Earnings - 20th Oct 2009

6:07PM Tupperware beats by $0.12, beats on revs; guides FY09 EPS above consensus, revs above consensus; guides FY10 EPS above consensus (TUP) 44.01 -0.26 : Reports Q3 (Sep) earnings of $0.54 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.42; revenues rose 0.2% year/year to $514 mln vs the $486.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.84-2.89 vs. $2.73 consensus; sees FY09 revs growth of 5-6%, which equates ~$2.27-2.29 bln vs. $2.06 bln consensus. Co issues upside guidance for FY10, sees EPS of $3.33-3.43, excluding non-recurring items, vs. $3.20 consensus; co sees FY10 revs growth of 6-8% in local currency, and with a 6% benefit from foreign exchange is an increase of 12-14% reported.

4:34PM Cymer beats by $0.19, beats on revs; guides Q4 revs above consensus (CYMI) 38.85 -0.12 : Reports Q3 (Sep) earnings of $0.36 per share, $0.19 better than the First Call consensus of $0.17; revenues fell 16.5% year/year to $92.3 mln vs the $82.2 mln consensus. Co issues upside guidance for Q4, sees Q4 revs to be comparable to Q3 revs, which equates to ~92.3 mln vs. $90.62 mln consensus. Co said, "In Q3, we responded to increased demand that resulted in Q3revenue increasing almost 50%, as compared to the prior quarter. In Q4, we anticipate maintaining this increased level of demand for light sources and Installed Base Products."

4:33PM Walter Energy beats by $0.18, beats on revs (WLT) 65.87 -0.05 : Reports Q3 (Sep) earnings of $0.45 per share, $0.18 better than the First Call consensus of $0.27; revenues fell 9.9% year/year to $278.3 mln vs the $222.8 mln consensus.Co says "Our third quarter performance illustrates the strong demand for our high quality coking coal... We continue to see improving market conditions for our product and we are on track to achieve sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of the Mine No. 7 East longwall in early January 2010." The Company expects to ship 126,000 tons of hard coking coal at 2008-2009 carryover pricing of approximately $315 per metric ton in the fourth quarter 2009. Coking coal production is expected to be between 1.4 and 1.5 mln tons in the fourth quarter, with production costs expected to average between $65 and $70 per ton. "We expect continued improvement in market conditions for the remainder of 2009, Moving into 2010, we are seeing increasing demand for premium mid- and low-vol coals from our key product destinations, as well as Asia, with port constraints in Australia continuing to make high-quality coking coals a scarce resource." Walter Coke is expecting improved sales and a return to profitability in the fourth quarter 2009, driven primarily by increased orders from the domestic steel industry. Capital expenditures were $14.9 mln in the third quarter, totaling $67.3 mln for the year. The Company expects full-year capital expenditures of approximately $85 mln. sales of approximately 3.5 mln tons in the second half. This performance supports our plan to produce and sell approximately 8 mln tons in 2010, with the startup of
the Mine No. 7 East longwall in early January 2010."

4:10PM Gilead Sciences beats by $0.11, beats on revs (GILD) 46.12 -0.69 : Reports Q3 (Sep) earnings of $0.78 per share, $0.11 better than the First Call consensus of $0.67; revenues rose 31.4% year/year to $1.8 bln vs the $1.75 bln consensus. 3Q Drug Sales and First Call Consensus: Truvada $620.6 mln vs. $625 mln consensus; $605.3 mln vs. $604 mln First Call Consensus; Viread $169.7 mln vs. $158 mln First Call Consensus; Amibsome $77.0 mln vs. $72 mln Consensus

