Earnings - 22nd Oct 2009

6:34PM Bucyrus beats by $0.35, beats on revs (BUCY) 42.53 -0.05 : Reports Q3 (Sep) earnings of $1.21 per share, $0.35 better than the First Call consensus of $0.86; revenues rose 4.6% year/year to $675.8 mln vs the $623.4 mln consensus.

4:19PM Synaptics beats by $0.06, beats on revs (SYNA) 23.66 +0.93 : Reports Q1 (Sep) earnings of $0.48 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.42; revenues rose 3.7% year/year to $119.6 mln vs the $116.4 mln consensus. Q3 gross margin of 40.4% vs. 40.6% street expectation. "We saw a sharp year-over-year increase in our mobile touchscreen business, where we are working with the top handset makers to broaden penetration of capacitive touchscreen phones around the world. Synaptics won a number of important new designs during the quarter, and design activity remains robust,"

4:18PM Western Digital beats by $0.31, beats on revs (WDC) 37.11 +1.25 : Reports Q1 (Sep) earnings of $1.25 per share, $0.31 better than the First Call consensus of $0.94; revenues rose 4.3% year/year to $2.2 bln vs the $2.06 bln consensus. WDC reports Q1 hard drive shipments of 44.6 mln compared to 40 mln in Q4. "In the September quarter, we leveraged our organization-wide agility to respond to unexpectedly robust demand and again generated strong financial results. As we enter the December quarter, demand remains strong and our product line-up, availability and cost profile position us to benefit from continuing growth opportunities."

4:18PM Chipotle Mexican Grill beats by $0.20, reports revs in-line (CMG) 87.77 +4.29 : Reports Q3 (Sep) earnings of $1.08 per share, $0.20 better than the First Call consensus of $0.88; revenues rose 13.8% year/year to $387.6 mln vs the $388.2 mln consensus. Full year comparable restaurant increases in the low single digits. For FY10, co sees flat comparable restaurant sales.

4:15PM Align Tech beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus (ALGN) 15.38 +0.44 : Reports Q3 (Sep) earnings of $0.13 per share, $0.08 better than the First Call consensus of $0.05; revenues rose 5.5% year/year to $79.3 mln vs the $73.8 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.08-$0.10 vs. $0.06 consensus; sees Q4 revs of $77.5-$81 mln vs. $76.58 mln consensus.

4:12PM Sunpower beats by $0.02, beats on revs; guides FY09 EPS in-line, revs above consensus (SPWRA) 33.30 +0.94 : Reports Q3 (Sep) earnings of $0.42 per share, $0.02 better than the First Call consensus of $0.40; revenues rose 56.4% year/year to $466 mln vs the $420.1 mln consensus. SPWRA reports gross margin 20.7% compared to 22.6% in Q2. Co issues mixed guidance for FY09, sees EPS of 1.15-1.25 vs. $1.21 consensus; tightens FY09 revs to $1.425-1.50 bln from $1.35-1.70 bln vs. $1.43 bln consensus.

