Earnings -29th April 2009 (2)

4:23PM AvalonBay beats by $0.06; guides Q2 FFO in-line (AVB) 58.04 +1.90 : Reports Q1 (Mar) funds from operations of $1.26 per share, excluding gain, $0.06 better than the First Call consensus of $1.20. Including discontinued operations, total revenue increased by $3,491,000, or 1.6% to $219,679,000. Co issues in-line guidance for Q2, sees FFO of $1.16-1.20 vs. $1.16 consensus.

4:22PM Trinity Industries beats by $0.04, beats on revs (TRN) 13.46 +1.05 : Reports Q1 (Mar) earnings of $0.28 per share, excluding $0.15 per common diluted share resulting from the sale at the end of the first quarter of $132.1 million of railcars by its railcar leasing business, $0.04 better than the First Call consensus of $0.24; revenues fell 11.7% year/year to $793.5 mln vs the $661.4 mln consensus. "We are focused on rapidly adapting to the lower product volumes that have resulted from the current economic environment. Our employees have responded well to this difficult task. While certain of our businesses did well, the first quarter was challenging for several of our other businesses. Our customers continue to be cautious as they try to get a better sense of the economy's direction."

4:22PM Covance beats by $0.02, beats on revs; guides FY09 EPS below consensus (CVD) 40.29 +1.86 : Reports Q1 (Mar) earnings of $0.63 per share, $0.02 better than the First Call consensus of $0.61; revenues rose 7.0% year/year to $441.2 mln vs the $429.4 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-$2.70 vs. $2.88 consensus, and vs prior guidance of $3.00-$3.20. Co states, "...However, first quarter results in Early Development were well below our expectations and, while we believe a bottoming of demand is underway, we expect growth to return later and slower than originally projected and from a lower base of revenue. As a result, we are now lowering our 2009 revenue growth rate expectation to the single-digit range..."

4:17PM Agnico-Eagle Mines beats by $0.26, beats on revs (AEM) 46.02 +0.72 : Reports Q1 (Mar) earnings of $0.35 per share, $0.26 better than the consensus estimate of $0.09; revenues fell 10.5% year/year to $110.7 mln vs the $71.8 mln single analyst estimate. Payable gold production(1) in the first quarter of 2009 was a record 91,812 ounces at total cash costs per ounce(2) of $312. This compares with payable gold production of 50,892 ounces, at total cash costs per ounce of minus $399 in the first quarter of 2008.

4:16PM Nutrisystem misses by $0.02, misses on revs (NTRI) 15.09 +0.58 : Reports Q1 (Mar) earnings of $0.31 per share, $0.02 worse than the First Call consensus of $0.33; revenues fell 24.8% year/year to $162.7 mln vs the $177.3 mln consensus.

4:14PM Visa beats by $0.09, beats on revs; affirms financial outlook through 2010 (V)63.51 +2.80 : Reports Q2 (Mar) earnings of $0.73 per share, $0.09 better than the First Call consensus of $0.64; revenues rose 13.4% year/year to $1.65 bln vs the $1.61 bln consensus. Payments volume growth, on a nominal basis, was a negative 1% over the prior year at $675 bln; total volume, on a nominal basis and inclusive of cash volume, was $1.1 trillion, flat over the prior year. Visa  updates its financial outlook for annual adjusted operating margin in the low 50% range. Visa affirms its financial outlook annual net revenue growth of high single digits in 2009 and at the lower end of the 11% to 15% range in 2010, given certain economic recovery assumptions; co sees annual adjusted diluted class A common stock earnings per share growth of greater than 20%. Co says, "Despite the challenging economy, Visa continued to post strong operational and financial performance during our fiscal second quarter, and we remain confident in delivering our EPS guidance for FY 2009." Co also announces that it intends to file a universal shelf registration statement on Form S-3 with the SEC.  Although the Co expects to have the flexibility under the universal shelf to quickly access the capital markets with either equity or debt security offerings, Visa has no immediate plans to issue any such securities.

4:13PM SurModics beats by $0.05, beats on revs (SRDX) 18.75 +0.24 : Reports Q2 (Mar) earnings of $0.24 per share, $0.05 better than the First Call consensus of $0.19; revenues fell 18.7% year/year to $20.9 mln vs the $20.5 mln consensus.