4:09PM Seagate Tech beats by $0.11, beats on revs; guides Q2 revs above consensus (STX) 15.55 +0.00 : Reports Q1 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.47; revenues fell 12.2% year/year to $2.66 bln vs the $2.62 bln consensus. Seagate Tech reports gross margin 24.5% vs 23.3% consensus. Co issues upside guidance for Q2, sees Q2 revs of $2.75-2.85 bln vs. $2.75 bln consensus. For the December quarter, the company is planning for the overall industry demand for disk drives to be 153-160 million units. Gross margin as a percent of revenue to be near the high end of the company's targeted range of 22-26% (consensus calls for 23.2%). During the first fiscal quarter, STX reduced short-term borrowings and long-term debt by approximately $465 mln primarily with the maturity of its $300 mln floating rate senior notes and by paying down its revolving credit facility by $150 mln. "At a time when economic conditions remained challenging we are very pleased with the company's financial performance, delivering strong revenues, margins and cash generation... The company has returned to its operating model well ahead of our expectations of six months ago and now expects to sustain gross margin of 22-26%. Although mission critical enterprise demand in particular has yet to recover to historical levels, we benefitted from our time-to-market product delivery to customers integrating our notebook, desktop and enterprise drives." While visibility has improved throughout the calendar year, the ongoing uncertainty in global economic conditions makes it difficult to predict product demand and other related matters, which makes it more likely that Seagate's actual results could differ materially from current expectations.

4:08PM Cree beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus (CREE) 41.16 +0.05 : Reports Q1 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.22; revenues rose 20.5% year/year to $169.1 mln vs the $164.5 mln consensus. Cree reports gross margin 43.6% vs 40% consensus and co guidance. Co issues upside guidance for Q2, sees EPS of $0.28-0.30, excluding non-recurring items, vs. $0.23 consensus; sees Q2 revs of $180-190 mln vs. $173.18 mln consensus. Targeted non-GAAP earnings exclude expenses related to the amortization of acquired intangibles of $0.02 per diluted share, and stock-based compensation expense of $0.06 per diluted share. "We are benefitting from continued LED lighting adoption and high factory utilization and are well positioned for solid growth in Q2. As a result of the recent equity offering, we have the balance sheet to invest in the growth of our business as we look to continue to lead the LED lighting revolution."

4:08PM SanDisk beats by $0.49, beats on revs (SNDK) 21.47 +0.01 : Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.49 better than the First Call consensus of $0.26; revenues rose 13.8% year/year to $935.2 mln vs the $787.9 mln consensus. SanDisk reports gross margin 46.6% vs 31.3% consensus. Co says, "We are encouraged by improved industry fundamentals and our increasingly diversified global markets, which bode well for further growth in Q4 and in 2010."

8:12AM Peabody Energy beats by $0.26, beats on revs; guides FY09 EPS above consensus (BTU) 43.37 : Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.26 better than the First Call consensus of $0.23; revenues rose 24.6% year/year to $1.67 bln vs the $1.42 bln consensus. Co issues raises/issues upside guidance for FY09, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.48 consensus; co also raises FY09 EBITDA guidance to $1.2-1.3 bln vs the $1.14 bln consensus. Given the high rate of deliveries to satisfy U.S. customer commitments, the co is targeting '09 sales of approximately 190 mln tons in the United States and 21-23 mln tons in Australia. Total co sales are expected to be 235-245 mln tons, including Trading and Brokerage contributions. For 2010, growing demand in the Pacific is driving higher Australia sales projections of 24 to 27 mln tons, or 15% above 2009's targets, with minimal capital required. In the United States, BTU is targeting '10 volumes of 185 to 195 mln tons, in line with '09's expectations and 5-15 mln tons lower than 2008. Peabody's 2010 PRB volumes are expected to decline up to another 5 mln tons from 2009's estimated 138 mln tons, and approximately 20-25 mln tons below peak operating levels in late 2008. Third quarter 2009 sales volumes totaled 63.5 mln tons, compared with 65.6 mln tons in the prior year period. U.S. sales reflect planned Powder River Basin (PRB) reductions. Australia sales of 6.5 mln tons were 30% above the second quarter due to higher seaborne thermal volumes and record metallurgical coal shipments. Australian metallurgical coal exports were 2.7 mln tons, nearly triple the pace of 1H09. U.S. revenues per ton increased 11% over the third quarter of last year due to higher realized prices in both the Midwestern and Western regions. Peabody's third quarter realized revs for Australia averaged $82 per ton, including $125 per ton for seaborne metallurgical coal and $72 per ton for seaborne thermal coal. Compared with the second quarter of 2009, Australian realized prices increased 33% due to a larger mix of seaborne metallurgical coal. 3Q09's Australian revs per ton were below year-ago levels due to lower annual pricing for seaborne coal contracts that began April 1.

