxon Mobil misses by $0.03, beats on revs (XOM) 68.44 : Reports Q1 (Mar) earnings of $0.92 per share, $0.03 worse than the First Call consensus of $0.95; revenues fell 45.2% year/year to $64.03 bln vs the $54.03 bln consensus. Upstream earnings were $3,503 million, down $5,282 million from the first quarter of 2008. Lower crude oil realizations reduced earnings approximately $4.4 billion while lower natural gas prices decreased earnings about $500 million. Higher operating expenses reduced earnings about $300 million. During the first quarter of 2009, Exxon Mobil Corporation purchased 107 million shares of its common stock for the treasury at a gross cost of $7.9 billion. These purchases included $7.0 billion to reduce the number of shares outstanding, with the balance used to offset shares issued in conjunction with the company's benefit plans and programs.

8:01AM Art Technology beats by $0.02, beats on revs (ARTG) 3.11 : Reports Q1 (Mar) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03; revenues rose 14.8% year/year to $41.9 mln vs the $40.7 mln consensus.

7:40AM Pride Intl beats by $0.01, misses on revs (PDE) 23.84 : Reports Q1 (Mar) earnings of $0.87 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.86; revenues rose 1.7% year/year to $549.3 mln vs the $555.4 mln consensus. Co said, "We are encouraged by the improvement in crude oil prices since the February 2009 lows and believe we are now experiencing a more sustainable trading range with growing expectations for long-term strengthening. At the same time, instability in the capital markets along with its impact on general economic conditions and energy demand continue to present uncertainty. We remain confident in the long-term fundamental strength of the offshore drilling industry, especially in the deepwater segment where geologic success rates, the application of new technologies and emerging deepwater frontiers are supporting a strong long-term growth outlook".

7:40AM Noble Energy beats by $0.15, misses on revs (NBL) 60.27 : Reports Q1 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.44; revenues fell 57.0% year/year to $441 mln vs the $598.2 mln consensus. Noble Energy continues to constrain investments in U.S. natural gas developments. As a result, total capital expenditures for the year are being managed at approximately $1.4 billion, which represents the lower end of the Company's original capital guidance. Second quarter 2009 volumes are now expected to range from 204 to 212 MBoe/d. The adjusted guidance assumes lower volumes in the North Sea and Israel, as well as in the deepwater Gulf of Mexico related to further hurricane delays impacting Ticonderoga. Other updated guidance metrics include the following:

7:37AM Spirit Aerosystems beats by $0.05, beats on revs; guides FY09 EPS in-line, revs above consensus (SPR) 12.22 : Reports Q1 (Mar) earnings of $0.45 per share, $0.05 better than the First Call consensus of $0.40; revenues fell 14.4% year/year to $887 mln vs the $859.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.15-2.35 vs. $2.16 consensus; sees FY09 revs of $4.25-4.35 bln vs. $4.19 bln consensus. During the first quarter of 2009, Spirit gradually returned to full-rate production following a Machinists' strike at The Boeing Company. Spirit continued to utilize a reduced work week schedule early in the first quarter and returned to full work weeks as the quarter progressed. As a result, first quarter 2009 ship set deliveries to Boeing were 30 units below pre-strike delivery levels, resulting in a revenue reduction of $256 million and a reduction in earnings per share of $0.18.

7:32AM Dominion beats by $0.09, beats on revs; guides Q2 EPS above consensus; reaffirms FY09 EPS guidance (D) 29.61 : Reports Q1 (Mar) earnings of $0.97 per share,$0.09 better than the First Call consensus of $0.88; revenues rose 9.8% year/year to $4.78 bln vs the $4.12 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.61-0.66 vs. $0.59 consensus. Co reaffirms guidance for FY09, sees EPS of $3.20-3.30 vs. $3.21 consensus... For Q1, drivers that compared favorably to guidance include higher contributions from the producer services business; favorable weather in the electric service territory; and lower interest expense. Factors that compared negatively to guidance include storm damage and service restoration charges in the regulated electric business and a higher effective income tax rate... For Q2, drivers expected to compare favorably to 2008 include higher contributions from the merchant generation, producer services and gas transmission businesses. Expected offsets include lower contributions from the regulated electric generation business, including a return to normal weather, a heavier-than-normal planned outage schedule and reduced financial transmission rights (FTR) and wholesale margins; and higher interest expense.

