Earnings - April 16th 2009

4:06PM Google beats by $0.23, reports revs in-line (GOOG) 388.74 +9.24 : Reports Q1 (Mar) earnings of $5.16 per share, ex items, $0.23 better than the First Call consensus of $4.93; revenues after deducting TAC (traffic acquisition costs) rose 10.1% year/year to $4.07 bln vs the $4.08 bln consensus. Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of their AdSense partners, increased approximately 17% over the first quarter of 2008 and increased approximately 3% over the fourth quarter of 2008. Operating expenses, other than cost of revenues, were $1.52 billion in the first quarter of 2009, or 28% of revenues, compared to $1.65 billion in the fourth quarter of 2008, or 29% of revenues.

4:02PM ICU Medical beats by $0.14, beats on revs; guides FY09 EPS in-line, revs below consensus (ICUI) 31.83 +0.04 : Reports Q1 (Mar) earnings of $0.47 per share, $0.14 better than the First Call consensus of $0.33; revenues rose 21.7% year/year to $54.3 mln vs the $50.6 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.58-1.70 vs. $1.65 consensus; sees FY09 revs of $215-225 mln vs. $226.84 mln consensus.

4:01PM Online Resources reports preliminary Q1 results above consensus (ORCC) 4.49 +0.21 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.06-0.07 vs. $0.04 First Call consensus; sees Q1 (Mar) revs of $39.1-39.3 mln vs. $38.85 mln consensus. The co also said that after debt repayment of $3.2 mln during the quarter, its cash and short-term investment position is expected to be $27.4 mln at March 31, 2009, or $3.4 mln above its cash and short-term investment position at December 31, 2008. In addition, the co incurred approx $800,000 in expenses related to a proxy contest initiated by hedge fund Tennenbaum Capital Partners and expects to incur additional proxy-related expenses in the second quarter. The co also cautions shareholders that Tennenbaum has indicated should any of its nominees be elected, it will ask the co to reimburse its costs for the proxy contest.

10:18AM PPG Industries beats by $0.05, misses on revs (PPG) 45.12 +0.68 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.14; revenues fell 29.8% year/year to $2.78 bln vs the $3.13 bln consensus... "Looking ahead, we anticipate some seasonal demand growth in the second quarter, but expect activity levels to remain low in comparison with recent years. We will realize further benefits from our restructuring actions in the coming quarters. Also, we remain focused on prudently managing our cash and we ended the quarter with about $530 mln of cash on hand, which is up several hundred million dollars from our 2007 and 2008 first quarter levels."

9:21AM Genuine Parts beats by $0.07, misses on revs (GPC) 31.45 : Reports Q1 (Mar) earnings of $0.56 per share, $0.07 better than the First Call consensus of $0.49; revenues fell 10.8% year/year to $2.44 bln vs the $2.49 bln consensus. Co says, "Our Industrial and Electrical businesses sell to the manufacturing segment of the economy, which has experienced an overall slowdown in activity over the past several quarters... "The effects of the economic slowdown are likely to persist for several more quarters. Clearly, these are challenging times; however, our expectation is to show gradual improvement in our overall results as the year progresses."

9:04AM Sherwin-Williams beats by $0.11, misses on revs; guides Q2 EPS in-line, revs below consensus; reaffirms FY09 EPS guidance (SHW) 51.11 : Reports Q1 (Mar) earnings of $0.32 per share, $0.11 better than the First Call consensus of $0.21; revenues fell 12.9% year/year to $1.55 bln vs the $1.62 bln consensus. Co issues mixed guidance for Q2, sees EPS of 1.20-1.45 vs. $1.20 consensus; sees Q2 revs down 9-12% yr/yr to ~$1.96-2.02 bln vs. $2.05 bln consensus. Co reaffirms guidance for FY09, sees EPS of $3.00-4.00 vs. $3.54 consensus.

