Earnings - 21st April 2009 (1)

8:08AM Forest Labs beats by $0.01, misses on revs; guides FY10 EPS in-line, revs below consensus (FRX) 22.39 : Reports Q4 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.75; revenues fell 0.2% year/year to $896.7 mln vs the $999.7 mln consensus. Co issues mixed guidance for FY10, sees EPS of $3.45-3.55 vs. $3.47 consensus; sees FY10 revs of ~$4.1 bln vs. $4.18 bln consensus. The co has provided a $170 mln pretax reserve, or $0.45 per share, in connection with ongoing discussions with the United States Department of Justice arising out of the investigations led by the U. S. Attorney's Office for the District of Massachusetts into marketing, promotional and other activities primarily in connection with Lexapro, Celexa and Levothroid. These discussions with the DOJ have not yet concluded, and there can be no assurance as to when they will conclude or whether they will lead to a resolution, or the amount of any settlement that may be reached.

8:05AM Brinker reports EPS in-line, revs in-line (EAT) 18.29 : Reports Q3 (Mar) earnings of $0.45 per share, ex-items, in-line with the First Call consensus of $0.45; revenues fell 20.4% year/year to $857.4 mln vs the $864.6 mln consensus. The company experienced a 5.6% decrease in comparable restaurant sales in the third quarter of fiscal 2009 due to decreases across all brands. Revenues were also negatively impacted by a net decline in capacity of 17.7% due to 47 restaurant closures (3 of which were Macaroni Grills) and the sale of 198 restaurants since the third quarter of fiscal 2008 (189 of which were Macaroni Grills).

7:47AM Northern Trust misses by $0.35, misses on revs (NTRS) 58.15 : Reports Q1 (Mar) earnings of $0.61 per share, $0.35 worse than the First Call consensus of $0.96; revenues fell 21.1% year/year to $904.2 mln vs the $1.03 bln consensus. In addition, $23.0 mln of preferred stock dividends were accrued in the current quarter in connection with Northern Trust's participation in the U.S. Department of the Treasury's Capital Purchase Program, which reduced earnings per share by $0.10. "We continued to see strong growth in our client franchise, notwithstanding the difficult market and credit environment. Current quarter results were adversely impacted by dramatically lower equity markets, as exemplified by declines in the S&P 500 and EAFE (USD) indices of 40% and 49%, respectively, versus year ago levels, and difficult fixed income conditions. Against the challenging environmental backdrop, however, we were very pleased with the significant new business we continued to generate, which confirms the fundamental strength of our focused business strategy and execution. Our loan portfolio also continued to exhibit strength relative to the environment, even as we continued to increase our reserve for credit losses. As we move into the second quarter, our capital position remains very strong with our tier 1 capital ratio at 13.0% and our tangible common equity ratio at 5.9%. Furthermore, we arecontinuing our dialogue with the Federal Reserve, in accordance with the prescribed process, to proceed on our objective of redeeming the U.S. Department of the Treasury's Capital Purchase Program preferred stock as quickly as prudently possible." The reserve for credit losses at March 31, 2009 of $303.3 mln increased $52.2 mln from the December 31, 2008 balance. The provision for credit losses was $55.0 mln in the current quarter and net charge-offs totaled $2.7 mln.

7:44AM BlackRock reports EPS in-line, revs in-line (BLK) 123.59 : Reports Q1 (Mar) earnings of $0.81 per share, in-line with the First Call consensus of $0.81; revenues fell 24.1% year/year to $987 mln vs the $987.4 mln consensus. Assets under management ended the quarter at $1.283 trillion, down 2% since year-end. New business during the quarter included $21.3 billion of net inflows in long-dated and advisory mandates.

7:41AM Coca-Cola reports EPS in-line, misses on revs (KO) : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the First Call consensus of $0.65; revenues fell 2.8% year/year to $7.17 bln vs the $7.36 bln consensus. Co says it saw solid worldwide unit case volume growth of 2% in the quarter. International unit case volume rose 3%. Global volume and value share gains continued across key markets and categories. Currency neutral comparable operating income growth exceeded the co's long-term currency neutral profit target. Productivity initiatives accelerating and on track to deliver $500 mln in annualized savings by year-end 2011.

