6:38PM Tupperware beats by $0.12, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus, revs above consensus (TUP) 20.82 +0.75 : Reports Q4 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.78; revenues fell 9.6% year/year to $521.7 mln vs the $572.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.34-0.39, excluding non-recurring items, vs. $0.52 consensus, sees revs growth of 3-5%. Co issuesmixed guidance for FY09, sees EPS of $1.98-2.08, excluding non-recurring items, vs. $2.40 consensus; sees FY09 revs growth of 3-5%, which equates to ~$2.22-2.27 bln vs. $2.06 bln consensus.
5:46PM Massey Energy misses by $0.16, misses on revs (MEE) 15.27 +0.78 : Reports Q4 (Dec) earnings of $0.63 per share, $0.16 worse than the First Call consensus of $0.79; revenues rose 29.1% year/year to $755 mln vs the $799 mln consensus. Co says pricing and market demand were weaker than expected in the quarter as a result of the continuing weakness in the general economy. Production cutbacks in the steel industry forced shipments and prices of met coal lower. For this reason, the co says its results were somewhat short of plan although still significantly stronger than last year. Co says the growing economic crisis caused a significant deterioration of world coal markets during Q4. Coal contracting and shipment activities slowed as end market coal consumers reduced production and power generation targets.
4:28PM YUM! Brands beats by $0.01, reports revs in-line; guides FY09 EPS slightly above consensus (YUM) 28.27 +0.70 : Reports Q4 (Dec) earnings of $0.46 per share,$0.01 better than the First Call consensus of $0.45; revenues rose 3.7% year/year to $3.38 bln vs the $3.38 bln consensus. Co issues guidance for FY09, sees EPS of $2.10 vs. $2.08 consensus. "The good news is that we have already taken actions to significantly improve our 2009 cost structure in the U.S. and at the corporate level. We are also more focused than ever on bringing innovative incremental sales layers and value to our consumers around the globe. In 2008, this included successful launches of the Tuscani pasta line at Pizza Hut, and the "Why Pay More?" menu and Frutista Freeze line of beverages at Taco Bell. For 2009, we will continue to build on these successful new sales layers with product additions, as well as create new sales layers such as Kentucky Grilled Chicken at KFC. Finally, it is important to note that we do not need to access the credit markets in 2009 to finance our company and our strong cash flow and balance sheet provide us with the flexibility to successfully navigate through these challenging financial times."
4:17PM GT Solar beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (SOLR) 3.35 +0.03 : Reports Q3 (Dec) earnings of $0.30 per share, $0.06 better than the First Call consensus of $0.24; revenues rose 1295.9% year/year to $205.2 mln vs the $194.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.16-0.22 vs. $0.24 consensus; sees Q4 revs of $140-170 mln vs. $200.32 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.68-0.74 vs. $0.72 consensus; sees FY09 revs of $540-570 mln vs. $592.15 mln consensus. "While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry."
4:08PM Illumina beats by $0.07, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (ILMN) 27.90 +0.49 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.17; revenues rose 42.9% year/year to $160.9 mln vs the $154.6 mln consensus. Co issuesin-line guidance for Q1, sees EPS of $0.16-0.19, excluding non-recurring items, vs. $0.19 consensus; sees Q1 revs of $158-164 mln vs. $160.58 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.90, excluding non-recurring items, vs. $0.88 consensus; sees FY09 revs of $690-720 mln vs. $707.27 mln consensus.
4:04PM Genomic Health beats by $0.03, beats on revs; guides FY09 revs above consensus (GHDX) : Reports Q4 (Dec) loss of $0.08 per share, $0.03 better than the First Call consensus of ($0.11); revenues rose 61.7% year/year to $31.2 mln vs the $30.6 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $148-160 mln vs. $147.88 mln consensus; also sees a net loss of $7-14 mln.
4:03PM Alliance Data beats by $0.03, misses on revs; guides FY09 EPS above consensus (ADS) 39.35 : Reports Q4 (Dec) earnings of $1.19 per share, $0.03 better thanthe First Call consensus of $1.16; revenues fell 2.7% year/year to $508 mln vs the $527.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $5.15-5.20 vs. $5.07 consensus.