7:32AM Celgene beats by $0.01, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (CELG) 42.40 : Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.43; revenues rose 29.9% year/year to $601.1 mln vs the $602.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.05-2.15 vs. $2.05 consensus; sees FY09 revs of $2.6-2.7 bln vs. $2.64 bln consensus.

7:32AM Cummins beats by $0.03, misses on revs, issues 2009 guidance (CMI) 33.49 : Reports Q1 (Mar) earnings of $0.26 per share, $0.03 better than the First Call consensus of $0.23; revenues fell 29.7% year/year to $2.44 bln vs the $2.65 bln consensus. Based on the first quarter results and company forecasts for the remainder of the year, Cummins today revised its sales and earnings guidance downward for 2009. The company now expects 2009 sales to be slightly more than 30% lower than 2008 and anticipates EBIT of 5% of sales for the year, excluding the restructuring charge.

7:29AM Lancaster Colony beats by $0.07, misses on revs (LANC) 44.29 : Reports Q3 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.49; revenues rose 6.5% year/year to $246 mln vs the $250 mln consensus. Co said, "In our food group, future trends in consumer demand remain uncertain but we expect to see continuing benefits from lower material costs and current retail pricing. The later Easter this year may also add modestly to fourth quarter sales volumes. While candle sales may also increase in the coming months, our candle operations typically experience a seasonally slow period in our fourth quarter."

7:23AM GrafTech Intl beats by $0.03, misses on revs (GTI) 8.56 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues fell 53.8% year/year to $134 mln vs the $153.3 mln consensus. Co says, "The majority of our customer base has very limited or no visibility to Q3 and Q4 of 09 operating rates. Given current global economic conditions, which continue to be extremely volatile and uncertain, our ability to project full year guidance is very limited. We continue to expect '09 to be very challenging for both of our business segments. Q1 results came in better than expected and we generated a small profit. We believe second quarter results will be similar to those in Q1; however, a second quarter loss is possible given the variability in customer demand. Historically, the third quarter is a weaker quarter as many of our European customers schedule plant shutdowns during the summer months. Given current economic conditions, it is possible that these planned production shutdowns could be extended, adversely impacting demand for our products in 3Q09. While a high degree of uncertainty around forward looking projections remains, we expect a marginal improvement in the second half of the year results as customers should have largely completed inventory destocking initiatives. In addition, the anticipated benefit of higher graphite electrode selling prices should be realized, offset in part by higher raw material costs."

7:19AM Watson Pharm beats by $0.09, beats on revs; guides FY09 EPS above consensus, revs in-line (WPI) 31.14 : Reports Q1 (Mar) earnings of $0.58 per share, ex-items, $0.09 better than the First Call consensus of $0.49; revenues rose 6.5% year/year to $667.4 mln vs the $638 mln consensus. Co issues mixed guidance for FY09, sees adjusted EPS of $2.40-$2.52 vs. $2.27 consensus; sees FY09 revs of $2.65 bln vs. $2.68 bln consensus. Co states, "Based on our first quarter results and our view for the remainder of the year, we are raising our outlook for 2009, a clear signal that we remain confident in the growth prospects of each of our divisions, and are optimistic that execution on our business plans will continue to generate increasing value for shareholders."

7:17AM Neutral Tandem beats by $0.04, beats on revs; guides FY09 revs above consensus (TNDM) 26.09 : Reports Q1 (Mar) earnings of $0.27 per share, $0.04 better than the First Call consensus of $0.23; revenues rose 45.8% year/year to $38.2 mln vs the $36.4 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $158-165 mln vs. $157.9 mln consensus. The increase in Q1 revenue was primarily related to an increase in the number of minutes carried over its network and expansion into additional geographical markets. Billed minutes increased 52.7% yr/yr to 19.7 bln minutes.

7:13AM Cardinal Health beats by $0.02, beats on revs; guides FY09 EPS in-line (CAH)34.49 : Reports Q3 (Mar) earnings of $0.97 per share, $0.02 better than the First Call consensus of $0.95; revenues rose 8.9% year/year to $24.94 bln vs the $24.01 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.50-3.60 vs. $3.53 consensus. The year-over-year earnings decline was primarily driven by a deferral in hospital capital spending affecting the company's Clinical and Medical Products segment, an additional reserve associated with the costs to remediate certain models of the company's Alaris infusion pump products, the negative impact on sales from a hold on shipping certain Alaris products and the negative effect of foreign exchange rates. The earnings decline was partially offset by a lower tax rate, due to a tax refund claim filed during the quarter.

