Earnings - 20th April 2009

6:16PM Boston Scientific beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs in-line (BSX) 8.69 -0.33 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.12; revenues fell 1.8% year/year to $2.01 bln vs the $2.02 bln consensus. Co issues upside EPS guidance for Q2, sees EPS of $0.16-0.21 vs. $0.14 consensus; sees Q2 revs of $1.96-2.08 bln vs. $2.05 bln consensus. Co issues upside EPS guidance for FY09, sees EPS of $0.80-0.90 vs. $0.58 consensus; sees FY09 revs of $8.0-8.5 bln vs. $8.16 bln consensus.

5:02PM Mid-America Aptmt sees Q1 FFO of $0.99-1.03 vs $0.90 First Call consensus (MAA) 32.72 -3.23 : The co announces that it expects its first quarter 2009 FFO to exceed its prior guidance. Based on preliminary results, Mid-America expects to report FFO between $30.1 million and $31.5 million, representing a range of $0.99 to $1.03 per diluted share/unit, for the first quarter of 2009. This compares to Mid-America's FFO guidance of $0.87 to $0.97 per diluted share/unit. Net income available to common shareholders is expected to be between $7.4 million and $8.7 million, representing a range of $0.26 to $0.31 per diluted share for the same period. Simon Wadsworth, Chief Financial Officer, said, "Same-store property operating performance was better than our forecast based on solid occupancy and lower than expected expenses. Interest expense was also less than forecast because of the very favorable rate environment. While our first quarter operating results were better than we expected, the continued weakness in both the economy and the employment market as we enter the busy summer leasing season suggests the need for caution in forecasting the balance of the year."

4:35PM Texas Instruments beats by $0.04, beats on revs; guides Q2 in-line (TXN) 17.32 -0.65 : Reports Q1 (Mar) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03) (consensus includes restructuring charges); revenues fell 36.2% year/year to $2.09 bln vs the $1.9 bln consensus. Co reports Q1 gross margin of 38.6% vs 39.29% consensus. Co issues in-line guidance for Q2, sees EPS of 0.01-0.15, includes restructuring charges, vs. $0.02 consensus; sees Q2 revs of 1.95-2.40 vs. $1.94 bln consensus. Co said, "Demand for our products has begun to stabilize after sharp drops in the past two quarters. Many customers have increased orders for TI products as they have begun to slow down their inventory reductions. However, we remain sensitive to continuing weakness in the global economy, and we have yet to see signs of a broad-based recovery in our business. In this environment, we will keep our operations flexible so that we can respond quickly to any shifts in demand, whether up or down... We reduced our own inventory by $277 million, and at the same time worked with distributors to reduce channel inventory by $132 million. Our inventory reductions are essentially complete, and we expect to moderately increase production levels in our factories during the second quarter".

4:24PM Zions Bancorp reports Q1 (Mar) results (ZION) : Reports Q1 (Mar) earnings of $0.39 per share, may not be comparable to the First Call consensus of ($1.77). Net loan charge-offs of $151.7 mln compared to $179.7 mln in Q4... Provision for loan loss reserves of $297.6 mln compared to $285.2 mln in Q4... Net interest margin of 3.93% compared to 4.20% in Q4; spread between loan yields and deposit rates remained essentially unchanged q/q; drop driven primarily by an increase in liquidity position accompanied by a significant decrease in yields on short-term investments, and by the increase in nonaccrual loans... Impairment and valuation losses on securities of $249 mln, of which $182 million related to purchases of AAA and AA-rated securities from Lockhart that were downgraded.... Extended $3.8 bln of credit, of which $1.9 bln were new loans to credit-worthy individuals and businesses... Nonperforming assets were $1,770.2 million at March 31, 2009 ($1,663.2 million excluding FDIC-supported assets) compared to $1,140.5 mln in Q4; increase related mainly to commercial real estate loans primarily in Nevada, Arizona and Texas and to commercial and industrial loans primarily in Utah; NPA excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.00%, compared to 2.71% in Q4.... Net loan and lease charge-offs for Q1 were $151.7 million or 1.47%, this compares with $179.7 million or 1.72% for Q4... provision for loan losses was $297.6 mln for Q1 compared to $285.2 million for Q4. The provision for Q1 was 2.88%... allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 2.03%, compared to 1.65% in Q4... tangible common equity ratio was 5.26%, compared to 5.89% in Q4; tangible equity ratio was 8.28%, compared to 8.91% in Q4... Tier 1 risk-based capital and total risk-based capital were $5,204 million and $7,374 million compared to $5,269 million and $7,386 million at December 31, 2008, respectively. Estimated ratios at March 31, 2009 for Tier 1 risk-based capital and total risk-based capital were 9.33% and 13.23% compared to 10.22% and 14.32% at December 31, 2008, respectively.

4:16PM IBM beats by $0.04, misses on revs; reaffirms 2009 guidance, ahead of pace for 2010 roadmap (IBM) 100.43 -0.84 : Reports Q1 (Mar) earnings of $1.70 per share, $0.04 better than the First Call consensus of $1.66; revenues fell 11.4% year/year to $21.71 bln vs the $22.51 bln consensus. Reports Q1 gross margin 43.4% vs 42.4% consensus. IBM reaffirms prior 2009 EPS guidance for "at least $9.20", consensus is for $9.03. IBM says ahead of pace for 2010 roadmap of $10.00-11.00; consensus is for $9.78. Co said revs were impacted by strong U.S. dollar, down 11% YoY, down 4% adjusting for currency. "IBM continued to perform well in a very difficult economic environment. This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital. At the same time we have a disciplined approach to cost and expense management giving us a strong financial position." IBM's tax rate in the first-quarter 2009 was 26.5% compared with 27.5% in 1Q08, a decline of 1.0 point. IBM ended the first quarter of 2009 with $12.3 bln of cash on hand and generated free cash flow of $1.0 bln, up $450 mln year over year, excluding Global Financing receivables. The balance sheet remains strong, and the company is well positioned to take advantage of opportunities.

