Refiners - Ready to Fire up!

Source: Reuters

"As we begin the spring and summer driving season, we are cautiously optimistic in our outlook for margins as a result of inventory draws, increased gasoline demand and continued low refinery utilization rates," Western Refining said.

POSITIVE RESULTS

Sunoco posted a net income of $59 million, or 50 cents a share, for the first-quarter ending March 31, higher than analysts' estimate of 33 cents a share, according to Reuters Estimates. [ID:nWNAB4773]

Tesoro's net earnings for the quarter were $51 million, or 37 cents a share, compared with a net loss of $82 million, or 60 cents a share, a year earlier. Analysts on average had forecast earnings of 40 cents a share. [ID:nWNAB4728]

Alon USA's net income for the first quarter was 17.4 million, or 37 cents a share, versus a loss of $33.6 million, or 72 cents a share last year, and better than Wall Street's expectation for a 33 cents per share profit. [ID:nWNAB4722]

Western Refining Inc earned 86 cents a share in the first quarter, higher than analysts' average forecast for earnings of 84 cents a share, according to Reuters Estimates.[ID:nBNG41202]

CVR's earnings excluding unrealized loss from a cash flow swap was 50 cents a share, compared with analysts estimate of 38 cents a share, according to Reuters Estimates.[ID:nBNG102169]

Sunoco shares were trading up 0.2 percent at $31.50, after having closed at $31.44 on the New York Stock Exchange.

Tesoro was down 2.4 percent at $18.45, while Alon was flat at $14.69.

Western Refining shares closed up 11 percent at $15.43 and CVR closed down 4.8 percent at $7.96.

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I am long SUNHJ- SUN Aug 35 calls as I expect that SUN will catch up with its peers and the whole sector is going to rally into Summer. HES, ALJ, FTO, MRO and COP could also be considered as good refining plays! 

PankaJ

Earnings - 5th March 2009

5:37PM Intrepid Potash reports EPS in-line, beats on revs (IPI) 17.04 -0.69 : Reports Q4 (Dec) earnings of $0.30 per share, in-line with the First Call consensus of $0.30; revenues rose 41.2% year/year to $79.5 mln vs the $77.7 mln consensus. The average net realized sales price for potash in Q4 2008 increased to $762 per short ton ($840 per metric tonne) compared to $224 per short ton ($247 per metric tonne) in the same period of 2007. Potash sales in the fourth quarter were 94,000 short tons compared to 215,000 short tons in the fourth quarter of 2007. Potash production in the quarter decreased to 201,000 short tons compared to 217,000 short tons produced in Q4 of 2007. Average net realized sales price for langbeinite, which we market under the registered name of Trio(R) increased to $323 per short ton ($356 per metric tonne) in the fourth quarter of 2008 compared to $137 per short ton ($151 per metric tonne) in the fourth quarter of 2007. Co says, "we are approaching 2009 thoughtfully and are focused on maintaining the strength of our balance sheet which allows us to retain a strong marketing position as it relates to the price of potash. We intend to accomplish this by managing production volumes and cash and by adjusting our capital programs appropriately throughout the year. Although we believe that long-term potash fundamentals are solid, we expect the near-term market conditions to remain erratic and unpredictable. The potash market will guide business decisions in 2009, specifically those related to production and capital allocation."

4:08PM Fuel Systems Solutions reports Q4 (Dec) results, misses on revs; guides FY09 revs below consensus (FSYS) 19.11 -0.38 : Reports Q4 (Dec) earnings of $0.04 per share, may not be comparable to the First Call consensus of $0.41. Net income for the fourth quarter of 2008 included a $1.1 million increase in the provision for the loan receivable from the company's unconsolidated WMTM joint venture, a $1.0 million in foreign currency exchange loss, a $900,000 increase in provision for accounts receivable, and $800,000 in costs related to the acquisition of DS; revenues rose 5.8% year/year to $84.3 mln vs the $91 mln consensus. Co issues downside guidance for FY09, sees FY09 revs of $330-360 mln vs. $418.54 mln consensus. As such, the company is targeting 2009 gross margin between 25.0% and 27.0% and 2009 operating margin to be between 10.0% and 12.0%.