7:12AM NRG Energy beats by $0.25, beats on revs (NRG) 17.18 : Reports Q1 (Mar) earnings of $0.70 per share, $0.25 better than the First Call consensus of $0.45; revenues rose 27.3% year/year to $1.66 bln vs the $1.18 bln consensus. The increase in income from continuing operations was driven by $271 mln in unrealized mark-to-market gains in the current quarter compared with $160 mln in unrealized MtM losses in 1Q08. "While the current business environment remains challenging, NRG's core business model--based on extensive baseload hedging, a cash-efficient first lien collateralization program and a diversified group of suppliers and trading counterparties--remains robust, enabling NRG to reaffirm its 2009 adjusted EBITDA guidance, with the exception of adjusting for the pending MIBRAG sale. Adjusted EBITDA guidance is now set at $2,175 mln and cash flow from operations at $1,475 mln. Free cash flow guidance after capital expenditures and net portfolio investments in repowering projects is expected to decrease by $36 mln, primarily due to initiating the construction of the Langford project."

7:10AM Capella Education beats by $0.04, reports revs in-line (CPLA) 53.52 : Reports Q1 (Mar) earnings of $0.49 per share, $0.04 better than the First Call consensus of $0.45; revenues rose 17.0% year/year to $76.4 mln vs the $76.5 mln consensus. For Q2, enrollment is expected to grow by 20.5% to 21.5% and revs by 19% to 20% YoY (which calculates to roughly $78.5-$79.2 mln vs $76.5 mln consensus). The operating margin is anticipated to be approximately 15% to 16% of total revenue for the second quarter of 2009.

Earnings - 19th Feb 2009

4:16PM Career Education beats by $0.18, reports revs in-line (CECO) 19.66 -2.15 : Reports Q4 (Dec) earnings of $0.38 per share, $0.18 better than the First Call consensus of $0.20; revenues fell 5.2% year/year to $431.8 mln vs the $435.5 mln consensus. Total student population was up 1% from 2007 to 98,000 students, Total online population was up 14% from 2007 to 36,300. Co says, "2008 was a year of progress for our organization and I am proud of our results. We exceeded our 2008 earnings and cash flow objectives while executing on our fundamental strategy of positioning the company to deliver our previously communicated 2010 milestones. We entered 2009 in a very strong financial position and will continue to invest in and improve our operating model with a heightened emphasis on generating greater revenue growth."

4:15PM Sup Energy Svcs beats by $0.10, beats on revs (SPN) 14.98 +0.31 : Reports Q4 (Dec) earnings of $1.09 per share, $0.10 better than the First Call consensus of $0.99; revenues rose 18.8% year/year to $491.8 mln vs the $482.1 mln consensus. Excluding the items impacting general and administrative expenses and earnings from equity-method investments, and applying the new effective income tax rate of 35.25%, fourth quarter adjusted net income was $85.9 million, or $1.10 adjusted diluted earnings per share. "In response to changing market conditions, our 2009 capital expenditures budget is $272 million, a 40% reduction as compared with $454 million in 2008. Our capital expenditures plan can be adjusted based on market factors. Despite anticipated lower activity in domestic land markets, we believe we can maintain market share for production-related services, given our investments in new coiled tubing and cased hole wireline equipment during the past two years."

4:09PM Red Robin Gourmet beats by $0.10, beats on revs (RRGB) 13.16 +0.16 : Reports Q4 (Dec) earnings of $0.43 per share, excluding $0.05 of charges for asset impairment, $0.10 better than the First Call consensus of $0.33; revenues rose 8.1% year/year to $198.6 mln vs the $196.3 mln consensus. The Company currently expects that traffic will remain negative in fiscal year 2009. In addition to the general macro economic pressures, the extent of the traffic declines may also be influenced by prior-year marketing activities, which create more difficult comparisons during certain periods. The Company also expects certain costs, such as minimum wage increases and select commodity cost increases, to continue to put pressure on restaurant-level profitability. Based on these factors, the Company currently anticipates that without any menu price increases, restaurant-level operating margins could decline by 50 to 100 basis points during fiscal year 2009, even after considering the benefit from reduced national advertising contributions and other cost reduction activities.