4:11PM Badger Meter beats by $0.09, misses on revs (BMI) 30.81 -1.99 : Reports Q1 (Mar) earnings of $0.47 per share, $0.09 better than the First Call consensus of $0.38; revenues fell 4.5% year/year to $65.3 mln vs the $66.3 mln consensus. Co said, "Our ability to achieve record first quarter earnings and earnings per share on lower sales reflects the impact of ongoing cost reduction initiatives, favorable copper costs and the strength of the dollar, compared to the first quarter of last year. Our gross profit margin increased to 40.1% for the first quarter of 2009, compared to 35.8% in the first quarter of 2008".

4:04PM Canadian Natl Rail beats by C$0.03, beats on revs (CNI) 39.43 -2.33 : Reports Q1 (Mar) earnings of C$0.64 per share, excluding non-recurring items, C$0.03 better than the First Call consensus of C$0.61; revenues fell 3.5% year/year to C$1.86 bln vs the C$1.82 bln consensus.

4:02PM Stryker reports EPS in-line, misses on revs; guides FY09 EPS in-line (SYK) 37.42 -0.52 : Reports Q1 (Mar) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues fell 2.0% year/year to $1.6 bln vs the $1.63 bln consensus. Co issues lower but in-line guidance for FY09, sees EPS of $2.90-3.10 vs. $3.07 consensus. As a result of the continued weaker demand for certain MedSurg Equipment products as well as consideration of slowing elective procedures for certain Orthopaedic Implant products, the Company is reducing its guidance for 2009.

8:36AM Providence Service Corp sees Q1 EPS of at least $0.35 vs. $0.25 First Call consensus; sees revs of $180-185 mln vs. $179.69 mln consensus (PRSC) 8.47 : Co issues upside guidance for Q1 (Mar), sees EPS of at least $0.35 vs. $0.25 First Call consensus; sees Q1 (Mar) revs of $180-185 mln vs. $179.69 mln consensus. On March 27, 2009, the co had estimated diluted earnings per share of at least $0.25 and rev of between approximately $170 mln and $180 mln for 1Q09. As previously stated, guidance for the 1Q09 includes approximately $1.5 mln in costs and expenses related to the amended credit agreement, including arrangement, legal, accounting and other expenses, as well as approximately $300,000 in legal and other fees related to the now abandoned consent solicitation.

8:02AM Lubrizol guides EPS above consensus for Q1 (LZ) 39.03 : Co issues upside guidance for Q1 (Mar), sees EPS of $1.06, ex items vs. $0.87 First Call consensus.

7:16AM Halliburton beats by $0.03, misses on revs (HAL) 18.78 : Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the First Call consensus of $0.41. "During the first quarter, we experienced significant volume reduction and margin compression due to the steep downturn in North America drilling activity. The first quarter brought unprecedented declines in the rig count and prolonged weakness to the commodity markets. These industry-wide declines have been exacerbated by restrictions to some of our customers' access to capital and the decrease in global demand for oil and natural gas."

7:15AM Bank of America reports results above consensus for Q1 (BAC) 10.60 : After preferred dividends, including $402 mln paid to the U.S. government, diluted earnings per share were $0.44 per share, may not compare to the First Call consensus of $0.04; revenues rose 111.7% year/year to $36 bln vs the $27.13 bln consensus. Co reports Pretax, Pre-Provision Income of $19 bln. Co said, The Merrill Lynch integration is on track and expected to meet targeted cost savings. The Countrywide transition is on track. Cost savings from the acquisition are ahead of schedule. Merrill Lynch contributed $3.7 bln to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened. Consumers are under significant stress from rising unemployment and underemployment levels. These conditions led to higher losses in almost all consumer portfolios. Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio. Commercial losses increased from the prior quarter driven by higher broad-based losses in the non-homebuilder portion of the real estate portfolio within Global Banking and the small business portfolio within Global Card Services. The provision for credit losses of $13.4 bln rose from $8.5 bln in the fourth quarter and included a $6.4 bln net addition to the allowance for loan and lease losses. Reserves were added across most consumer portfolios reflecting increasing economic stress on consumers. Reserves were also increased on commercial portfolios. Nonperforming assets were $25.7 bln compared with $18.2 bln at December 31, 2008 and $7.8 bln at March 31, 2008, reflecting the continued deterioration in portfolios tied to housing. The provision for credit losses increased to $3.4 bln driven by economic and housing market weakness particularly in regions experiencing higher unemployment and falling home prices.

7:09AM Eaton beats by $0.03, misses on revs; guides Q2 EPS below consensus, assumes revs below consensus; guides FY09 EPS below consensus (ETN) 44.75 : Reports Q1 (Mar) loss of $0.22 per share, excluding integration charges, $0.03 better than the First Call consensus of ($0.25); revenues fell 19.5% year/year to $2.81 bln vs the $3.06 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.25, excluding non-recurring items, vs. $1.06 consensus; assumes Q2 revs of $3.0-3.1 bln vs. $3.5 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-3.00, excluding non-recurring items, vs. $3.44 consensus. CEO Cutler comments, "Given the uncertain end market demand, it is very difficult to provide guidance for the second quarter. Assuming our sales in the second quarter total between $3.0 bln and $3.1 bln, coupled with the additional charges we expect in the quarter, we anticipate net income per share for Q209 to be approximately $0.15 and operating earnings per share, which exclude charges to integrate our recent acquisitions, to be approximately $0.25. As a result of our lower market forecast for 2009, we are lowering our full-year guidance to net income per share of between $2.10 and $2.60 and operating earnings per share of between $2.50 and $3.00. Our second half 2009 and full year 2010 results will be strengthened by the savings from the resource adjustment actions taken during the first half of 2009."

7:03AM Weatherford misses by $0.02, reports revs in-line (WFT) 14.75 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.29, mainly due to a sharp drop off in customer activity in North America; revenues rose 2.7% year/year to $2.26 bln vs the $2.26 bln consensus.

