Earnings - 10th July 2009

1:32AM Infosys beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY10 EPS above consensus, revs above consensus (INFY) 34.49 : Reports Q1 (Jun) earnings of $0.55 per share, $0.08 better than the First Call consensus of $0.47; revenues fell 2.9% year/year to $1.12 bln vs the $1.07 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.50-0.51 vs. $0.47 consensus; sees Q2 revs of $1.11-1.13 bln vs. $1.08 bln consensus. Co issues upside guidance for FY10, sees EPS of $1.97-2.00 vs. $1.92 consensus; sees FY10 revs of $4.45-4.52 bln vs. $4.38 bln consensus. "We believe that in the short term the global economic environment will continue to be challenging," said S. Gopalakrishnan, CEO.

Earnings - 15th April 2009

4:05PM American Dairy reports FY08 EPS of $0.60 vs $0.46 in FY07; revs increased 17.9% to $193.2 mln (no ests) (ADY) 18.29 +0.49 : Gross profit increased 4.9% to $76.0 million in 2008 from $72.5 million in 2007. Gross margin in 2008 was 39.3%, compared to 44.2% in 2007. Gross profit margin performance reflects the higher contribution of raw milk powder sales in 2008 as well as a general increase in costs of raw materials.

8:47AM Charles Schwab beats by $0.04, beats on revs (SCHW) 16.36 : Reports Q1 (Mar) earnings of $0.19 per share, $0.04 better than the First Call consensus of $0.15; revenues fell 15.0% year/year to $1.11 bln vs the $1.07 bln consensus. Co says, "Our balance sheet remains strong, with $4.3 billion in equity capital, a long-term debt to total capital ratio of 16%, and approximately $950 million in freely available cash. During the quarter, we took advantage of this strength and repurchased $64 million of our long-term debt, recognizing a one-time gain of $26 million pre-tax. Our net revenues for the first quarter were also affected by modest impairment losses of $14 million on some of the mortgage-backed securities collateralized by Alt-A mortgages that we own in our investment portfolios as long-term holdings. Our portfolios included Alt-A backed securities with an amortized cost of $758 million at quarter-end, which represented just under 2% of the company's cash and investments."

8:09AM Peabody Energy misses by $0.43, misses on revs (BTU) : Reports Q1 (Mar) earnings of $0.50 per share, $0.43 worse than the First Call consensus of $0.93; revenues rose 15.3% year/year to $1.46 bln vs the $1.62 bln consensus. The average U.S. realized price per ton was 16 percent above the prior year, led by higher-value contracts. The 50 percent improvement in the Australian price per ton was related to higher realized metallurgical and thermal coal pricing. Realized prices would have been even higher, had metallurgical coal volumes not been sharply reduced due to customer deferrals, weighting the sales mix toward domestic and export thermal products. Cash flows from operations were $219.8 million, increasing cash balances by $77 million from the fourth quarter, to $526.7 million. As expected, global demand for coal remained sluggish in the first quarter, driven by low capacity utilization at steel mills and declines in electricity demand. Forward price curves are higher for all energy products, and Peabody expects a sharp rebound when economies improve given supply reductions and the lack of current investment in future capacity. With continued uncertainty around the economy, steel demand and electricity generation, Peabody is reducing its 2009 production estimates to 185 to 190 million tons in the United States and 20 to 23 million tons in Australia, with total sales of 225 to 245 million tons.Because full-year global and U.S. delivery levels remain uncertain, and seaborne coal settlements and carryover negotiations are ongoing, Peabody will defer providing full-year financial targets. The company's 2009 results will be affected by a number of issues including the longevity of the global economic slump; Australian seaborne coal pricing, volumes and carryover terms; and the potential for additional customer shipment delays.

8:05AM Burger King sees EPS of $0.33-0.35 vs. $0.33 First Call consensus; sees Q3 (Mar) revs of $600 mln vs. $625.79 mln consensus (BKC) 22.68 : Co issues mixed guidance for Q3 (Mar), sees EPS of $0.33-0.35 vs. $0.33 First Call consensus; sees Q3 (Mar) revs of 600 mln vs. $625.79 mln consensus. Earnings per share were negatively impacted by significant traffic declines in the month of March resulting in lower than expected co restaurant margins for the quarter. The negative impact of lower than forecasted company restaurant margins on earnings was more than offset by continued rev growth, improved general and administrative (G&A) costs, lower interest expense and a lower than forecasted tax expense. Worldwide co restaurant margins were lower than expected primarily due to an unanticipated traffic slowdown in the month of March across most company-owned restaurant markets. Co reports worldwide positive comparable sales of 1.0%.