8:04AM Precision Castparts misses by $0.09, misses on revs (PCP) 104.72 : Reports Q2 (Sep) earnings of $1.54 per share, $0.09 worse than the First Call consensus of $1.63; revenues fell 27.6% year/year to $1.3 bln vs the $1.39 bln consensus. "From a top-line perspective, overall sales declines seem to be bottoming out in the second quarter. Aerospace destocking is slowing, and our schedules show that we are closing the gap between orders and aircraft build rates. A gradual ramp begins in the third quarter, although some of our customers appear to be holding off orders as they approach their fiscal year ends. By the fourth quarter, we start to see schedules firming up and aligning more closely with current aircraft build rates beginning in March and carrying through the first quarter of fiscal 2011 and beyond. In addition, oil and gas and chemical processing orders are getting some traction and showing gradual sales upside in the third and fourth fiscal quarters. As sales increase, we have every expectation of driving those volumes across our improved cost structure and of aggressively leveraging every opportunity for upside performance."

8:02AM Cirrus Logic beats by $0.01, reports revs in-line; guides Q3 revs above consensus (CRUS) 5.86 : Reports Q2 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 4.5% year/year to $55.7 mln vs the $55.7 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $58-62 mln vs. $53.96 mln consensus. Gross margin is expected to be between 52 percent and 54 percent; and combined R&D and SG&A expenses are expected to range between $23 million and $25 million, which include approximately $2 million in share-based compensation and amortization of acquisition-related intangibles expenses. Gross margin for the quarter was 52 percent, down from 56 percent in the quarter a year ago and flat compared to 52 percent reported for the previous quarter.

7:38AM Caterpillar beats by $0.58, misses on revs; guides FY09 EPS above consensus; guides FY10 revs in-line (CAT) 57.85 : Reports Q3 (Sep) earnings of $0.64 per share, $0.58 better than the First Call consensus of $0.06, revenues fell 44% YoY to $7.3 bln vs $7.47 bln First Call consensus. Co issues guidance for FY09, sees EPS of $1.85-2.05 vs. $1.49 consensus; sees FY09 revs of $32-33 bln vs. $33.07 bln consensus. Co sees FY10 revs up 10-25% from midpoint of FY09 guidance; equates to ~$35.75-40.625 bln vs $33.14 bln First Call consensus, in part driven by the end of dealer inventory reductions which significantly impacted sales in 2009. "We are pleased with this quarter's profit given the severe economic environment and with our sales well below end-user demand as dealers continue to aggressively draw down inventories... During the quarter, our primary focus continued to be on trough management and operational execution. We lowered production as dealers continued to cut inventories, we reduced costs, maintained positive price realization, lowered inventory, delivered positive operating cash flow and improved our financial position... We believe the third quarter marked the low point for Caterpillar sales and revenues in what has been the toughest recession since the 1930s. We are seeing encouraging signs that indicate a recovery may be underway... However, the world economy is still facing significant challenges. There is uncertainty about the timing and strength of recovery... While 2010 will still be a difficult year, we expect improvement in our top line from the lows of 2009, and it's critical that we manage on the way up as well as we did in the face of declining volume. As a result, we've already started planning for an upturn. When it comes, it can come quickly, and we, our dealers and our suppliers will be prepared"

7:37AM BlackRock beats by $0.17, beats on revs (BLK) 230.43 : Reports Q3 (Sep) earnings of $2.10 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.93; revenues fell 13.2% year/year to $1.14 bln vs the $1.13 bln consensus. Third quarter new business results reflected increasing demand for higher return investments, driving net inflows of $14.5 bln in equities, balanced, fixed income and alternative investments, and net outflows of $26.4 bln in cash management. "Improving investor sentiment was the most important factor in third quarter results. Clients are putting money back to work in the markets, driving inflows in equities and bonds, and outflows in money market funds industry-wide. This shift drove the rally in global stocks and tighter credit spreads, as well as a favorable revenue mix in net new business. Assets under management increased $61.6 bln to $1.435 trln at September 30, 2009. Net new business in long-dated investment products totaled $14.5 bln. In contrast, net outflows in cash management were $26.4 bln and distributions from advisory accounts totaled $4.6 bln. BlackRock Solutions business remained strong, with seven net new assignments added during the quarter. Year-over-year, AUM has increased $176.2 bln or 14%, including net new business of $133.4 bln, and BlackRock Solutions has added 56 net new assignments. Our pipeline of wins funded or to be funded totaled $42.5 bln as of October 15, 2009. "The BGI transaction remains on target for a December 1, 2009 closing."

