Earnings - 24th Feb 2009

5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."

5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."

5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.

4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."

4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.

4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.

4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."

4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.

9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."

8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.

8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.

8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."

8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.

8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.

7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."

6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."

6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.

6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.

12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.

Earnings - 22nd July 2008 (2)

4:59PM Zimmer Hldgs misses by $0.04, reports revs in-line; lowers FY08 EPS and revs guidance (ZMH) 70.88 +0.52 : Reports Q2 (Jun) earnings of $0.99 per share, $0.04 worse than the First Call consensus of $1.03; revenues rose 11.3% year/year to $1.08 bln vs the $1.07 bln consensus. Co lowers guidance for FY08, sees EPS of $4.05-4.10, down from previous guidance of $4.20-4.25, vs. $4.19 consensus; sees FY08 revs growth of 8.5-9% (which calculates to ~$4.23-4.25 bln vs. $4.28 bln consensus), down from previous guidacne of 10-11%.

4:59PM Broadcom on call sees Q3 revs of $1.25-1.3 bln vs $1.16 bln First Call consensus (BRCM) 27.64 +0.20 :

4:30PM Axsys Technologies beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (AXYS) 63.32 -1.43 : Reports Q2 (Jun) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues rose 40.4% year/year to $60.3 mln vs the $56.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.09-2.15, previous $1.88-1.92, vs. $1.92 consensus; sees FY08 revs of $237-241 mln, previous $224-228 mln, vs. $227.91 mln consensus.

4:23PM ADC Telecom lowers FY08 revenue guidance, sees Q3 revs below Q2 revs; lowers FY08 EPS (ADCT) 13.37 +0.24 : Co lowers FY08 revs guidance to $1.50-1.52 bln vs $1.53 bln consensus, down from $1.52-1.54 bln prior guidance. Co sees Q3 revs 3-5% below Q2 revw, which equates to ~$383.2-391.3 vs $403.9 mln consensus. Co lowers FY08 GAAP EPS to $1.12-1.20, excludes $0.94 in charges, vs $1.33 consensus. Co says due to the change in sales volume and product mix, ADC's gross margins in 2008 are now expected to be around 34% for the second half and around 35% for the full year compared to previous guidance of 36% for the full year... says "the updated financial outlook primarily reflects lower sales of copper and fiber connectivity products in the United States resulting mainly from customers' recent budget reviews and ordering patterns, as well as the resulting effects on original equipment manufacturers' demand for ADC products. "We remain firmly committed to managing our business strategically for the long term, but the inherent short-lead time nature of our business sometimes results in quarter-to-quarter market-related movements, up or down, in our sales expectations."

4:22PM PPD Inc. beats by $0.02, beats on revs (PPDI) 40.95 : Reports Q2 (Jun) earnings of $0.41 per share, $0.02 better than the First Call consensus of $0.39; revenues rose 16.3% year/year to $407 mln vs the $374.2 mln consensus. "I am very pleased with our financial and operating performance for the quarter," said Fred Eshelman, chief executive officer of PPDI. "The management team made substantial progress on various internal initiatives, as evidenced by the expansion in our development segment operating margin, robust cash flow, improved DSO and solid earnings." Eshelman added, "We believe the market for CRO services is strong, even though our new authorizations came in lower than expected for the quarter. Request-for-proposal volume remains high, and we will continue to focus our efforts on operational excellence and sales execution."

4:18PM VMware reports EPS in-line, revs in-line; guides Q3 & FY08 revs below consensus (VMW) 37.97 +1.03 : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues rose 53.7% year/year to $456.1 mln vs the $458.6 mln consensus. Q2 non-GAAP operating margins 24.6% vs. the 24.4% Street expectation and 24.3% in Q1. Co issues downside guidance for Q3, sees Q3 revs of $462-468 vs. $497.34 mln consensus. VMW says 2008 revenues are targeted to grow approximately 42-45% compared to 2007 vs consensus ests of ~48% (42-45% growth equates to $1.88-1.92 bln vs $1.96 bln consensus). VMW says Q3 GAAP operating margin is targeted to be between 11-13% (no ests).

4:17PM Washington Mutual misses by $2.29 (WM) 5.86 +0.38 : Reports Q2 (Jun) loss of $3.34 per share, excluding $3.24 related to the co's capital issuance in April, $2.29 worse than the First Call consensus of ($1.05). Co increased its loan loss reserves by $3.74 bln to $8.46 bln. The quarter's provision was $5.9 bln compared with $2.2 bln of net charge-offs. The co now expects the remaining cumulative losses in its residential mortgage portfolios to be toward the upper end of the range it disclosed in April, and continues to expect 2008 to be the peak year for provisioning. Co now expects to realize annualized cost savings of approx $1 bln which will contribute to improved pretax, pre-provision earnings. The co's tangible equity to total tangible assets capital ratio increased during Q2 to 7.79% from 6.40% in Q1, resulting in approx $7 bln of capital in excess of its targeted 5.50%. The increase reflects the effects of the $7.2 bln capital raise, the reduction of the co's balance sheet by $10 bln and the loss for the quarter. The co had over $40 bln of readily available liquidity at quarter end.

4:17PM Norfolk Southern beats by $0.13, beats on revs (NSC) 65.69 +2.15 : Reports Q2 (Jun) earnings of $1.18 per share, $0.13 better than the First Call consensus of $1.05; revenues rose 16.3% year/year to $2.77 bln vs the $2.65 bln consensus. "Norfolk Southern delivered record financial results during the quarter, reporting continuing strength in our coal, agriculture, and metals markets," said Norfolk Southern CEO Wick Moorman. "Looking ahead, our franchise should continue to benefit from a broad and balanced customer base as well as from rail's inherent advantages over other transportation modes - safety and reliability, fuel efficiency, and environmental sustainability."