6:37AM Eli Lilly beats by $0.21, reports revs in-line; guides FY09 EPS in-line (LLY) 33.75 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.99; revenues rose 5.0% year/year to $5.05 bln vs the $5.05 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.25, excluding non-recurring items, vs. $4.14 consensus. There were no significant items affecting net income in the first quarter of 2009; however, the reported EPS for the first quarter of 2008 were favorably affected by significant items netting to $.05 per share. To reflect the impact of the ImClone acquisition as if the acquisition occurred in January 1, 2008, Q108 pro forma EPS have been reduced by $.04 per share

Earnings - 28th Jan 2009

5:23PM Trinity Industries reports that it delivered ~7,050 railcars in the fourth quarter of 2008; sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus (TRN) 13.31 +0.33 : Co reports that it delivered ~7,050 railcars in the fourth quarter of 2008. This represents an increase as compared to ~6,740 railcar deliveries in the fourth quarter of 2007. The Company received orders for approximately 1,180 railcars during the fourth quarter of 2008. The Company has elected to indefinitely defer the investment of $800 million in approximately 10,000 railcars for multiple lessees in the ethanol industry that were scheduled for delivery to Trinity's leasing company in 2010 and 2011. Following the removal of these railcars, TrinityRail's order backlog at December 31, 2008 totaled approximately $720 million, representing approximately 8,260 railcars. Co's order backlog now includes approximately 7,010 railcars scheduled for delivery in 2009 and approximately 1,250 railcars scheduled for delivery in 2010. Railcars for use in the ethanol industry comprise approximately 1,740 of the railcars in the updated order backlog... As a result of the declining demand for railcars, the Company has idled, or is in the process of idling, four railcar manufacturing facilities. Co has also idled a wind tower facility in Oklahoma, consolidating capacity. At this time, the Company does not plan to convert any railcar facilities to wind tower operations... Co sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus

4:20PM Norfolk Southern beats by $0.03, misses on revs (NSC) 37.65 +2.35 : Reports Q4 (Dec) earnings of $1.21 per share, $0.03 better than the First Call consensus of $1.18. The fourth-quarter operating ratio reached a record 67.5%, a 4.5 percentage point improvement compared with the same period last year. During 2008, NS purchased and retired 19.4 mln shares of common stock at a cost of $1.1 bln. Co says, "Norfolk Southern delivered strong financial results in the fourth quarter, despite economic conditions that reduced freight volumes... While it is unclear how long the downturn will last, long-term trends point to freight railroads as the preferred way to move goods and relieve highway congestion. We will continue to make investments in our company and, in 2009, plan to invest $1.4 bln in capital improvements to maintain the safety and quality of our franchise, improve operational efficiency and service, and support the business growth we expect in future years."

4:07PM DeVRY reports EPS in-line, beats on revs (DV) 59.57 -1.27 : Reports Q2 (Dec) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 35.0% year/year to $369.6 mln vs the $364.2 mln consensus. As previously announced in December 2008, DeVry University new undergraduate enrollment increased 19.7% and total undergraduate enrollment rose 16.9%. At Keller Graduate school of Management, the number of coursetakers in November 2008 increased 13.7%... Becker's operations were affected by the continued deterioration in the financial services sector during the quarter. It expects these market conditions will persist at least through calendar 2009. Becker remains focused on long-term growth and is exploring additional markets and industries to further leverage its leadership in education for accounting and finance professionals... "We are mindful of the challenging economic environment we face and continue to invest in our growth opportunities while maintaining an appropriately conservative capital structure," added CEO Daniel Hamburger. "We believe this prudent approach to the execution of our strategic plan creates a balance that allows us to make investments in academic quality, student services and further diversification."

4:03PM Stryker reports EPS in-line, revs in-line; guides FY09 EPS above consensus (SYK) 41.05 +1.49 : Reports Q4 (Dec) earnings of $0.74 per share, excluding non-recurring items, in-line with the First Call consensus of $0.74; revenues rose 3.6% year/year to $1.72 bln vs the $1.72 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.12-3.22 vs. $3.12 consensus. The financial forecast for 2009 anticipates a constant currency net sales increase in the range of 6% to 9%. If foreign currency exchange rates hold near current levels, the Company anticipates an unfavorable impact on net sales of approximately 4.5% to 5.5% in the first quarter of 2009 and an unfavorable impact on net sales of approximately 3.5% to 4.5% for the full year of 2009.

4:02PM Diamond Foods raises Jan quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance (DMND) 24.90 -0.03 : Co raises Q2 (Jan) quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance to $1.25-1.32 vs $1.28 First Call consensus. Firm cites the strength of improving gross margins, which are now expected to be more than 400 basis points above the prior year's level. "Based on the solid performance of our Diamond culinary nut business and our snack portfolio, which consists of Emerald snack nuts and Pop Secret microwave popcorn, we now expect to achieve EPS growth of between 37 to 45 percent for the fiscal year. We are pleased by the complimentary nature of our expanded snack portfolio, and believe we will benefit from the synergy of the larger business in the future."

8:41AM Avery Dennison beats by $0.22, misses on revs (AVY) 27.84 : Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.43; revenues fell 11.8% year/year to $1.51 bln vs the $1.6 bln consensus. Co elects not to provide FY09 earnings forecast due to decreased visibility. Co say raw costs declined 4% in FY08. Co provides two scenarios for 2009:  If revenue declines 8% on an organic basis, co sees adjusted EPS of $1.00 and FCF of $260.0 mln. If revenue declines 3% on an organic basis, co sees adjusted EPS of $2.00 and FCF of $300.0 mln. Briefing.com note:  First Call consensus calls for FY09 EPS of $2.66.