7:36AM Jefferies Group beats by $0.27, beats on revs (JEF) 14.30 : Reports Q1 (Mar) earnings of $0.19 per share, $0.27 better than the First Call consensus of ($0.08); revenues rose 70.0% year/year to $342 mln vs the $287.5 mln consensus. Co says, "Our first quarter results make it clear that we have distinguished ourselves from both the TARP-subsidized institutions, as well as the small and mid-cap brokers and boutiques. The performance of our fixed income businesses highlights the breadth and depth of our full-service, client-focused, independently-funded Wall Street securities firm. We have invested many years, an immense amount of human effort and much expense to build what we believe is a first tier provider of sales, trading, research and investment banking services. Our first quarter results reflect only the beginning of what we expect to realize over time from this investment. The events of the last 21 months, and particularly the incredible change in the competitive landscape over the last 12 months, have only enhanced the long-term opportunity we envision for our firm. We thank everyone at Jefferies for their efforts."

7:34AM TD Ameritrade reports EPS in-line, beats on revs; guides FY09 EPS in-line (AMTD) 15.15 : Reports Q2 (Mar) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues fell 15.6% year/year to $525.5 mln vs the $512.3 mln consensus. Co reaffirms prior guidance for FY09, sees EPS of $0.90-1.15 vs. $0.98 consensus. Co repurchased approximately 36 mln shares in the qtr at an average price of $11.88. These transactions completed the co's stock buy-back programs.

7:33AM Lockheed Martin beats by $0.04, misses on revs; guides FY09 EPS in-line, revs in-line (LMT) : Reports Q1 (Mar) earnings of $1.68 per share, $0.04 better than the First Call consensus of $1.64; revenues rose 3.9% year/year to $10.37 bln vs the $10.51 bln consensus. Co issues in-line guidance for FY09, sees EPS of $7.15-7.35 vs. $7.34 consensus; sees FY09 revs of $44.7-45.7 bln vs. $45.44 bln consensus. Raises expected return on investment capital 2009 outlook to greater than or equal to 18.5% from 18.0%.

7:14AM State Street beats by $0.02, misses on revs (STT) 30.65 : Reports Q1 (Mar) earnings of $1.04 per share, $0.02 better than the First Call consensus of $1.02; revenues fell 22.3% year/year to $2 bln vs the $2.29 bln consensus. "Given the continued unsettled economic environment and more weakness in the first quarter than we expected, we now believe that in 2009 we will achieve nearer the weaker end of the ranges we established at our Investor and Analyst Forum in February: operating revenue to decline between 8% and 12%; operating earnings per share to decline between 12% and 16%; and operating return on equity to be between 14% and 17%... Our tangible common equity ratio at March 31, 2009, stands at 5.87% and our pro forma TCE ratio, assuming consolidation of the asset-backed commercial paper conduits we administer, has improved 103 basis points from 1.19% at December 31, 2008, to 2.22% when calculated as a percentage of total assets."

7:13AM Regions Fincl reports Q1 profit (RF) 5.80 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items. Net loan charge-offs declined to an annualized 1.64 percent of average loans. Built allowance for loan losses to 1.94 percent of loans with $425 million provision that exceeded net charge-offs by $35 million. Non-performing loans increased to $1.6 billion. Capital ratios remain strong with a Tier 1 ratio of 10.37 percent and a tangible common equity ratio of 5.41 percent

7:12AM United Tech reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (UTX) 45.81 : Reports Q1 (Mar) earnings of $0.78 per share, in-line with the First Call consensus of $0.78; revenues fell 12.2% year/year to $12.25 bln vs the $12.41 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.00-$4.50 vs. $4.20 consensus; sees FY09 revs of $55 bln vs. $54.29 bln consensus.

7:11AM Huntington Banc beats by $0.04 (HBAN) 3.11 : Reports Q1 (Mar) loss of $0.06 per share, $0.04 better than the First Call consensus of ($0.10). "We continue to believe that 2009 will be a challenging year. While there have been recent reports and speculation that the decline in the economy is nearing a bottom, it remains our expectation that no significant turnaround will occur this year. As a result, we expect to see continued levels of elevated charge-offs and provision expense, especially as related to continued softness in our commercial loan portfolios. We continue to expect that the net interest margin will remain under modest pressure from the first quarter level. We expect to grow our customer base, as well as core deposits throughout the year. " "We continue to expect good levels of loan originations, especially mortgages, given the low rate environment. But how much of this translates into balance sheet growth will depend on whether or not we sell portions of our loan portfolio and production as part of our continued efforts to improve balance sheet efficiency."