4:08PM Deckers Outdoor beats by $0.34, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (DECK) 91.74 +2.25 : Reports Q3 (Sep) earnings of $2.59 per share, $0.34 better than the First Call consensus of $2.25; revenues rose 15.8% year/year to $228.4 mln vs the $227.7 mln consensus. DECK raises guidance, sees Q4 EPS growth of 5%, up from prior guidance of -4% and vs -3.5% consensus; co sees revs growth of +4%, up from prior guidance to decrease slightly YoY and vs +0.3% consensus. Q4 (Dec) guidance equates to EPS of $4.25 vs. $3.90 consensus; sees Q4 (Dec) revs of $315.60 mln vs. $303.85 mln consensus. Deckers Outdoor guidance also assumes a gross profit margin of approximately 47.0%, compared to previous expectations of 47.5%. "In addition to exceeding expectations, our third quarter results highlight our efforts to further diversify our product lines, expand our share of the market, and control expenses. Our UGG brand sales continue to be led by our core boot category, with the performance of several new styles driving the strong start to the fall selling season. Our focus on broadening the depth of our collections has enabled us to increase shelf space and attract new consumers to the brand. At the same time, we had a positive response to our more technical line of closed toe, light hikers, which will help establish our Teva brand as a true year-round brand and provide important momentum for spring 2010. Our Simple brand is also experiencing solid sell-through as ecoSNEAKS continue to perform well at major accounts such as Nordstrom and Journeys. We are very pleased with our ability to successfully execute our business plan in what continues to be an uncertain economic environment. We remain focused on effectively managing our expenses and inventory levels and are moving forward excited about the many long-term domestic and international growth opportunities that lie ahead for the Company." UGG brand net sales for the third quarter increased 19.1% to $212.8 million compared to $178.7 million for the same period last year. The sales gain was primarily attributable to an increase in domestic and international shipments of fall product versus the same period a year ago. During the third quarter, the Company repurchased approximately 300,000 shares of its common stock under its stock repurchase program for a total of approximately $20.0 million."

4:06PM Amazon.com beats by $0.12, beats on revs; guides Q4 revs above consensus (AMZN) 93.45 +0.03 : Reports Q3 (Sep) earnings of $0.45 per share, $0.12 better than the First Call consensus of $0.33; revenues rose 27.8% year/year to $5.45 bln vs the $5.03 bln consensus. Co issues upside guidance for Q4, sees Q4 revs of $8.12-9.12 vs. $8.11 bln consensus. AMZN sees Q4 operating income of $300-425 mln vs $372 mln consensus. Co said, "Kindle has become the #1 bestselling item by both unit sales and dollars - not just in our electronics store but across all product categories on Amazon.com. It's also the most wished for and the most gifted. We are grateful for and energized by this customer response... Earlier this week we began shipping the latest generation Kindle. Its 3G wireless works in the U.S. and 100 countries, and we've just lowered its price to $259."

7:36AM ITT Educational beats by $0.03, beats on revs (ESI) 110.43 : Reports Q3 (Sep) earnings of $2.00 per share, $0.03 better than the First Call consensus of $1.97; revenues rose 33.5% year/year to $339.6 mln vs the $335.3 mln consensus.

7:35AM Celgene beats by $0.02, beats on revs (CELG) 54.58 : Reports Q3 (Sep) earnings of $0.56 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.54; revenues rose 16.8% year/year to $692 mln vs the $671.2 mln consensus. Co reports Q3 sales of Revlimid $450 mln vs. $429 mln consensus; Vidaza $103 mln vs. $108 mln consensus, Thalomid $110 mln vs. $102 mln consensus.

7:13AM Laboratory Corp beats by $0.07, reports revs in-line; guides FY09 EPS above consensus (LH) 68.85 : Reports Q3 (Sep) earnings of $1.22 per share, $0.07 better thanthe First Call consensus of $1.15; revenues rose 4.4% year/year to $1.19 bln vs the $1.18 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.84-4.89 vs. $4.81 consensus; the Company expects revenue growth of approximately 4%, consensus 4.57%.

6:46AM J. Crew raises Q3 guidance above consensus (JCG) 37.74 : Co issues upside guidance for Q3 (Oct), sees EPS of $0.54-0.59 vs. $0.36 First Call consensus, prior guidance $0.30-0.33. The Company's third quarter fiscal 2009 expectations reflect a high single digit increase in comparable store sales; a low single digit increase in Direct sales; and a gross profit margin increase of approximately 500 basis points as compared to the third quarter of fiscal 2008 which was 41.6% of revenues. This compares to the Company's previous guidance for the third quarter of fiscal 2009 of a mid-single digit decline in comparable store sales; a low to mid-single-digit decline in Direct sales; and a 100 basis point increase in gross profit margin.