4:12PM ManTech misses by $0.01, misses on revs; guides Q2 EPS in-line, revs below consensus; guides FY09 EPS in-line, revs below consensus (MANT) 43.22 +1.18 : Reports Q1 (Mar) earnings of $0.68 per share, $0.01 worse than the First Call consensus of $0.69; revenues rose 5.8% year/year to $449.6 mln vs the $495.2 mln consensus. Co issuesmixed guidance for Q2, sees EPS of $0.71-$0.74 vs. $0.73 consensus; sees Q2 revs of $480-$510 mln vs. $529.45 mln consensus. Co issues mixed guidance for FY09, sees EPS of $2.91-$3.01 vs. $2.98 consensus; sees FY09 revs of $2.00-$2.075 bln vs. $2.14 bln consensus.

4:08PM Human Genome beats by $0.31, beats on revs (HGSI) 1.39 +0.06 : Reports Q1 (Mar) earnings of $0.85 per share, $0.31 better than the First Call consensus of $0.54; revenues rose 1341.5% year/year to $177.3 mln vs the $150.4 mln consensus. 2008. Revenues included $153.8 million recognized upon the sale and delivery of ABthrax to the U.S. Strategic National Stockpile, $9.0 million recognized from the Syncria agreement with GSK, $8.9 million recognized from the Albuferon agreement with Novartis and $1.6 million recognized from the LymphoStat-B agreement with GSK.

4:08PM Citrix Systems beats by $0.01, beats on revs, issues 2Q09 guidance (CTXS)25.65 -0.19 : Reports Q1 (Mar) earnings of $0.32 per share, $0.01 better than the First Call consensus of $0.31; revenues fell 2.1% year/year to $369 mln vs the $359.2 mln consensus. Citrix expects to achieve the following results during its second fiscal quarter 2009 ending June 30, 2009: Net revenue is expected to be flat to slightly down compared to the net revenue reported for the second quarter of 2008; and, Non-GAAP operating margin is expected to increase between 100 and 150 basis points compared to the second quarter 2008, excluding the effects of amortization of intangible assets primarily related to business combinations, stock-based compensation expense, and restructuring charges. In addition to quarterly financial results, Citrix also announced that its board of directors has authorized it to repurchase up to an additional $300 million of its common stock.

4:08PM Digital River beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs above consensus (DRIV) 36.35 +1.53 : Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.51; revenues fell 0.7% year/year to $102.9 mln vs the $98.8 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.39-0.42, excluding non-recurring items, vs. $0.44 consensus; sees Q2 revs of $95-97 mln vs. $95.15 mln consensus. "We are very encouraged by the solid growth in our pipeline, the high caliber of companies that we are adding to our client list, and the moderate sequential increase we saw in e-commerce sales activity.

4:06PM Akamai Tech beats by $0.03, reports revs in-line; announces $100 mln stock buyback (AKAM) 20.06 +0.46 : Reports Q1 (Mar) earnings of $0.43 per share, $0.03 better than the First Call consensus of $0.40; revenues fell 1.0% year/year to $210.4 mln vs the $208.5 mln consensus. AKAM announces $100 mln stock buyback, to be funded by cash from operations. The Company plans to use this program over the next several quarters to roughly offset dilution created by ongoing equity compensation programs. "The Board's authorization of a share repurchase program reflects our continued confidence in the future of our business and our focus on providing an attractive return on investment to our shareholders... We plan to fund this program out of our operating cash flow while maintaining flexibility to make strategic investments, which is a testament to our belief in the strength of our business." Cash from operations was $90.5 million in the first quarter of 2009, up 3 percent over 2008 first quarter cash from operations of $88.0 million. At the end of the first quarter of 2009, the Company had approximately $848.5 million in cash, cash equivalents and marketable securities.