4:09PM Century Aluminum misses by $0.07, reports revs in-line (CENX) 2.87 -0.30 : Reports Q4 (Dec) loss of $0.54 per share, excluding non-recurring items, $0.07 worse thanthe First Call consensus of ($0.47); revenues fell 6.9% year/year to $402.2 mln vs the $402.9 mln consensus. Co says, "We continue to believe the factors supporting the long-term growth of aluminum demand remain in place. We expect that Century's improved liquidity and streamlined cost position will enable us to weather the current global financial crisis and prepare the co for renewed profitable growth once aluminum markets stabilize and recover. We have further options to enhance both our cost position and liquidity, and will implement them as appropriate to protect the long-term value of the co."

4:04PM Wright Medical beats by $0.10, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; lowers FY09 guidance (WMGI) : Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.21; revenues rose 16.4% year/year to $120.1 mln vs the $119.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.17-0.19 vs. $0.16 consensus; sees Q1 revs of $120-123 mln vs. $128.04 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.85-0.92 vs. $0.75 consensus (down from prior guidance of $0.96-1.02); sees FY09 revs of $500-510 mln vs. $515.11 mln consensus (down from prior guidance of $510-520 mln)

9:03AM Copa Holdings beats by $0.08, beats on revs (CPA) 29.49 : Reports Q4 (Dec) earnings of $1.20 per share, $0.08 better than the First Call consensus of $1.12; revenues rose 21.6% year/year to $346.1 mln vs the $339.8 mln consensus.

8:51AM Apache misses by $0.44, misses on revs (APA) 67.09 : Reports Q4 (Dec) earnings of $0.82 per share, excluding non-recurring items, $0.44 worse than the First Call consensus of $1.26; revenues fell 35.8% year/year to $1.94 bln vs the $2.22 bln consensus. Co says, "With a number of development projects coming on line in the first half of 2009, we are projecting production growth of 6 to 14% in 2009, depending on capital availability. We are striving to keep our discretionary spending in line with 2009 cash flow to retain our financial flexibility." In 2008, production declined 5% to 534,000 barrels of oil equivalent per day as a result of the June 3 pipeline explosion and fire at APA's Varanus Island hub offshore Western Australia as well as the impact of two hurricanes in the Gulf of Mexico. Had those events not occurred, 2008 production would have increased 2%. APA produced 1.6 bln cubic feet (Bcf) of natural gas and 265,000 barrels of liquid hydrocarbons per day in 2008, compared with 1.8 Bcf and 262,000 barrels per day in 2007. In Q4, Apache produced 1.5 Bcf of gas per day and 262,000 barrels of liquid hydrocarbons per day. Apache replaced 122% of production in 2008, including 118% through drilling.

8:39AM XTO Energy misses by $0.10, misses on revs (XTO) 34.36 : Reports Q4 (Dec) earnings of $0.68 per share, $0.10 worse than the First Call consensus of $0.78; revenues rose 23.3% year/year to $1.96 bln vs the $2.06 bln consensus. Fourth quarter daily gas production averaged 2.17 billion cubic feet (Bcf), up 30% from fourth quarter 2007 daily production of 1.67 Bcf. Daily oil production for the fourth quarter was 63.5 thousand barrels, a 30% increase from the fourth quarter 2007 level of 48.8 thousand barrels. During the fourth quarter, natural gas liquids production was 15.4 thousand barrels per day, a 7% increase from the fourth quarter 2007 rate of 14.5 thousand barrels per day. "Looking ahead, we have hedged 80% of projected production volumes at an equivalent price of about $10.70 per Mcfe to protect our financial returns in 2009. Given these commodity hedges and even with the current price environment, we anticipate another record year of cash flow generation. Our capital budget of $3.2 billion is designed to deliver efficient growth of 14% for the year, while building the infrastructure needed for the future." The Company is targeting annual production growth of 14% for 2009.

8:36AM Goldcorp beats by $0.01, misses on revs (GG) 32.56 : Reports Q4 (Dec) earnings of $0.12 per share, $0.01 better than the First Call consensus of $0.11; revenues fell 10.4% year/year to $609 mln vs the $626.9 mln consensus.

8:31AM Gamestop narrows JanQ guidance to high end; guides FY09 above consensus (GME) 24.87 : GameStop is narrowing its previously announced Q4 (Jan) EPS guidance to the high-end of the previous range. EPS is now expected to range from $1.33-1.34 vs consensus of $1.33. For the first time in the company's history, quarterly sales exceeded $3 bln as total sales were $3.5 bln vs consensus of $3.46 bln. Co expects to outperform the retail sector again in FY09 despite the global recession. Co projects 2009 growth as follows: Revs up 10-12% which computes to $9.68-9.86 bln vs consensus of $9.67 bln. Co expects EPS to rise 18-22%, which computes to approx $2.83-2.92 vs consensus of $2.77.