7:08AM BJ Services misses by $0.07, misses on revs (BJS) 11.97 : Reports Q2 (Mar) earnings of $0.15 per share, $0.07 worse than the First Call consensus of $0.22; revenues fell 18.0% year/year to $1.05 bln vs the $1.13 bln consensus. The co says "Lower demand for energy triggered by the global economic recession led to a precipitous decline in drilling activity this quarter, particularly in North America. North American drilling activity declined 28% sequentially and 27% year over year and, at the current level of 975 active rigs, the U.S. drilling rig count has reached its lowest level in six years. This decline in activity and intensive competition led to severe price reductions for our services and products. Our international customers responded to the lower commodity price environment sooner than expected, with average rig count outside North America declining 9% sequentially and 6% year over year, negatively impacting our results in these markets..."

7:08AM Quest Diagnostics beats by $0.07, reports revs in-line; guides FY09 EPS above consensus, revs in-line (DGX) 50.50 : Reports Q1 (Mar) earnings of $0.89 per share, $0.07 better than the First Call consensus of $0.82; revenues rose 1.3% year/year to $1.81 bln vs the $1.81 bln consensus. Co issues mixed guidance for FY09, sees EPS of $3.60-3.75, excluding non-recurring items, vs. $3.59 consensus; sees FY09 rev growth of 3% which equates to roughly $7.47 bln vs. $7.46 bln consensus.

7:07AM Astec Industries beats by $0.03, beats on revs (ASTE) 24.59 : Reports Q1 (Mar) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues fell 22.0% year/year to $205.3 mln vs the $202.7 mln consensus. "We believe the economy hit bottom in late February; however, we believe the recovery will continue to be slow. During this period our strategy will be to aggressively develop new products and enhance existing products." The Company's backlog at March 31, 2009 was $140 million compared to $275 million at March 31, 2008 for a 49% decrease.

7:05AM Johnson Controls beats by $0.01, misses on revs (JCI) 16.14 : Reports Q2 (Mar) loss of $0.16 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.17); revenues fell 32.9% year/year to $6.32 bln vs the $6.93 bln consensus. "We started to see improvements in the financial performance of our Automotive Experience business toward the end of the second quarter, and we expect significantly lower operating losses in the third quarter. We believe the automotive improvement, combined with the solid profitability of our Building Efficiency and Power Solutions businesses, will enable us to report positive earnings for the remainder of 2009." The company said that the restructuring initiative announced in March 2009 is expected to be slightly accretive in 2009 and to provide approximately $0.15 per diluted share incremental benefit in 2010. The restructuring program announced in September 2008 is approximately 70% complete and progressing ahead of schedule. It is expected that the financial benefits of this restructuring program will be increasingly accretive to earnings through the remainder of the 2009 fiscal year, and will provide a $0.20 - $0.25 per diluted share incremental benefit in 2010.

7:05AM Merck misses by $0.03, misses on revs; reaffirms FY09 EPS guidance (MRK)25.22 : Reports Q1 (Mar) earnings of $0.74 per share, $0.03 worse than the First Call consensus of $0.77; revenues fell 7.5% year/year to $5.39 bln vs the $5.77 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.15-3.30 vs. $3.25 consensus; sees revs $23.2-23.7 bln vs $23.87 bln First Call consensus. "Our first-quarter results in part reflect the impact of the difficult global economy on patients, providers and payors, but we remain on track to meet our full-year earnings guidance," said Richard Clark, chairman, president and chief executive officer.

7:04AM US Bancorp beats by $0.04, beats on revs (USB) 15.94 : Reports Q1 (Mar) earnings of $0.24 per share, $0.04 better than the First Call consensus of $0.20; revenues rose 0.2% year/year to $3.88 bln vs the $3.77 bln consensus. Return on average assets and return on average common equity were .81 percent and 9.0 percent, respectively, for the first quarter of 2009, compared with 1.85 percent and 21.2 percent, respectively, for the first quarter of 2008. The provision for credit losses for the first quarter of 2009 was $1,318 million, an increase of $51 million over the fourth quarter of 2008 and $833 million over the first quarter of 2008.