7:03AM Pfizer beats by $0.03, beats on revs; raises FY09 guidance above consensus (PFE) 17.98 : Reports Q3 (Sep) earnings of $0.51 per share, $0.03 better than the First Call consensus of $0.48; revenues fell 2.9% year/year to $11.62 bln vs the $11.41 bln consensus. Co raises guidance for FY09, sees EPS of $2.00-2.05 vs. $1.98 consensus, prior guidance $1.90-2.00; sees FY09 revs of $49-50 bln vs. $48.43 bln consensus, prior guidance $45-46 bln. Co said, "During the first nine months of 2009, we have continued to deliver on our 2009 financial commitments and our longer-term cost-reduction target. Completion of both the Wyeth acquisition and associated integration plans is a testament to the hard work and dedication of talented colleagues throughout the organization. Looking ahead, we anticipate that our broad portfolio of products and increased investment in high-growth opportunities will better position us to generate consistent earnings growth and continue to deliver on our commitments."

6:18AM Lexmark beats by $0.20, beats on revs; guides Q4 EPS above consensus (LXK) 22.57 : Reports Q3 (Sep) earnings of $0.65 per share which excludes $0.52 per share for restructuring-related activities which includes $0.34 per share for additional restructuring charges the co is announcing today, $0.20 better than the First Call consensus of $0.45; revenues fell 15.3% year/year to $958 mln vs the $901.3 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.50-$0.60 vs. $0.47 consensus. The co also announces additional restructuring initiatives designed to streamline its world-wide organization to improve operating efficiencies and effectiveness. This October 2009 plan includes reductions primarily in the areas of manufacturing and supply chain, service delivery overhead, marketing and sales support, corporate overhead, and development. The company expects these actions to be principally complete by the end of the first quarter of 2011. These October 2009 actions are expected to impact about 825 positions worldwide and will result in total pre-tax charges of approximately $120 mln with approximately $33 mln incurred in the third quarter of 2009. Lexmark expects these October 2009 actions will generate savings of approximately $70 mln in 2010 and ongoing savings of $110 mln beginning in 2011 with approximately 60% impacting operating expense and 40%impacting cost of goods sold.

1:38AM Allegiant Travel beats by $0.05, beats on revs (ALGT) 39.63 : Reports Q3 (Sep) earnings of $0.68 per share, $0.05 better than the First Call consensus of $0.63; revenues rose 13.9% year/year to $133.1 mln vs the $130.5 mln consensus. "Cost per passenger excluding fuel declined to $50.31 in the third quarter from $53.33 in the prior year, which understates the improvement since system load factor was 3.8% lower than last year. Please note these figures include bonus accrual, which has increased significantly in 2009 since it is tied to profitability and therefore further disguises underlying cost improvement. Excluding bonus accrual, cost per passenger excluding fuel declined to $4." Co reports load factor in 3Q of 89.9% 93.8% in 3Q08.

Earnings - 21st April 2009 (2)

5:47PM Vornado Rlty Trust sees Q1 FFOs and revs above consensus (VNO) 47.00 +6.70 : Co sees adjusted funds from operations of $1.70 vs $1.52 First Call consensus; sees revs fo $682.0 mln vs $650.7 mln consensus.

4:11PM Capital One misses by $0.31, misses on revs; expects managed charge-off dollars in 2009 will be higher than the prior projection of $8.6 bln (COF) 15.05 +1.67 : Reports Q1 (Mar) loss of $0.39 per share, $0.31 worse than the First Call consensus of ($0.08); revenues fell 5.6% year/year to $3.7 bln vs the $4.17 bln consensus. "While our first quarter results reflected significant pressures from the worsening economy, our balance sheet remained a source of strength... We continued to build our allowance, increase coverage ratios, and manage our capital levels well in excess of regulatory requirements. While we remain cautious about near-term economic challenges, we are confident that our balance sheet provides the stability to weather the current economic crisis and the flexibility to generate value on the other side." The company added $124.1 million to allowance for loan losses in anticipation of higher expected charge-offs in 2009. Allowance as a percent of reported loans increased 36 basis points in the first quarter of 2009 to 4.8 percent. The coverage ratio does not include the $9.5 billion of Chevy Chase Bank loans that were added to the balance sheet in the first quarter. Capital One now expects that managed charge-off dollars in 2009 will be higher than the $8.6 billion outlook for 2009 projected in the fourth quarter of 2008. The company has chosen not to specifically update its outlook for managed charge-offs given significant uncertainty in the economy.