7:37AM Pride Intl beats by $0.08, misses on revs (PDE) 15.78 : Reports Q4 (Dec) earnings of $1.13 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.05; revenues rose 28.9% year/year to $621.6 mln vs the $630.6 mln consensus. "Pride International is well-positioned to successfully operate in this more difficult offshore business climate. Our revenue backlog, currently $8.6 billion, excluding performance bonus opportunities, is expected to provide annual revenues of between $1.5 and $2.0 billion for each of the next four years. In addition, our capital structure remains strong, and we have only nominal debt maturities of approximately $30 million in each of the next three years. With our business transformation nearly complete, we will continue positioning the company as a unique offshore drilling choice for investors with an increasing emphasis in deepwater." Although the urgency by some customers to contract deepwater rigs has diminished in early 2009, primarily due to the difficult global economic environment, which has contributed to the abrupt decline in crude oil prices since mid 2008, deepwater activity is expected to remain healthy.

7:34AM Diana Shipping reports EPS in-line, beats on revs (DSX) 13.63 : Reports Q4 (Dec) earnings of $0.72 per share, in-line with the First Call consensus of $0.72; revenues rose 43.1% year/year to $84.3 mln vs the $81.9 mln consensus. Co attributes increase in revenues to an increase in prevailing time charter rates and the increase in operating days due to the enlargement of the Company's fleet. "In a challenging economic environment, Diana Shipping achieved solid growth in revenues and earnings for the fourth quarter and full year 2008. While business conditions remain unsettled, we are well-positioned to operate our business successfully and to seize upon opportunities that may emerge in the coming year. We have cultivated and expanded our relationships with some of the strongest charterers in the industry. Our balance sheet is healthy and not over-leveraged. And our young, efficient fleet provides a significant competitive advantage. We believe the current dislocations in the dry bulk marketplace will offer many opportunities for companies with good revenue visibility, strong capital and liquidity, and management teams with a disciplined approach to managing risk and creating value. We fully intend to take advantage of those opportunities for the long-term benefit of our shareholders."

7:33AM Noble Energy beats by $0.12 (NBL) 48.64 : Reports Q4 (Dec) earnings of $0.91 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.79; revenues fell 37.8% year/year to $573 mln.

7:03AM Conns raises Q4 guidance to a range of $0.66-$0.68 (vs $0.57 consensus), from previous range of $0.53-$0.58 (CONN) 14.05 : Co announces it expects to report diluted EPS, excluding potential fair value and goodwill adjustments, in a range of $0.66-$0.68 (vs $0.57 consensus), which is up from previous range of $0.53-$0.58. This strong performance in the current quarter was driven by a 22.3% increase in net sales, on a 12.5% same store sales gain, as product margins improved as compared to the quarter ended October 31, 2008, and expense leverage improved on the strong sales gains. Driven by the continued volatility in the financial markets, the co expects to record an additional non-cash decrease in the fair value of its interests in securitized assets for the quarter ended January 31, 2009, though the decrease is not expected to be as large as the decrease recorded in the quarter ended October 31, 2008. The co reported that the credit portfolio recovery is progressing very well after experiencing the negative impacts of Hurricanes Gustav and Ike, with the portfolio performing in-line with its expectations.

6:36AM Barnes Group beats by $0.08, misses on revs; guides FY09 EPS in-line (B)10.29 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.11; revenues fell 25.1% year/year to $265.4 mln vs the $282.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.20-1.50 vs. $1.36 consensus. Co says, "Our focus for 2009 is on maximizing cash flow generation by aggressively managing our working capital and improving operating performance in a significantly slower demand environment. We will continue to carefully fund lean enterprise activities and seek opportunities to leverage existing capabilities to meet the needs of our customers and position our businesses for long-term sustainable growth. We believe that our diversified portfolio of businesses, strong balance sheet, and our recent cost-saving actions position the co to manage through these challenging economic times."