4:06PM Amkor beats by $0.16, beats on revs; guides Q2 EPS above consensus, revs above consensus (AMKR) 4.06 +0.26 : Reports Q1 (Mar) loss of $0.12 per share, $0.16 better than the First Call consensus of ($0.28). Co issues upside guidance for Q2, sees EPS of -0.04 to $0.00 vs. ($0.25) consensus; sees Q2 revs to increase 18% to 22% from the first quarter, which calculates to roughly $459.02-$474.58 mln vs. $419.12 mln consensus. Co says "Our sales were adversely impacted by the sharp global economic downturn and weakness in consumer demand. However, there remains significant uncertainty regarding the full scope and duration of the current downturn, and it is difficult to predict future results in this very challenging economic environment... Gross margin for the first quarter of 2009 was 12%, and we expect that gross margin for the second quarter of 2009 will be between 17% and 19%. In the current environment, we are focused on gross margin and cash flows. Starting in early 2008, we began implementing wide-ranging, but carefully selected cost reduction measures to align our cost structure with decreasing levels of demand. Our first quarter operating results compared to the fourth quarter of 2008 benefited by approximately $55 million from these cost reduction programs,"

4:05PM Express Scripts beats by $0.04, reports revs in-line; guides FY09 EPS in-line (ESRX) 60.45 -0.50 : Reports Q1 (Mar) earnings of $0.86 per share, $0.04 better than the First Call consensus of $0.82; revenues fell 1.2% year/year to $5.42 bln vs the $5.4 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.67-3.77 vs. $3.68 consensus. This guidance range excludes NextRx transaction-related costs and NextRx results after the transaction closes.

4:05PM International Coal beats by $0.02, misses on revs (ICO) 1.97 +0.08 : Reports Q1 (Mar) earnings of $0.02 per share, $0.02 better than the First Call consensus of ($0.00); revenues rose 21.1% year/year to $305 mln vs the $309.2 mln consensus. Margin per ton sold increased 144% to $8.94 in the first quarter of 2009, compared to $3.67 for the same period last year, due to higher realized prices and improved cost performance. For 2009, the co expects to sell approximately 19.3 million to 19.9 million tons of coal. The average selling price is projected to be $59.50 to $60.00 per ton. The projected average cost per ton sold is $49.25 to $50.75, excluding selling, general and administrative expenses. The co expects coal production to be approximately 18.5 million to 19.1 million tons. For 2010, based upon the recent weakness in coal demand, the company expects to sell 18.5 million to 19.5 million tons of coal. Coal production is expected to total 18.0 million to 19.0 million tons. However, the Co plans to maintain idled mines in a status that allows timely reactivation if 2010 market demand is sufficient to support greater Central Appalachian production. Due to the high degree of market uncertainty, the co is not offering revenue or cost guidance for 2010. The Company anticipates 2009 capital expenditures of approximately $90-$95 million.

4:03PM Varian Medical beats by $0.04, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (VAR) : Reports Q2 (Mar) earnings of $0.64 per share, $0.04 better thanthe First Call consensus of $0.60; revenues rose 6.8% year/year to $553.6 mln vs the $562.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.61-0.65 vs. $0.63 consensus. Co issues in-line guidance for FY09, sees EPS of $2.50-2.60 vs. $2.56 consensus.

4:03PM First Solar beats by $0.48, beats on revs (FSLR) 151.67 +5.01 : Reports Q1 (Mar) earnings of $1.99 per share, $0.48 better than the First Call consensus of $1.51; revenues rose 112.4% year/year to $418.2 mln vs the $403.4 mln consensus.

4:02PM Itron misses by $0.19, reports revs in-line (ITRI) 51.35 +3.18 : Reports Q1 (Mar) earnings of $0.33 per share, $0.19 worse than the First Call consensus of $0.52; revenues fell 18.6% year/year to $389 mln vs the $392.3 mln consensus. New order bookings for the first quarter of 2009 were $625 mln, compared with $484 mln in the first quarter of 2008. Our book-to-bill ratios were 1.6 to 1 and 1.02 to 1 for the first quarter of 2009 and 2008, respectively.

8:21AM Affiliated Managers beats by $0.02, misses on revs (AMG) 44.68 : Reports Q1 (Mar) "cash" earnings of $0.94 per share, excluding non-recurring items, $0.02 better thanthe First Call consensus of $0.92; revenues fell 46.7% year/year to $178.5 mln vs the $194.5 mln consensus.

8:06AM CenterPoint misses by $0.12, beats on revs; reaffirms FY09 EPS guidance (CNP) 10.74 : Reports Q1 (Mar) earnings of $0.19 per share, $0.12 worse than the First Call consensus of $0.31; revenues rose 21.6% year/year to $3.36 bln vs the $3.26 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.05-1.15 vs. $1.09 consensus.

