Earnings - 31st July 2008 (3)

9:07AM Pantry beats by $0.19, reports revs in-line (PTRY) 13.98 : Reports Q3 (Jun) earnings of $0.48 per share, $0.19 better than the First Call consensus of $0.29; revenues rose 20.1% year/year to $2.47 bln vs the $2.45 bln consensus. The Company is also updating its fiscal 2008 guidance ranges. Merchandise revenues are now expected to be between $1.62 bln and $1.65 bln, while retail gasoline sales are expected to be approximately 2.1 bln gallons. The merchandise gross margin is expected to be between 36.8% and 37.0%, with a retail gasoline gross margin between 10 and 12 cents per gallon. The Company now expects that fiscal 2008 store operating and general and administrative expenses will be between $605 mln and $610 mln, down from its previous guidance of between $615 mln and $630 mln.

8:49AM Apache beats by $0.19, beats on revs (APA) 116.56 : Reports Q2 (Jun) earnings of $4.28 per share, $0.19 better than the First Call consensus of $4.09; revenues rose 57.8% year/year to $3.9 bln vs the $3.82 bln consensus. During Q2, Apache received an average of $110.32 per barrel of oil, up 72% from the prior-year period, and $8.09 per thousand cubic feet (Mcf) of gas, up 47%

8:48AM KC Southern beats by $0.12, beats on revs (KSU) : Reports Q2 (Jun) earnings of $0.56 per share, $0.12 better than the First Call consensus of $0.44; revenues rose 13.8% year/year to $486.2 mln vs the $465.6 mln consensus. The revenue growth was attributable to a continued strong pricing environment, significant growth in certain business units and an increase in fuel surcharges.

8:32AM Borg Warner beats by $0.03, reports revs in-line; guides FY08 EPS in-line, revs below consensus (BWA) 40.41 : Reports Q2 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.75; revenues rose 11.2% year/year to $1.52 bln vs the $1.52 bln consensus. Co issues mixed guidance for FY08, sees EPS of $2.80-2.95, excluding non-recurring items, vs. $2.87 consensus; sees FY08 revs of $5.754-5.861 vs. $5.98 bln consensus.

8:22AM Marathon Oil misses by $0.43, misses on revs (MRO) 45.13 : Reports Q2 (Jun) earnings of $1.08 per share, excluding special items, $0.43 worse than the First Call consensus of $1.51; revenues rose 31.6% year/year to $22.23 bln vs the $23.63 bln consensus. Crude oil refined during the second quarter of 2008 averaged 1,023,000 bpd, a 49,000 bpd decrease from the second quarter of 2007, and total refinery throughputs were 1,203,000 bpd, 6 percent lower than the 1,280,000 bpd in the second quarter of 2007.

8:17AM Goodyear Tire beats by $0.07, reports revs in-line (GT) 19.56 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.60; revenues rose 6.5% year/year to $5.24 bln vs the $5.26 bln consensus.

8:15AM Exxon Mobil misses by $0.25 (XOM) 84.38 : Reports Q2 (Jun) earnings of $2.27 per share, excluding non-recurring items, $0.25 worse than the First Call consensus of $2.52; revenues rose 40.4% year/year to $138.07 bln. Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs. ExxonMobil increased investments across all business lines to help meet global demand for crude oil, natural gas and finished products. Capital and exploration project spending increased to $7.0 billion in the second quarter, up 38% from last year. For the first half of 2008, spending on capital and exploration projects was $12.5 billion. On an oil-equivalent basis, production decreased 8% from the second quarter of 2007. During the second quarter of 2008, Exxon Mobil Corporation purchased 98 million shares of its common stock for the treasury at a gross cost of $8.8 billion.

8:11AM CryoLife beats by $0.04, beats on revs; issues segment guidance (CRY) 12.98 : Reports Q2 (Jun) earnings of $0.14 per share, $0.04 better than the First Call consensus of $0.10; revenues rose 18.3% year/year to $27.2 mln vs the $25.8 mln consensus. Tissue processing gross margins in 2Q08 were 46% compared to 40% in 2Q07. Guidance: The co now expects product and tissue processing revs for FY08 to be in the middle to upper end of its previously announced range of revs guidance, which is between $102.0-107.0 mln. Other revs for 2008 may reach between $700,000-900,000, primarily related to funding received from the Department of Defense in connection with the development of BioFoam. The co expects tissue processing revenues to be between $53.0-56.0 mln and BioGlue revenues to be between $47.0-49.0 mln for the FY08. Other implantable medical device revenues are expected to be approximately $2.0 mln in 2008, which includes an estimated $1.0 mln in revs from the distribution of Hemostase MPH. The co expects general, administrative, and marketing expenses of between $49.0-51.0 mln, and R&D expenses of between $6.0-8.0 mln for FY08.

8:08AM MasterCard beats by $0.09, beats on revs (MA) 270.73 : Reports Q2 (Jun) earnings of $2.11 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $2.02; revenues rose 25.0% year/year to $1.25 bln vs the $1.21 bln consensus. Q2 gross dollar volume increased 12.8% y/y to $655 bln, compares to a 14.1% y/y increase in Q1; purchase volume increased 14.0% y/y to $493 bln, compares to a 15.0% y/y increase in Q1. Pricing changes contributed ~5 percentage points to the net revenue growth. During 2Q08, the company repurchased ~1.3 mln shares of Class A common stock at a cost of $355 mln, completing its aggregate authorized share repurchase program of $1.25 bln.