6:13AM Hornbeck Offshore beats by $0.26, beats on revs; guides FY09 EPS below consensus (HOS) 14.01 : Reports Q4 (Dec) earnings of $1.31 per share, $0.26 better thanthe First Call consensus of $1.05; revenues rose 19.7% year/year to $121 mln vs the $114.9 mln consensus. Co issues downside guidance for FY09, sees EPS of $3.50-$3.97 vs. $4.06 consensus. Primary reasons for the increase in revenues, operating income, net income and EBITDA were the incremental contribution of vessels added to the co's fleet in 2008, continued favorable market conditions for new generation offshore supply vessels and a full-quarter contribution from the HOS Achiever, the co's first multi-purpose support vessel that was placed in service in October 2008.

6:04AM Newmont Mining beats by $0.01, misses on revs (NEM) 42.76 : Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.25; revenues fell 4.8% year/year to $1.34 bln vs the $1.42 bln consensus. Co said, "We are pleased with the strong financial results for the fourth quarter and for 2008. These results, combined with the operating results previously announced, continue to demonstrate our commitment to consistently delivering on our plans. In the first part of 2009, we secured $1.7 billion in additional liquidity to improve our financial flexibility and to purchase the remaining 33.33% interest in Boddington, thereby giving Newmont full access to one of the largest gold projects in the world. We are excited about Boddington's potential and look forward to capitalizing on this unique opportunity. As we turn our attention to 2009, our focus remains on operational and project execution, as well as disciplined capital investments."

1:46AM O'Reilly Auto beats by $0.07, beats on revs; guides Q1 EPS in-line; guides FY09 EPS above consensus (ORLY) 27.74 : Reports Q4 (Dec) earnings of $0.37 per share, excluding acquisition-related charges, $0.07 better than the First Call consensus of $0.30; revenues rose 84.5% year/year to $1.11 bln vs the $1.05 bln consensus. Co issues in-line guidance for Q1, sees EPS of 0.36-0.40, excluding non-recurring items, vs. $0.40 consensus. Co issues upside guidance for FY09, sees EPS of $1.83-1.87, excluding non-recurring items, vs. $1.79 consensus. Comparable store sales for O'Reilly stores open at least one year increased 6.2% and 2.6% for the fourth quarter and year ended December 31, 2008, respectively. Comparable store sales for CSK stores open at least one year increased 0.8% for the fourth quarter ended December 31, 2008, and decreased 1.7% for the portion of CSK's sales in 2008 since the July 11 acquisition. Consolidated comparable store sales for stores open at least one year increased 4.0% and 1.5% for the fourth quarter and year ended December 31, 2008, respectively. Co forecasts consolidated comparable store sales for Q109 and FY09 to increase 2.0-4.0% and 2.0-4.0%, respectively.

12:38AM McCormick reaffirms FY09 EPS guidance (MKC) 30.80 : Co reaffirms guidance for FY09 (Nov), sees EPS of $2.24-2.28, includes impact of charges form restructuring program which are estimated to be $0.05 in FY09 and may not be comparable to $2.30 First Call consensus. On a comparable basis, excluding the impact of restructuring charges and unusual items, this is an increase of 7 to 9% versus 2008.

12:33AM Navios Maritime misses by $0.07, beats on revs (NM) 3.10 : Reports Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.07 worse than the First Call consensus of $0.10; revenues fell 30.9% year/year to $213.2 mln vs the $210.3 mln consensus.

Earnings - 7th Aug 2008 (2)

9:03AM Sempra Energy beats by $0.07, misses on revs; guides FY08 EPS in-line (SRE) 55.98 : Reports Q2 (Jun) earnings of $0.98 per share, $0.07 better than the First Call consensus of $0.91; revenues fell 5.9% year/year to $2.5 bln vs the $2.56 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.80-4.00 vs. $3.88 consensus, up from the previous range of $3.65 to $3.85 per share.

9:01AM Arena Resources beats by $0.02, beats on revs (ARD) 39.10 : Reports Q2 (Jun) earnings of $0.67 per share, $0.02 better than the First Call consensus of $0.65; revenues rose 187.8% year/year to $62.2 mln vs the $57 mln consensus.

9:01AM Diodes beats by $0.01, reports revs in-line; guides Q3 revs in-line (DIOD) 27.40 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.34; revenues rose 20.5% year/year to $116 mln vs the $115.3 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $134-142 mln vs. $134.28 mln consensus.

8:35AM Mediacom Comm beats by $0.25, beats on revs; guides FY08 revs in-line (MCCC) 5.81 : Reports Q2 (Jun) earnings of $0.22 per share, $0.25 better than the First Call consensus of ($0.03); revenues rose 7.6% year/year to $349.5 mln vs the $344.1 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs up 7-8% which equates to $1.38-1.40 bln vs. $1.39 bln consensus.