8:03AM Piper Jaffray beats by $0.06, beats on revs (PJC) 27.08 : Reports Q1 (Mar) loss of $0.17 per share, $0.06 better than the First Call consensus of ($0.23); revenues fell 12.3% year/year to $83.9 mln vs the $81.5 mln consensus. Co said, "Revenues rebounded from the fourth quarter. We are seeing a benefit to our financial results from the senior talent we have added and from the disruption in the competitive landscape. For example, we have completed multiple municipal transactions for new clients and are achieving significant improvement in our fixed income sales and trading results. However, our global investment banking businesses remain challenged."

7:19AM Abbott Labs beats by $0.03, misses on revs; guides Q2 EPS in-line; reaffirms FY09 EPS guidance (ABT) 44.71 : Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.70; revenues fell 0.7% year/year to $6.72 bln vs the $7.06 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.87-0.89, excluding non-recurring items, vs. $0.88 consensus. Co reaffirms guidance for FY09, sees EPS of $3.65-3.70, excluding non-recurring items, vs. $3.67 consensus.

1:59AM Infosys beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs below consensus (INFY) 28.76 : Reports Q4 (Mar) earnings of EUR 0.55 per share, excluding non-recurring items, $ 0.01 better than the First Call consensus of EUR 0.54; revenues fell 1.8% year/year to $1.12 bln vs the $1.13 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.47 vs. $0.50 consensus; sees Q1 revs of $1.06-1.08 bln vs. $1.14 bln consensus. Co issues downside guidance for FY10, sees EPS of $1.91-2.00 vs. $2.16 consensus; sees FY10 revs of $4.35-4.52 bln vs. $4.7 bln consensus. Co recommends final dividend of $0.27/ADS for FY09.

Earnings Digest - Jan 12-16 -briefing.com

January 12-16

		Before The Open		Actual		First Call	Yr Ago		Yr/Yr Rev
		Life Partners Holdings	LPHI	0.51		0.61	0.41		45.7%
		After The Close		Actual		First Call	Yr Ago		Yr/Yr Rev
		Alcoa	AA	-0.28	a	-0.10	0.36		-19.1%

		Before The Open		Actual		First Call	Yr Ago		Yr/Yr Rev
		Infosys	INFY	0.56	a	0.55	0.52		8.0%
		InSteel Industries	IIIN	-0.08	a	-0.26	0.23		-6.4%
		After The Close		Actual		First Call	Yr Ago		Yr/Yr Rev
		Linear Tech	LLTC	0.38		0.34	0.46		-13.7%

		After The Close		Actual		First Call	Yr Ago		Yr/Yr Rev
		CLARCOR	CLC	0.56		0.54	0.53		11.6%
		Shuffle Master	SHFL	0.12	a	0.08	0.10		3.7%
		Xilinx	XLNX	0.32	a	0.32	0.35		-3.5%

		JP Morgan Chase	JPM	0.07		0.00	0.86		-.9%
		After The Close		Actual		First Call	Yr Ago		Yr/Yr Rev
		Genentech	DNA	0.95	a	0.96	0.69		24.8%
		Intel	INTC	0.04		0.04	0.38		-22.8%

		Before The Open		Actual		First Call	Yr Ago		Yr/Yr Rev
		Bank of America	BAC	-0.48		0.08	0.05		22.5%
		Charles Schwab	SCHW	0.27		0.26	0.26		-4.5%
		Citigroup	C	-1.72		-1.31	-1.99		-12.8%
		Johnson Controls	JCI	-0.14	a	0.01	0.39		-22.6%
		PPG Industries	PPG	0.41	a	0.40	1.18		.5%

None of these excite me that much. LPHI didnt meet expectations and is not optionable. INFY is worth watching as SAY went under. It is also interesting to note the performance of SHFL but given the performance of casino stocks, this performance in earnings will soon suffer if I have to guess. CLC is OK but I would be interested in PLL instead of CLC. Semis, Banks, Steels and Chemicals are no no for me at the moment. 

Earnings - 13th Jan 2009

6:15PM Itron reaffirms FY08 EPS and revs in-line with consensus (ITRI) 61.50 +0.64 : Co reaffirms FY08 EPS of $3.35-3.45 vs $3.39 First Call consensus. sees revs of $1.91-1.93 bln vs $1.93 bln consensus. Co says, "We talked about the possibility of year-end spending being lower than normal and in fact that happened, so at this point we feel more comfortable with the low end of the ranges for all of the above financial measures based on a tax rate of 26%."

