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 - 30th Jan 2009

9:06AM Overstock.com beats by $0.07, reports revs in-line (OSTK) 9.76 : Reports Q4 (Dec) earnings of $0.04 per share, $0.07 better than the First Call consensus of ($0.03); revenues fell 13.1% year/year to $255.9 mln vs the $258.2 mln single estimate. Co said, "We are preparing for a glut of supply as companies and stores around the country go out of business or close over the near term. We recently leased a large warehouse in Salt Lake City. We are developing a consignment model, where manufacturers and distributors desirous of reducing costs will be able to consign their slow-moving inventory to us, and we will provide handling, storage, sales and fulfillment for these companies. We have the capacity and the expertise to make this work, and the timing is perfect."

8:36AM Chevron reports Q4 results, misses on revs (CVX) 70.62 : Reports Q4 (Dec) earnings of $2.44 per share, including a $600 mln gain from an asset exchange, may not compare to the First Call consensus of $1.81; revenues fell 28.0% year/year to $43.15 bln vs the $47.9 bln consensus. Worldwide oil-equivalent production averaged 2.54 mln barrels per day in the fourth quarter 2008, compared with 2.61 mln barrels per day in the corresponding 2007 period. The decline between periods was primarily associated with the ongoing effect of damage to production facilities caused by hurricanes in the Gulf of Mexico in September 2008. U.S. downstream earned approximately $1.03 bln in the fourth quarter 2008, compared with a loss of $55 mln a year earlier. The improvement between periods was mainly the result of significantly higher margins on the sale of refined products, improved refinery operations and gains on commodity derivative instruments. Refinery crude-input of 930,000 barrels per day in the fourth quarter 2008 was 92,000 higher than the corresponding 2007 period. Co says, "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products. Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago. We achieved much success in 2008. Record earnings and strong cash flows for the year enabled us to invest $23 bln in an attractive portfolio of capital and exploratory projects, buy back $8 bln of our common stock and increase the dividend payment on our common shares for the 21st consecutive year. We enter 2009 with the financial strength to meet the challenges of a difficult economy and with a continued focus on cost management and capital stewardship."

8:22AM L.B. Foster Company beats by $0.06, beats on revs (FSTR) 25.96 : Reports Q4 (Dec) earnings of $0.55 per share, $0.06 better than the First Call consensus of $0.49; revenues rose 26.1% year/year to $143.8 mln vs the $116.5 mln consensus.

8:09AM Exxon Mobil beats by $0.10 (XOM) 77.00 : Reports Q4 (Dec) earnings of $1.55 per share, $0.10 better than the First Call consensus of $1.45; revenues fell 27.4% year/year to $84.7 bln. Oil-equivalent production decreased 3% from the fourth quarter of 2007. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production was down about 1%.

8:06AM American Axle reports Q4 loss of $2.17/share, misses on revs (AXL) 1.40 : Reports Q4 (Dec) loss of $2.17 per share, including tax expense provision, may not compare to the First Call consensus of ($0.60); revenues fell 33.4% year/year to $503 mln vs the $525.2 mln consensus. For '08, there was a 43% year-over-year decline in total light truck production volumes as compared to the full year 2007. Non-GM sales were $544.6 mln, or 26% of total net sales. Co states, "The U.S. automotive industry has been pushed to the verge of collapse due to numerous adverse market, economic and competitive forces. As a result, 2008 proved to be a brutally difficult and demanding year for the entire domestic automotive industry. AAM accepted these challenges head-on and is making the hard, necessary and structural changes to return to profitability."

8:05AM PACCAR beats by $0.01, beats on revs (PCAR) 24.92 : Reports Q4 (Dec) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues fell 10.8% year/year to $2.92 bln vs the $2.77 bln consensus. "One of the positive benefits for all manufacturing industries worldwide is the reduction of commodity prices, such as steel, oil, natural rubber, aluminum and copper. The average cost of these commodities has reduced by approximately one third compared to the levels during the commodity price bubble in 2008, but should further reduce to reach the normalized commodity cost trend of the last ten years. We are working closely with our suppliers who are judiciously managing their businesses through these difficult markets."

8:05AM Simon Properties beats by $0.08, beats on revs; guides FY09 FFO in-line and declares dividend (SPG) 44.44 : Reports Q4 (Dec) funds from operations of $1.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.85; revenues fell 0.6% year/year to $1.03 bln vs the $1.01 bln consensus. Co issues in-line guidance for FY09, sees FFO of $6.40-6.60, excluding non-recurring items, vs. $6.56 consensus. Co declares quarterly dividend of $0.90 per share (unchanged from previous quarter) in a combination of 10% cash and 90% common stock. SPG believes this change in composition will permit them to retain over $925 mln of cash if adopted for all of 2009.