Earnings - 4th Feb 2009

6:14PM FMC Corp beats by $0.16, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (FMC) 44.47 -0.37 : Reports Q4 (Dec) earnings of $1.02 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.86; revenues rose 9.4% year/year to $737.7 mln vs the $761.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $1.15-1.30, excluding non-recurring items, vs. $1.50 consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-5.00, excluding non-recurring items, vs. $4.97 consensus.

5:50PM Enersys beats by $0.23; sees Q4 EPS below consensus (ENS) 9.48 -0.18 : Reports Q3 (Dec) earnings of $0.63 per share, $0.23 better than the First Call consensus of $0.40; revenues fell 16.7% year/year to $460.9 mln vs the $460.7 mln consensus. Co issuesdownside guidance; co sees Q4 EPS of $0.30-0.34, excluding $0.25 in charges, vs $0.35 consensus.

5:43PM Atwood Oceanics beats by $0.07, beats on revs (ATW) 16.95 +0.35 : Reports Q1 (Dec) earnings of $1.22 per share, $0.07 better than the First Call consensus of $1.15; revenues rose 49.1% year/year to $165.5 mln vs the $162.9 mln consensus.

5:17PM WGL Holdings beats by $0.06, beats on revs; raises FY09 EPS above consensus (WGL) 33.25 -0.03 : Reports Q1 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.97; revenues rose 9.3% year/year to $821.5 mln vs the $761.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.41-2.53, excluding non-recurring items, vs. $2.34 consensus, up from prior $2.27-2.39.

4:43PM Visa beats by $0.12, beats on revs; sees 2009 rev growth in high single digits, reaffirms 2010 outlook (V) 49.13 +0.74 : Reports Q1 (Dec) earnings of $0.78 per share, $0.12 better than the First Call consensus of $0.66; revenues rose 16.8% year/year to $1.74 bln vs the $1.68 bln consensus. Payments volume grew 12% over the prior year to $701 bln; total volume, inclusive of cash volume was $1.1 trln, an increase of 16% over the prior year; total cards carrying the visa brands rose 10% worldwide over the prior year to 1.7 bln; and total payment transactions increased by 13% over the prior year to 14.5 bln... Cosees 2009 annual net revenue growth in the high single-digits (consensus is for rev growth of 8.5%). Co reaffirms its financial outlook through 2010, with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009. Sees 2010 annual net revenue growth at the lower end of the 11% to 15% range; annual adjusted operating margin in the mid-to-high 40% range; annual adjusted diluted class a common earnings per share growth of greater than 20%; annual free cash flow in excess of $1 bln; and capital expenditures in the range of $300 to $350 mln in 2009 and representing 3 to 4% of gross revenues in 2010.

4:15PM Cisco Systems beats by $0.02, beats on revs (CSCO) 15.84 +0.22 : Reports Q2 (Jan) earnings of $0.32 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.30; revenues fell 7.1% year/year to $9.1 bln vs the $9.0 bln consensus. Q3 gross margins came in at ~63.0% vs ~64.0% company guidance. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."

4:10PM Dolby Labs beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (DLB) 25.87 +0.24 : Reports Q1 (Dec) earnings of $0.56 per share, excluding a $0.12 non-recurring gain, $0.13 better than the First Call consensus of $0.43; revenues rose 20.0% year/year to $180.3 mln vs the $165.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.57-1.82 vs. $1.68 consensus; sees FY09 revs of $630-700 vs. $690.59 mln consensus. "We are pleased with our first quarter performance, and we continue to position ourselves for the long-term by pursuing new innovations and opportunities. However, we are also very mindful of the worldwide economic slowdown, and have adjusted our outlook in light of reduced consumer spending."

4:07PM Badger Meter beats by $0.16, beats on revs (BMI) 24.09 -0.20 : Reports Q4 (Dec) earnings of $0.42 per share, $0.16 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $67.6 mln vs the $59.8 mln consensus.

4:06PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42 vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus.

4:06PM Akamai Tech beats by $0.04, beats on revs (AKAM) 14.17 -0.03 : Reports Q4 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 16.0% year/year to $212.6 mln vs the $205.5 mln consensus. "As the external environment has become more challenging, we're pleased that we were able to grow revenue and earnings throughout the year while broadening our portfolio of solutions to improve Internet performance for our customers." The number of customers under long-term service contracts at the end of the fourth quarter increased by 50 to a record 2,858, an 8 percent increase year-over-year.