8:12AM US Cellular misses by $0.01, beats on revs (USM) 62.20 : Reports Q2 (Jun) earnings of $0.83 per share, $0.01 worse than the First Call consensus of $0.84; revenues rose 9.2% year/year to $1.06 bln vs the $1.03 bln consensus. Co sees Y08 net retail customer adds of 175-225k, service revs of $3.9-4.0 bln.

8:06AM Delta Petroleum beats by $0.02, beats on revs (DPTR) 18.93 : Reports Q2 (Jun) earnings of $0.04 per share, excluding items, $0.02 better than the First Call consensus of $0.02; revenues rose 81.0% year/year to $69.5 mln vs the $66.1 mln two analyst estimate. Before adjusting for the selected items, the Company reported a net loss for the six months ended June 30, 2008 of ($42.2 million), or ($0.47) per share, compared with a net loss of ($113.7 million), or ($1.95) per diluted share, in the six months ended June 30, 2007.

8:01AM RBC Bearings misses by $0.03, beats on revs; guides Q2 revs above consensus (ROLL) 33.49 : Reports Q1 (Jun) earnings of $0.49 per share, $0.03 worse than the First Call consensus of $0.52; revenues rose 15.8% year/year to $92.4 mln vs the $90.9 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $95-97 mln vs. $89.15 mln consensus.
8:00AM S&P futures vs fair value: -7.5. Nasdaq futures vs fair value: -10.2. : Futures suggest a lower open after disappointing results from two Dow components. AIG (AIG) reported a second quarter loss of $0.51 per share, ex-items, which is $1.14 worse than the consensus estimate, sending shares of AIG tumbling 11% in premarket trading. Shares of Wal-Mart (WMT) are down 3.4% in premarket trading after the company reported July same-store sales rose 3%, which fell short of the Briefing.com consensus that called for 3.3% growth. Meanwhile, crude prices are up 1.7% to $120.60 per barrel, which follows a drop of more than 5% over the three previous sessions. As expected, the European Central Bank left its benchmark unchanged at 4.25%, and the Bank of England left its rate at 5.00%.

7:58AM Pride Intl beats by $0.04, reports revs in-line (PDE) 38.86 : Reports Q2 (Jun) earnings of $0.80 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.76; revenues rose 5.7% year/year to $560.3 mln vs the $557.6 mln consensus.

7:47AM Williams Partners beats by $0.17, beats on revs (WPZ) 28.64 : Reports Q2 (Jun) earnings of $0.92 per share, $0.17 better than the First Call consensus of $0.75; revenues rose 28.0% year/year to $178.2 mln vs the $155.3 mln consensus.

7:39AM Warnaco Group beats by $0.24, beats on revs; guides FY08 EPS above consensus, revs above consensus (WRC) 43.34 : Reports Q2 (Jun) earnings of $0.71 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $0.47; revenues rose 22.1% year/year to $503.8 mln vs the $449.4 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.80-2.90, excluding non-recurring items, vs. $2.77 consensus; sees FY08 revs to grow 13-15% which equates to $2.06-2.1 bln vs. $2.04 bln consensus.

7:37AM Talbots reports Q2 sales below consensus; reaffirms full year guidance (TLB) 14.40 : Co reports Q2 revs of $528 mln vs $558.59 mln First Call consensus. Total Company comparable store sales declined 12.0% for Q2. Reffirms FY09 EPS guidance of $0.47-0.52 vs $0.45 First Call consensus."Our second quarter sales results reflect a weak response to our Talbots and J. Jill brand end of season clearance events, which began in June. Further, we made two key business decisions during the quarter that although we expect to benefit from in the third quarter, negatively impacted our second quarter results."

7:33AM Dril-Quip beats by $0.01, beats on revs; guides Q3 EPS in-line (DRQ) 50.59 : Reports Q2 (Jun) earnings of $0.68 per share, $0.01 better than the First Call consensus of $0.67; revenues rose 24.2% year/year to $142.5 mln vs the $136.2 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.63-0.73, excluding non-recurring items, vs. $0.73 consensus. In addition, the co announced that its backlog at June 30, 2008 was approximately $560 million, compared to its June 30, 2007 backlog of approximately $394 million. The Company's June 30, 2008 backlog represents an increase of $122 million over its previously reported backlog of $438 million as of March 31, 2008. This increase is primarily the result of the receipt of orders for the supply of Dril-Quip Drilling Riser Systems for two newbuild deepwater floating drilling rigs. These orders have a total value of approximately $80 million and are scheduled for delivery during 2010.