6:02AM UnitedHealth beats by $0.14, misses on revs; reaffirms FY09 EPS guidance (UNH) 24.21 : Reports Q1 (Mar) earnings of $0.81 per share, $0.14 better than the First Call consensus of $0.67; revenues rose 9.4% year/year to $20.11 bln vs the $21.37 bln consensus. Co reaffirms guidance for FY09, sees EPS of $2.90-3.15 vs. $3.00 consensus.

4:28AM New Oriental Education & Technology beats by $0.11, beats on revs; guides Q4 revs above consensus (EDU) 51.25 : Reports Q3 (Feb) earnings of $0.38 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.27; revenues rose 36.1% year/year to $65.5 mln vs the $63.7 mln consensus. Co issues upside guidancefor Q4, sees Q4 revs of $50.5-53.5 mln vs. $49.81 mln consensus. Total student enrollments in language training and test preparation courses increased by 31.0% year/year to approx 351,700 from approximately 268,400 in the same period of the prior fiscal year.

Earnings - 11th Dec 2008

6:38PM Borg Warner lowers 2008 EPS guidance below consensus (BWA) 22.38 -2.27 : Co lowers 2008 EPS to $1.85-1.95, excluding non-recurring charges, vs $2.25 First Call consensus, down from $2.25-2.35. Co says, "The downward spiral of the auto industry continues to accelerate across the globe. The crisis is not solely a North American automotive industry issue, nor about perceptions of domestic automakers not having the right products for the market. Rather, this is a situation where consumers in every geographic region of the world have become paralyzed by the global financial and economic crisis. We are actively adjusting our cost structure, but are struggling to respond fast enough to the daily stream of new customer information on plant closings, extended holiday shutdowns and production schedule reductions."

6:21PM United Tech reaffirms FY08 EPS below consensus, guides FY09 EPS in-line with consensus, guides FY09 revs below consensus (UTX) 47.08 -0.93 : Co reaffirms FY08 EPS of $4.90 vs $4.93 First Call consensus, sees FY09 EPS of $4.65-5.15 vs $5.03 consensus. Co sees FY09 revs of $57 bln vs $59.1 bln consensus. Co says, "Strength in our long cycle businesses and benefits from early cost reduction actions should more than offset adverse impacts from the stronger U.S. dollar and rapidly deteriorating end markets in the second half of the year... We expect difficult and uncertain economic conditions through much of 2009. We are confident UTX's strong global franchises and experienced management team will continue to outperform even in this environment. We anticipate that further deployment of our ACE operating system, continued focus on cost controls, and benefits from early and substantial restructuring actions taken in 2008 will help offset significant foreign currency related headwind on earnings in 2009. All six operating divisions are expected to expand margins in 2009. Liquidity is not an issue at UTX and we continue to expect cash flow from operations less capital expenditures to equal or exceed net income in 2009. These strong cash flows, coupled with continued access to the commercial paper market and low levels of long-term debt maturing over the next year, give us confidence that we can continue our acquisition agenda along with our share repurchase program."

5:01PM Danaher sees FY09 EPS of $3.70-$4.10 vs First Call consensus of $4.10 (DHR) 49.68 -1.52 : Co issues downside guidance, sees FY09 EPS of $3.70-$4.10 vs $4.10 First Call consensus. CEO stated, "We have taken significant steps to prepare our businesses for what we believe will be a difficult year ahead. However, despite the current economic backdrop, we believe we are well positioned for 2009."

4:44PM Waters lowers Q4 EPS and revs guidance below consensus (WAT) 41.88 +0.68 : Co lowers Q4 EPS to $0.94-0.99 vs $1.08 First Call consensus, down from $1.08-1.12, lowers revs to $410-420 mln vs $449.8 mln consensus, down from ~$454 mln. Co lowered its outlook due to weaker than expected orders for new instruments resulting from deterioration in global economic conditions. Co says, "Global economic conditions have weakened since our October conference call and we now see a generally more difficult business environment ahead of us. Capital spending is more constrained as our customers are more cautious given the recent economic turbulence in many regions of the world. Additionally, foreign exchange impacts are unfavorably affecting our business growth and profitability. These conditions are likely to continue into next year and we are presently assessing our spending plans to align with lower sales expectations going forward."