8:06AM Illinois Tool beats by $0.03, revs in-line; guides Q2 revs below consensus (ITW) 31.16 : Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.14; revenues fell 23.8% year/year to $2.91 bln vs the $2.93 bln consensus. For Q2, co sees EPS of $0.25-0.37 vs. $0.36 consensus; sees Q2 revenue growth of 5-11% sequentially, which we compute as $3.06-3.23 bln vs. $3.33 bln consensus. Co says Q1 represented historic challenges as end markets continued to weaken in North America, Europe and Asia-Pacific.

7:49AM Briggs & Stratton misses by $0.13, misses on revs; guides FY09 EPS below consensus; reduces dividend by 50% (BGG) 15.67 : Reports Q3 (Mar) earnings of $0.51 per share, $0.13 worse than the First Call consensus of $0.64; revenues fell 7.2% year/year to $673.8 mln vs the $720.3 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.46-0.65 vs. $0.84 consensus. The quarterly dividend has been reduced 50% to $0.11 per quarter. The reduced dividend is more comparable with their historical payout ratio of 50% of net income and dividend yield of 3.5%. In addition, a reduced dividend preserves cash in light of the continuing uncertainty in the credit markets. This action, along with other cash preserving initiatives, should reduce their need for additional borrowings for working capital in the near to medium term future.

7:36AM Jarden issues upside guidance for 1Q09 (JAH) 16.31 : Co issues upside guidance for Q1, sees adjusted EPS of $0.21-$0.23 vs $0.12 First Call consensus on revs of $1.14-$1.22 bln vs $1.11 bln First Call consensus. Co states, "Our strong sales and segment earnings performance was on the back of organic growth within our consumer solutions business, with our other segments performing in line with expectations. While our first quarter results will not be final until we announce earnings later this month, based on the positive start to the year we believe that we will meet or exceed the analysts' consensus estimates for as adjusted EPS for 2009..."

7:33AM Parker-Hannifin misses by $0.13, misses on revs; guides FY09 EPS below consensus (PH) 36.30 : Reports Q3 (Mar) earnings of $0.33 per share, $0.13 worse than the First Call consensus of $0.46; revenues fell 26.3% year/year to $2.34 bln vs the $2.41 bln consensus. Co lowered their guidance for FY09, sees EPS of $2.95-3.15 down from $3.85 to $4.25 vs. $3.57 consensus. The co says "While the environment we are operating in holds many uncertainties, we anticipate that conditions will not improve appreciably in the near-term and order levels are expected to be similar to what we experienced in the third quarter. Further cost reductions and managing for cash will continue to be our priorities as we close out the fiscal year. Lastly, we will continue to execute our Win Strategy with emphasis on premier customer service, developing innovative systems and solutions, and leveraging our broad distribution network to drive market share gains and increase the value we offer customers. These efforts are expected to position us strongly when the economic rebound occurs."

7:16AM Intuitive Surgical reports EPS in-line, misses on revs (ISRG) 117.41 : Reports Q1 (Mar) earnings of $1.02 per share, excluding $0.30 impact from revenue deferral, in-line with the First Call consensus of $1.02; revenues were unchanged from the year-ago period at $188.4 mln vs $200.76 mln First Call consensus. First quarter 2009 revenue of $188.4 mln was net of $20.1 mln of revenue deferrals associated with offers made to certain customers to upgrade their recently purchased da Vinci S Surgical Systems to the recently announced da Vinci Si Surgical System. The deferrals reduced Q1 2009 system revenue by $18.0 mln and accessory revenue by $2.1 mln. Co expects to recognize all $20.1 mln of the revenue deferrals within 2009. The Q1 revenue deferral reduced net income by ~$12.1 mln, or $0.30 per diluted share... Co also reports that 66 da Vinci Surgical Systems were sold during the first quarter of 2009, compared to 74 during the first quarter of 2008.