6:36AM Dow Chemical beats by $0.14, beats on revs (DOW) 25.50 : Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.10; revenues rose 6.4% year/year to $12.05 bln vs the $11.85 bln consensus. Co said, "The economic outlook for the rest of 2009 appears to be stabilizing withstrong growth in Asia Pacific, especially China, and other emerging geographies. The global economy is now on firmer footing, and, in our view, the United States economy is beginning a slow and tenuous recovery, with unemployment continuing to be a drag on consumer spending. Therefore, our 2009/2010 operating plans do not count on material improvements in market conditions, and we remain tightly focused on those factors we can control, such as costs, capital and cash flow management. Dow has already begun to benefit from the smooth integration of Rohm and Haas and the decisive actions we took to accelerate our restructuring efforts and cost synergies. We have also made significant improvements to our balance sheet, strengthening our financial structure and providing more flexibility in how we execute any further divestitures, which will be made on a timely and strategic basis."

6:33AM Alexion Pharma beats by $0.08, beats on revs; raises non-GAAP EPS guidance and Soliris net product sales guidance (ALXN) 44.13 : Reports Q3 (Sep) earnings of $0.29 per share, $0.08 better than the First Call consensus of $0.21; revenues rose 34.1% year/year to $102.6 mln vs the $98.3 mln consensus. Full-year 2009 financial guidance for non-GAAP diluted earnings per share is being revised upward, from the previously announced range of $1.01 to $1.06, to a higher range of $1.15 to $1.18, not comaparable to the GAAP consensus of $0.76. Alexion is revising upward its previously announced guidance for worldwide Soliris net product sales, from a previous range of $368 to $378 million, now to a higher range of $383 to $385 million for the full-year 2009.

6:10AM Check Point Sftwr beats by $0.03, beats on revs (CHKP) 30.10 : Reports Q3 (Sep) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.0% year/year to $233.6 mln vs the $230.7 mln consensus.

6:09AM Travelers beats by $0.30; raises FY09 EPS guidance (TRV) 48.02 : Reports Q3 (Sep) earnings of $1.61 per share, excluding non-recurring items, $0.30 better than the First Call consensus of $1.31. Co raises guidance for FY09, sees EPS of 5.30-5.50 vs. $5.28 consensus, up from previous guidance of $4.80-5.05. Book value for the quarter jumped 22% QoQ to $51.24 per share. The current quarter underwriting gain reflects a GAAP combined ratio, excluding net favorable prior year reserve development and catastrophe losses, of 92.5 percent, as compared to 91.8 percent in the prior year quarter. This increase of 0.7 points primarily resulted from reduced underwriting margins related to pricing and loss cost trends, higher non-catastrophe weather-related losses within Personal Insurance as well as the impact of the company's recently announced direct to consumer initiative. "These results were driven by underwriting profitability in each of our business segments and increased net investment income, as our non-fixed income portfolio yield improved to a positive level. "We were once again successful in achieving positive renewal rate changes across all of our business segments, although net written premiums were down modestly, largely attributable to declining economic activity in recent... With improved stability in the capital markets we deployed excess liquidity that we accumulated over the past several quarters. We repurchased $1 billion of common shares in the quarter in contrast to our past practice of reduced share repurchases during the catastrophe season. Given our strong earnings performance and cash position and more stable capital markets, we increased our regular quarterly dividend by 10 percent to $0.33 per share. In addition our Board of Directors has approved an additional $6.0 billion of common share repurchases."