4:08PM Martek Biosci reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line (MATK) 27.32 -1.58 : Reports Q4 (Oct) earnings of $0.27 per share, excluding non-recurring items, in-line with the First Call consensus of $0.27; revenues rose 10.2% year/year to $90.4 mln vs the $89.3 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.27-0.29 vs. $0.29 consensus; sees Q1 revs of $86-89 mln vs. $89.75 mln consensus. For 2009 the Company expects moderate growth of both revenues and profitability over fiscal 2008 with profitability growing at a higher rate than revenues primarily due to improvements in gross profit margins; however, a deep, prolonged economic recession would yield additional uncertainty with respect to the Company's attainment of its forecasted operating results.

8:32AM Edwards Lifesci issues mixed guidance for FY09; gets an approvable for the LifeStent product line (EW) 46.44 : Co issues mixed guidance for FY09 (Dec), sees EPS of $2.93-3.03 vs. $2.93 First Call consensus; sees FY09 (Dec) revs of $1.24-1.30 bln vs. $1.33 bln consensus. Co announced that it has received an approvable letter from the FDA for the LifeStent product line and has completed the transfer of its PMA application to C.R. Bard, Inc., which purchased the line in January 2008. In exchange, Bard has paid Edwards $23 million of the previously negotiated $50 million milestone payment. The remaining $27 million will be paid upon receipt of the PMA, which is expected in 2009.
8:00AM Cummins lower 2008 outlook to reflect worsening economic conditions (CMI) 26.86 : Co revises its outlook for 2008 due to the continuing decline in many of its key markets around the world. Co now expects 2008 sales to increase by 9% over 2007, compared to its previous guidance of a 12% increase (current consensus is for FY08 revs increase of ~11.9% YoY). Earnings Before Interest and Taxes (EBIT) is forecast to be slightly more than 9% of sales, compared to the earlier guidance of 10%. Co has taken a number of steps to address the slowing demand over the past month, including: Initiated temporary plant shutdowns, shortened work weeks and extended traditional holiday closing periods; Eliminated temporary employees in a number of plant locations; Reduced permanent employee levels at some manufacturing locations; Prioritized capital and IT project spending to focus on the Company's most pressing needs; Initiated a hiring freeze across most of the Company; Significantly curtailed discretionary spending. The Company also announced last week that it will reduce its professional workforce worldwide by at least 500 employees by the end of 2008. The costs associated with the employee reductions are estimated to be between $30-$40 million and will be recognized in the Company's fourth quarter earnings. The revised guidance for 2008 excludes the severance costs associated with these actions.

7:51AM Baidu.com issues downside Q4 rev guidance; sees revs of $130-$133 mln vs $140.31 mln consensus (BIDU) 104.54 : Co issues downside guidance, sees Q4 revs of $131-$133 mln vs $140.31 mln First Call consensus, and vs prior guidance of $151-$155 mln. The company noted that several factors contributed to the guidance revision. First, the economic slowdown in China is having a greater than expected impact on online marketing particularly in machinery and franchising; second, Baidu recently removed the paid search listings of customers in the medical and pharmaceutical sectors without licenses on file with Baidu; and third, after a thorough inspection of its customer base, the company removed a number of questionable paid search listings outside of the medical and pharmaceutical sectors. The company noted that a portion of its customers in the medical and pharmaceutical sectors have returned to its paid search listings following the submission of required licenses.

7:31AM Lululemon Athletica beats by $0.01, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (LULU) 10.46 : Reports Q3 (Oct) earnings of $0.13 per share, $0.01 better than the First Call consensus of $0.12; revenues rose 34.1% year/year to $87 mln vs the $86.5 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.15-0.17 vs. $0.26 consensus; sees Q4 revs of $90-95 mln vs. $130.40 mln consensus.

7:03AM Ciena misses by $0.16, misses on revs; guides Q1 revs below consensus (CIEN) 7.56 : Reports Q4 (Oct) loss of $0.10 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $0.06; revenues fell 29.0% year/year to $179.7 mln vs the $198.8 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $170-185 mln vs. $190.45 mln consensus.

6:13AM Gildan Activewear misses by $0.02, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus (GIL) 14.17 : Reports Q4 (Sep) earnings of $0.41 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.43; revenues rose 27.4% year/year to $324.7 mln vs the $341.4 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.00-0.05, excluding non-recurring items, vs. $0.27 consensus. Co issues downside guidance for FY09, sees EPS of $1.10-1.30, excluding non-recurring items, vs. $1.86 consensus. Gildan is now projecting total capital expenditures of approx $115.0 mln in FY09, compared with its previous estimate of approx $160.0 mln. The co's objective in FY09 is to remain cash positive after taking account of capital expenditures, approx $70.0 mln of projected additional working capital to support its planned growth in fiscal 2010 and the cash payments required following the settlement of the CRA audit.

