Earnings - 30th April 2009(1)

7:10AM Genesis Lease beats by $0.02, reports revs in-line (GLS) 3.77 : Reports Q1 (Mar) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues rose 4.5% year/year to $57.1 mln vs the $56.9 mln consensus.

7:09AM Procter & Gamble beats by $0.04, misses on revs; guides FY09 EPS in-line (PG) 50.42 : Reports Q3 (Mar) earnings of $0.84 per share, $0.04 better than the First Call consensus of $0.80; revenues fell 8.0% year/year to $18.4 mln vs the $18.91 bln consensus. Co is comfortable with analysts' current consensus earnings per share estimate of $4.22, with a range of $4.20-4.25.  For the 2009 fiscal year, the Company expects organic sales to grow by two to three percent. Net sales are expected to be down two to four percent driven primarily by unfavorable foreign exchange of about five percent (consensus is for total revs to decline by ~3%). Operating margin, which includes about 50 basis points of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year.

7:07AM China Security and Surveillance beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 6.05 : Reports Q1 (Mar) earnings of $0.30 per share,$0.01 better than the First Call consensus of $0.29; revenues rose 34.3% year/year to $96.4 mln vs the $87.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.11 consensus; sees FY09 revs of $600-630 mln vs. $601.21 mln consensus.

7:05AM Sepracor beats by $0.16, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (SEPR) 14.44 : Reports Q1 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.69; revenues rose 2.9% year/year to $330.2 mln vs the $328.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.10-2.70, excluding non-recurring items, vs. $2.43 consensus; sees FY09 revs of $1.15-1.25 bln vs. $1.21 bln consensus.

7:04AM Digital Realty Trust beats by $0.03, beats on revs (DLR) 37.41 : Reports Q1 (Mar) funds from operations of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 30.2% year/year to $149.1 mln vs the $147.2 mln consensus.

7:02AM Natus Medical beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs below consensus (BABY) 8.50 : Reports Q1 (Mar) earnings of $0.03 per share, $0.01 better thanthe First Call consensus of $0.02; revenues fell 9.5% year/year to $33.4 mln vs the $33.3 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.05-0.06 vs. $0.07 consensus; sees Q2 revs of $34.5-35.5 vs. $36.98 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.31-0.34 vs. $0.37 consensus; sees FY09 revs of $143-146 vs. $151.69 mln consensus. "The severe worldwide economic downturn that started to impact our business in December 2008 continued to influence our results for the first quarter of 2009. In the quarter, we had been working on several large orders that were not placed as hospitals continue to reduce capital equipment expenditures. We believe that these orders have been pushed out and not lost. However, the exact timing of these orders remains uncertain."

7:02AM Colgate-Palmolive beats by $0.01, misses on revs (CL) 59.71 : Reports Q1 (Mar) earnings of $0.97 per share, $0.01 better than the First Call consensus of $0.96; revenues fell 5.7% year/year to $3.5 bln vs the $3.6 bln consensus. Co says "We are delighted to begin 2009 with continued strong top-line momentum with organic sales increasing 8.0%. Also, our gross margin, operating margin and net profit as a percent to sales increased during the quarter, despite difficult economic conditions worldwide. Our cost-cutting and efficiency programs as well as increased pricing more than offset the impact during the quarter of higher raw and packaging material costs worldwide and the strengthening dollar.... Looking ahead, we have a very full new product pipeline for the balance of the year, which should contribute to positive unit volume growth in the second quarter and for the full year. We expect our strong organic sales growth to continue, driven by both positive volume and higher pricing.... The benefits of recently easing commodity and oil prices have begun to flow through and should build as the year goes on. This, coupled with the higher pricing and our ongoing aggressive savings programs, should offset the expected impact of the stronger dollar on raw and packaging material costs, indicating that gross profit margin should increase as the year progresses and be up at least at the high end of our targeted range of 75 to 125 basis points for the full year 2009. Overall, we are comfortable with external profit expectations for both the second quarter and the year." (Briefing.com note: Q2 consensus is $1.05/3.769 bln and FY09 consensus is $4.21/15.079 bln)

6:38AM LKQ Corp beats by $0.02, reports revs in-line; guides FY09 EPS in-line (LKQX)16.35 : Reports Q1 (Mar) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 5.3% year/year to $518 mln vs the $522.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.86 vs. $0.82 consensus. Organic revenue growth, excluding Other Revenue which will continue to be impacted by weak commodity prices, is projected to grow at a rate of 6% to 8%. 