8:36AM Temple-Inland beats by $0.14, beats on revs (TIN) 4.46 : Reports Q4 (Dec) earnings of $0.11 per share, excluding tax adjustments, $0.14 better than the First Call consensus of ($0.03); revenues rose 3.8% year/year to $973 mln vs the $908.3 mln consensus. Co says, "As we enter 2009, economic conditions continue to be uncertain. However, the actions we took in 2008 to lower our cost structure significantly throughout our co, drive down our inventories and grow our business will serve us well in 2009... In Building Products, shipments for all of our products declined in the fourth quarter due to difficult market conditions and the seasonal slowdown in demand. We took action in the quarter to further drive down our costs including exiting the hardboard siding business and reducing our headcount by an additional 11%. We also successfully introduced a new fiberglass-faced gypsum sheathing product, GreenGlass, for use in commercial and residential applications during the quarter... In Corrugated Packaging, fourth quarter 2008 was our most profitable quarter of the year. We operated well and benefited from our box plant transformation, acquisition of PBL, higher box prices and lower input costs. We took 108,000 tons of mill downtime in the quarter to match our production to our demand as our box shipments were down approximately 7% compared with year ago levels. We enter 2009 with the lowest inventory levels in the last three years."

8:28AM Peabody Energy beats by $0.37, beats on revs (BTU) 23.84 : Reports Q4 (Dec) earnings of $1.11 per share, $0.37 better than the First Call consensus of $0.74; revenues rose 61.0% year/year to $1.88 bln vs the $1.71 bln consensus. Co said,  "While the world faces significant near-term economic challenges, Peabody's middle- to long-term outlook remains positive," said Boyce. "We believe that inventories will rebalance, steel demand will recover, new coal plants will come on line and existing plants will run at higher utilization, while difficult geology and lack of capital access will deplete supply and limit infrastructure development. As recent global outlooks have forecast, nations will continue to turn to coal in increasing quantities, and Peabody remains best positioned in the industry to serve this growing demand."

8:11AM Energizer beats by $0.20, misses on revs (ENR) 44.04 : Reports Q1 (Dec) earnings of $1.93 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $1.73; revenues fell 12.4% year/year to $1.04 bln vs the $1.08 bln consensus. At prevailing currency rates as of January 20, 2009, co expects the overall operating profit impact of currency translation to be unfavorable $105 to $115 mln for the remainder of FY09 as compared to the same period in FY08.

8:05AM Rayonier beats by $0.05, beats on revs (RYN) 28.89 : Reports Q4 (Dec) earnings of $0.53 per share, $0.05 better than the First Call consensus of $0.48; revenues rose 25.7% year/year to $353.9 mln vs the $336.5 mln consensus. Co says, "Despite uncertain economic times, we expect our diverse mix of businesses to generate strong cash flows well in excess of our $2.00 per share dividend. With conservative debt levels, manageable debt maturities and a solid balance sheet, we should have significant operating flexibility... Due to the weak economy, we anticipate 2009 results will be below 2008 across our three major business units... We expect that the weakened housing market will negatively impact our timber and real estate businesses, but anticipate continued interest in our non-strategic timberlands. In Performance Fibers, earnings are expected to be solid although below 2008 as strong demand for our cellulose specialties products is more than offset by higher costs and weakening fluff prices."

7:38AM Bristol-Myers beats by $0.05, misses on revs; reaffirms FY09 EPS guidance (BMY) 22.25 : Reports Q4 (Dec) earnings of $0.46 per share, $0.05 better than the First Call consensus of $0.41; revenues rose 4% year/year to $5.25 bln vs the $5.42 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.85-2.00 vs. $1.95 consensus. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 24%. The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15% compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding costs associated with the PTI and other specified items that have not yet been identified and quantified.

7:33AM St. Jude Medical beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (STJ) 31.68 : Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.58; revenues rose 11.2% year/year to $1.13 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.57-0.59 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.48-2.54 vs. $2.51 consensus.

7:31AM FPL Group beats by $0.01, beats on revs; guides FY09 EPS in-line (FPL) 48.94 : Reports Q4 (Dec) earnings of $0.90 per share, $0.01 better than the First Call consensus of $0.89; revenues rose 8.7% year/year to $4 bln vs the $3.87 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.05-4.25 vs. $4.08 consensus.

7:28AM Verizon reports EPS in-line, revs in-line (VZ) 30.99 : Reports Q4 (Dec) earnings of $0.61 per share, excluding non-recurring items, in-line with the First Call consensus of $0.61; revenues rose 3.4% year/year to $24.64 bln vs the $24.74 bln consensus. Coreports that it added 1.4 million wireless net customer additions, 303,000 net new FiOS TV customers and 282,000 net new FiOS Internet customers.

7:11AM Waters beats by $0.11, reports revs of $418.3 mln vs the $416.8 mln consensus (WAT) 36.85 : Reports Q4 (Dec) earnings of $1.07 per share, excluding intangibles amortization & a litigation adjustment, $0.11 better than the First Call consensus of $0.96; revenues fell 4.3% year/year to $418.3 mln vs the $416.8 mln consensus. Co says, "Overall, 2008 was a very successful year for Waters as non-GAAP E.P.S. were up 20% and cash from operations reached a record high. The challenges that we faced in the fourth quarter reflect the tougher economic environment that we are likely to continue to encounter in 2009. We are confident that we can manage our business effectively through this difficult period and we remain committed to new product research and customer support programs to ensure our long term growth and continued strong market position."

7:03AM BJ Services beats by $0.10, reports revs in-line (BJS) 11.92 : Reports Q1 (Dec) earnings of $0.56 per share, excluding $0.05 charge related to the settlement of a frozen US defined benefit pension plan, $0.10 better than the First Call consensus of $0.46; revenues rose 11.4% year/year to $1.43 bln vs the $1.43 bln consensus. "U.S. activity was bolstered somewhat by projects that had been delayed in the previous quarter due to hurricane activity along the Gulf Coast. Our Canada pressure pumping operations experienced higher volume and some pricing improvement sequentially. International pressure pumping activity was down sequentially, primarily as a result of anticipated customer and weather-related slowdowns, but showed marked year over year improvement in revenue and profitability, as a result of new contracts added during fiscal 2008 and more favorable weather conditions in most international markets between the two periods."