4:10PM Cree beats by $0.02, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (CREE) 26.06 -0.32 : Reports Q3 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.11; revenues rose 4.9% year/year to $131.1 mln vs the $130.6 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.13-0.15, excluding non-recurring items, vs. $0.13 consensus; sees Q4 revs of $137-143 mln vs. $136.42 mln consensus. "Growth in LED lighting partially offset lower demand for auto, mobile and consumer applications in Q3, and we target total LED revenue to rebound in Q4 driven by increased demand for commercial lighting and video screens. As we look ahead to Fiscal 2010, we are targeting our LED lighting and LED component product lines to continue to grow, and we are planning to continue to invest in R&D and capacity to enable this growth."

4:10PM Seagate Tech reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs in-line (STX) 6.67 +0.21 : Reports Q3 (Mar) loss of $0.45 per share, in-line with the First Call consensus of ($0.45); revenues fell 30.7% year/year to $2.15 bln vs the $2.01 bln consensus. Co issues in-line guidance for Q4, sees EPS of ($0.29)-($0.39) vs. ($0.30) consensus; sees Q4 revs of $1.9-2.2 bln vs. $1.98 bln consensus. For the June quarter, in light of the company's view of the current market environment, the company is planning for the overall demand for disk drives to be relatively flat as compared to the March quarter. The co believes opportunities exist to reduce operating costs in product development, marketing/administrative and manufacturing areas to target a cost structure that generates positive cash flow and earnings within its fiscal year 2010.

4:08PM Gilead Sciences beats by $0.07, beats on revs (GILD) 43.73 -0.04 : Reports Q1 (Mar) earnings of $0.66 per share, $0.07 better than the First Call consensus of $0.59. Q4 Drug Sales: Truvada - $590.4 mln vs. $570 mln First Call Consensus; Atripla - $509.9 mln vs. $503 mln First Call Consensus; Viread - $160.6 mln vs. $164 mln First Call Consensus; Ambisome - $64.3 mln vs. $74 mln First Call Consensus

4:05PM Nabors Ind beats by $0.09, misses on revs (NBR) 14.58 +1.17 : Reports Q1 (Mar) earnings of $0.65 per share, $0.09 better than the First Call consensus of $0.56; revenues fell 13.5% year/year to $1.14 bln vs the $1.2 bln consensus. "There are increasing signs that our business may well be bottoming out in the seasonally low second quarter, but the timing of the inevitable recovery remains difficult to predict. The strength of our International business and our smaller Alaskan and US Offshore operations should serve to mitigate the loss of income from our US and Canadian drilling and well servicing operations. Our investments in new and upgraded rigs over the last four years have substantially been returned through term contracts in force in our US land drilling unit. These rigs should support our results through 2010 and will enhance our leverage when market conditions improve."

4:02PM Hudson City Banc beats by $0.01 (HCBK) 12.53 : Reports Q1 (Mar) earnings of $0.26 per share, $0.01 better than the First Call consensus of $0.25. The Board of Directors declared a quarterly cash dividend of $0.15 per share, a 7.1% increase as compared to $0.14 per share from the prior quarter.

11:08AM A-Power Energy wins two contracts totaling $75.3 mln for Anhui Wenergy's Biomass-Based micro-grid electricity-generation systems projects (APWR) 6.87 +0.36 : Co announces it has signed contracts with the subsidiaries of Anhui Wenergy to build two micro-grid electricity-generation systems in Anhui Province based on biomass as the primary fuel. The total value of the two contracts is $75.3 mln. Pursuant to the contracts, A-Power will design, assemble, install, test and deliver two 30MW electricity-generation systems using biomass as fuel at Wenergy's DG plants in Shucheng County and Hanshan County in Anhui Province. The two projects are expected to be completed and in operation by August 2010.