5:09AM PMC-Sierra lowers Q408 revenue guidance (PMCS) 3.81 : Co issues downside guidance for Q4 (Dec), sees Q4 (Dec) revs of $118.0-122.0 mln vs. $128.86 mln First Call consensus. Co attributes downward revision to slower sales activity within the quarter due to a weaker macroeconomic environment.

3:27AM Costco beats by $0.03, misses on revs (COST) 53.69 : Reports Q1 (Nov) earnings of $0.65 per share, excluding pretax charge of $0.05/share related to the 'mark-to-market' adjustment of the cash surrender value of certain life insurance contracts and the impairment of corporate investments and includes negative impact of currencies, $0.03 better than the First Call consensus of $0.62; revenues rose 3.7% year/year to $16.39 bln vs the $16.68 bln consensus. According to Richard Galanti, Chief Financial Officer, "First quarter 2009 results benefited from very strong gasoline profitability when compared to last year. Results were hurt by a slowdown in non-food discretionary sales and related reductions in margins associated with these sales, primarily in the latter half of the quarter..."

Earnings - 3rd Sept 2008

6:20PM China BAK Battery raises FY08 revs above single-analyst est; guides FY09 revs above single-analyst est (CBAK) 3.95 +0.02 : CBAK announced in conf call slides, the co raised FY08 revs to $240 mln vs $213.5 mln single-analyst est, up from $210 mln prior guidance. Co issues upside guidance; co sees FY09 revs of $370-410 mln vs $276.6 mln single-analyst est.

6:14PM Mindray Medical misses by $0.01, beats on revs; guides FY08 revs in-line (MR) 37.75 -0.35 : Reports Q2 (Jun) earnings of $0.21 per share, $0.01 worse than the First Call consensus of $0.22; revenues rose 99.6% year/year to $145.7 mln vs the $140.8 mln consensus. Co issues guidance for FY08, sees EPS of $1.16-1.18, may not be comparable to $1.00 consensus; reaffirms FY08 revs of $560-580 mln vs. $571.18 mln consensus.

5:28PM Navistar reports Q3; raises FY08 EPS guidance (NAV) 54.05 -0.48 : Reports Q3 (Jun) earnings of $3.68, may not be comparable to the First Call dual-analyst est of $1.22; revenues were $4.0 bln vs the $3.90 bln First Call consensus. Co raised FY08 EPS to $6.35-7.35 vs $4.63 consensus, up from $4.26-5.72; sees revs of $15 bln vs $14.7 bln consensus. Co says, "Increased military revenue as well as strong demand for our fuel-efficient heavy trucks drove our overall results in the third quarter. Although we continue to face a weak truck market in North America and anticipate our results to moderate in the fourth quarter, we are revising our full-year guidance upward," said Daniel C. Ustian, Navistar chairman, president and chief executive officer.

5:14PM Massey Energy reaffirms produced tons sold in FY08 (MEE) 55.77 -3.58 : Co stated that it expects produced tons sold in Q3 to be in the range of 10.3-10.7 mln at an average price of $64.00-66.00 per ton. MEE further stated that it still expects full-year 2008 results, excluding the litigation charge recorded in Q2, to be within the ranges of full-year guidance provided previously but with produced tons sold and average price per ton trending toward the lower end of the respective ranges.

4:12PM H & R Block misses by $0.05, misses on revs; maintains FY09 EPS guidance (HRB) 26.50 +0.94 : Reports Q1 (Jul) loss of $0.40 per share, $0.05 worse than the First Call consensus of ($0.35); revenues fell 10.9% year/year to $339.6 mln vs the $378.3 mln consensus. Co maintains guidance for FY09, sees EPS of $1.60-1.70 vs. $1.66 consensus. On Sept. 3, 2008, the company announced that it plans to acquire the operator of H&R Block franchises in Texas, Oklahoma and Arkansas. This acquisition is expected to add approximately $0.05 to earnings per share for FY09. Co said it is maintaining guidance at this time in light of the fact that it generates its earnings almost entirely in the fiscal fourth quarter. This decision (to maintain guidance) also reflects consideration of other factors including higher loss reserves for H&R Block Bank in the first quarter and an assumed earnings contribution from HRBFA that will now be reported in discontinued operations starting in the fiscal second quarter... Improved off-season results from Tax Services were offset by a loss in the Consumer Financial Services segment, mainly due to an approximately $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank. "Compared with a year ago, operating results have improved, and losses from discontinued operations have diminished significantly. The decision to take additional loss reserves against the Bank's mortgage portfolio lowered performance slightly from what it would otherwise have been, but the company intends to maintain appropriate financial reserves while this portfolio runs off... Our Texas acquisition increases opportunities to grow the client base and to use franchising more aggressively in that market. Selling our securities brokerage unit should enhance returns on invested capital while reducing operating risks. These and other strategic steps improve opportunities to grow earnings and shareholder value."