6:37AM Kinetic Concepts beats by $0.13, misses on revs; guides FY09 EPS above consensus, revs in-line (KCI) 21.83 : Reports Q4 (Dec) earnings of $0.98 per share, $0.13 better than the First Call consensus of $0.85; revenues rose 63.0% year/year to $492.5 mln vs the $505.7 mln consensus. Co issues mixed guidance for FY09, sees EPS of $3.95-4.10 vs. $3.42 consensus; sees FY09 revs of $2.0-2.06 bln vs. $2.03 bln consensus. In October 2008, KCI's Board of Directors authorized a share repurchase program for the repurchase of up to $100.0 mln in market value of KCI common stock through the third quarter of 2009. Through December 31, 2008, the co had repurchased $50.1 mln of KCI common stock at an average price of $24.12 per share. Gross profit margin for the fourth quarter of 2008 was 50.1% compared to 49.3% for the same period one year ago.

6:09AM DuPont misses by $0.04, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (DD) 23.18 : Reports Q4 (Dec) loss of $0.28 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of ($0.24); revenues fell 16.7% year/year to $5.82 bln vs the $6.17 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.50-0.70 vs. $0.72 consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-2.50 (prior range $2.25-2.75) vs. $2.19 consensus. Co expects that global macroeconomic conditions for Q109 will be similar to Q408, with very weak demand in most of the key markets, excluding agriculture. While favorable conditions in global agriculture markets are expected in 2009, lower demand for non-agriculture products and the impact of currency is expected to limit revenue growth in FY09. The co expects to continue an appropriate level of spending for high-growth, high-margin businesses, including seed products and photovoltaics.

1:26AM Jacobs beats by $0.01, beats on revs; guides FY09 EPS in-line (JEC) 40.56 : Reports Q1 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.89; revenues rose 30.8% year/year to $3.23 bln vs the $3.12 bln consensus. Co issues in-line guidance for FY09, sees EPS of 3.55-3.90 vs. $3.67 consensus (co reduces upper end of EPS guidance to $3.90). Co announces backlog totaling $16.0 bln at December 31, 2008, including a technical professional services component of $7.9 bln. This compares to total backlog and technical professional services backlog of $15.0 bln and $7.1 bln, respectively, at December 31, 2007. During Q109, JEC was notified by certain clients that they were cancelling projects that had been included in backlog. Accordingly, $840 mln of revenues was removed from backlog during the recent quarter.

1:04AM Allegiant Travel beats by $0.21, reports revs in-line; announces $25 mln share repurchase program (ALGT) 37.91 : Reports Q4 (Dec) earnings of $0.88 per share,$0.21 better than the First Call consensus of $0.67; revenues rose 21.3% year/year to $122.4 mln vs the $121.4 mln consensus. Co estimates that for Q109 scheduled total average air fare (the sum of air fare plus ancillary revenue per passenger), will be down 4% to 6% over the prior year or between $4 and $7. Decline in RPM should be more than offset by expected reduction in fuel cost per passenger and non-fuel cost per passenger (due to increased aircraft utilization) in the first quarter. Co announces $25 mln share repurchase program. "Our fourth quarter fuel price per gallon was down 21% year-over-year and a stunning 40% sequentially. The resulting reduction in fourth quarter operating cost helped pave the way to a record operating margin, with operating profit surging close to 400% year-over-year."

Earnings - 9th Jan 2009

9:02AM Stryker guides revs in-line for Q4, reaffrirms FY08 EPS guidance; issues in-line guidance for FY09 (SYK) 38.58 : Co issues in-line guidance for Q4 (Dec), sees Q4 (Dec) revs of $1.718 bln vs. $1.7 bln First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $2.82-2.84 vs. $2.83 consensus. Co issues in-line guidance for FY09 (Dec), sees EPS of $3.12-3.22 vs. $3.15 consensus.

8:36AM CVS Caremark guides below consensus for Q1 & FY09 (CVS) 29.34 : Co issuesdownside guidance for Q1 (Mar), sees EPS of $0.53-0.55 vs. $0.63 First Call consensus. Co issues downside guidance for FY09 (Dec), sees EPS of $2.53-2.61 vs. $2.74 consensus.

8:01AM AsiaInfo lowers EPS guidance, raises rev guidance; sees Q4 EPS of $0.03-0.04 vs $0.17 consensus; revs $48-51 mln vs $48.16 mln consensus (ASIA) 10.98 : Co sees Q4 EPS of $0.03-0.04 including recognition of $6.6 mln, or $0.15 per basic share, non-cash impairment charges to earnings in Q4 of 2008 related to certain short-term investments in stock funds and long-term investments, vs $0.17 consensus. Co raises Q4 rev guidance, sees revs of $48-51 mln vs $48.16 mln consensus; which represents a 37% to 45% y/y increase in fourth quarter net revenue.

8:00AM Best Buy narrows FY09 guidance; reports Dec revenue of $7.5 bln, market share gains (BBY) 29.65 : Best Buy updates its FY09 (ends Feb) EPS guidance to $2.50-2.70, which excludes the $111 mln investment impairment charge taken during Q3 (Nov) and any other restructuring charges to streamline operations in preparation for a challenging fiscal 2010 environment. This new guidance represents a narrowing of its prior range of $2.30-2.90. Consensus is $2.61. The guidance assumes a comparable store sales decline of 2-3% for FY09. Co also reported that December revenue rose 4% to $7.5 bln, which was in line with company expectations. Gains from the inclusion of Best Buy Europe's revenue and the net addition of 194 new stores were largely offset by a 6.5% decline in comparable store sales and the unfavorable impact of fluctuations in foreign currency exchange rates. Co says "While the environment continues to be as challenging as we expected, consumers are being drawn to brands that they trust, and they are responding to our customer-centric model. In this light, we believe the market share gains we've been making will be sustained."

