4:09PM Cisco Systems beats by $0.05, beats on revs (CSCO) 19.61 -0.02 : Reports Q3 (Apr) earnings of $0.30 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.25; revenues fell 16.6% year/year to $8.16 bln vs the $8.07 bln consensus. Cash and cash equivalents and investments were $33.6 billion at the end of the third quarter of fiscal 2009, compared with $26.2 billion at the end of fiscal 2008, and compared with $29.5 billion at the end of the second quarter of fiscal 2009. Co said, "Cisco delivered solid financial performance despite a challenging global economy and period of evolving market dynamics... These results demonstrate our ability to drive operational excellence and manage profitability across varying economic cycles. We will use this period of market transition to align and optimize resources, make strategic investments, move into market adjacencies and enhance relationships with our customers. As we exit the quarter with a compelling financial position and an innovation engine from both a products and business model perspective, we believe we are well-positioned for the eventual economic recovery."
4:09PM EnerNOC beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY09 EPS above consensus, revs in-line (ENOC) 18.63 -0.27 : Reports Q1 (Mar) loss of $0.63 per share, $0.09 better than the First Call consensus of ($0.72); revenues fell 1.1% year/year to $18.4 mln vs the $18.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of ($0.37)-($0.30) vs. ($0.35) consensus; sees Q2 revs of $38-40 mln vs. $37.59 mln consensus. Co issues mixed guidance for FY09, sees EPS of ($1.04)-($0.93) vs. ($1.12) consensus; sees FY09 revs of $160-172 mln vs. $163.21 mln consensus.
4:04PM Blackboard beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY09 EPS below consensus, revs in-line (BBBB) 32.93 -0.10 : Reports Q1 (Mar) earnings of $0.27 per share, $0.02 better than the First Call consensus of $0.25. Co issues mixed guidance for Q2, sees EPS of $0.20-0.26 vs. $0.35 consensus; sees Q2 revs of $87.5-90.5 mln vs. $90.48 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.21-1.38 vs. $1.44 consensus; sees FY09 revs of $365.5-374.5 mln vs. $368.46 mln consensus.
4:03PM MercadoLibre beats by $0.02, misses on revs (MELI) 28.94 +1.05 : Reports Q1 (Mar) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 12.2% year/year to $32.3 mln vs the $32.9 mln consensus.
4:02PM Andersons beats by $0.33, beats on revs (ANDE) 17.50 -0.14 : Reports Q1 (Mar) earnings of $0.27 per share, $0.33 better than the First Call consensus of ($0.06); revenues fell 2.2% year/year to $697 mln vs the $579.1 mln consensus. "In the past we provided an earnings range with our first quarter release, with updates as deemed necessary. After much consideration, however, we have decided to discontinue our practice of giving earnings guidance at this time. In addition to the impact of the unprecedented pressures facing the overall economy, numerous other factors will have a bearing on our full year outcome: weather patterns during the agricultural planting and growing season within our region, volatility of nutrient and energy prices, timing of railcar sales, and the performance of our equity investments, which include the ethanol production plants and Lansing Trade Group."
8:38AM XTO Energy beats by $0.15, beats on revs (XTO) 37.91 : Reports Q1 (Mar) earnings of $0.92 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.77; revenues rose 29.3% year/year to $2.16 bln vs the $2.12 bln consensus. Co said, "Our quarterly results reflect strong old-fashioned performance for XTO Energy.. Our production volumes exceeded expectations, with sequential growth of 3%. The Company's cash flow margins expanded above $6 per Mcfe, as cash costs decreased. We strengthened the balance sheet with debt reduction of about $1.9 billion."
8:20AM US Cellular beats by $0.44, reports revs in-line (USM) 35.03 : Reports Q1 (Mar) earnings of $0.97 per share, $0.44 better than the First Call consensus of $0.53; revenues rose 1.4% year/year to $1.05 bln vs the $1.05 bln consensus. Co said, "We had solid gains in postpay customers, who are the cornerstone of our strategy... These postpay customers make up 95 percent of U.S. Cellular's retail base, and they are buying more of our smart phones and touchscreen phones, and using more of our data services. As a result, we had strong gains in data revenues and increased service revenues despite a loss in roaming revenues resulting from the acquisition of Alltel Corporation by Verizon Wireless. Also, U.S. Cellular has had 14 consecutive quarters of year-over-year ARPU growth. And, we kept churn low--a sign that our customer satisfaction strategy continues to be effective."