4:02PM Guess beats by $0.08, beats on revs; raises Y09 guidance range, raises dividend (GES) 38.25 +1.09 : Reports Q2 (Jul) earnings of $0.57 per share, $0.08 better than the First Call consensus of $0.49; revenues rose 32.7% year/year to $515.2 mln vs the $460.9 mln consensus. Co raises guidance range for FY09, sees EPS of $2.47-2.53, compared to previous guidance of $2.40-2.48, vs. $2.49 consensus; sees FY09 revs of $2.06-2.11 bln, compared to previous guidance of $2.03-2.08 bln, vs. $2.09 bln consensus. Co also raises its qtrly dividend to $0.10 from $0.08 which equates to a 1.1% annual yield.

2:10PM Jos. A. Bank beats by $0.02, beats on revs (JOSB) 27.12 +1.36 : Reports Q2 (Jul) earnings of $0.48 per share, $0.02 better than the First Call consensus of $0.46; revenues rose 13.7% year/year to $152.7 mln vs the $147.4 mln consensus.

9:12AM LMI Aerospace reaffirms FY08 revs; issues FY09 revs in-line (LMIA) 23.05 : Co reaffirms guidance for FY08 (Dec), sees FY08 (Dec) revs of $249-265 mln vs. $257.03 mln First Call consensus. Co issues in-line guidance for FY09 (Dec), sees FY09 (Dec) revs of $289-304 mln vs. $290.30 mln consensus. FY09 gross margins will be approximately 24 percent to 25 percent, with selling, general and administrative expenses expected to be between $33.8 million and $34.3 million. "Due to the rapid increase in sales experienced in 2008 and the lower visibility of future sales in our Engineering Services segment, we are assuming our revenue in 2009 will be approximately the same as in 2008."

9:05AM Corning issues Q3 downside guidance (GLW) 19.50 : Co issues downside guidance for Q3 (Sep), sees EPS of $0.43-0.45, excluding non-recurring items, compared to previous guidance of $0.48-0.51, vs. $0.50 First Call consensus; sees Q3 (Sep) revs of $1.58-1.62 bln, compared to previous guidance of $1.65-1.72 bln, vs. $1.7 bln consensus. Co sees Q3 gross margins of about 47%, compared to previous guidance of at least 50%. The guidance reductions are primarily related to lower-than-expected shipments of LCD glass in the co's wholly owned display business. "We continue to see evidence of ongoing strength in the retail market for LCD TVs, a key growth area for the LCD glass industry. However, the supply chain correction, as outlined in our second-quarter conference call, is taking longer than we expected. We believe that the set assembly portion of the supply chain built too much inventory in the first half of this year. As set assemblers have continued to hold back on orders, panel makers have lowered prices and reduced utilization rates to balance the supply chain. We think these utilization cutbacks will continue into September in Taiwan. As a result, we now expect third-quarter sequential volume for Corning's wholly owned display glass business to be down about 5% versus our previous guidance of flat to up 5%."

9:04AM United Tech reaffirms FY08 EPS and revenue guidance (UTX) 66.16 : Co reaffirms guidance for FY08 (Dec), sees EPS of $4.80-4.95 vs. $4.94 First Call consensus; sees FY08 (Dec) revs of more than $60 bln vs. $60.13 bln consensus.

6:33AM Staples reports EPS in-line, beats on revs (SPLS) 24.77 : Reports Q2 (Jul) earnings of $0.21 per share, in-line with the First Call consensus of $0.21; revenues rose 18.3% year/year to $5.07 bln vs the $4.69 bln consensus. Co reaffirms Y08 GAAP guidance, sees low single-digit EPS growth yr/yr on a GAAP basis.