7:07AM Emergent Biosolutions lowers FY08, FY09 rev guidance; sees FY09 revs of $225-240 mln vs $240.43 First Call Consensus (EBS) 25.79 : Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs of $179 vs. $187.23 mln First Call consensus; co notes An additional $12 mln of BioThrax revenue originally planned for the fourth quarter of 2008 is expected to be recognized in 1Q 2009. Co issues downside guidance for FY09 (Dec), sees FY09 (Dec) revs of $225-240 vs. $240.43 mln consensus; For 2009, co is forecasting 25% to 35% growth in total revenue.

6:41AM ICON plc sees FY09 EPS of $1.40-1.52 vs. $1.55 First Call consensus; guides down for FY09 (Dec) revs, sees $930-980 vs. $1.03 bln consensus (ICLR) 20.46 : Co issues guidance for FY09 (Dec), sees EPS of $1.40-1.52 vs. $1.55 First Call consensus; issues downside guidance for FY09 (Dec) revs; sees $930-980 vs. $1.03 bln consensus.

6:34AM Donnelley & Sons guides below consensus for Q4 (RRD) 15.04 : Co issuesdownside guidance for Q4 (Dec), sees EPS of $0.51-0.61, excluding non-recurring items, vs. $0.78 First Call consensus. Board of Directors declares a regular quarterly dividend of 26 cents per common share and currently plans to maintain present quarterly dividend. "We believe that the rate of economic change remains elevated... As a consequence of the unpredictable global environment and its potential impacts on competitors and customers, we do not expect to provide full-year earnings per share guidance for 2009 on our February 25 conference call. However, we look forward to providing detail behind our strategic and operational plans at that time."

5:11AM AZZ Inc. beats by $0.07, misses on revs; guides FY09 EPS above consensus, revs in-line (AZZ) : Reports Q3 (Nov) earnings of $0.88 per share, $0.07 better than the First Call consensus of $0.81; revenues rose 25.8% year/year to $108.9 mln vs the $113 mln consensus. Co issues mixed guidance for FY09, sees EPS of $3.35-3.45 vs. $3.23 consensus; sees FY09 revs of $420.0-430.0 mln vs. $423.11 mln consensus.

Earnings - 17th July 2008 (2)

4:34PM Skyworks beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus (SWKS) 10.85 +0.55 : Reports Q3 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.17; revenues rose 22.9% year/year to $215.2 mln vs the $210.6 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.20 vs. $0.19 consensus; sees Q4 revs of $225 mln vs. $222.07 mln consensus.

4:23PM Microsoft misses by $0.01, beats on revs; guides Q1 EPS below consensus, revs below consensus; lowers Y09 guidance by $0.01 (MSFT) 27.52 : Reports Q4 (Jun) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 18.4% year/year to $15.84 bln vs the $15.65 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.47-0.48 vs. $0.49 consensus; sees Q1 revs of $14.7-14.9 bln vs. $15.06 bln consensus. Co issues lowers EPS guidance for FY09 by $0.01, sees EPS of $2.12-2.18, compared to previous guidance of $2.13-2.19, vs. $2.16 consensus; sees FY09 revs of $67.3-68.1 bln, compared to previous guidance of $66.9-68.0 bln, vs. $67.29 bln consensus.

4:20PM Merrill Lynch reports wider than expected loss; confirms sale of Bloomberg stake (MER) 30.73 +2.73 : Reports Q2 (Jun) loss of $4.95 per share, $3.04 worse than the First Call consensus of ($1.91). Co confirms it completed the sale of its 20% ownership stake in Bloomberg, L.P. to Bloomberg Inc., for $4.425 bln, and as part of this transaction has entered into a long-term service agreement. Merrill Lynch is also in negotiations and has signed a non-binding letter of intent to sell a controlling interest in Financial Data Services, based on an enterprise value for FDS in excess of $3.5 bln... Amidst a challenging market environment, Merrill Lynch's core businesses continued to perform well; however, second quarter 2008 net revenues were negative $2.1 bln, compared with positive $9.5 bln in the prior-year period. The revenue decline was driven by net losses totaling $3.5 bln related to U.S. super senior ABS CDOs and credit valuation adjustments of negative $2.9 bln related to hedges with financial guarantors, about half of which related to U.S. super senior ABS CDOs. Other significant net losses included $1.7 bln in the investment portfolio of Merrill Lynch's U.S. banks, as well as $1.3 bln from certain residential mortgage exposures. Active efforts to reduce risk through asset sales combined with these net losses, resulted in meaningful exposure reductions for many of these asset classes. "Our core franchise continues to perform well despite the extremely challenging market environment... Against this backdrop, we increased our excess liquidity pool to a record level of $92 bln and significantly reduced our exposures in key asset classes. Importantly, with the transactions we announced today, we are bolstering our capital base and continue to move forward on our risk management and strategic growth initiatives." The firm's liquidity position remained strong with the holding company's excess liquidity pool at a record level of approximately $92 bln, up from $82 bln at the end of 1Q08 and well in excess of debt maturing in less than one year. At the end of the second quarter of 2008, estimated book value per share was $21.43, down from $25.93 at the end of the first quarter.

4:12PM Capital One misses by $0.10 (COF) 42.80 +5.52 : Reports Q2 (Jun) earnings of $1.21 per share, including discontinued operations, $0.10 worse than the First Call consensus of $1.31; co missed on revs reporting $3.35 bln vs $4.37 bln consensus. Charge-offs rose in the second qtr of 2008 to 6.26% from 5.85% in the first qtr of 2008, and from 3.56% in the second qtr of 2007. The company expects the charge-off rate to be in the low six% range in the third qtr, rising to around seven% in the fourth qtr. Delinquencies improved in the second qtr of 2008 to 3.85% from 4.04% in the previous qtr but rose from 2.98% in the year ago qtr. Credit performance in the qtr was largely in line with previous expectations and reflects expected continued weakening as suggested by US economic indicators. Available liquidity increased in the qtr by $3.0 bln to $33.0 bln. "Going forward, we will continue our 37.5 cent quarterly dividend while at the same time maintaining our TCE ratio above our long-term target range."