8:11AM Lincoln Educational Services beats by $0.16, beats on revs; guides FY09 above consensus (LINC) 14.49 : Reports Q1 (Mar) earnings of $0.22 per share, $0.16 better than the First Call consensus of $0.06; revenues rose 41.2% year/year to $118.6 mln vs the $112.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.25-1.30 vs. $0.95 consensus; sees FY09 revs of $505-515 mln vs. $482.04 mln consensus. "The increase in average student population resulted in operating margin increasing to 9.0% of revenue vs 1.5% in 1Q08... We expect this momentum to continue in Q2 as we began the quarter with approximately 4,500 more students on a same school basis than we had on April 1, 2008. The investments we have made in our business are producing strong results, which we expect to continue throughout the year."
8:03AM Parker Drilling beats by $0.03, beats on revs (PKD) 3.24 : Reports Q1 (Mar) earnings of $0.05 per share, ex-items, $0.03 better than the First Call consensus of $0.02; revenues rose 0.3% year/year to $173.9 mln vs the $156.6 mln consensus. Co states, "The industry outlook for 2009 remains subdued, and will continue to impact the near-term prospects for the Company. Nevertheless, I expect our operating performance to improve as the year progresses, as we gain the benefits of a leaner cost structure; our strong technical, operational and safety leadership and our employee commitment to customer service."
8:03AM Blackstone beats by $0.03, misses on revs (BX) 12.16 : Reports Q1 (Mar) loss of $0.07 per share, excluding non-recurring items, $0.03 better than the First Call consensus of ($0.10); revenues fell 31.2% year/year to $47.1 mln vs the $64.3 mln consensus. Management and Advisory Fees were $344.6 mln, up from $320.8 mln in 1Q08 and down from $389.2 mln in 4Q08. Fee earning assets under management were approx flat at $92.2 bln vs $92.9 bln at March 31, 2008 and up from $91.0 bln at Dec 31, 2008.
7:47AM Diana Shipping beats by $0.01, beats on revs (DSX) 17.20 : Reports Q1 (Mar) earnings of $0.47 per share, $0.01 better than the First Call consensus of $0.46; revenues fell 20.5% year/year to $62.7 mln vs the $60.7 mln consensus. Co says, "In a period of continuing economic uncertainty, Diana Shipping delivered profitable results for the 2009 first quarter by following our time-tested strategies. We have continued to manage our fleet for maximum revenue visibility, we have cultivated relationships with many of the world's leading charterers, and we have maintained a solid balance sheet with a minimal degree of leverage. As a result, we continue to believe that our Company is well-positioned to take advantage of the many opportunities that should arise out of the current turbulence in the dry bulk marketplace. We will continue to employ our strategic discipline, strong financial resources and long-term perspective to create value from such opportunities for the benefit of our shareholders."
7:32AM Transocean beats by $0.24, reports revs in-line (RIG) 72.97 : Reports Q1 (Mar) earnings of $3.75 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $3.51; revenues rose 0.3% year/year to $3.12 bln vs the $3.1 bln consensus. First quarter 2009 results were exclude certain net charges, after tax, totaling $264 million, or $0.82 per diluted share.
7:32AM Almost Family beats by $0.08, beats on revs (AFAM) 26.73 : Reports Q1 (Mar) earnings of $0.68 per share, $0.08 better than the First Call consensus of $0.60; revenues rose 77.4% year/year to $69.2 mln vs the $63 mln consensus. Co says, "We're very pleased to kick 2009 off with such a great start. The strength of our strategic plan continues to be evident in our performance. Our investment in our Senior Advocacy mission which includes improved clinical programs and a commitment to credentialing our care giving staff combined with our investment in the expansion of our marketing staff and efforts have led us to another quarter of double-digit organic admissions growth. We plan to continue our efforts to build on these great results over the balance of the year."
7:27AM Cooper Tire beats by $0.11, beats on revs (CTB) 9.10 : Reports Q1 (Mar) loss of $0.36 per share, $0.11 better than the First Call consensus of ($0.47); revenues rose 18.9% year/year to $679.3 mln vs the $595.7 mln consensus. Co said, "There have been several recent signs of stabilization in tire demand, but the near-term outlook is still pressured by the macroeconomic environment. Raw materials prices are difficult to forecast, but we do not see a return to the extreme price highs of last year. Commodity prices are likely to stabilize during 2009 and then begin to increase as demand for raw materials increases."