7:03AM Baxter beats by $0.02, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs in-line (BAX) 49.25 : Reports Q1 (Mar) earnings of $0.83 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.81; revenues fell 1.8% year/year to $2.82 bln vs the $2.87 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.93-0.95, excluding non-recurring items, vs. $0.95 consensus. Co issues in-line guidance for FY09, sees EPS of $3.72-3.78, excluding non-recurring items, vs. $3.74 consensus; sees FY09 revs flat with FY08 or roughly $12.35 bln vs. $12.41 bln consensus.

6:44AM JP Morgan Chase beats by $0.08, beats on revs (JPM) 32.56 : Reports Q1 (Mar) earnings of $0.40 per share, $0.08 better than the First Call consensus of $0.32; revenues on a reported basis rose 48.2% year/year to $25.02 bln vs the $22.95 bln consensus. Revenues on a managed basis (GAAP) rose 50.4% year/year to 26.92 bln. As of March 31, 2009, JPM reported a Tier 1 Capital ratio of 11.3%, or 9.2% excluding TARP capital from the government. Tangible common equity compared to risk-weighted assets was 7.2%, the allowance for credit losses was $28 bln and the firmwide loan loss coverage ratio stood at 4.53%. CEO Jamie Dimon commented: "We remain focused on capital and balance sheet strength. These levels of capital and reserves, combined with our significant pre-provision earnings power, enable us to withstand an even worse economic scenario than we face today." Dimon further remarked: "We are maintaining our efforts to help the economy recover. We continue to lend and have extended approximately $150 billion in new credit to consumer and corporate customers during the first quarter. We made additional progress on our foreclosure prevention program, opening the remaining 22 of our 24 new Chase Homeownership Centers during the quarter, and continued working towards our goal of preventing 650,000 foreclosures by the end of next year to help keep people in their homes." Looking ahead to the rest of 2009, Dimon concluded: "It is reasonable to expect additional increases to credit reserves if the economic environment worsens. Yet, we are confident that even a highly adverse economic scenario would not compromise our overall strength and stability - or our ability to enhance our franchises. We remain well-positioned to benefit when the economy recovers and remain committed to serving our clients, investing in our franchise and building a stronger company for the future." Net income in JPM's investment bank was $1.6 bln vs a Q108 loss of $87.0 mln. Net revenue in this segment increased 177% year/year to $8.34 bln. As for card services, net loss was $547.0 mln vs net income of $609.0 mln in Q108, a decline of $1.2 bln year/year.

6:43AM Titan Machinery misses by $0.03; beats on revs; guides FY10 EPS below consensus; revs in-line (TITN) 10.72 : Titan Machinery reports Q4 EPS of $0.18 vs $0.21 First Call consensus; revs grew 39.8% to $189.0 mln vs $175.88 mln First Call consensus. Co issues downside guidance FY10 EPS; sees FY10 EPS of $0.92-1.04 vs $1.08 First Call consensus; co issues in-line guidance for FY10 revs; sees revs $750-790 mln vs $753.33 mln First Call consensus. Co says, "In fiscal 2010, we expect to achieve overall revenue growth despite the historically stronger than normal agriculture sector results in fiscal 2009. We also will continue to use our strong operating cash flow and strong balance sheet to further invest in our business and make strategic selective acquisitions in construction and agricultural dealerships as we position ourselves for long-term growth and profitability."

6:08AM Polaris Inds beats by $0.06, beats on revs; guides Q2 EPS below consensus; reaffirms FY09 EPS and revenue in-line (PII) 27.12 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.20; revenues fell 19.7% year/year to $312 mln vs the $298.2 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.40-0.50 vs. $0.51 consensus. Co reaffrims in-line guidancefor FY09, sees EPS of $2.50-3.00 vs. $2.66 consensus. Sales are expected to decline 15-23% for FY09, also unchanged from previously issued guidance. Retail sales for Q209 are expected to remain weak for all product lines with total co sales projected to decline 25-30% compared to Q208.