4:11PM Evergreen Solar beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs below consensus (ESLR) 10.32 : Reports Q2 (Jun) loss of $0.08 per share, $0.02 better than the First Call consensus of ($0.10); revenues rose 47.8% year/year to $22.8 mln vs the $22.1 mln consensus. ESLR guides Q3 gross margin is expected to be in the range of 6% to 8%. Co issues downside guidance for Q3, sees EPS of ($0.10) vs. ($0.08) consensus; sees Q3 revs of $24.5-25.5 mln vs. $26.51 mln consensus. Operating expenses, excluding factory startup costs, are expected to be approximately $12.0 mln to $12.5 mln. Factory startup costs are expected to be in the range of $8.0 mln to $8.5 mln, including approximately $2.7 mln of accelerated depreciation associated with the Marlboro ramp down.

4:09PM PMC-Sierra beats by $0.01, beats on revs (PMCS) 7.93 +0.62 : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.12; revenues rose 33.5% year/year to $139.8 mln vs the $137.3 mln consensus. "In the second quarter, we experienced strong demand for our fiber to the home products in Asia as well as growth in our wireline infrastructure products... We are very focused on product execution in the second half of the year to further penetrate the enterprise storage and communications markets."

4:08PM Stryker reports EPS in-line, beats on revs; guides FY08 EPS in-line, revs below consensus (SYK) 68.41 -0.08 : Reports Q2 (Jun) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 17.0% year/year to $1.71 bln vs the $1.68 bln consensus. Co issues mixed guidance for FY08, sees EPS of $2.88 vs. $2.88 consensus. The financial forecast for 2008 remains unchanged, with a constant currency net sales increase in the range of 11% to 13%, equates to $6.661-6.781 bln vs. $6.85 bln consensus, as a result of growth in shipments of Orthopaedic Implants and MedSurg Equipment. If foreign currency exchange rates hold near June 30, 2008 levels, the Company anticipates a favorable impact on net sales of approximately 2.5% to 3% in the third quarter of 2008 and a favorable impact on net sales of approximately 3% to 3.5% for the full year of 2008.

4:06PM Google misses by $0.11, reports revs in-line (GOOG) 533.44 : Reports Q2 (Jun) earnings of $4.63 per share, $0.11 worse than the First Call consensus of $4.74; revenues after deducting TAC rose 43.2% year/year to $3.9 bln vs the $3.87 bln consensus. Co reports Q2 Paid Clicks increased ~19% yr/yr, compares to Q1 yr/yr increase of ~20%. Co said, "Strong international growth as well as sustained traffic increases on Google's web properties propelled us to another strong quarter, despite a more challenging economic environment... As we continue to focus on innovating in our core business of search, ads and apps, we also look forward to enhancing the experience of our users and expanding the reach of our advertisers and partners with new technologies and formats, particularly as our integration of DoubleClick gains momentum and creates new opportunities in display advertising and elsewhere."

9:06AM Nucor beats by $0.11, beats on revs; guides Q3 EPS below consensus (NUE) 67.26 : Reports Q2 (Jun) earnings of $1.94 per share, $0.11 better than the First Call consensus of $1.83; revenues rose 70.1% year/year to $7.09 bln vs the $6.37 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.80-1.85 vs. $1.95 consensus. Co expects continued strength in its sheet, plate, beam and bar businesses due to the solid global demand for steel. Although downstream businesses will be challenged by rising steel prices, the co expects continued good results from this segment. Note, the Q3 guidance an increase in the diluted share count by 6% vs Q2 due to Nucor's recent stock offering on May 29.

9:04AM Sherwin-Williams beats by $0.07, beats on revs; guides Q3 EPS in-line; reaffirms FY08 EPS guidance (SHW) 47.95 : Reports Q2 (Jun) earnings of $1.45 per share, $0.07 better than the First Call consensus of $1.38; revenues rose 1.4% year/year to $2.23 bln vs the $2.19 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.20-1.45 vs. $1.20 consensus. Co reaffirms guidance for FY08, sees EPS of $3.60-4.10 vs. $3.79 consensus.

9:04AM Safeway beats by $0.01, misses on revs; guides FY08 EPS in-line (SWY) 30.01 : Reports Q2 (Jun) earnings of $0.53 per share, $0.01 better than the First Call consensus of $0.52; revenues rose 3.0% year/year to $10.12 bln vs the $10.25 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.25-2.35 vs. $2.28 consensus. Safeway revised guidance for identical-store sales growth, excluding fuel, from a range of 2.0% to 2.3% to a range of 1.0% to 2.0%.

8:58AM Reliance Steel beats by $0.02, slight miss on revs; guides Q3 EPS below consensus (RS) 71.79 : Reports Q2 (Jun) earnings of $2.12 per share, $0.02 better than the First Call consensus of $2.10; revenues rose 10.5% year/year to $2.10 bln vs the $2.12 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.80-1.90 vs. $1.94 consensus. Co says Q2 turned out to be quite a bit better than originally anticipated primarily as a result of higher carbon steel prices, which resulted in higher gross profit margins as the co quickly passed through the increases to its customers. The price increases were larger than anticipated. Looking at Q3, the co expects pricing to be slightly above Q2 levels. While the co does not expect any unusual changes in demand, it does expect normal seasonal softness. As a result, the co expects volume to decrease slightly and its gross margin to be a bit lower because the rate of carbon steel price increases will be below that of Q2.

