Earnings - 29th April 2009 (1)

8:04AM Barrick Gold misses by $0.02, beats on revs (ABX) 28.97 : Reports Q1 (Mar) earnings of $0.34 per share, $0.02 worse than the First Call consensus of $0.36; revenues fell 6.7% year/year to $1.83 bln vs the $1.76 bln consensus. Q1 was a lower production and higher cost quarter as expected due to planned mine sequencing. Higher production is expected in subsequent quarters and lower cash costs anticipated in the second half of the year as higher grades are accessed at a number of operations and with the benefit of new production from Buzwagi. The Company is on track with its full year production guidance of 7.2-7.6 mln ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce. The Company is on track with full year copper production guidance of 375-400 mln pounds at total cash costs of $1.25-$1.35 per pound. Q1 copper production was 95 mln pounds at total cash costs of $1.32 per pound. The Company benefited from its copper hedge position, realizing $2.93 per pound, $1.37 per pound higher than the average spot price.

8:01AM Silicon Labs beats by $0.09, beats on revs; guides Q2 revs above consensus (SLAB) 29.02 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items,$0.09 better than the First Call consensus of $0.13; revenues fell 14.7% year/year to $83.7 mln vs the $77.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $92-97 mln vs. $81.24 mln consensus.

7:35AM Reynolds American beats by $0.05, misses on revs; guides FY09 EPS in-line (RAI) 20.36 : Reports Q1 (Mar) earnings of $1.00 per share, excluding items, $0.05 better than the First Call consensus of $0.95; revenues fell 6.6% year/year to $1.92 bln vs the $1.97 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.15-4.45, excluding items but including negative impact from $0.40 increase in pension expense, vs. $4.38 consensus.

7:33AM General Dynamics beats by $0.08, beats on revs (GD) 50.61 : Reports Q1 (Mar) earnings of $1.54 per share, $0.08 better than the First Call consensus of $1.46; revenues rose 18.0% year/year to $8.26 bln vs the $7.82 bln consensus. "Revenues grew at double-digit rates in all four segments of the company, with double-digit organic growth in our defense businesses, demonstrating the continued strength of demand among government customers for the products and services we deliver. The growth in Aerospace revenues is attributable to the acquisition late last year of Jet Aviation... Looking ahead, we remain confident that General Dynamics is well-positioned to maximize the value of our $71 bln backlog as we continue to focus on excellent program execution and value creation for our shareholders." Funded backlog at the end of first-quarter 2009 increased 23 percent from one year ago, to $49.2 bln. The company's total backlog at the end of the quarter was $71.1 bln, 43% higher than the $49.8 bln total backlog reported at the end of the year-ago period. In addition to the backlog, the estimated potential contract value, which represents management's estimate of value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $17.9 bln at the end of first-quarter 2009.

7:31AM Southern Co beats by $0.01, beats on revs (SO) 30.03 : Reports Q1 (Mar) earnings of $0.42 per share, ex-items, $0.01 better than the First Call consensus of $0.41; revenues fell 0.3% year/year to $3.67 bln vs the $3.5 bln consensus.

7:31AM Hess beats by $0.09 (HES) 54.89 : Reports Q1 (Mar) loss of $0.18 per share, $0.09 better than the First Call consensus of ($0.27); revenues fell 35.8% year/year to $6.87 bln vs the $5.66 bln consensus.

7:07AM Burger King reports EPS in-line, misses on revs; guides Q4 EPS in-line; guides FY09 EPS in-line (BKC) 17.11 : Reports Q3 (Mar) earnings of $0.34 per share, in-line with the First Call consensus of $0.34; revenues rose 1.0% year/year to $600 mln vs the $607.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.34-0.37 vs. $0.37 consensus. Co issues in-line guidance for FY09, sees EPS of $1.39-1.42, includes $0.10/share negative impact due to movements in currency exchange rates, vs. $1.41 consensus.

7:07AM Wyndham Worldwide beats by $0.06, beats on revs; guides Q2 EPS in-line; reaffirms FY09 EPS guidance, revs guidance (WYN) 8.76 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.35; revenues fell 11.0% year/year to $901 mln vs the $838.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36-0.41, excluding non-recurring items, vs. $0.36 consensus. Co reaffirms guidance for FY09, sees EPS of $1.61-1.85, excluding non-recurring items, vs. $1.60 consensus; sees FY09 revs of $3.5-3.9 bln vs. $3.44 bln consensus. In constant currency, 1Q09 system-wide RevPAR decreased 11.3%, reflecting declines of 13.4% and 5.5% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system-wide RevPAR declined 14.0% in 1Q09.

7:03AM FTI Consulting beats by $0.08, beats on revs (FCN) 49.97 : Reports Q1 (Mar) earnings of $0.60 per share, $0.08 better than the First Call consensus of $0.52; revenues rose 13.3% year/year to $347.9 mln vs the $341.2 mln consensus.