9:11AM Marathon Oil beats by $0.54, beats on revs; announces it plans to remain one fully integrated company (MRO) 26.88 : Reports Q4 (Dec) earnings of $1.44 per share, excluding special items and impairments, $0.54 better than the First Call consensus of $0.90; revenues fell 21.7% year/year to $14.8 bln vs the $13.32 bln consensus. Co says, "We were again able to capture solid operational profitability for the fourth quarter and full year through our fully integrated downstream system, including our seven refineries; extensive pipeline, barge and terminal network; and dual channel marketing assets. In particular, our results benefitted from significant transportation operations and strong retail margins in this period of extreme commodity price volatility. Additionally, we made significant progress in 2008 on the Garyville refinery expansion project, which is now about 75% complete and on schedule for start-up in the fourth quarter of this year... As part of our continued focus on enhancing shareholder value, we have evaluated the potential separation of Marathon into two separate companies, one focused on Marathon's upstream, integrated gas and oil sands mining businesses, and the other focused on our downstream business. During our evaluation, the overall business environment has witnessed a period of unprecedented financial and commodity market uncertainty. Given this environment, we have concluded it is in the best interest of our shareholders to remain a fully integrated energy company."
8:15AM Northrop Grumman beats by $0.02, beats on revs; guides FY09 EPS above consensus, revs in-line (NOC) 46.61 : Reports Q4 (Dec) earnings of $1.57 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.55; revenues rose 4.4% year/year to $9.15 bln vs the $8.9 bln consensus. Co issues guidance for FY09, sees EPS of $5.15-5.40 vs. $5.10 consensus; sees FY09 revs of ~$34.5 bln vs. $35.19 bln consensus. Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $78 billion on Dec. 31, 2008, compared with $63.7 billion on Dec. 31, 2007.
7:49AM Corinthian Colleges beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY09 EPS in-line, revs in-line (COCO) : Reports Q2 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.15; revenues rose 17.8% year/year to $318.3 mln vs the $310.1 mln consensus. Operating margin from continuing operations was 8.7% in 2Q09 versus 5.6% in 2Q08. Cash flow from operations, including discontinued operations, was $79.4 mln in 2Q09 versus $59.3 mln in 2Q08. The increase in cash flow is primarily due to the timing of cash receipts and payments related to working capital, primarily accounts receivable and an increase in net income... Co issues upside guidance for Q3, sees EPS of $0.22-0.24 vs. $0.21 consensus; sees Q3 revs of $329-334 mln vs. $322.12 mln consensus. In Q3 expect student start growth of 12%-14% compared with 3Q08. Co issues mixed guidance for FY09, sees EPS of $0.66-0.70 vs. $0.59 consensus; sees FY09 revs of $1.21-1.25 bln vs. $1.23 bln consensus. In FY09 expect student start growth of 11%-12% compared with FY08, up from previous guidance of 8%-10%... "We have been informed by the Department of Education's Office of Inspector General and the U.S. Attorney's Office for the Southern District of Florida that they are nearly complete with their investigation of our campus in Ft. Lauderdale, Florida, and, on the basis of evidence they have reviewed, they do not anticipate bringing proceedings against the company or any of its subsidiaries... Additionally, with regard to the securities litigation originally filed in 2004 against the Company and certain of its former officers, on January 12, 2009, the U.S. Court of Appeals for the Ninth Circuit denied the plaintiffs' petition for a rehearing or a rehearing en banc. The plaintiffs have informed us that they will not seek a review by the U.S. Supreme Court, so the Ninth Circuit denial brings this matter to a close."
7:16AM Cameron beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY09 EPS below consensus (CAM) 21.98 : Reports Q4 (Dec) earnings of $0.75 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.74; revenues rose 13.4% year/year to $1.52 bln vs the $1.53 bln consensus. Co issues in-line guidancefor Q1, sees EPS of $0.59-0.62 vs. $0.61 consensus. Co issues downside guidance for FY09, sees EPS of $1.75-2.00 vs. $2.47 consensus.