8:37AM InSteel Industries beats by $0.33, beats on revs (IIIN) 19.72 : Reports Q3 (Jun) earnings of $0.97 per share, $0.33 better than the First Call consensus of $0.64; revenues rose 32.0% year/year to $104.3 mln vs the $92.9 mln consensus. "We expect business conditions to become increasingly challenging in view of the anticipated softening in nonresidential construction, particularly for commercial projects. In addition, we foresee further increases in raw material costs in the coming months driven by tight supply in the domestic market and limited availability of imports at competitive prices. It may become more difficult for us to pass on these additional costs depending upon the magnitude of the drop-off in demand and competitive dynamics. We also expect spreads and margins to narrow to more sustainable levels when the pricing for wire rod and our products levels out and the higher cost material begins to be reflected in cost of sales."

8:12AM PPG Industries beats by $0.08, beats on revs (PPG) 55.79 : Reports Q2 (Jun) earnings of $1.62 per share ex-items, $0.08 better than the First Call consensus of $1.54; revenues rose 41.8% year/year to $4.47 bln vs the $4.17 bln consensus. "Looking ahead, we expect our growth to be sustained, due in part to these same factors," Chairman and CEO, Bunch said. He added that announced price increases in the commodity chemicals business are being implemented, along with price actions in other businesses, with the intent of offsetting further inflationary pressures. "We expect our future operating results to remain solid and to compare favorably within our industry groups," Bunch concluded.

8:12AM Sonoco Products beats by $0.02, reports revs in-line; guides Q3 EPS below consensus; guides FY08 EPS in-line (SON) 30.84 : Reports Q2 (Jun) earnings of $0.62 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.60; revenues rose 9.3% year/year to $1.09 bln vs the $1.08 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.63-0.65 vs. $0.66 consensus. Co reaffirms guidance for FY08, sees EPS of $2.44-2.47 vs. $2.46 consensus.

8:12AM Cypress Semi beats by $0.07, beats on revs (CY) 26.47 : Reports Q2 (Jun) earnings of $0.28 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.21; revenues rose 58.9% year/year to $592.3 mln vs the $540 mln consensus. "Cypress achieved record quarterly revenue and exceeded guidance in both our core semiconductor and SunPower businesses. Despite a very challenging economic environment, our semiconductor business grew solidly across all divisions driven by the strength of our programmable solutions.... While we remain cautious about the macro economic environment for the second half of 2008, we anticipate strong sequential growth in our semiconductor business, driven mainly by our flagship programmable products, our PSoC Programmable-System-on-Chip solution and by our WestBridge peripheral controllers. Both of these products are expected to achieve record quarterly revenues in our seasonally strong Q3." Non-GAAP consolidated gross margin for the second quarter was 35.0%, up 0.8 percentage points from the previous quarter. Non-GAAP semiconductor gross margin for the second quarter was 50.7%, matching the previous quarter... Separately, the co announced that its Board of Directors has authorized management to proceed with a spin-off to Cypress's shareholders of the Class B common shares of SunPower (SPWR) held by Cypress, with the objective of having the transaction completed by the end of 2008, or sooner if possible. Cypress previously announced that on April 16, 2008, it had received a favorable ruling from the Internal Revenue Service with respect to certain tax issues arising under Section 355 of the Internal Revenue Code in connection with a potential spin-off transaction. In connection with the proposed spin-off, the Cypress Board contemplates adjusting outstanding employee equity awards in a manner intended to preserve their intrinsic value as well as a possible tender offer for all or a portion of the company's outstanding 1.00% convertible senior notes due September 2009.

8:11AM ValueClick lowers Q2 rev and FY08 EPS and rev guidance; issues upside Q2 EPS (VCLK) 13.77 : Co issues mixed guidance for Q2 (Jun), sees EPS of $0.17-0.18 vs. $0.16 First Call consensus, up from $0.15-0.16 previously; sees Q2 (Jun) revs of $163-164 mln vs. $169.84 mln consensus, down from $166-170 mln previously. Co issues downside guidance for FY08 (Dec), sees EPS of $0.69-0.71 vs. $0.81 consensus, down from $0.81-0.83 previously; sees FY08 (Dec) revs of $655-675 mln vs. $738.52 mln consensus, down from $730-745 mln previously. "Due to increasing macroeconomic uncertainty, we no longer anticipate the seasonal strength in ad spending we typically see in the second half of the year. However, we continue to focus on gross margins and operating expenses such that we expect to maintain an adjusted-EBITDA margin for fiscal year 2008 that is consistent with our prior guidance. The Company currently has $101 million in authorization in its share repurchase program, and we plan to be actively buying back stock in the coming weeks."

8:07AM Illinois Tool beats by $0.04; guides Q3 EPS in-line (ITW) 46.55 : Reports Q2 (Jun) earnings of $1.01 per share, $0.04 better than the First Call consensus of $0.97; revenues rose 10.5% year/year to $4.57 bln vs the $4.58 bln consensus. Co issues in-line guidance for Q3, sees EPS of 0.93-0.99 vs. $0.95 consensus. Co issues guidance for FY08, sees EPS of 3.40-3.52, includes 22 cent after-tax charge, may not be comparable to $3.64 consensus.

8:04AM Sunpower beats by $0.10, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs above consensus (SPWR) : Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.51; revenues rose 120.3% year/year to $382.8 mln vs the $343.1 mln consensus. SPWR reported total gross margin of 26.4%, Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.57 consensus; sees Q3 revs of $340-355 mln vs. $346.86 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.26-2.36 vs. $2.17 consensus; sees FY08 revs of $1.39-1.44 bln vs. $1.36 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.50 vs. $3.41 consensus; sees FY09 revs of $2.0-2.1 bln vs. $1.94 bln consensus.

8:02AM Compass Minerals Intl announces price increase on sulfate of potash specialty fertilizer (CMP) 72.28 : Great Salt Lake Minerals, a subsidiary of Compass Minerals (CMP), announces a $255 per-ton price increase on all sulfate of potash specialty fertilizer products effective with shipments on August 15, 2008. The new list price for standard, non-granulated S.O.P. will be $988 per short ton and granular SOP will be $1000 per short ton at the company's solar evaporation plant at Ogden, Utah.