8:03AM Arch Coal beats by $0.05, beats on revs; maintains cautious outlook (ACI)16.79 : Reports Q4 (Dec) earnings of $0.44 per share, $0.05 better than the First Call consensus of $0.39; revenues rose 13.3% year/year to $729.9 mln vs the $713.9 mln consensus. Given the current weakness in U.S. coal markets, Arch has reduced its production targets in 2009. "It is extremely difficult to forecast 2009 with any precision at this time due to the current state of flux in the economy and in global steam and metallurgical coal markets. As such, Arch is adopting a cautious approach to 2009 and has elected against attempts to project earnings per share or EBITDA at this time." Arch expects the first quarter of 2009 to be the weakest operating period of the year -- and substantially below the fourth quarter of 2008 -- given the challenges already experienced at West Elk.

7:36AM Flowserve expects '08 EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50" (FLS) 50.27 : Co issues guidance for '08, says it expects EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50", vs First Call consensus of $7.42. Co also announces its 2009 EPS target range of $7.25-$8.00, excluding $0.50/share of restructruing charges, vs First Call consensus is $7.53. Co states,"We are extremely pleased with our record full year bookings, our record year end backlog, our strong cash flow and our strong balance sheet. And, while we have seen some customers delay orders because of the current global financial conditions or re-bid large projects to attain lower commodity prices, like those of steel, we continue to see generally solid levels of quote activity."

7:13AM Procter & Gamble reports EPS in-line, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (PG) 58.22 : Reports Q2 (Dec) earnings of $1.58 per share, in-line with the First Call consensus of $1.58; revenues fell 3.2% year/year to $20.37 bln vs the $20.64 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.78-0.86 vs. $0.85 consensus. Co issues in-line guidance for FY09, sees EPS of $4.20-4.35 vs. $4.29 consensus. The Co modified the Q3 guidance range to reflect the high level of market volatility and uncertainty that exists today. Operating margin, which includes the impact of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year. The Co's tax rate on continuing operations is expected to be between 27 and 28%. For the January - March quarter, organic sales are expected to grow 2 to 5%. Organic volume is expected to decline 2 to 3%. Foreign exchange is estimated to reduce net sales by high-single-digits, and the net impact of acquisitions and divestitures is expected to be neutral to net sales growth for the quarter. Total sales are expected to be down 2 to 7%. For the 2009 fiscal year, the Co expects organic sales to grow by 2 to 5%. Organic volume is expected to be flat to down 2%. Foreign exchange remains highly volatile and is expected to reduce sales by about 5%. The net impact of acquisitions and divestitures is estimated to be flat to negative 1%. Total sales growth is expected to be flat to negative 4%.

7:04AM Ametek reports EPS in-line, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AME) 31.82 : Reports Q4 (Dec) earnings of $0.66 per share, excluding restructuring charge, in-line with the First Call consensus of $0.66; revenues rose 6.9% year/year to $623.7 mln vs the $660.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.54-0.58 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.60 vs. $2.45 consensus. Co estimates Q109 and FY09 revenue to be down slightly from Q108 and FY08, respectively.

7:01AM Honeywell reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance (HON) 32.67 : Reports Q4 (Dec) earnings of $0.97 per share, in-line with the First Call consensus of $0.97; revenues fell 6.1% year/year to $8.71 bln vs the $8.97 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.20-3.55 vs. $3.20 consensus.

2:07AM 3Par beats by $0.03, beats on revs (PAR) 8.35 : Reports Q3 (Dec) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues rose 56.5% year/year to $48.2 mln vs the $44 mln consensus.

1:45AM CEMEX reports Q408 results (CX) 7.98 : Reports Q4 (Dec) revenues decreased 23% year/year to $4.5 bln vs the $4.793 bln First Call consensus. Co reports a Q408 majority net loss of $707 mln compared with a net profit of $538 mln a year ago. A 35% decline in operating income, losses on financial instruments and an impairment expense all contributed to weak net results, the co said in a statement. "Lower sales in the quarter were primarily attributable to lower volumes, which were partially mitigated by better price resiliency in most of our markets," Cemex added. "The infrastructure sector was the main driver of demand in most of the markets we serve," the co said.