6:33AM Dow Chemical beats by $0.33, misses on revs (DOW) 13.51 : Reports Q1 (Mar) earnings of $0.12 per share, excluding excluding pretax charge of $19 mln for additional severance related to the fourth quarter of 2008 restructuring; $48 mln in pretax transaction costs related to the acquisition of Rohm and Haas Company; and the Company's $29 mln share of a restructuring charge recognized by Dow Corning Corporation, a 50% owned nonconsolidated affiliate of the Company, $0.33 better than the First Call consensus of ($0.21); revenues fell 38.7% year/year to $9.09 bln vs the $11.69 bln consensus. Co says "There are some signs that the pace of global economic decline is moderating. The broad diversity of Dow's product mix enables us to have better visibility on true market demand, especially in parts of the world, such as in China, where domestic stimulus programs are beginning to take hold. "Having said that, it's prudent to expect that 2009 will still be a recessionary year globally, and we are not counting on material improvements in economic conditions in the near term. We remain focused on managing what is in our control, namely reducing costs and capital spending, delivering on our action plan to de-leverage our balance sheet, and smoothly and successfully integrating Rohm and Haas into the new Dow. These actions are paramount to our long-term strategy to transform Dow into an earnings-growth company." Co reports volume declined 19% compared with the same quarter of 2008, while price was down 20%, reflecting the effects of the ongoing recessionary business climate and continued inventory de-stocking in most value chains.

6:33AM Strayer Education beats by $0.10, beats on revs; guides Q2 EPS above consensus (STRA) 178.96 : Reports Q1 (Mar) earnings of $2.07 per share, $0.10 better than the First Call consensus of $1.97; revenues rose 28.2% year/year to $124.5 mln vs the $122.8 mln consensus. Co issues upside guidance for Q2, sees EPS of $1.95-1.97 vs. $1.80 consensus. Enrollment at Strayer University for the 2009 spring term increased 22% to 46,038 students compared to 37,733 for the same term in 2008. Across the Strayer University campus and online system, new student enrollments increased 26%, while continuing student enrollments increased 21%. Global online students increased 40%. Students taking 100% of their classes online (including campus based students) increased 24%. The total number of students taking at least one class online increased 23%.

6:31AM Newell Rubbermaid beats by $0.12, reports revs in-line; guides Q2 EPS in-line; reaffirms FY09 EPS guidance (NWL) 8.67 : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.08; revenues fell 16.0% year/year to $1.2 bln vs the $1.19 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.30-0.37 vs. $0.33 consensus. Co reaffirms guidance for FY09, sees EPS of $1.00-1.25 vs. $1.00 consensus

6:24AM Newmont Mining beats by $0.02, beats on revs (NEM) 40.71 : Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.42; revenues fell 20.1% year/year to $1.55 bln vs the $1.4 bln consensus. Net cash provided from continuing operations was $387.0 mln. Equity gold sales were 1.27 mln ounces at an average realized gold price of $906 per ounce. Equity copper sales were 43 mln pounds at an average realized copper price of $1.69 per pound. Co maintains its previously announced 2009 equity gold sales outlook of between 5.2-5.5 mln ounces at costs applicable to sales of between $400 and $440 per ounce. Costs applicable to sales are expected to change by approx $6 per ounce for every $10 change in the oil price and by roughly $3 per ounce for every 0.10 change in the Australian dollar exchange rate for the remainder of the year.

6:23AM Hornbeck Offshore beats by $0.09, reports revs in-line; guides FY09 EPS in-line (HOS) 20.71 : Reports Q1 (Mar) earnings of $1.01 per share, $0.09 better than the First Call consensus of $0.92; revenues rose 12.4% year/year to $109.6 mln vs the $110.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of 3.50-3.97, $3.86. excluding the recently adopted APB 14-1 non-cash OID interest expense vs. $3.53 consensus. Co says guidance assumes that current Upstream and Downstream market conditions remain constant. Fleetwide average new generation OSV dayrates are anticipated to be in the $20,000 to $22,000 range and fleetwide new generation OSV utilization is anticipated to average in the high-80% to low-90% range for the annual 2009 guidance period. The co expects that cash operating expenses per vessel-day in fiscal 2009 will not materially increase over fiscal 2008 levels, excluding contract-related costs recoverable through higher dayrates or other revenue. Annual G&A expenses are expected to be in the range of 9% to 10% of revenues for fiscal 2009. The projected annual FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense that underpin the co's diluted EPS guidance for the full-year 2009 are included in the attached data tables. Projected quarterly FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense for the quarter ending June 30, 2009 are expected to be $2.4 mln, $11.4 mln, $5.9 mln and $4.7 mln, respectively. The co's annual effective tax rate is expected to be 36.3% for fiscal 2009. The coexpects total maintenance capital expenditures for the full-year 2009 to be approximately $32.6 mln.