Earnings - 15th Dec 2008

5:31PM Papa John's reaffirmed 2008 EPS above consensus; co guides FY09 EPS above consensus (PZZA) 16.26 -0.31 : Co reaffirmed its guidance above consensus; co says earnings for 2008 would be near the $1.68 low end of the previously announced range of $1.68-1.76, excluding the impact of BIBP and other items vs $1.57 First Call consensus. Co issues upside guidance; co guides FY09 EPS of $1.62-1.75, excluding BIBP, and excluding $0.30-0.35 per share unfavorable impact of 2009 initiatives not expected to reoccur in 2010, vs $1.61 consensus. Consolidated revenues are expected to be relatively flat in 2009 as compared to 2008 results. Domestic system-wide comparable sales are expected to range from flat to a decrease of 2% in 2009, with results for company-owned and franchised units expected to be relatively consistent. Consolidated revenues are expected to be relatively flat in 2009 as compared to 2008 results. Capital expenditures for 2009 are expected to be ~$30-35 mln, allocated relatively evenly between growth, cost reduction and ongoing maintenance initiatives.

4:18PM Monolithic Power lowers Q4 revs guidance (MPWR) 10.37 +0.16 : Co lowers guidance for Q4 (Dec), sees Q4 (Dec) revs of $34-35 mln, down from prior $39-43 mln vs. $38.46 mln First Call consensus. Co also sees Q4 gross margin in the lower end of the target range of 60% to 63%. "Since the beginning of November, MPS has seen a sharp decline in demand across all segments, reflecting the weak macroeconomic environment worldwide. It is very difficult to forecast in the current conditions, but our best estimate for fourth quarter revenue is between 34 and 35 million dollars, assuming there are no cancellations or pull-ins. Despite the current economic environment, MPS is still a very profitable company."

4:06PM Titan Machinery beats by $0.22, beats on revs; guides FY09 EPS above consensus, revs above consensus (TITN) 14.10 -0.89 : Reports Q3 (Oct) earnings of $0.45 per share, $0.22 better than the First Call consensus of $0.23; revenues rose 62.0% year/year to $214 mln vs the $162.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.07-1.11 up from $0.89-0.94 vs. $0.93 consensus; sees FY09 revs of $635-675 mln up from $590-635 mln vs. $631.03 mln consensus.

9:32AM Life Partners Holdings sees Q3 EPS of $0.61 vs $0.55 single analyst est; revs $28.1 mln vs $25.20 mln single analyst est (LPHI) 32.40 +1.13 : Co announces a quarter of record earnings as it issued guidance for its third fiscal quarter ended November 30, 2008. For the quarter, Life Partners expects to report a 38% increase in net earnings which were $7.3 mln or $0.61 per share ($0.55 single analyst est) compared with earnings of $5.2 mln or $0.44 per share for the same period of last year. For the quarter ended November 30, 2008, Life Partners expects to report $28.1 mln in revenues ($25.20 single analyst est), a 46% increase over the $19.3 mln it reported for the same period last year.

9:11AM China Architectural Engineering expects FY08 EPS of $0.34-$0.37 (CAEI) 2.65 : Co announces that it is negatively revising its guidance for its Q4 ending Dec 31, 2008 due to increased cost estimates for certain running projects and an expected $2.5 mln bad debt provision. The company expects earnings for 2008 to be between $18-$20 mln, or $0.34-$0.37 per basic earnings per share for FY08. vs $0.55 single analyst estimate. Bert Grisel, the company's recently announced CFO said, "These prudent accounting measures demonstrates management is committed to following effective internal control procedures, including, but not limited to, regular reviews of our budgeted costs. Our status as a public company requires that we adhere to the highest quality of financial reporting standards and we will continue to focus and review our internal and external control where necessary, to ensure we meet these requirements."