4:05PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42, excluding non-recurring items, vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus. "Inventory reductions, grain costs at Hain Pure Protein ("HPP") and the lag in fully realizing our August price increase impacted our earnings by almost $0.11 per share this quarter."

4:04PM Rightnow Tech beats by $0.06, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs below consensus (RNOW) : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.06 better than the First Call consensus of ($0.00); revenues rose 17.6% year/year to $36.1 mln vs the $36.9 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.04 vs. $0.01 consensus; sees Q1 revs of $36-37 mln vs. $37.84 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.15-0.23, excluding non-recurring items, vs. $0.12 consensus; sees FY09 revs of $150-155 mln vs. $160.74 mln consensus. "We're pleased with a second consecutive quarter of non-GAAP profitability, which was ahead of our guidance and driven by focused expense management. Our sales teams turned in a great quarter. Despite the fact total revenue was lowered by a $1.6 million foreign exchange impact, this was our eighth consecutive quarter of operating margin improvement, and a 300 basis point improvement over last quarter."

10:18AM Philip Morris International beats by $0.09, beats on revs; guides FY09 EPS below consensus (PM) 36.15 -2.17 : Reports Q4 (Dec) earnings of $0.71 per share, $0.09better than the First Call consensus of $0.62; revenues, excluding excise tax on products, rose 3.6% year/year to $6.12 bln vs the $5.54 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.85-3.00 vs. $3.43 consensus. Co notes that excluding an adverse currency impact of $0.80 per share, 2009 guidance is projected to increase by 10%-14%. Co, "Our operating performance in 2008 was exceptionally strong and our results exceeded our constant currency growth targets for both the full year and the fourth quarter. Our first year as an independent company was also marked by significant progress on numerous strategic fronts and specifically behind our efforts to improve our speed to market and enhance the vibrancy and equity of our strong brand portfolio... The global economic crisis obviously results in uncertainty, particularly on the currency front, and at current exchange rates we face a steep hurdle."

9:01AM Allergan beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AGN) 39.80 : Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.73; revenues fell 3.1% year/year to $1.06 bln vs the $1.04 bln consensus. Co issues downside guidancefor Q1, sees EPS of $0.50-0.52 vs. $0.61 consensus. Co issues in-line guidance for FY09, sees EPS of $2.69-2.75 vs. $2.71 consensus.

8:32AM Clorox beats by $0.05, misses on revs; guides FY09 EPS in-line (CLX) 51.82 : Reports Q2 (Dec) earnings of $0.62 per share, $0.05 better than the First Call consensus of $0.57; revenues rose 2.5% year/year to $1.22 bln vs the $1.24 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.72 consensus. For fiscal year 2009, Clorox now anticipates total sales growth in the range of 3-5%, rather than the previously communicated range of 4-6% due to retailer inventory reductions and consumer reaction to the economic environment. The company now anticipates year-over-year gross margin improvement in the range of 50-100 basis points, rather than the previously communicated range of 25-75 basis points, due to anticipated lower commodity costs and higher cost savings.

8:02AM Natl Oilwell Varco beats by $0.11, beats on revs (NOV) 25.62 : Reports Q4 (Dec) earnings of $1.44 per share, excluding $0.04 charge related to its merger with Grant Prideco,$0.11 better than the First Call consensus of $1.33; revenues rose 43.3% year/year to $3.81 bln vs the $3.76 bln consensus.

7:39AM Goodrich beats by $0.21, misses on revs; guides FY09 EPS below consensus, revs below consensus (GR) 38.97 : Reports Q4 (Dec) earnings of $1.23 per share, excluding $0.12 of income from a Rolls-Royce joint venture, $0.21 better than the First Call consensus of $1.02; revenues rose 1.6% year/year to $1.7 bln vs the $1.73 bln consensus. Co issues downside guidance for FY09, sees EPS of $4.50-$4.90 vs. $4.94 consensus; sees FY09 revs of $7.1-7.2 bln vs. $7.57 bln consensus. For 2009: Large commercial airplane original equipment sales are expected to increase by about 3 - 5 percent; regional, business and general aviation airplane original equipment sales are expected to decrease by approximately 10 percent; defense and space sales of both original equipment and aftermarket products and services are expected to increase by about 5 percent; co expects cap-ex to be in range of $230-270 mln, vs $275-3000 previously.