6:08AM Potash beats by $0.01, beats on revs; guides Q4 EPS below consensus (POT)102.48 : Reports Q3 (Sep) earnings of $0.82 per share, $0.01 better than the First Call consensus of $0.81; revenues fell 64.1% year/year to $1.1 bln vs the $1.04 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.65-0.85 vs. $1.18 consensus. N. American potash producer shipments improved from the previous quarter, but third-quarter volumes were still more than 50% below the same quarter in 2008 and year-to-date totals were nearly 70% lower than in the first nine months of last year. In July, India signed new contracts with global potash producers, which co believed would inspire buyer confidence in other markets. This failed to materialize, as potash buyers appeared to respond instead to their perception of market conditions and risks, including healthy producer inventories, lack of engagement by Chinese buyers and a late US harvest. Moreover, large inventory writedowns in nitrogen and phosphate taken by dealers over the past year limited the appetite for additional inventory risk. As a result, dealers and farmers continued to buy potash only on an as-needed basis, putting pressure on spot market pricing.In phosphate, US producer solid fertilizer domestic sales volumes moved closer to historical levels, while offshore volumes rose slightly as India continued to import significant quantities and shipments to Brazil increased in advance of its key planting season. In nitrogen, lower domestic natural gas costs allowed North American producers to be more competitive, contributing to a 24% decline in ammonia imports to the US compared to last year's third quarter. Lower winter wheat plantings and continued deferral by fertilizer buyers reduced urea demand and prices in the quarter. Co anticipates global potash demand in 2010 will approximate 50 million tonnes. Co now expects 2009 potash gross margin to fall within the range of $0.7-$0.9 billion and total shipments to be 3.0-3.2 million tonnes.With lower forecast potash volumes, POT now anticipates 2009 annual effective tax rate will be in the range of 10-12%, with the fourth quarter at approx 26-27%. Provincial mining and other taxes are forecast within a range of 3-4% of total potash gross margin in the year as a result of lower volumes and pricing.

3:10AM AU Optronics beats by $0.01, beats on revs (AUO) 9.82 : Reports Q3 (Sep) earnings of $0.26 per ADR, $0.01 better than the First Call consensus of $0.25; revenues rose 8.4% year/year to $3.5 bln vs the $3.21 bln consensus. Co reports operating margin of 6.8%.

Earnings - 23rd April 2009 (1)

7:23AM CONSOL Energy beats by $0.15, misses on revs (CNX) 25.90 : Reports Q1 (Mar) earnings of $1.08 per share, $0.15 better than the First Call consensus of $0.93; revenues rose 18.8% year/year to $1.22 bln vs the $1.24 bln consensus.  Global demand for both coal and gas has been adversely impacted by the current economic recession and has led to lower capacity utilization in the industrial production sector. CONSOL Energy believes that a reduction in electricity generation load has been the major factor year-to-date regarding the demand for steam coal and natural gas. Consequently, this has led to higher stockpiles of coal at power generators when compared to historical averages as well as elevated natural gas storage levels as the country enters the shoulder season. CONSOL Energy has revised its production target from 63 mln tons to 62 mln tons for calendar year '09. For 2Q09, CONSOL Energy expects production to be approximately 14.9 mln tons. Co says, "Energy cos with less than stellar financial positions could find it very difficult to obtain reasonable financing terms to maintain their operations. We believe that this will impact supply and could set the stage for higher coal and natural gas prices as early as '10."

7:14AM L-3 Comms beats by $0.03, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (LLL) 73.90 : Reports Q1 (Mar) earnings of $1.66 per share, $0.03 better than the First Call consensus of $1.63; revenues rose 3.7% year/year to $3.64 bln vs the $3.67 bln consensus. Co reaffirms guidance for FY09, sees EPS of $7.17-7.32 vs. $7.30 consensus; sees FY09 revs of $15.5-15.7 bln vs. $15.71 bln consensus.

7:13AM Zimmer Hldgs beats by $0.01, reports revs in-line; guides FY09 EPS in-line (ZMH) 42.29 : Reports Q1 (Mar) earnings of $0.95 per share, $0.01 better than the First Call consensus of $0.94; revenues fell 6.3% year/year to $993 mln vs the $1 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-4.00 vs. $3.88 consensus. The co reaffirmed its full year 2009 sales and earnings guidance. It expects full-year revenues for 2009 to increase between 1% and 3% on a constant currency basis, with revenues anticipated to be flat in the second quarter of the year and improving thereafter. Assuming foreign currency exchange rates remain consistent with current levels, the Company estimates that foreign currency translation will reduce revenue by approximately 4% for the full year 2009. Adjusted diluted earnings per share are expected to show negative growth in the second and third quarters with positive growth in the fourth quarter.