7:03AM Quicksilver Resrcs beats by $0.07, reports revs in-line (KWK) 8.86 : Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.09; revenues rose 18.0% year/year to $185.9 mln vs the $184.4 mln consensus. For Q109, average daily production was approximately 332 mln cubic feet of natural gas equivalent (MMcfe) per day compared to approx 211 MMcfe per day for the same period in 2008, an increase of approx 57%. Total production for Q109 was approx 29.8 bln cubic feet of natural gas equivalent (Bcfe) compared to approximately 19.2 Bcfe for Q108. The 2009 production volumes were comprised of approx 73% natural gas, approx 24% natural gas liquids and approx 3% crude oil and condensate. Increased activities at the co's Lake Arlington and Alliance projects in the northern portion of its Fort Worth Basin acreage resulted in increased production of dry gas. Sales of natural gas, NGLs and crude oil increased approx 16% to $183.6 mln in Q109 as compared to $158.4 mln in the 2008 quarter. The increase reflects a 57% increase in equivalent daily production volumes, primarily due to increased production volumes from the Fort Worth Basin in Texas, that more than offset an approximate 25% decrease in the average realized price per Mcfe.
6:55AM Devon Energy beats by $0.20, beats on revs (DVN) 54.48 : Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $0.28; revenues fell 31.8% year/year to $2.03 bln vs the $1.84 bln consensus.
6:52AM Foster Wheeler misses by $0.09, misses on revs (FWLT) 24.04 : Reports Q1 (Mar) earnings of $0.59 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.68; revenues fell 29.6% year/year to $1.26 bln vs the $1.51 bln consensus. Co's backlog decreased to $4.91 bln from $8.95 bln 1Q08. Co says, "In 1Q09, we booked the largest single contract in terms of man-hours in the company's history - for engineering, procurement and construction management of a new oil refinery in India, did not contribute materially to the co's performance in the period. FWLT's net income in 1Q09 was lower than that of the average quarter of 2008 due to a decline in EBITDA in both of our business groups caused by a combination of factors. Non-operating items, mainly unfavorable currency translation in our Global Engineering and Construction Group, amounted to approximately $29 mln relative to the average quarter of 2008. Additionally, the Global E&C Group executed lower volumes of work and experienced unfavorable timing and mix of contracts, and volume-related under-absorption of costs relative to the average quarter of 2008. Our Global Power Group experienced lower volumes of work executed. Finally, our net income for 1Q09 was unfavorably impacted by an effective tax rate that was higher than the average quarter of 2008."
6:35AM Petrohawk Energy reports EPS in-line, beats on revs (HK) 25.16 : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, in-line with the First Call consensus of $0.02; revenues rose 22.6% year/year to $263.5 mln vs the $247.4 mln consensus. Petrohawk's production for the first quarter averaged 412 mln cubic feet equivalent per day (Mmcfe/d), a 14% increase over fourth quarter 2008 and a 58% increase over the same period one year ago. Total production for the first quarter was 37.1 bln cubic feet of natural gas equivalent (Bcfe), 93% of which was natural gas. Based on its increased capital budget and the positive performance of its drilling operations year to date, HK is increasing its previously stated guidance for 2009 average daily production to between 435 and 445 Mmcfe/d, a 44% increase over 2008. Second quarter 2009 production is now expected to average between 425 and 435 Mmcfe/d. HK gained $2.28 per Mcf from hedging, bringing realized natural gas prices to $6.64 per Mcf. The co also gained $5.51 per barrel from its hedging program during the quarter, bringing realized oil prices to $43.61 per barrel.
6:03AM Quanta Services beats by $0.01, misses on revs; guides Q2 EPS below consensus, revs below consensus (PWR) 24.06 : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues fell 12.5% year/year to $738.5 mln vs the $796 mln consensus. Co issuesdownside guidance for Q2, sees EPS of $0.14-0.15 vs. $0.22 consensus; sees Q2 revs of $850-890 mln vs. $970.87 mln consensus.
5:14AM Rex Energy reports Q109 results (REXX) 4.73 : Reports Q1 (Mar) earnings of $0.06 per share, excludes items, $0.13 better than the First Call consensus of ($0.07); revenues increased 5% year/year to $17.18 mln vs the $12.23 mln consensus.
1:51AM Delta Petroleum misses by $0.03, beats on revs (DPTR) 3.13 : Reports Q1 (Mar) loss of $0.25 per share, $0.03 worse than the First Call consensus of ($0.22); revenues fell 57.6% year/year to $27.4 mln vs the $26 mln consensus. For Q109, co reports production of 6.32 bln cubic feet equivalents (Bcfe), an increase of 18% when compared with the Q108. Roger Parker, Chairman and CEO stated, "Delta's financial results for the first quarter continued to reflect depressed commodity prices. However, numerous steps have been taken to reposition the Company for the current industry environment. During the first quarter we laid down our last operating drilling rig on our Piceance Basin properties in order to significantly reduce 2009 drilling capital expenditures. Additional cost control initiatives implemented at the end of the quarter include a more than one-third reduction in personnel and a 20% salary reduction for executive officers, directors and certain members of senior management. Other general and administrative expenses have been reduced and should continue to decline during the balance of the year. Benefits from our cost-cutting efforts should be evident in the Company's second quarter financial results."