7:37AM Honeywell sees reaffirms 08 guidance; sees FY09 EPS of $3.20-3.55 vs $3.37 First Call consensus; sees revs $33.6-35.3 bln vs $35.92 bln First Call consensus (HON) 28.95 : Co expects 2008 sales of approximately $36.6 bln, earnings per share of $3.76-3.80, and free cash flow of $3.2 bln, excluding cash taxes relating to the sale of the Consumable Solutions business (cash flow from operations of $4.0 bln). In 2009, the co forecasts sales of $33.6-35.3 bln and earnings per share of $3.20-3.55. Cash flow from operations is expected to be $3.9-4.1 bln and free cash flow (cash flow from operations less capital expenditures) is expected to be $3.0-3.2 bln. Co says "Great companies perform well even in tough economic times and we are well positioned to continue to do that again in 2009, "We expect to derive benefits from the repositioning actions taken over the past several years, as well as from our key initiatives including the Honeywell Operating System, Velocity Product Development, and Functional Transformation. In addition, we will continue to be a strong generator of free cash flow in 2009, which will provide us with ongoing financial flexibility."

Earnings- Sept 15th 2008

5:41PM Pall Corp beats by $0.01, beats on revs; guides FY09 EPS in-line (PLL) 34.60 -3.14 : Reports Q4 (Jul) earnings of $0.61 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.60; revenues rose 11.9% year/year to $723.2 mln vs the $710.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.15-2.30 vs. $2.26 consensus.

1:46PM Nucor raises Q3 guidance (NUE) 47.84 -1.54 : As mentioned at 13:44 co issues upside guidance for Q3 (Sep), sees EPS of $2.15-2.20 up from $1.80-1.85 prior vs. $1.93 First Call consensus. Co says "We have revised our third quarter guidance higher based upon improved overall performance, strong contributions from our acquisitions of the last 18 months, and a lower than expected LIFO charge due to the significant decrease in scrap prices..."


7:47AM Knight Capital Group releases August 2008 volume statistics; Average daily dollar value traded declined 12% YoY to $15.8 billion (NITE) 16.45 : Co releases August 2008 volume statistics. Average daily dollar value traded in August 2008 was $15.8 bln, down approximately 21.0% from $20.0 bln in July 2008 and up approximately 12.0% from $14.1 bln in August 2007. Average daily U.S. equity trade volume in August 2008 was 2.0 mln, down approximately 19.4% from 2.5 mln in July 2008, and up approximately 38.8% from 1.4 mln in August 2007. Average daily U.S. equity share volume was 5.5 bln in August 2008, up approximately 5.3% from 5.2 bln in July 2008, and up approximately 67.7% from 3.3 bln in August 2007.

6:05AM Titan Machinery beats by $0.02, beats on revs; guides FY09 EPS in-line, revs in-line (TITN) 25.22 : Reports Q2 (Jul) earnings of $0.19 per share, $0.02 better than the First Call consensus of $0.17; revenues rose 57.2% year/year to $134.9 mln vs the $132.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.89-0.94 (previous range: $0.86-0.91) vs. $0.89 consensus; sees FY09 revs of $590.0-635.0 mln (previous range $575.0-625.0 mln) vs. $619.63 mln consensus.

Earnings - 16th June 2008

6:44PM CEMEX S.A. sees Q2 and FY08 revs above consensus (CX) 25.73 -0.02 : Co sees Q2 revs above consensus; co sees revs to be in excess of $6.4 bln vs $6.2 bln consensus; sees FY08 revs of $24.5 bln vs $24.2 bln consensus. Also, co announced that it expects EBITDA for the quarter ending June 30, 2008 to be close to US$1.4 bln, an increase of about 23% versus the same period last year, while operating income is expected to be about US$960 mln, 19% higher than the same period a year ago.