7:03AM Jones Apparel beats by $0.18, beats on revs (JNY) 8.06 : Reports Q1 (Mar) earnings of $0.28 per share, $0.18 better than the First Call consensus of $0.10; revenues fell 8.6% year/year to $891 mln vs the $875.3 mln consensus. "Given the overall economic environment, we were satisfied with our first quarter results, which reflect the actions we have taken to control expenses and manage our capital. Our wholesale jeanswear segment performed well; however, our other wholesale businesses were impacted by reduced orders and higher markdown support in the continuing promotional environment. Our own chain of retail stores was impacted by the slowing retail sales trend and promotional environment and registered a 10.6% decrease in comparable store sales during the quarter... We remain cautious in our outlook for 2009, and as the year progresses, our focus will be on financial stability, maintaining our market share and positioning the Company for the ultimate recovery."

6:34AM SPX Corp beats by $0.06, reports revs in-line (SPW) 46.55 : Reports Q1 (Mar) earnings of $0.81 per share, excluding restructuring charges and tax benefit and includes F/X fluctuations, $0.06 better than the First Call consensus of $0.75; revenues fell 13.9% year/year to $1.16 bln vs the $1.17 bln consensus.

6:33AM Medco Health Solutions reports EPS in-line, beats on revs; guides FY09 EPS in-line (MHS) 43.66 : Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 14.4% year/year to $14.83 bln vs the $13.71 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.67-2.77 vs. $2.73 consensus. Co said, "Looking forward, the 2010 selling season has already yielded meaningful early wins, including Coventry's commercial and workers compensation business - an incremental win to the Coventry Medicare business, which we installed successfully on January 1, 2009. This brings our total annualized new-named sales for 2010, at this early date, to $2.0 billion".

6:30AM Range Resources beats by $0.03, misses on revs (RRC) 41.13 : On 4.28 co reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.21; revenues fell 33.9% year/year to $203.2 mln vs the $252.9 mln consensus. Co anticipatea exiting 2009 at a net Marcellus production rate of 80 - 100 Mmcfe per day and expects to double production in 2010.

6:14AM Praxair beats by $0.01, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs below consensus (PX) 71.47 : Reports Q1 (Mar) earnings of $0.93 per share, $0.01 better than the First Call consensus of $0.92; revenues fell 20.3% year/year to $2.12 bln vs the $2.38 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.00 vs. $1.00 consensus. Co issues mixed guidance for FY09, sees EPS of $3.85-4.15 vs. $3.99 consensus; sees FY09 revs of ~$9 bln vs. $10.01 bln consensus.

6:08AM Aetna beats by $0.03, beats on revs; reaffirms FY09 EPS guidance (AET) 24.40 : Reports Q1 (Mar) earnings of $0.96 per share, $0.03 better than the First Call consensus of $0.93; revenues rose 10.5% year/year to $8.62 bln vs the $8.49 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.85-3.95 vs. $3.85 consensus.

5:09AM Medifast beats by $0.05, beats on revs (MED) 5.65 : Reports Q1 (Mar) earnings of $0.17 per share, $0.05 better than the First Call consensus of $0.12; revenues rose 33.7% year/year to $33.7 mln vs the $31.4 mln consensus. The gross margins increased to 76.1% during the first quarter of 2009 versus 75.8% a year ago.

5:08AM Baker Hughes beats by $0.06, beats on revs (BHI) 33.94 : Reports Q1 (Mar) earnings of $0.82 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.76; revenues fell 0.1% year/year to $2.67 bln vs the $2.58 bln consensus.

2:27AM Arcelor Mittal misses by $0.39, misses on revs (MT) 24.06 : Reports Q1 (Mar) loss of $0.78 per share, $0.39 worse than the First Call consensus of ($0.39); revenues fell 49.3% year/year to $15.12 bln vs the $15.95 bln consensus. Total steel shipments for the three months ended March 31, 2009 were 16.0 mln metric tonnes as compared with steel shipments of 17.1 mln metric tonnes for the three months ended December 31, 2008 and 29.2 mln metric tonnes for the three months ended March 31, 2008. The decrease year-on-year resulted from reduced steel production in response to falling demand amid the global economic crisis. Total steel shipments in the Flat Carbon Americas segment were 3.6 mln metric tonnes for the three months ended March 31, 2009, as compared with steel shipments of 3.9 mln metric tonnes for the three months ended December 31, 2008. The decrease is due to the deterioration of global steel markets and the continuation of production cuts into Q109. Sales also declined to $3.2 bln for the three months ended March 31, 2009 as compared with sales of $4.5 bln for the three months ended December 31, 2008, due to both lower volumes and prices (a 25.4% decrease in average steel selling price). For Q209, co expects EBITDA of $1.2-1.5 bln.