7:07AM ITT Industries beats by $0.05, beats on revs (ITT) 43.13 : Reports Q4 (Dec) earnings of $0.82 per share, excluding items, $0.05 better than the First Call consensus of $0.77; revenues rose 16.5% year/year to $2.94 bln vs the $2.74 bln consensus. "And while we expect 2009 to be more difficult, we take great pride in having achieved another record year of revenue and earnings growth in 2008."

7:02AM Snap-On beats by $0.01, misses on revs (SNA) 29.11 : Reports Q4 (Dec) earnings of $1.01 per share, $0.01 better than the First Call consensus of $1.00; revenues fell 10.1% year/year to $667.8 mln vs the $721.6 mln consensus. The challenges posed by the global economy increased significantly during the fourth quarter, furthering the impact on Snap-on's sales of higher priced products, such as tool storage and vehicle repair equipment. Additional slowdowns in the economies of Europe, particularly Southern Europe, negatively impacted volume at the European-based tools business. Furthermore, the general economic difficulties are now spreading across more industries and to additional geographies, creating more widespread pressure on business activity. In the near term, Snap-on anticipates no change in this environment and, as a result, expects sales and credit originations in the first quarter of 2009 to be down year over year. Additional headwinds in 2009 now include ~$3.0 mln per quarter of higher year-over-year pension expense due to declines in pension asset values. Assuming foreign currency exchange rates remain at recent levels, the company also anticipates approximately $8.0 million of unfavorable foreign exchange impact on first quarter operating earnings.

Earnings - 30th July 2008 (2)

6:30PM Owens-Illinois beats by $0.13, reports revs in-line (OI) 48.06 +0.23 : Reports Q2 (Jun) earnings of $1.35 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.22; revenues rose 10.7% year/year to $2.21 bln vs the $2.2 bln consensus. Co gives outlook saying, "Rising input costs and a slower economy will make the second half of 2008 a tougher operating environment for all packaging manufacturers, including O-I," said Stroucken. "In spite of this, we fully expect that 2008 will be a record year for the Company, as we will continue to be aggressive with our pricing, footprint realignment, Lean Six Sigma and productivity improvement initiatives. In this environment our operational decisions will be largely guided by our cash flow objectives for the year and beyond."

6:28PM AvalonBay beats by $0.02, beats on revs; guides Q3 FFO above consensus; guides FY08 FFO above consensus (AVB) 103.08 +0.83 : Reports Q2 (Jun) funds from operations of $1.26 per share, $0.02 better than the First Call consensus of $1.24; revenues rose 9.0% year/year to $221.8 mln vs the $213.2 mln consensus. Co issues upside guidance for Q3, sees FFO of $1.26-1.30 vs. $1.25 consensus. Co issues upside guidance for FY08, sees FFO of $5.00-5.15 vs. $4.97 consensus.

5:21PM ANDE raises guidance, sees FY08 EPS of $5.00-5.40 vs $4.61 First Call consensus :
Andersons raises FY08 guidance above consensus (ANDE) 42.16 +0.51 : ANDE raises FY08 EPS guidance to $5.00-5.40 vs $4.61 First Call consensus. The increase is primarily attributed to the Plant Nutrient Group's continuing performance trend this year.

5:17PM Circor beats by $0.10, beats on revs; guides Q3 EPS above consensus (CIR) 63.15 +2.96 : Reports Q2 (Jun) earnings of $1.08 per share, $0.10 better than the First Call consensus of $0.98; revenues rose 24.5% year/year to $206.6 mln vs the $194.2 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.90-1.00, excluding non-recurring items, vs. $0.89 consensus.

5:04PM Oceaneering Intl beats by $0.03, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus (OII) 67.62 +3.73 : Reports Q2 (Jun) earnings of $0.93 per share, including a $2.0 mln gain on the sale of the production barge San Jacinto, $0.03 better than the First Call consensus of $0.90; revenues rose 15.8% year/year to $500.1 mln vs the $483.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.90-$1.00 vs. $1.02 consensus. Co issues downside guidance for FY08, sees EPS of $3.45-3.65 vs. $3.68 consensus.