9:32AM Life Partners Holdings sees Q1 EPS of ~$0.52 vs. $0.44 consensus; sees revs of $24.4 mln vs. $19.5 mln consensus (LPHI) 22.08 -0.13 : For Q1 LPHI sees EPS of ~$0.52 vs. $0.44 consensus; revs are expected to increase ~39% from a year ago to $24.4 mln vs. $19.5 mln consensus. Co says that "because of our continued growth within the growing life settlement industry, this has been the best quarter in the history of our company. Our business model deals exclusively with real assets with inherent value and does not rely on credit to provide diversification from the financial markets. That formula has become extremely attractive to investors and we expect that interest to continue. We expect our strong financial performance to underscore the substantial value of our company when compared to other stocks in the financial services sector." Co plans to report its earnings in its Form 10-Q to be filed with the Securities and Exchange Commission on or about July 10, 2008.

8:31AM Fuqi Intl comments on impact from China Earthquake; reiterates comfort with 2Q08 and FY08 guidance (FUQI) 9.83 : Co says "The Sichuan province, which experienced the most damage from the earthquake's impact, is an area in which FUQI conducts business. While we have experienced slower wholesale demand for our jewelry products from this region because of the earthquake, this region represents less than 5% of our wholesale jewelry sales. Additionally, from a seasonality standpoint, the second quarter is one of the slower quarters for our business and we do not anticipate any long-term slowdown in sales from this region. We reiterate comfort with our second quarter wholesale revenue estimate of approximately $62-64 mln, which represents a year-over-year increase of approximately 136-144%, and net income in the range of $4.5-4.6 million, or $0.20-0.21 per diluted share, based on a weighted average share count of 22.2 million shares. For the full year 2008, we reiterate comfort with wholesale revenue, net income and diluted earnings per share estimates of approximately $305-315 mln, net income of $21.9-23.0 mln, and diluted EPS of $0.98-1.04, based on a weighted average share count of 22.2 million shares." (Consensus is for Q2 EPS of $0.21, revs of $65.7 mln; FY08 EPS of $1.02, revs of $318.6 mln)

8:30AM Alkermes expands common stock repurchase program and raises fiscal year 2009 financial expectations (ALKS) 11.90 : Co announces that its Board of Directors has authorized the expansion of its common stock repurchase program by an additional $40 mln following the receipt of a $40 mln payment from Eli Lilly (LLY). Co also raised its fiscal year 2009 financial guidance. Co sees FY09 EPS of $0.11-0.16, up from previous guidance of ($0.11)-($0.16) vs ($0.10) First Call consensus; sees revs $200-225 mln, up from previous guidance of $175-200 mln, vs $194.89 mln First Call consensus

8:05AM Illinois Tool reaffirms Q2 & FY08 guidance (ITW) 49.71 : Cp reported an operating revenue increase of 11.2 percent for the three months ended May 31, 2008. Growth in revenues was largely due to contributions from translation and acquisitions. Base revenues also contributed to growth in the three month period. Revenues for the first two months of the second quarter were modestly ahead of Company expectations. Co reaffirms guidance for Q2 (Jun), sees EPS of $0.94-1.00 vs. $0.97 First Call consensus; reaffirms rev growth of 9-12%. Co reaffirms guidance for FY08 (Dec), sees EPS of $3.35-3.49 vs. $3.63 consensus; reaffirms rev growth of 8-12%.

6:29AM Titan Machinery beats by $0.11, beats on revs; raises Y09 guidance (TITN) 27.90 : Reports Q1 (Apr) earnings of $0.24 per share, $0.11 better than the First Call consensus of $0.13; revenues rose 91.2% year/year to $152.6 mln vs the $119.6 mln consensus. Co raises guidance for FY09, sees EPS of $0.86-0.91, excluding non-recurring items, compared to previous guidance of $0.77-0.82, vs. $0.79 consensus; sees FY09 revs of $575-625 mln, compared to previous guidance of $550-600 mln, vs. $588.55 mln consensus. "First quarter sales and gross profit increased in all three of our main revenue sources -- equipment, parts, and services. The higher margin parts and service revenue represented 46% of total gross profit for the first quarter. A longer than normal planting season, our proven operating model, and the robust agriculture economy all contributed to a strong first quarter."