4:07PM Union Drilling beats by $0.05, beats on revs (UDRL) 2.58 -0.39 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.14; revenues rose 20.0% year/year to $80.9 mln vs the $78.8 mln consensus. "The severe decline in our stock price below book value per share over the last few months of 2008 required us to take an impairment charge for the $7.9 million of goodwill on our balance sheet, which resulted in Union Drilling reporting a net loss for the quarter. However, our conservative balance sheet and term contract cover provided us with the ability to take advantage of the depressed stock price through our share repurchase program. Approximately nine percent of the equity in the Company was purchased for less than the cost of a new drilling rig. We will continue to assess the merits of further share repurchases in this declining environment."

4:06PM ArcSight beats by $0.13, beats on revs; guides Q4 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs above consensus (ARST) 8.79 +0.15 : Reports Q3 (Jan) earnings of $0.21 per share, $0.13 better than the First Call consensus of $0.08; revenues rose 31.4% year/year to $36.4 mln vs the $32.7 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.09-0.15 vs. $0.10 consensus; sees Q4 revs of $34-38 mln vs. $33.84 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.41-0.48 vs. $0.29 consensus; sees FY09 revs of $130.9-134.9 vs. $127.34 mln consensus. Co says, "Enterprises and govt agencies place great value on protecting their businesses, assets, and services whether in robust or difficult economic times. In our view, this important and resilient value proposition is supported by our continued strong growth in our first year as a public co."

4:02PM Cooper Cos beats by $0.14, beats on revs; guides FY09 EPS in-line, revs in-line (COO) 19.21 -0.95 : Reports Q1 (Jan) earnings of $0.53 per share, $0.14 better thanthe First Call consensus of $0.39; revenues rose 3.5% year/year to $251.1 mln vs the $245 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.16-$2.36 vs. $2.21 consensus; sees FY09 revs of $1.03-$1.10 bln vs. $1.07 bln consensus.

8:06AM Cornell Corr reports Q4 EPS of $0.50 vs $0.40 First Call consensus; revs of $101.5 mln vs $101.53 mln First Call consensus (CRN) 13.99 : Cornell Corr sees Q1 EPS of $0.30-0.34 vs $0.34 First Call consensus; Cornell Corr sees FY09 EPS of $1.64-1.72 vs $1.60 First Call consensus.

8:05AM Lincoln Educational Services beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs above consensus (LINC) 15.56 : Reports Q4 (Dec) earnings of $0.51 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.44; revenues rose 18.8% year/year to $107.3 mln vs the $103.3 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.05-0.07 vs. $0.01 consensus; sees Q1 revs of $112-114 mln vs. $103.39 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.90-0.95 vs. $0.86 consensus; sees FY09 revs of $476-486 mln vs. $446.16 mln consensus.

8:03AM Western Refining beats by $0.08, misses on revs (WNR) 11.22 : Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.41; revenues fell 31.5% year/year to $1.66 bln vs the $2.16 bln consensus. "Refining margins in our markets are typically weaker in the first quarter. However, they were strong in the months of January and February and we expect to have continued strong margins in our markets in the month of March as we move into the driving season... With the improvements we have made at our refineries and the robust margins we have experienced to date in the quarter, the first quarter of 2009 has the potential to be one of our most profitable quarters."

7:33AM China Security and Surveillance misses by $0.04, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 3.11 : Reports Q4 (Dec) earnings of $0.49 per share, $0.04 worse than the First Call consensus of $0.53; revenues rose 70.4% year/year to $143.5 mln vs the $129.4 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.17 consensus; sees FY09 revs of $600-630 mln vs. $572.44 mln consensus. offerings. Co says "... while our pricing and profitability remain firm in the government sector, we nevertheless experienced price erosions in our corporate segment, due to higher emphasis on cost controls by many of our corporate customers. As such, while we continue to project healthy demand and revenue growth over the next 12 months, we are focused on further integrating our operations and generating greater synergies across our portfolio of technologies, products, and subsidiaries. We are also focused on increasing our manufacturing and administrative efficiencies through targeted cost savings initiatives.''

7:04AM Fuel-Tech misses by $0.01, beats on revs (FTEK) 8.28 : Reports Q4 (Dec) loss of $0.02 per share, $0.01 worse than the First Call consensus of ($0.01); revenues fell 44.4% year/year to $18.1 mln vs the $16.5 mln consensus. Co said, "While we are reasonably encouraged about our business prospects for 2009, especially in the wake of the re-instatement of CAIR and the resulting strong start to our 2009 APC orders, we are mindful of the severe economic stress on many of our customers. We believe that both our revenues and profits in 2009 will exceed our 2008 results, but we think it is just too early in the year for us to more definitively quantify those estimates in a meaningful way. We will consider providing more definitive estimates on our future quarterly earnings conference calls."