5:03PM Tesoro beats by $0.09, beats on revs (TSO) 16.51 +0.73 : Reports Q2 (Jun) earnings of $0.03 per share, excluding $0.58 loss in derivative positions, and gain of $0.35 in change in accounting, $0.09 better than the First Call consensus of ($0.06); revenues rose 56.2% year/year to $8.75 bln vs the $5.91 bln consensus. Co says in comparison to last year, lower gross refining margins and higher operating costs were met with reduced refining throughput. Co notes in Q1, the company announced its goal to realize approx $750 mln to $1 bln of operating cash flow through reductions in operating costs, capital expenditures and working capital to fund short term debt reductions and the $870 mln capital program, including turnarounds. As of July 30th, there were no borrowings on the revolver and the company had a cash balance of approximately $100 million.

4:38PM SW Energy beats by $0.02, beats on revs (SWN) 35.73 +2.75 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the First Call consensus of $0.37; revenues rose 123.8% year/year to $604.4 mln vs the $474.2 mln consensus. SWN has increased its production guidance for the remainder of 2008, forecasting Q3 47.0-49.0 Bcfe vs. previous guidance of 43.0-44.5; sees Q4 50.0-52.0 Bcfe vs. previous guidance of 44.5-46.0.

4:36PM Concur Tech beats by $0.07, beats on revs; guides Q4 revs in-line; guides FY08 revs in-line (CNQR) 41.59 +0.39 : Reports Q3 (Jun) earnings of $0.19 per share, excluding stock based comp and amortization, $0.07 better than the First Call consensus of $0.12; revenues rose 65.4% year/year to $54.9 mln vs the $53.5 mln consensus. Co issues guidance for Q4, sees EPS of $0.22, excludes items, may not be comparable to $0.13 consensus; sees Q4 revs of $56 mln vs. $55.45 mln consensus. Co issues guidance for FY08, sees EPS of $0.32, excludes items may not be comparable to $0.49 consensus; sees FY08 revs of $214 mln vs. $211.94 mln consensus.

4:32PM Tetra Tech beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY08 EPS above consensus, revs above consensus (TTEK) 24.18 -0.57 : Reports Q3 (Jun) earnings of $0.27 per share, $0.03 better than the First Call consensus of $0.24; revenues rose 39.7% year/year to $564.3 mln vs the $304.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.27-0.29 vs. $0.26 consensus; sees Q4 revs of $325-345 mln vs. $316.27 mln consensus. Co issues upside guidance for FY08, sees EPS of $0.99-1.01 vs. $0.95 consensus; sees FY08 revs of $1.22-1.24 bln vs. $1.19 bln consensus.

4:24PM General Maritime beats by $0.14, beats on revs (GMR) 26.05 +0.99 : Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.55; revenues rose 24.6% year/year to $69.3 mln vs the $64.4 mln consensus.

4:23PM Visa beats by $0.11, beats on revs; reaffirms FY08-10 rev & EPS growth outlook, raises operating margin guidance (V) 78.45 +2.48 : Reports Q3 (Jun) earnings of $0.59 per share, $0.11 better than the First Call consensus of $0.48; revenues rose 18.2% year/year to $1.61 bln vs the $1.55 bln consensus. V reaffirms FY08-10 rev growth outlook of 11-15%; raises FY08-10 op margin guidance. V reaffirms FY08-10 rev growth outlook of 11-15% and annual adjusted diluted EPS growth of 20% or greater. Raises FY08 adjusted operating margin expectation to the mid 40%'s range. Co raises its outlook for FY 2009 and 2010 to annual adjusted operating margin in the mid-to-high 40%'s range. Total processed transactions, which are based on current fiscal third quarter results on Visa's processing system, were 9.5 billion, a 13% increase over the prior year.

4:20PM FormFactor beats by $0.12, beats on revs (FORM) 16.48 +0.36 : Reports Q2 (Jun) loss of $0.34 per share, $0.12 better than the First Call consensus of ($0.46); revenues fell 54.4% year/year to $52 mln vs the $47.2 mln consensus.

4:20PM Genco Shipping & Trading beats by $0.17, beats on revs (GNK) : Reports Q2 (Jun) earnings of $1.95 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.78; revenues rose 183.5% year/year to $104.6 mln vs the $98.4 mln consensus.

4:15PM Flowserve beats by $0.48, beats on revs; raises Y08 guidance (FLS) 134.71 +7.09 : Reports Q2 (Jun) earnings of $1.97 per share, excluding non-recurring items, $0.48 better than the First Call consensus of $1.49; revenues rose 24.4% year/year to $1.16 bln vs the $1.12 bln consensus. Co issues upside guidance for FY08, sees EPS of $7.20-7.50, compared to previous guidance of $5.90-6.20, vs. $6.31 consensus.