8:07AM Kellogg beats by $0.01, beats on revs; guides FY08 EPS in-line (K) 54.15 : Reports Q2 (Jun) earnings of $0.82 per share, $0.01 better than the First Call consensus of $0.81; revenues rose 10.9% year/year to $3.34 bln vs the $3.27 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.00 vs. $3.00 consensus. The Company still expects that internal sales and operating profit will increase at a mid single-digit rate for the full year. Co said, "Our first half performance provides further evidence of the strength of our business model and strategy... Despite significant inflation headwinds, we capitalized on our momentum to further increase our investment in future growth. We increased our earnings guidance and acquired two businesses in emerging markets within the first half of the year, and we continue to utilize our strong cash flow to return profits to our shareholders through dividends and share repurchases."

8:05AM Olympic Steel beats by $0.76, beats on revs, announces special $1 per share dividend (ZEUS) 59.28 : Reports Q2 (Jun) earnings of $2.70 per share, $0.76 better than the First Call consensus of $1.94; revenues rose 31.0% year/year to $363.5 mln vs the $334.7 mln consensus. Co also approves a special non-recurring dividend of $1.00 per share as well as an increase of $0.01 per share on its regular quarterly dividend to $0.05 per share. Co says it is pleased that it is gaining market share as the co is moving closer to its customers both in business alignment and physical presence. Given the uncertainty surrounding the general economic environment, co says its outlook remains favorable, yet cautious. Co believes it is appropriately positioned in terms of inventory, value-add processing capabilities, and liquidity to continue performing well through the seasonally slower Q3.

8:05AM Brinks beats by $0.27, beats on revs (BCO) 64.33 : Reports Q2 (Jun) earnings of $1.04 per share, $0.27 better than the First Call consensus of $0.77; revenues rose 19.6% year/year to $932 mln vs the $875.7 mln consensus. "Brink's Home Security once again achieved solid growth in revenue, operating profit, monthly recurring revenue and subscribers. Despite the weak housing market, we continue to expect BHS to deliver 10% or better annual growth in revenue and operating profit while growing the subscriber base in the high single-digit percentage range. We remain on track and expect to complete the spin-off of BHS in the fourth quarter of this year."

8:05AM Greenhill beats by $0.36, beats on revs (GHL) 63.99 : Reports Q2 (Jun) earnings of $1.04 per share, $0.36 better than the First Call consensus of $0.68; revenues fell 22.7% year/year to $108.7 mln vs the $74.5 mln consensus.

8:03AM Omnicare beats by $0.07, reports revs in-line; guides FY08 EPS above consensus (OCR) 26.12 : Reports Q2 (Jun) earnings of $0.46 per share, $0.07 better than the First Call consensus of $0.39; revenues rose 0.1% year/year to $1.55 bln vs the $1.54 bln consensus. Co issues upside guidance for FY08, sees EPS of $1.85-1.95 vs. $1.75 consensus. FY08 cash flow from operations will be in the range of $400 million to $450 million.

8:03AM Carpenter Tech misses by $0.02, beats on revs (CRS) 39.60 : Reports Q4 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $1.11; revenues rose 4.3% year/year to $556.3 mln vs the $516.5 mln consensus.

7:37AM FPL Group reports EPS in-line, misses on revs; reaffirms FY08 and FY09 EPS in-line (FPL) 64.17 : Reports Q2 (Jun) earnings of $0.93 per share, excluding non-recurring items, in-line with the First Call consensus of $0.93; revenues fell 8.8% year/year to $3.59 bln vs the $4.14 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.83-3.93 vs. $3.88 consensus. Co reaffirms guidance for FY09, sees EPS of $4.15-4.35 vs. $4.23 consensus. Co is reaffirming its 2008 and 2009 adjusted earnings per share expectations as well as its goal of at least 10 percent annual earnings growth through 2012 using our 2006 adjusted earnings per share as the base.

7:37AM Spirit Aerosystems beats by $0.03, slight miss on revs; guides FY08 in-line (SPR) 22.15 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 10.7% year/year to $1.06 bln vs the $1.09 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.35-2.45 vs. $2.36 consensus; sees FY08 revs of $4.40 bln vs. $4.37 bln consensus. As for the outlook of the commercial aerospace market, co says it will continue to see strong long-term growth. While today's countervailing market forces create some uncertainty about the near-term, the co says its backlog continues to expand.