4:44AM Carbo Ceramics beats by $0.04, misses on revs (CRR) 36.72 : Reports Q1 (Mar) earnings of $0.70 per share, $0.04 better than the First Call consensus of $0.66; revenues rose 0.3% year/year to $90.6 mln vs the $98.3 mln consensus.

3:39AM NYSE Euronext beats by $0.04, misses on revs (NYX) 22.52 : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.39; revenues rose 0.2% year/year to $1.11 bln vs the $1.13 bln consensus. Q109 gross revenues were impacted by lower European cash and derivatives volumes, currency headwinds and structural changes to the U.S. cash pricing model which increased gross revenues.

3:33AM Taiwan Semi beats by $0.02, beats on revs, raises Q2 revenue guidance (TSM) 10.08 : Reports Q1 (Mar) earnings of $0.01 per ADR, $0.02 better than the First Call consensus of ($0.01); revenues fell 57.9% year/year to $1.16 bln vs the $1.1 bln consensus. Co issues upside guidance for Q2, sees revenue of NT$71.0-74.0 bln vs NT$45.44 bln consensus. Co expects gross profit margin of 43.5-45.5% and expects operating profit margin of 30.5-32.5%. Management expects 2009 capital expenditure of approx $1.5 bln.

2:06AM BioMed Realty beats by $0.06, beats on revs; guides FY09 FFO above consensus (BMR) 11.04 : Reports Q1 (Mar) funds from operations of $0.51 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.45; revenues rose 39.4% year/year to $94 mln vs the $84.8 mln consensus. Co issues upside guidancefor FY09, sees FFO of $1.72-1.82 vs. $1.67 consensus.

1:58AM Boston Prpts beats by $0.11, beats on revs; guides Q2 FFO above consensus; guides FY09 FFO in-line (BXP) 48.49 : Reports Q1 (Mar) funds from operations of $1.36 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.25; revenues rose 1.6% year/year to $377.5 mln vs the $365.9 mln consensus. Co issues upside guidance for Q2, sees FFO of $1.26-1.28 vs. $1.19 consensus. Co issues in-line guidance for FY09, sees FFO of $4.65-4.80 vs. $4.77 consensus.

1:46AM FMC Tech misses by $0.07, issues in-line FY09 EPS guidance (FTI) 35.94 : Reports Q1 (Mar) earnings of $0.56 per share, $0.07 worse than the First Call consensus of 0.63; revneues increased 1.2% year/year to $1.053 bln vs $1.087 bln First Call consensus. Energy Production Systems' operating profits were up 10% over the Q108. The total co backlog was $3.4 bln at the end of the quarter. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50 vs $2.40 First Call consensus.

Earnings - 17th Dec 2008

4:39PM Nordson beats by $0.19, beats on revs; guides Q1 EPS below consensus, revs below consensus (NDSN) 32.80 +1.76 : Reports Q4 (Oct) earnings of $1.00 per share, excluding $0.10 per share charge related to previously announced severance and restructuring activity, $0.19 better than the First Call consensus of $0.81; revenues rose 2.5% year/year to $298 mln vs the $288.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.18-0.29, excluding non-recurring items, vs. $0.52 consensus; sees Q1 revs of $186.0-195.8 mln vs. $220.08 mln consensus.

4:18PM Nike beats by $0.02, misses on revs (NKE) 50.64 +1.00 : Reports Q2 (Nov) earnings of $0.80 per share, $0.02 better than the First Call consensus of $0.78; revenues rose 6.0% year/year to $4.6 bln vs the $4.69 bln consensus. The co reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from December 2008 through April 2009, totaling $6.7 bln, 1% lower than such orders reported for the same period last year. Excluding the effect of changes in foreign currency exchange rates, reported orders grew 6%... By region, futures orders for the U.S. were up 6%; EMEA (which includes Europe, the Middle East and Africa) decreased 13%; Asia Pacific increased 11% and the Americas grew 6%. By region, changes in currency exchange rates decreased reported futures orders growth by 12 percentage points in Europe; by 1 percentage point in Asia Pacific; and by 20 percentage points in the Americas region.