7:03AM Family Dollar reports February same-store sales increased 6.4%; sees Q2 EPS of $0.59-0.61 vs $0.51 First Call consensus (FDO) 27.27 :  

6:59AM SXC Health Solutions beats by $0.14, beats on revs; guides FY09 EPS above consensus, revs in-line (SXCI) 19.21 : Reports Q4 (Dec) earnings of $0.28 per share, excluding amortization of NMHC acquisiton, $0.14 better than the First Call consensus of $0.14; revenues rose 1143.2% year/year to $292.8 mln vs the $280.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.99-1.08 vs. $0.77 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.21 bln consensus. Co sees adjusted Ebitda of $51.0-54.0 mln.

6:06AM Urban Outfitters misses by $0.04, misses on revs (URBN) 15.97 : Reports Q4 (Jan) earnings of $0.24 per share, $0.04 worse than the First Call consensus of $0.28; revenues rose 9.2% year/year to $508.1 mln vs the $515.3 mln consensus. For Q4, gross profit margin declined by 555 basis points, vs the prior year's comparable period. This decrease is primarily due to a higher rate of applied and anticipated merchandise markdowns to clear seasonal inventory.

1:26AM Middleby beats by $0.15, misses on revs (MIDD) 21.47 : Reports Q4 (Dec) earnings of $1.04 per share, $0.15 better than the First Call consensus of $0.89; revenues rose 3.8% year/year to $151 mln vs the $161.1 mln consensus.

Earnings - 7th Aug 2008 (1)

7:06AM Aecom Tech beats by $0.02, beats on revs; raises Y08 guidance (ACM) 28.82 : Reports Q3 (Jun) earnings of $0.37 per share, $0.02 better than the First Call consensus of $0.35; revenues rose 20.0% year/year to $1.32 bln vs the $1.24 bln consensus. Co raises guidance for FY08, sees EPS of $1.34-1.37, compared to previous guidance of $1.30-1.34, vs. $1.35 consensus.

7:05AM Linn Energy beats by $0.13, beats on revs (LINE) 19.50 : Reports Q2 (Jun) earnings of $0.70 per share, $0.13 better than the First Call consensus of $0.57; revenues rose 45.3% year/year to $255.5 mln vs the $230.1 mln consensus. The co also announced it took advantage of the increase in crude oil prices by locking in these gains in the form of put strike increases. The Company increased the weighted average put strike price from $72.13 to $120.00 per barrel in 2009 and from $70.56 to $110.00 per barrel in 2010 for a total cost of $60.6 mln

7:05AM Sally Beauty beats by $0.03, beats on revs (SBH) 7.62 : Reports Q3 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.10; revenues rose 6.5% year/year to $676.3 mln vs the $669.2 mln consensus.

7:02AM Western Refining misses by $0.04 (WNR) 7.28 : Reports Q2 (Jun) earnings of $0.24 per share, excluding non-cash charge, $0.04 worse than the First Call consensus of $0.28.

7:01AM King Pharms misses by $0.02, reports revs in-line (KG) 12.25 : Reports Q2 (Jun) earnings of $0.30 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.32; revenues fell 26.9% year/year to $397 mln vs the $397.3 mln consensus.

6:40AM Fluor awarded two Valero hydrocracker projects totaling $1.2 bln (FLR) 76.70 : Co announces it signed contracts with Valero Energy to provide engineering, procurement, construction and construction management services for its Unified Hydrocracker Program projects at its St. Charles, La., and Port Arthur, Texas refineries. The contracts for the HCU Program expansion projects totaling $1.2 billion were booked in the second quarter of 2008.

6:34AM Warner Music Group beats by $0.12, beats on revs (WMG) 8.44 : Reports Q3 (Jun) loss of $0.06 per share, $0.12 better than the First Call consensus of ($0.18); revenues rose 5.5% year/year to $848 mln vs the $769 mln consensus.

6:33AM Carrizo Oil & Gas beats by $0.01, beats on revs (CRZO) 47.14 : Reports Q2 (Jun) earnings of $0.62 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.61; revenues rose 97.0% year/year to $64.8 mln vs the $62.1 mln consensus.