4:11PM E*TRADE misses by $0.05, beats on revs (ETFC) 4.05 : Reports Q2 (Jun) loss of $0.19 per share, $0.05 worse than the First Call consensus of ($0.14); revenues fell 15.9% year/year to $342.8 mln vs the $332.5 mln consensus. "While economic conditions are still challenging, we consider loan delinquency trends to be encouraging." Total delinquencies increased by 9 percent or $111 mln during the quarter, representing the slowest increase in four quarters. Home equity loan delinquencies increased by 4% or $25 mln during the quarter, down from an increase of 8 percent in the prior quarter. Provision for loan losses increased by $85 mln quarter over quarter, driven primarily by an increase in home equity-related charge-offs. Total allowance for loan losses increased to $636 mln, as provision exceeded charge-offs by $70 mln during the quarter. The Company increased its allowance for loan losses across all three categories of its loan portfolio. "While the current economic environment may impede our expectations to return to profitability from continuing operations this year, we are executing well on our Turnaround Plan and continue to make progress toward returning to profitability."

4:06PM Intuitive Surgical beats by $0.10, beats on revs (ISRG) : Reports Q2 (Jun) earnings of $1.28 per share, $0.10 better than the First Call consensus of $1.18; revenues rose 56.3% year/year to $219.2 mln vs the $208.6 mln consensus. Intuitive ended the second quarter of 2008 with cash, cash equivalents and investments of $740 million, up $104 million from December 31, 2007.

4:04PM Edwards Lifesci beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus, revs above consensus (EW) 65.25 +0.10 : Reports Q2 (Jun) earnings of $0.66 per share, $0.02 better than the First Call consensus of $0.64; revenues rose 20.2% year/year to $327.6 mln vs the $311.9 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.56 consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.58 vs. $2.50 consensus; sees FY08 revs of $1.24-1.28 bln vs. $1.23 bln consensus. "... all of our franchises reported double-digit sales growth. This quarter was also highlighted by the strong uptake of our Edwards SAPIEN valve in Europe where procedural success continues to be impressive. Our base heart valve business, which excludes transcatheter heart valve sales, performed well this quarter, driven by strong double-digit international sales growth and improved U.S. performance..."

8:38AM Avery Dennison beats by $0.03, beats on revs; guides FY08 EPS below consensus (AVY) 45.24 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.00; revenues rose 20.0% year/year to $1.83 bln vs the $1.8 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.75-3.95, excluding non-recurring items, compared to previous guidance of $4.00-4.30, vs. $4.03 consensus. Co is reducing its Y08 guidance primarily due to a significant increase in inflation expectations coupled with greater economic weakness. To help offset the impact of inflation, co accelerated productivity efforts and is raising prices. However, expectations for raw material inflation in Y08 have risen to approx $110 mln, representing a 60% increase since April. Because the majority of the benefit from pricing actions is expected to materialize later in the year, raw material inflation will significantly outpace price increases realized in the full year. Co's earnings expectations reflect revenue flat to slightly down on an organic basis for Y08. Slowing in European and Asian markets is expected, in addition to the slower U.S. market.

8:37AM AK Steel beats by $0.14, beats on revs (AKS) 51.06 : Reports Q2 (Jun) earnings of $1.29 per share, $0.14 better than the First Call consensus of $1.15; revenues rose 19.6% year/year to $2.24 bln vs the $2.10 bln consensus. Co says the yr-over-yr operating profit improvement was primarily due to higher spot market shipments and overall higher selling prices in all markets, coupled with continued strong cost controls. Co does not provide specific EPS guidance for Q3, but says it expects shipments of 1.55 mln tons which will be lower than Q2 due to seasonally lower automotive shipments and a planned five-day outage at its Middletown Works hot strip mill. The co also expects higher raw material and energy costs in Q3. Average per-ton selling prices should rise 10% sequentially in Q3.

8:36AM XTO Energy beats by $0.04, beats on revs (XTO) 57.98 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.05; revenues rose 45.7% year/year to $1.94 bln vs the $1.85 bln consensus. Second quarter 2008 daily gas production averaged 1.80 Bcf, up 35% from second quarter 2007 daily production of 1.33 Bcf. Daily oil production for the second quarter was 51.3 thousand barrels, an 11% increase from the second quarter 2007 level of 46.1 thousand barrels. During the quarter, natural gas liquids production was 15.6 thousand barrels per day, a 3% increase from the prior year quarter rate of 15.2 thousand barrels per day.

8:32AM USG Corp beats by $0.09, beats on revs (USG) 26.02 : Reports Q2 (Jun) loss of $0.27 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.36); revenues fell 11.2% year/year to $1.25 bln vs the $1.21 bln consensus. Co said, "The steep decline in the U.S. housing market, combined with unprecedented increases in the cost of key raw materials and energy, resulted in losses in our core wallboard business... Our other businesses are performing reasonably well, despite their own challenging market conditions."

8:11AM PACCAR beats by $0.02, beats on revs (PCAR) 42.72 : Reports Q2 (Jun) earnings of $0.86 per share, $0.02 better than the First Call consensus of $0.84; revenues rose 10.3% year/year to $3.78 bln vs the $3.72 bln consensus.

8:08AM Wabtec beats by $0.04, beats on revs; guides FY08 EPS above consensus, revs in-line (WAB) 53.40 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65. Co raises guidance for FY08, sees EPS of $2.65 vs. $2.61 consensus, from $2.55 previously; sees FY08 revs of $1.52-1.55 bln vs. $1.55 bln consensus, from high-single-digits previously. "Although we remain cautious about the economic outlook in the U.S. and abroad, we are confident in our growth prospects for the rest of 2008 and beyond."