4:13PM Las Vegas Sands misses by $0.03, reports revs in-line (LVS) 46.16 +2.12 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.12; revenues rose 81.4% year/year to $1.11 bln vs the $1.11 bln consensus. "Our second quarter results reflect both solid operating performance in Macao and Las Vegas and the measured execution of our global growth and development strategy. In Asia, our efforts to transform Macao into Asia's premier business and leisure destination steadily march forward. The Venetian Macao, the anchor of the Cotai Strip(TM), continues to consistently deliver market-leading visitation to Macao from around the region and the world, while the natural maturation process of the property's operations is now beginning to be reflected in the property's operating results. As we make final preparations for the opening next month of the Cotai Strip's second world-class destination resort, the Four Seasons Macao, we remain focused on the fundamental goal and commitment we share with the people of Macao -- the transformation of Macao into Asia's premier business and leisure destination. We remain confident that the execution of our Cotai Strip development strategy will deliver significant economic benefits to Macao and the entire region, as well as industry-leading returns to our shareholders. In Las Vegas, despite a more challenging economic environment, the combined Venetian and Palazzo complex, the largest integrated destination resort in the world, began to mature and to realize some of the significant operating efficiencies resident in our original master plan. As the Venetian and Palazzo complex continues this maturation process, we believe it is uniquely positioned to deliver strong growth and industry-leading returns in the Las Vegas market for years to come."

4:07PM Digital River beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY08 EPS above consensus, revs above consensus (DRIV) 39.01 +0.26 : Reports Q2 (Jun) earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 25.8% year/year to $98.4 mln vs the $91 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.47 vs. $0.45 consensus; sees Q3 revs of $98.5 mln vs. $96.51 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.00 vs. $1.90 consensus; sees FY08 revs of $410 mln vs. $401.30 mln consensus. "Our core software business continues to perform well, and our ability to translate this success into complementary verticals is paying off. We are making consistent progress extending our e-commerce services and winning new business in consumer electronics and games."

4:07PM Sequenom misses by $0.06, reports revs in-line; reaffirms FY08 revs (SQNM) 21.15 -0.56 : Reports Q2 (Jun) loss of $0.21 per share, $0.06 worse than the First Call consensus of ($0.15); revenues rose 25.5% year/year to $12.8 mln vs the $12.7 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $50-53 mln vs. $51.79 mln consensus. Net loss for FY08 is expected to be $34-36 mln as compared to the previously announced guidance of $30-33 mln; the expected increased loss is primarily reflective of increased stock-based compensation expenses due to the recent increase in our stock price in conjunction with new employee stock option awards, as well as projected legal expenses

4:06PM First Solar beats by $0.27, beats on revs (FSLR) : Reports Q2 (Jun) earnings of $0.85 per share, $0.27 better than the First Call consensus of $0.58; revenues rose 57.2% year/year to $267 mln vs the $216.9 mln consensus.

4:05PM Itron beats by $0.20, beats on revs; guides Q3 revs in-line; raises Y08 guidance range (ITRI) 91.78 -1.20 : Reports Q2 (Jun) earnings of $1.02 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $0.82; revenues rose 27.9% year/year to $514 mln vs the $478.1 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $465-480 mln vs. $471.55 mln consensus. Co raises guidance range for FY08, sees EPS of $3.35-3.50, compared to previous guidance of $3.25-3.45, vs. $3.38 consensus; sees FY08 revs of $1.91-1.95 bln, compared to previous guidance of $1.88-1.93, vs. $1.92 bln consensus.

4:03PM ManTech beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY08 EPS above consensus, revs above consensus (MANT) 56.63 +1.30 : Reports Q2 (Jun) earnings of $0.62 per share, $0.02 better than the First Call consensus of $0.60; revenues rose 33.4% year/year to $465 mln vs the $442.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.63-0.66 vs. $0.62 consensus; sees Q3 revs of $473-488 mln vs. $450.04 mln consensus. Co raises guidance for FY08, sees EPS of $2.46-2.53 vs. $2.44 consensus, up from $2.37-2.47; raises FY08 revs to $1.85-1.88 bln vs. $1.79 bln consensus, up from $1.74-1.80 bln.