7:30AM Alliant Tech misses by $0.03; reaffirms FY09 EPS guidance, guides FY09 revs in-line; annoucnes 5 mln share buyback (ATK) 101.44 : Reports Q1 (Jun) earnings of $1.64 per share, $0.03 worse than the First Call consensus of $1.67; revenues rose 14.8% year/year to $1.1 bln vs the $1.06 bln consensus. Co issues guidance for FY09, sees EPS at upper end of $7.25-7.35 vs. $7.39 consensus; sees FY09 revs of $4.55 bln vs. $4.54 bln consensus. Announces 5 million share repurchase authorization.

7:28AM Barr Pharma beats by $0.11, beats on revs; reaffirms FY08 EPS guidance (BRL) 66.97 : Reports Q2 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.53; revenues rose 22.9% year/year to $779 mln vs the $627.8 mln consensus. Co reaffirms guidance for FY08, sees EPS of $2.75-3.05 vs. $2.80 consensus.

7:10AM Corrections Corp beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides Q4 (Dec) EPS in-line; guides FY08 EPS below consensus (CXW) 28.26 : Reports Q2 (Jun) earnings of $0.30 per share, $0.01 better than the First Call consensus of $0.29; revenues rose 10.2% year/year to $399.6 mln vs the $395.9 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.29-0.31 vs. $0.33 consensus. Co issues in-line guidance for Q4 (Dec), sees EPS of $0.33-0.35 vs. $0.35 consensus. Co issues downside guidance for FY08, sees EPS of $1.21-1.24 vs. $1.25 consensus. "While we are excited about the growth prospects offered by our contract with the California Department of Corrections and Rehabilitation, we have experienced delays in the intake of inmates under our contract, compared to our previous expectations... we have lowered our occupancy and revenue forecast for the remainder of 2008 primarily as a result of these delays."

7:10AM Consolidated Comms Illinois beats by $0.06, beats on revs (CNSL) 13.67 : Reports Q2 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.16; revenues rose 31.5% year/year to $106.4 mln vs the $104.5 mln consensus. For 2008, the Company provides the following updated full year guidance: Capital expenditures are now expected to be in the range of $46.5 million to $48.0 million, including $2.0 million associated with integration related capital expenditures. This has been lowered from previous guidance of $46.5 million to $49.5 million. The cash interest expense continues to be in the expected range of $64.0 million to $67.0 million. Cash income taxes are expected to be in the range of $12.0 million to $15.0 million.

7:09AM OM Group reports Q2 (Jun) results, beats on revs (OMG) 29.70 : Reports Q2 (Jun) earnings of $1.86 per share, includes items, may not be comparable to the First Call consensus of $1.80; revenues rose 120.8% year/year to $510.8 mln vs the $494.4 mln single estimate. Included in these results are discontinued operations, which showed a loss of $0.4 million in the second quarter of 2008.

7:07AM ISIS Pharm beats by $0.03, beats on revs (ISIS) 17.33 : Reports Q2 (Jun) loss of $0.02 per share, $0.03 better than the First Call consensus of ($0.05); revenues rose 765.1% year/year to $33 mln vs the $26.2 mln consensus.

7:06AM Swift Energy beats by $0.27, beats on revs (SFY) 48.23 : Reports Q2 (Jun) earnings of $2.66 per share, $0.27 better than the First Call consensus of $2.39; revenues rose 67.9% year/year to $262.7 mln vs the $247.4 mln consensus.

7:06AM Cardinal Health beats by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY08 EPS above consensus; exploring spin-off of Clinical And Medical Products businesses (CAH) 54.51 : Reports Q4 (Jun) earnings of $0.97 per share, $0.02 better than the First Call consensus of $0.95; revenues rose 3.0% year/year to $22.93 bln vs the $23.17 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.70 vs. $0.94 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.95 vs. $3.78 consensus. For fiscal 2009, the company expects revenue growth of 6-7%. Cardinal Health also announces that its board of directors has supported a management recommendation to actively explore a potential separation of the company's primary operating and reporting segments, which could involve a tax-free spin-off of the clinical and medical products businesses as a separate, publicly traded company. Cardinal Health plans to announce its decision within approximately 60 to 90 days.