12:59AM Massey Energy misses by $0.02, beats on revs (MEE) 12.53 : Reports Q1 (Mar) earnings of $0.51 per share, $0.02 worse than the First Call consensus of $0.53; revenues rose 19.2% year/year to $768.1 mln vs the $738.7 mln consensus. In response to the current market conditions, Massey has taken meaningful action to reduce overall costs and expects to see measurable cost improvement going forward. These actions include the idling of several higher cost mines, limitation of overtime, selective general and administrative cost reductions, renegotiation of supply contracts, and the implementation of significant wage and benefit reductions beginning on May 1, 2009. Additional cost cutting initiatives are under way. Co projects produced coal shipments for FY09 will be 38-41 mln tons, with average produced coal realization between $60-63 per ton. Guidance for average cash cost per ton in 2009 remains unchanged and is expected to be between $50-53. Other income is expected to be between $40-80 mln. For 2010, Massey presently has approx 20 mln tons of coal sold and priced, 2 mln tons sold with pricing collars and 8 mln tons sold but currently unpriced. Based on management's current market views, Massey's produced coal shipments for 2010 are currently expected to be in the range of 35-40 mln tons, with average sales prices in the range of $60-65 per ton. Cash cost per ton is anticipated to be in the range of $48-52. Co also anticipates significantly reducing capital expenditures to a range of $100-200 mlnfor the FY10. With results in these ranges, co believes it would generate solid positive free cash flow for the year.

Earnings - 24th Feb 2009

5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."

5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."

5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.

4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."

4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.

4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.

4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."

4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.

9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."

8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.

8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.

8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."

8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.

8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.

7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."

6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."

6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.

6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.

12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.

Earnings - 24th July 2008 (1)

6:39AM Medco Health Solutions beats by $0.02, beats on revs; guides FY08 EPS in-line (MHS) 46.86 : Reports Q2 (Jun) earnings of $0.56 per share, $0.02 better than the First Call consensus of $0.54. Co raises their FY08 guidance to $2.30-2.33 (vs. $2.31 consensus), up from $2.27-2.31.

6:36AM Strayer Education beats by $0.03, beats on revs; guides Q3 EPS above consensus (STRA) 205.88 : Reports Q2 (Jun) earnings of $1.50 per share, $0.03 better than the First Call consensus of $1.47; revenues rose 24.1% year/year to $97.9 mln vs the $96.9 mln consensus. Enrollment at Strayer University for the 2008 summer term increased 20% to 34,176 students compared to 28,461 students for the same term in 2007. Across the Strayer University campus and online system, continuing student enrollments increased 21%, while new student enrollments increased 17%. Global online students increased 51%. Students taking 100% of their classes online (including campus based students) increased 23%. The total number of students taking at least one class online increased 22% to 25,166. Co issues upside guidance for Q3, sees EPS of $0.79-0.81 vs. $0.75 consensus.

6:33AM Dow Chemical misses by $0.04, beats on revs (DOW) 34.24 : Reports Q2 (Jun) earnings of $0.81 per share, $0.04 worse than the First Call consensus of $0.85; revenues rose 23.5% year/year to $16.38 bln vs the $14.89 bln consensus.

6:32AM Kinetic Concepts beats by $0.05, beats on revs; guides FY08 revs above consensus (KCI) 41.81 : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.93; revenues rose 16.5% year/year to $462.1 mln vs the $447.3 mln consensus. Co issues guidance for FY08, sees GAAP EPS of $2.47-2.57, may not be comparable to $3.79 consensus; sees FY08 revs of $1.917-1.947 bln vs. $1.85 bln consensus.

6:30AM EnCana beats by $0.12, beats on revs (ECA) 72.62 : Reports Q2 (Jun) earnings of $1.96 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.84; revenues rose 30.4% year/year to $7.32 bln vs the $5.95 bln consensus. Co raises Y08 cash flow guidance to $10-11 bln. Co raises natural gas production forecast by 70 MMcf/d to 3.85 Bcf/d.


6:22AM Potash beats by $0.21, beats on revs (POT) 200.69 : Reports Q2 (Jun) earnings of $2.82 per share, $0.21 better than the First Call consensus of $2.61; revenues rose 93.7% year/year to $2.62 bln vs the $2.55 bln consensus. Quarterly potash gross margin of $886.4 mln was 240% higher than the $260.4 mln of last year's second quarter and approached FY07's gross margin, reflecting the benefit of rising prices.

6:16AM Newmont Mining beats by $0.04, beats on revs (NEM) 46.95 : Reports Q2 (Jun) earnings of $0.51 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.47; revenues rose 19.3% year/year to $1.52 bln vs the $1.46 bln consensus.