6:30AM Urban Outfitters Q2 comp sales increase 13% (URBN) 32.60 : Co reports total co sales increased by 30% over the same period last year to $454.3 mln. Comparable store sales at Anthropologie, Free People and Urban Outfitters rose 7%, 10% and 19%, respectively, for a combined increase of 13%.

6:22AM Kaiser Alum misses by $0.02, misses on revs (KALU) 50.62 : Reports Q2 (Jun) earnings of $1.12 per share, $0.02 worse than the First Call consensus of $1.14; revenues rose 7.4% year/year to $413.5 mln vs the $426.7 mln consensus.

6:11AM Superior Well Services beats by $0.14, beats on revs (SWSI) 28.79 : Reports Q2 (Jun) earnings of $0.41 per share, $0.14 better than the First Call consensus of $0.27; revenues rose 41.2% year/year to $119.7 mln vs the $103 mln consensus.

6:10AM Pioneer Drilling beats by $0.09, beats on revs (PDC) 14.78 : Reports Q2 (Jun) earnings of $0.38 per share, $0.09 better than the First Call consensus of $0.29; revenues rose 34.5% year/year to $152.5 mln vs the $147 mln consensus.

6:06AM MetroPCS reports EPS in-line, revs in-line (PCS) 17.70 : Reports Q2 (Jun) earnings of $0.17 per share, excluding impairment charge, in-line with the First Call consensus of $0.17; revenues rose 23.2% year/year to $678.8 mln vs the $679.1 mln consensus. Co reports quarterly net subscriber additions of approx 184,000. Churn of 4.5% was down 30 bps y/y. For the year ending December 31, 2008, co reaffirms guidance originally provided on November 14, 2007, of net subscriber additions in the range of 1.25 mln to 1.52 mln on a consolidated basis, with 250,000 to 320,000 in the Core Markets and 1.0-1.2 mln in the Expansion Markets, which includes 75,000 to 125,000 in the Auction 66 Markets.

6:00AM Big Lots reports Q2 comparable store sales increase of 2.8% (BIG) 32.07 : Co reports Q2 retail sales for fiscal quarter ended August 2, 2008 increased 1.9% to $1,095.9 mln, compared to $1,075.4 mln for Q207. Comparable store sales for stores increased 2.8% for Q208.

5:16AM Canadian Natrl Res beats by $0.49, beats on revs (CNQ) 75.65 : Reports Q2 (Jun) earnings of $1.78 per share, excluding non-recurring items, $0.49 better than the First Call consensus of $1.29; revenues rose 62.2% year/year to $5.11 bln vs the $2.8 bln consensus.

5:09AM Portland Gen Elec beats by $0.05, beats on revs; guides FY08 EPS above consensus (POR) 23.30 : Reports Q2 (Jun) earnings of $0.63 per share, $0.05 better than the First Call consensus of $0.58; revenues rose 5.7% year/year to $425 mln vs the $419 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.85-1.95 vs. $1.80 consensus.

5:08AM Medifast beats by $0.02, beats on revs (MED) 5.28 : Reports Q2 (Jun) earnings of $0.11 per share, $0.02 better than the First Call consensus of $0.09; revenues rose 25.0% year/year to $27.5 mln vs the $24 mln consensus. Management expects to be able to meet or exceed previously issued guidance for revenue growth for FY08 in the range of 8-10%; and diluted EPS growth in the range of 30-35% for the year ended December 31, 2008.

1:24AM ATP Oil & Gas misses by $0.04, misses on revs (ATPG) 27.71 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.90; revenues rose 45.1% year/year to $191.8 mln vs the $199.9 mln consensus. Oil and gas production increased 26% to 3.1 MMBoe for Q208.

12:55AM Alon USA Energy misses by $1.01, misses on revs (ALJ) 8.63 : Reports Q2 (Jun) loss of $1.27 per share, excluding non-recurring items, $1.01 worse than the First Call consensus of ($0.26); revenues rose 4.8% year/year to $1.24 bln vs the $1.8 bln consensus.

12:38AM Comp Vale Do Rio beats by $0.07, misses on revs (RIO) 26.68 : Reports Q2 (Jun) earnings of $1.02 per share, $0.07 better than the First Call consensus of $0.95; revenues rose 22.5% year/year to $10.9 bln vs the $12.14 bln consensus.

12:35AM American Railcar Industries misses by $0.08, beats on revs (ARII) 20.77 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.41; revenues fell 2.2% year/year to $204.5 mln vs the $183 mln consensus.