11:00AM Teck Cominco announces bridge and term loan extension - $4.4 bln of 2009 payments deferred (TCK) 7.67 +0.26 : The co announces that it has entered into a commitment letter to amend its existing $4 billion senior term loan facility and $5.81 billion senior bridge loan facility. The lenders have agreed, on the conditions set out in the commitment letter, among other things, to: defer $4.4 billion of payments previously scheduled in 2009, extend the maturity date of $3.5 billion of the Bridge Facility from October 29, 2009 to October 30, 2011, and reschedule approximately $3.3 billion of amortization payments under the Term Facility, with 50% of that rescheduled amount payable in quarterly installments during 2012. Under the commitment letter, Teck will be required to reduce the approximately S$5.2 billion currently outstanding under the Bridge Facility to $3.5 billion by October 30, 2009, with the remaining amounts outstanding under the Bridge Facility being due October 30, 2011. Changes to the existing amortization schedule under the Term Facility will be subject to individual lender consent, with holders of 83.6% of the Term Facility loans having provided commitments under the commitment letter. Based on the commitments of the holders of 83.6% of the Term Facility loans, semiannual amortization payments of $418 million will be due at the end of April and October of 2010 and 2011 and quarterly payments of $418 million will be due at the end of each calendar quarter in 2012. (stock is halted)

9:05AM UAL Corp. beats by $0.45, misses on revs (UAUA) 5.87 : Reports Q1 (Mar) loss of $4.00 per share, $0.45 better than the First Call consensus of ($4.45); revenues fell 21.7% year/year to $3.69 bln vs the $3.8 bln consensus. Mainline capacity is expected to be down 9.0% to 10.0% year-over-year for the full year 2009. Despite these large capacity reductions, the company expects mainline CASM, excluding fuel, profit sharing programs and certain accounting charges, for the full year 2009 to be up only 1.0% to 2.0% year-over-year, a reduction of approximately $150 million from prior company guidance, as United continues its progress on cost control. As a part of the company's cash conservation efforts, the non-aircraft capital expenditure plan has been reduced by $100 million, from $450 million to $350 million for the full year 2009. The company expects scheduled debt and capital lease payments of $665 million for the remainder of 2009.

9:01AM NVR beats by $0.71, beats on revs (NVR) 456.46 : Reports Q1 (Mar) earnings of $3.02 per share, $0.71 better than the First Call consensus of $2.31; revenues fell 35.8% year/year to $558.6 mln vs the $518.6 mln consensus. New orders in the first quarter of 2009 decreased 11% to 2,426 units, when compared to 2,731 units in the first quarter of 2008. The cancellation rate in the first quarter of 2009 was 15% compared to 22% in the first quarter of 2008 and 30% in the fourth quarter of 2008. The average sales price of new orders in the first quarter of 2009 declined by 12% from the first quarter of 2008. Settlements decreased in the first quarter of 2009 to 1,773 units, 28% less than the same period of 2008.The Company's backlog of homes sold but not settled at the end of the 2009 quarter decreased on a unit basis by 29% to 3,817 units from the same period last year. On a dollar basis, backlog dropped to $1,139,210,000, a decline of 41% when compared to the same period last year.

8:36AM USG Corp beats by $0.38, misses on revs (USG) 9.53 : Reports Q1 (Mar) loss of $0.35 per share, excluding $0.07 in restructuring/impairment charges, $0.38 better than the First Call consensus of ($0.73); revenues fell 25.8% year/year to $864 mln vs the $952.1 mln consensus. Co says, "The significant cost-reduction initiatives we implemented last year helped to mitigate the impact of an exceptionally weak housing market, a decline in commercial construction and contractions in most international markets. Our liquidity position remains solid and provides us sufficient funds to meet the ongoing needs of the business."

8:35AM AK Steel beats by $0.08, slight miss on revs (AKS) 10.25 : Reports Q1 (Mar) loss of $0.67 per share, $0.08 better than the First Call consensus of ($0.75); revenues fell 48.5% year/year to $922.2 mln vs the $929.3 mln consensus. Co says it expects slightly higher shipments in Q2 relative to Q1. However, Q2 average per-ton selling price should be 4% below Q1 levels. Co also expects to benefit from lower operating and raw material costs in Q2 relative to Q1 and to incur an operating loss of approximately $50 mln, a 50% improvement from Q1.