4:15PM Ryder System announces strategic initiatives; workforce reduction; guides Q4 to low end of previous range (R) 36.60 +1.95 : Co announced several strategic and tactical initiatives to address current global economic conditions and drive long- term profitable growth. The initiatives include discontinuing current operations in several international markets and eliminating positions primarily in the U.S., to align costs with current and anticipated levels of business. In addition, the Company is responding to near-term challenges in the overall economy by eliminating approximately 700 positions primarily in the U.S. In total, the Company expects the fourth quarter 2008 pre-tax charges to be approximately $60 million to $67 million (approximately $53 million to $60 million, after-tax). "We expect fourth quarter 2008 earnings per share, excluding restructuring and other charges, to be at the low end of our previously established range of $1.03 to $1.13." (vs $0.86 First Call consensus)

4:13PM Atheros Communications lowers Q4 EPS and revs below consensus (ATHR) 15.99 +1.16 : Co lowers Q4 EPS to $0.14-0.19, ex-items, vs $0.35 consensus, down from $0.36-0.40; lowers revs to $95-100 mln vs $130.6 mln consensus, down from flat to down 5% sequentially, which equates to ~$131.2-138.1 mln. Co says, "The economic environment deteriorated significantly throughout Q4 and consumer demand across multiple geographies weakened. Additionally throughout the supply chain there have been aggressive reductions in inventory levels as the quarter progressed resulting in order cancellations and rescheduling of existing backlog. While we anticipated a weakening economy in the fourth quarter, demand from our PC OEM channel and to a lesser extent, our networking channel, slowed considerably more than expected."

4:05PM Paychex misses by $0.01, misses on revs; guides FY09 revs in-line (PAYX) 26.61 -0.01 : Reports Q2 (Nov) earnings of $0.39 per share, $0.01 worse than the First Call consensus of $0.40; revenues rose 3.2% year/year to $524.2 mln vs the $533 mln consensus. Co issues guidance slightly below consensus for FY09, sees FY09 revs growing 2-4% or to ~$2.11-2.15 bln vs. $2.18 bln consensus. "During the second quarter, the effects of the credit crisis and weakening economic conditions were clearly seen in our financial results. While the credit crisis reduced the returns on our investment portfolios, we managed our investments in a manner that protected principal and ensured we met the liquidity needs of our clients each and every day. The weakening economy was apparent in many of our key financial indicators. Over the past six months, we experienced companies going out of business increasing 12%, new business starts declining 13%, checks per client decreasing 1.5%, and we saw lower levels of new hire reporting."

4:01PM Herman Miller beats by $0.01, misses on revs (MLHR) 14.23 +0.24 : Reports Q2 (Nov) earnings of $0.60 per share, $0.01 better than the First Call consensus of $0.59; revenues fell 5.8% year/year to $476.6 mln vs the $486.9 mln consensus.

8:09AM Morgan Stanley reports wider than expected loss (MS) 16.13 : Reports Q4 (Nov) loss of $2.24 per share, $1.90 worse than the First Call consensus of ($0.34) (analyst EPS estimates ranged from -$1.15 to +$0.50). Net revenues were $1.8 bln, compared with negative $0.4 bln in last year's fourth quarter. Total capital as of November 30, 2008 was $192.3 bln, including $61.1 bln of common equity, preferred equity and junior subordinated debt issued to capital trusts. As of November 30, 2008, the Company has repurchased 39 mln shares of its common stock during this fiscal year as part of its capital management share repurchase program and book value per common share was $30.24, based on 1.0 bln shares outstanding. On December 16, 2008, the Board of Directors of Morgan Stanley approved a change in the Firm's fiscal year end from November 30 to December 31 of each year. This change to a calendar year reporting cycle will begin January 1, 2009... Co says it is targeting an additional $2 bln in cost savings including the annualized effect of the previously announced headcount reductions and additional non-compensation expense savings. Co also announces it is launching a Retail Banking Group and recruiting veteran senior bankers Cece S. Sutton and Jonathan W. Witter to lead the business and to build bank deposits leveraging Morgan Stanley's existing retail banking capabilities and financial holding company structure. The Company announced that its Board of Directors declared a $0.27 quarterly dividend per common share.