7:27AM Diana Shipping reports EPS in-line, beats on revs (DSX) 30.17 : Reports Q2 (Jun) earnings of $0.76 per share, in-line with the First Call consensus of $0.76; revenues rose 97.3% year/year to $86.8 mln vs the $83.3 mln consensus. "Diana Shipping delivered record revenues and earnings for the second quarter and first half of 2008. We are pleased that these robust financial results have enabled us to increase our cash dividend per share for the 10th consecutive quarter, producing an attractive dividend yield for our shareholders. The consistency and visibility of our financial performance is reflected in the fact that we have secured time charters that provide for $163.8 million to $167.8 million in revenues for the balance of 2008. Thus, we expect our capacity to reward our shareholders with similarly attractive dividends to continue through the remainder of the year. Furthermore, with our young fleet, strong balance sheet, well-established relationships with industry-leading customers, and a track record of revenue visibility, Diana Shipping is well-positioned to continue to benefit from the favorable long-term dynamics of the dry bulk industry."

7:16AM Parker-Hannifin beats by $0.05, beats on revs; guides FY09 EPS below consensus (PH) 68.04 : Reports Q4 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $1.50; revenues rose 16.4% year/year to $3.35 bln vs the $3.23 bln consensus. Co issues downside guidance for FY09, sees EPS of $5.65-6.05 vs. $6.07 consensus.

7:13AM Green Mtn Coffee beats by $0.04, reports revs in-line; guides FY08 EPS above consensus; guides FY09 EPS above consensus (GMCR) 38.52 : Reports Q3 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 43.3% year/year to $118.1 mln vs the $119.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.79-0.81 vs. $0.77 consensus; co sees revs up 44-46%, which equates to approx $492-499 mln vs $497.82 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.20-1.30 vs. $1.13 consensus.

Earnings - 19th June 2008

7:02PM PolyOne raises Q2 consolidated sales to increase by 7-9% (POL) 7.49 +0.26 : Co raises its Q2 outlook. The co expects Q2 consolidated sales to increase 7-9% compared with Q2 of 2007, despite challenging demand trends in the North American housing and automotive markets. This projection is slightly higher than the co's original estimate of 6-8% sales growth. Second-quarter 2008 earnings before special items are expected to show modest improvement over the same period a year ago earnings before special items and to increase sequentially from Q1 2008 earnings before special items. For PolyOne Distribution, the co anticipates meaningful increases in both sales and operating income during Q2 of 2008 compared with Q2 of 2007, with earnings impacted favorably by targeted growth efforts in key end markets. SunBelt earnings are projected to increase sequentially compared with Q1 of 2008, but decline compared with the Q2 of 2007. Strong chlor-alkali margins, driven by increasing caustic prices, are expected to be more than offset by weak end-market demand for chlorine derivatives compared with the same period last year.

4:14PM Lucas Energy reports FY08 comprehensive EPS $0.13 vs $0.05 last year; revs rose 136% YoY to $3.08 bln vs $3.50 mln single analyst est (LEI) 5.26 -0.49 : "We achieved a record increase in production and benefited from continued increases in commodity prices. Operating as a public company, we invested in building the appropriate infrastructure to support our future growth, which resulted in significant increases to our operating costs, many of which are non-recurring costs. Our balance sheet improvement was due in part to the successful equity raise allowing us to repay all our debt. We used the remaining portion of the proceeds to acquire key strategic properties, and today we sit with 11,274 net acres with 43 net wells and a portfolio of producing oil and gas assets with a reserve valuation of $90 mln... We had a very exciting and productive first year as a public company. We believe that the stage is set for continued growth in fiscal year 2009."

11:22AM Humana reiterates EPS guidance; sees Q2 EPS of $1.15-1.20 vs $1.18 First Call consensus and sees FY08 EPS of $4.15-4.35 vs $4.30 First Call consensus (HUM) 42.56 -2.25 : Co reaffirms guidance, sees Q2 EPS of $1.15-1.20 vs $1.18 First Call consensus and sees FY08 EPS of $4.15-4.35 vs $4.30 First Call consensus. "Our medical claim reserving methodology has consistently given consideration to differences in provider claim receipt patterns among our various product lines," said James H. Bloem, the company's senior vice president, chief financial officer and treasurer. "Analysis of medical claims payments and receipts through May 2008 indicate no adverse prior period development for either full year 2007 or first quarter 2008 medical claims estimates. Additionally, our medical cost trend and medical expense ratio projections remain consistent with those described in our first quarter 2008 earnings release issued on April 28, 2008."

8:53AM Pantry reaffirms FY08 guidance; sees Q3 EPS above the First Call consensus of $0.23 (PTRY) 9.06 : The Company continues to expect merchandise and retail gasoline sales for fiscal 2008 to be within the ranges of $1.6 to $1.7 bln and 2.1 to 2.2 bln gallons, respectively. The merchandise gross profit margin is expected to be approximately 37%, with a retail gasoline margin between 10 and 12 cents per gallon. The Company also continues to expect that fiscal 2008 store operating and general and administrative expenses will be at the low end of the previously announced range of $615 to $630 mln.

8:25AM Aetna reaffirms Q2, Y08 guidance (AET) 42.60 : Co reaffirms guidance for Q2 (Jun), sees EPS of $0.93 vs. $0.94 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $4.00 vs. $4.01 consensus. "The medical cost trend we are experiencing in the second quarter is in line with our expectations to date and consistent with our prior guidance of 7.5 percent, plus-or-minus 50 basis points. We will provide updated information on our second-quarter earnings call on July 31."