Earnings - 13th April 2009

4:20PM Goldman Sachs beats on top and bottom line; announces $5 bln equity offering (GS) 130.15 +5.82 : Reports Q1 (Mar) earnings of $3.39 per share, $1.79 better than the First Call consensus of $1.60; revenues rose 13.1% year/year to $9.43 bln vs the $7.09 bln consensus. Annualized return on average common shareholders' equity was 14.3% for the first quarter of 2009. The firm's Tier 1 Ratio under Basel II was 16.0% at the end of the first quarter of 2009, up from 15.6% as of November 28, 2008. The firm's Tier 1 Ratio under Basel I was 13.7% at the end of the first quarter of 2009. The firm's average global core excess liquidity was $163.74 bln for the first quarter of 2009, up from $111.43 bln for the fourth quarter of 2008... Net revenues in Trading and Principal Investments were $7.15 bln, compared with net revenues of $5.12 bln for the first quarter of 2008 and negative net revenues of $4.36 bln for the fourth quarter of 2008. As of March 27, 2009, total capital was $252.08 bln, consisting of $63.55 bln in total shareholders' equity (common shareholders' equity of $47.05 bln and preferred stock of $16.51 bln) and $188.53 bln in unsecured long-term borrowings. Book value per common share was $98.82 and tangible book value per common share (8) was $88.02, both essentially unchanged from November 28, 2008...  "Given the difficult market conditions, we are pleased with this quarter's performance... Our results reflect the strength and diversity of our client franchise, the resilience of our business model and the dedication and focus of our people. We believe these attributes position the firm to continue to create value for our clients and actively fulfill our role in the capital markets." The Board declared a dividend of $0.35 per common share to be paid on June 25, 2009 to common shareholders of record on May 26, 2009. (On Dec 16, The Board declared a dividend of $0.4666666 per common share to be paid on March 26, 2009 to common shareholders of record on February 24, 2009. The dividend of $0.4666666 per common share is reflective of a four month period (December 2008 through March 2009), due to the change in the firm's fiscal year end... Separately, the co announced a $5 bln public offering of common equity.

8:58AM SPX Corp sees 1Q09 EPS at low end of range of $0.75-0.85 vs. $0.77 First Call consensus; sees FY09 EPS of $4.40-4.80 vs. $5.11 consensus (SPW) 53.63 : Co issuesguidance for Q1 (Mar), sees EPS at low end of previous range of $0.75-0.85 vs. $0.77 First Call consensus. Co issues downside guidance for FY09 (Dec), sees EPS of $4.40-4.80 vs. $5.11 consensus; previous guidance called for EPS of $5.40-5.80; co sees FY09 (Dec) revs of $4.9-5.1 bln vs. $5.27 bln consensus. Full year organic revenues are expected to decline between 8% and 12% from 2008, compared to the co's previous target of flat to down 5%, while the impact of currency fluctuations is expected to reduce reported revenues by 4% to 5% at current rates. Co says, "Global economic conditions continued to deteriorate in the first quarter of 2009, resulting in these lowered expectations for the year. In particular, demand in our short cycle flow technology end markets has been lower than our expectations. Additionally, sales in our tools and diagnostics business have been lower than expected due to the continued stress being experienced by global vehicle manufacturers and their dealer service networks."

8:04AM Seagate Tech preannounces revs above consensus for Q3; guides above consensus for Q4 (STX) 6.65 : Co issues upside guidance for Q3 (Mar), sees Q3 (Mar) revs of $2.1 bln vs. $1.88 bln First Call consensus. Co sees Q4 revs of $1.9-2.2 bln vs $1.86 bln consensus.

7:46AM Kona Grill raises Q1 EPS and revenue guidance (KONA) 1.98 : Co raises guidance for Q1, sees loss per share of ($0.17)-($0.21) vs ($0.27) First Call consensus, and vs prior guidance of ($0.22)-($0.29). Co sees revs of $19.5 mln vs $18.9 mln First Call consensus and vs prior guidance of $18.3-$19.3 mln. Co states, "Our updated guidance reflects higher sales during the first quarter than we had originally forecasted. Additionally, we were able to successfully control operating costs, which translated into additional bottom line savings. These cost control initiatives provide us with opportunities to improve our margins once sales stabilize."