8:01AM Lindsay Corp misses by $0.01, beats on revs (LNN) 38.30 : Reports Q1 (Nov) earnings of $0.51 per share, $0.01 worse than the First Call consensus of $0.52; revenues rose 49.0% year/year to $113.1 mln vs the $94.1 mln consensus. Lindsay's backlog of unshipped orders at November 30, 2008 was $40.1 million compared with $51.2 million at November 30, 2007. Irrigation backlog of $23.8 million decreased $6.1 million ($9.0 million prior to the inclusion of Watertronics) from the first quarter of fiscal 2008, and decreased $47.9 million from August 31, 2008. Infrastructure backlog of $16.3 million decreased $5.0 million from the first quarter of fiscal 2008 and decreased $4.3 million from the fiscal 2008 year-end.

7:34AM Schnitzer Steel expects to report a Q1 net loss due to a $60 mln write down of
inventories; consensus is for EPS of $0.30 (SCHN) 35.96 : Schnitzer Steel expects to report a Q1 (Nov) net loss vs $0.30 consensus, resulting from a $60 mln write down of inventories. A number of renegotiations, deferrals and cancellations of customer contracts have been experienced, this led to lower sales volumes and reduced sales prices. This is anticipated to result in a non-cash write down of the value of the co's Metals Recycling and Steel Manufacturing inventories by an amount currently estimated to be in the range of $60 million. Co says "While we will be reporting a first quarter net loss, we are encouraged by the fact that the financial results for our Metals Recycling and Steel Manufacturing Businesses are expected to be approximately breakeven prior to the inventory write downs." The co is making this announcement due to the unprecedented market conditions in which it is operating. The co does not plan to provide any further updates prior to Jan 8, 2009. In the future, the co does not intend to provide updated guidance except when it releases full quarterly results.

7:32AM ConAgra beats by $0.06, beats on revs; reaffirms FY09 EPS guidance (CAG) 15.05 : Reports Q2 (Nov) earnings of $0.43 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.37; revenues rose 10.6% year/year to $3.26 bln vs the $3.16 bln consensus. Co reaffirms guidance for FY09, sees EPS of slightly above $1.50, excluding non-recurring items, vs. $1.43 consensus.

7:30AM Newell Rubbermaid cuts Q4 and FY08 EPS guidance (NWL) 13.18 : Co announces that in light of the continuing significant deterioration of global economic conditions and the resulting impact on many of its retail customers, particularly in recent weeks, it now sees Q4 EPS of $0.06-$0.10 (vs $0.32 consensus), down from its previous range of $0.29-$0.34. For FY08, the cut their EPS range to a range of $1.17-$1.21 (vs $1.43 consensus) from the previous range of $1.40-$1.45. The co also said that net sales for Q4 are expected to show a year over year decline in the low teens percentage range. The company anticipates it will generate full year operating cash flow of $375 to $400 million, in line with previous guidance. "We are seeing extraordinary volatility, weaker than expected demand, and customer inventory reductions across virtually all geographies and market segments, with trends worsening as we near the end of our fourth quarter."

7:06AM General Mills beats by $0.13, reports revs in-line; guides FY09 EPS slightly above prior range (GIS) 61.25 : Reports Q2 (Nov) earnings of $1.36 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $1.23; revenues rose 8.3% year/year to $4.01 bln vs the $4.01 bln consensus. Co issues guidance for FY09, sees EPS of $3.83-3.87 vs. $3.89 consensus, prior range $3.81-3.85.

7:02AM Joy Global beats by $0.03, beats on revs; guides FY09 EPS & revs below consensus (JOYG) 22.66 : Reports Q4 (Oct) earnings of $1.11 per share, $0.03 better than the First Call consensus of $1.08; revenues rose 40.2% year/year to $1.03 bln vs the $1.01 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.60-4.00 vs. $4.20 consensus; co sees revs of $3.5-3.7 bln vs $3.98 bln consensus.

6:32AM Magellan Health issues in-line guidance for FY09 (MGLN) 32.50 : Co issues in-line guidance for FY09 (Dec), sees EPS of $1.96-2.51 vs. $2.02 First Call consensus; sees FY09 (Dec) revs of $2.5-2.6 bln vs. $2.44 bln consensus. Cash flow from operations is expected to be in the range of $129 million to $178 million in 2009, with a net increase in cash, cash equivalents and unrestricted investments of $96 million to $157 million by the end of 2009, excluding the impact of any further share repurchases.