5:44PM Bunge lowers FY08 EPS guidance below consensus; guides FY09 EPS below consensus (BG) 48.17 -0.14 : Co lowers FY08 EPS to $7.70, including an after tax charge of ~$160 mln related to counterparty risk, vs $10.22 First Call consensus, down from $11.60-11.90. Co issues downside FY09 EPS; co sees FY09 EPS of $6.90-7.60 vs $8.00 consensus. Co says, "Weak Q4 results were impacted by soft demand for soybean meal and oil due to challenging economic conditions in our end markets and substitutions of other agricultural commodity products. Farmers were reluctant sellers of crops in expectation of higher prices, while credit constraints affected the Brazilian farm sector and limited sales of fertilizer. Fertilizer segment performance was also impacted by foreign exchange losses of ~$225 mln from the 18% devaluation of the Brazilian real on U.S. dollar-denominated financing of working capital during Q4. Unlike in agribusiness, where inventories are marked to market, offsetting gains in fertilizer inventories are expected to occur in future quarters when these inventories are sold. The co expects to record an after tax charge of ~$160 million related to counterparty risk in its agribusiness segment. Depressed economic conditions and significant declines in agricultural commodity, freight and energy prices mln adversely affected certain customers and counterparties. In Q4, demand fell more than we anticipated. Periods of soft demand are typically short lived in our industry, and we expect to see fundamentals improve during 2009. The USDA forecasts global soybean meal consumption to be flat and vegetable oil to increase 4% in 2009 as compared to 2008. Stocks-to-use ratios of agricultural commodities remain near historically low levels. The recent increase in agricultural commodity prices has improved farm economics. This is encouraging farmers to sell their crops and should stimulate purchases of crop nutrients during the year.

9:06AM HMS Holdings raises full year guidance due to better than forecasted Q4 performance; sees Q4 EPS of $0.24-0.25 vs $0.24 First Call consensus (HMSY) 29.19 : Due to better than forecasted business performance for the 4Q08, the co is revising its 2008 full year EPS guidance from $0.77 to a range of $0.78-0.79 (consensus $0.77). The revised guidance results in a 4Q08 EPS range of $0.24-0.25 (consensus $0.24). The co is not providing any further details regarding the 2008 full year result as it is in its year end closing process.

8:41AM Freeport-McMoRan: Argus cuts '08, '09 estimate to reflect weak copper fundamentals (FCX) 25.44 : Argus notes that due to plunging copper prices, FCX plans to cut production by 200 mln pounds (or 5%) in 2009 and 500 mln pounds (or 11%) in 2010. In addition, the co will suspend its $2 per share annual dividend, saving approximately $755 mln per year. FCX will also reduce its 2009 capital expenditures by $1.1 bln. They are cutting our 2008 EPS estimate to $5.49 from $6.80 (consensus $5.54) and their 2009 estimate to $0.38 from $5.41 (consensus $0.75) to reflect weak copper market fundamentals.

8:34AM InSteel Industries reports better than expected results; reports Q1 loss of $0.08 vs ($0.26) consensus; beats on revs (IIIN) 10.87 : Reports Q1 (Dec) loss of $0.08 per share, excluding inventory write-down, $0.18 better than the First Call consensus of ($0.26); revenues fell 6.4% year/year to $61.8 mln vs the $54.4 mln consensus. Insteel's financial results for the first quarter were also unfavorably impacted by the reduction in shipments, the consumption of higher cost inventory that was purchased earlier in the year and the escalation in unit conversion costs resulting from reduced operating schedules at its manufacturing facilities. Co says, "Our level of visibility remains limited due to the ongoing tightness in the credit markets, the general downturn in the economy and the worldwide collapse of steel prices. Customers continue to be highly conservative with their purchasing activities in view of the weak outlook for construction markets and to minimize their inventories in this volatile pricing environment. Although the timing and magnitude remain uncertain, the substantial increase in federal infrastructure-related funding that is being contemplated by Congress and the incoming Administration could serve to offset the expected weakness in other categories of nonresidential construction, particularly in the commercial sector, which has been the most severely impacted by the economic downturn. As we move into the second quarter, we expect order levels to rise as the rebalancing of customer inventories is completed and demand for our products becomes more closely aligned with actual end user demand. We also expect margins to gradually improve over the remainder of the year as the lower replacement costs for raw materials begin to be reflected in cost of sales and through the cost reduction measures that have been implemented."

7:04AM Cepheid guides revs below consnesus for Q4 & FY09 (CPHD) 8.38 : Co issuesdownside guidance for Q4 (Dec), sees Q4 (Dec) revs of $38 mln vs. $42.56 mln First Call consensus. Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs of $170 mln vs. $174.40 mln consensus. Co issues downside guidance for FY09 (Dec), sees FY09 (Dec) revs of flat compared to FY08 revs of ~$170 mln vs. $198.64 mln consensus. "While interest in our GeneXpert system and expanding menu of Xpert tests continues to grow, ongoing economic turbulence and uncertainty proved to have more of an impact on our customers than we had anticipated..."

6:19AM Infosys beats by $0.01, reports revs in-line; guides Q4 EPS in-line, revs below consensus (INFY) 25.88 : Reports Q3 (Dec) earnings of $0.56 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.55; revenues rose 8.0% year/year to $1.17 bln vs the $1.18 bln consensus. Co issues mixed guidance for Q4, sees EPS of $0.55 vs. $0.55 consensus; sees Q4 revs of $1.128-1.170 bln vs. $1.18 bln consensus.