7:14AM Archer-Daniels beats by $0.23, misses on revs (ADM) 27.50 : Reports Q2 (Dec) earnings of $0.91 per share, $0.23 better than the First Call consensus of $0.68; revenues rose 1.1% year/year to $16.67 bln vs the $16.97 bln consensus. Net earnings increased $ 112 mln for the quarter due principally to the positive impact on corporate results of the changes in LIFO inventory valuations. For the quarter, increased average selling prices, resulting primarily from higher underlying commodity costs, were offset by decreased sales volumes and foreign exchange translation impacts. Year-to-date net sales and other operating income increased 29 % due principally to sharp rises in underlying commodity costs partially offset by decreased sales volumes.
7:09AM CME Group beats by $0.12, reports revs in-line (CME) 168.26 : Reports Q4 (Dec) earnings of $3.58 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $3.46; revenues rose 30.6% year/year to $692 mln vs the $686.8 mln consensus. Fourth-quarter 2008 average daily volume of 10.4 mln contracts drove $573 mln in clearing and transaction fee revenue, down slightly from $583 mln in fourth-quarter 2007. Fourth-quarter 2008 quotation data fees were up 17 percent to $87 mln. The average rate per contract for CME Group, excluding NYMEX for the entire period, was $0.713 for the quarter, up 10 percent compared with the average rate per contract of $0.648 in fourth- quarter 2007. The total pro forma average gross rate per contract for the NYMEX business was $1.671 for the quarter, up 14 percent compared with $1.471 in fourth-quarter 2007.
6:56AM Emerson beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (EMR) 31.70 : Reports Q1 (Dec) earnings of $0.60 per share, includes $0.08 of higher restructuring charges and lower gains compared to last year, $0.03 better than the First Call consensus of $0.57; revenues fell 1.9% year/year to $5.42 bln vs the $5.27 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.70-2.95 vs. $2.75 consensus; sees FY09 revs of $23-23.7 bln vs. $23.54 bln consensus. The operating profit margin declined 20 basis points in the quarter to 14.8 percent. Cost reduction initiatives and restructuring benefits mitigated deterioration of the operating profit margin in a challenging environment of increased commodity inflation and volume deleverage. Co says, "Emerson has performed extremely well considering the severe market conditions that we have faced in recent months... Our financial position remains strong, and we are taking advantage of this economic downturn to improve our competitive position. In troubled times, customers turn to industry leaders like Emerson for stability and reliable performance... We're positioning Emerson for a strong breakout when the global economy recovers. A strong cash position makes this possible. We are targeting a strong year in free cash flow at 11.0 to 11.5 percent of sales for fiscal year 2009. Our ability to generate cash demonstrates the underlying strength of the business and enables us to fund growth, both organic and through acquisitions."
6:49AM Scotts Miracle-Gro beats by $0.11, beats on revs; guides FY09 EPS above consensus (SMG) 31.85 : Reports Q1 (Dec) loss of $0.81 per share, $0.11 better than the First Call consensus of ($0.92); revenues rose 3.0% year/year to $318 mln vs the $302.7 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.10-2.30 up from $2.00 vs. $2.09 consensus. The co also expects to generate free cash flow of $150 mln to $170 mln for the year, growth of up to 20 percent relative to 2008.
6:31AM Myriad Genetics beats by $0.11, beats on revs (MYGN) 71.99 : Reports Q2 (Dec) earnings of $0.43 per share, $0.11 better than the First Call consensus of $0.32; revenues rose 48.7% year/year to $84.4 mln vs the $78.9 mln consensus. A major contributor to the co's profitable quarter was its molecular diagnostics business, which increased its gross profit margin to 87% and its net operating margin to 51%, an improvement over the 86% gross profit margin and 39% net operating margin for the same three-month period in the prior year. These results were achieved even with major expenditures toward Myriad's direct-to-consumer marketing campaign in Texas and Florida and the launch of the co's sixth molecular diagnostic product, Prezeon.
6:04AM Tyco beats by $0.14, beats on revs (TYC) 20.34 : Reports Q1 (Dec) earnings of $0.61 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.47; revenues fell 8.5% year/year to $4.43 bln vs the $4.38 bln consensus. "As we expected, our results this quarter were impacted by the strengthening of the U.S. dollar against foreign currencies, but our overall revenue came in at the high end of our expectations," said Tyco Chairman and Chief Executive Officer Ed Breen. "In this challenging economy, we are focused on both reducing our cost structure and positioning our businesses for long-term growth. At the same time, our strong and improving balance sheet is an important asset for our company in the current environment."