6:14AM Air Methods issues downside Q208 EPS guidance (AIRM) 30.69 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.38-0.41 vs. $0.65 First Call consensus. Based on preliminary Q208 results, total community-based patient transports were 11,635. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased 651 transports or 7%, while weather cancellations for these same bases increased by 459 transports compared with the prior-year quarter. Co also announces that fuel costs per community-based patient transport were 58% higher than during the prior-year quarter. Based on patients transported during the current-year quarter, this increase resulted in approx $1.8 mln in increased fuel costs.

6:08AM RadioShack beats by $0.09, beats on revs (RSH) 14.02 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.26; revenues rose 6.4% year/year to $995 mln vs the $908.5 mln consensus. Co reports Q208 comparable store sales increased 6.9% vs Q207. Co announces $200 mln share repurchase program has been authorized.

6:04AM Starwood Hotels beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus (HOT) 39.82 : Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.52; revenues rose 0.1% year/year to $1.57 bln vs the $1.49 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.52-0.57, excluding non-recurring items, vs. $0.66 consensus. Co issues downside guidance for FY08, sees EPS of $2.17-2.32, excluding non-recurring items, vs. $2.44 consensus.


5:11AM Smith Intl beats by $0.02, beats on revs (SII) 79.68 : Reports Q2 (Jun) earnings of $0.91 per share, $0.02 better than the First Call consensus of $0.89; revenues rose 18.0% year/year to $2.49 bln vs the $2.38 bln consensus.

5:09AM Thermo Fisher beats by $0.02, beats on revs (TMO) 58.78 : Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.77; revenues rose 13.6% year/year to $2.71 bln vs the $2.62 bln consensus.

3:48AM VASCO Data Security beats by $0.05, beats on revs; reduces FY08 revenue growth percentage guidance (VDSI) 11.48 : Reports Q2 (Jun) earnings of $0.20 per share, $0.05 better than the First Call consensus of $0.15; revenues rose 9.3% year/year to $35.4 mln vs the $34.2 mln consensus. Co projects revenue growth of 15% to 25% for FY08 over FY07, a reduction from its previous guidance of 10 percentage points in each end of the range. Projects gross margins as a percentage of revenue of 60% to 68% for FY08, which is unchanged from previous guidance, and operating margins as a percentage of revenue of 20% to 25% for FY08, which is also unchanged from previous guidance.


2:34AM Suncor Energy beats by $0.17 (SU) 52.90 : Reports Q2 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.71. The increase in earnings was primarily due to improved price realizations on oil sands products as benchmark crude prices rose to historically high levels, and strong results from natural gas operations. This was partially offset by lower oil sands production, increased operating expenses and purchases in the oil sands business, and reduced margins in the refining and marketing business.

1:25AM Syngenta reports 2H08 results (SYT) 53.67 : Co reports Sales were up 20% at constant exchange rates to $7.3 bln. Crop Protection sales were up 21% at $5.55 bln. Seeds sales increased 15% to $1.74 bln. EPS increased 36% to $16.53. EPS was $15.93 after restructuring and impairment.

1:17AM Petro-Canada increases quarterly dividend 54% to $0.20 (PCZ) 46.13 : The dividend will be payable on October 1, 2008 to shareholders of record at the close of business on September 3, 2008.


1:04AM Range Resources misses by $0.06, beats on revs (RRC) 54.12 : Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.54; revenues rose 62.5% year/year to $347.6 mln vs the $316.9 mln consensus.

12:54AM Newfield Expl beats by $0.08, beats on revs (NFX) 52.00 : Reports Q2 (Jun) earnings of $1.06 per share, excluding commodity derivatives loss, $0.08 better than the First Call consensus of $0.98; revenues rose 31.4% year/year to $691 mln vs the $538 mln consensus.

12:40AM First Ind. Rlty beats by $0.02, beats on revs; guides Q3 FFO below consensus; reaffirms upside FY08 FFO (FR) 29.44 : Reports Q2 (Jun) funds from operations of $1.16 per share, $0.02 better than the First Call consensus of $1.14; revenues rose 13.7% year/year to $130.8 mln vs the $101.4 mln consensus. Co issues downside guidance for Q3, sees FFO of $1.08-1.18 vs. $1.21 consensus. Co reafirms upside guidance for FY08, sees FFO of $4.70-5.00 vs. $4.67 consensus.

12:00AM Qualcomm reports EPS in-line, beats on revs (QCOM) 44.82 : Reports Q3 (Jun) earnings of $0.55 per share, excluding the Qualcomm Strategic Initiatives segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process research and development expense, in-line with the First Call consensus of $0.55; revenues rose 18.6% year/year to $2.76 bln vs the $2.71 bln consensus.