7:12AM AutoNation beats by $0.07, misses on revs (AN) 15.37 : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.16; revenues fell 35.6% year/year to $2.47 bln vs the $2.74 bln consensus. Co says, "During the first quarter AutoNation reduced debt by approximately $500 mln, for a cumulative debt reduction of approximately $1.25 bln, including $635 mln of non-vehicle debt, since January 1, 2008. As a result of these actions and our financial performance we remained in compliance with all of the financial covenants in our debt agreements and improved our leverage ratio to 2.35 as of March 31, '09. Our liquidity remains strong as we ended the quarter with approximately $400 mln of cash and revolver availability. Although first quarter industry sales were lower than expectations, we agree with industry projections that sales rates will improve in the second half of this year."

7:12AM Laboratory Corp beats by $0.05, beats on revs; guides FY09 EPS in-line (LH)62.77 : Reports Q1 (Mar) earnings of $1.22 per share, $0.05 better than the First Call consensus of $1.17; revenues rose 4.8% year/year to $1.16 bln vs the $1.13 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95, excluding non-recurring items, vs. $4.86 consensus. Co expects FY09 revenue growth fo 2.0-4.0% and cash flow of approx $800.0 mln.

7:12AM CME Group reports EPS in-line, misses on revs (CME) 218.56 : Reports Q1 (Mar) earnings of $3.20 per share, in-line with the First Call consensus of $3.20; revenues rose 3.5% year/year to $647 mln vs the $656.1 mln consensus. Average rate per contract increased 12% to 83 cents, up from 74 cents in first-quarter 2008, due to a shift in product mix. Pro forma total operating expenses decreased 9 percent to $252 million, compared with the same period last year, due to ongoing expense discipline during the quarter. First-quarter pro forma operating income was $395 million, a decrease of 27 percent from $540 million for the year-ago period.

7:10AM EMC Corp reports EPS in-line, misses on revs (EMC) 12.70 : Reports Q1 (Mar) earnings of $0.16 per share, in-line with the First Call consensus of $0.16; revenues fell 9.2% year/year to $3.15 bln vs the $3.25 bln consensus. EMC's best estimate is that 2009 global IT spending will decline as a percentage in the very-high-single-digit to very-low-double-digit range compared with 2008. EMC also expects second-quarter 2009 global IT spending will probably be flat compared with the first quarter of 2009, and the second half of 2009 will be stronger than the first half of the year. Co says in 2009, savings from cost reduction actions are expected to reduce the company's 2008 cost base by $450 mln, up $100 mln from the company's previous estimate of $350 mln. The savings are expected to be weighted toward the latter half of 2009. Due to pressure on IT spending, EMC anticipates lower gross and operating margins for 2009 compared with 2008. Operating profitability should show signs of improvement from first-quarter 2009 levels in the second half of 2009.

7:09AM Penn Natl Gaming beats by $0.06, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs above consensus (PENN) 27.71 : Reports Q1 (Mar) earnings of $0.40 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.34; revenues fell 0.2% year/year to $612.2 mln vs the $608.2 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.35 vs. $0.34 consensus; sees Q2 revs of $595.6 mln vs. $611.19 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.38 vs. $1.33 consensus; sees FY09 revs of $2.49 bln vs. $2.47 bln consensus.

7:05AM Raytheon beats by $0.10, beats on revs; raises FY09 guidance (RTN) 41.30 : Reports Q1 (Mar) earnings of $1.11 per share, $0.10 better than the First Call consensus of $1.01; revenues rose 9.9% year/year to $5.88 bln vs the $5.6 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.55-4.70 vs. $4.62 consensus; sees FY09 revs of $24.4-24.9 bln vs. $24.6 bln consensus.

7:02AM AmerisourceBergen beats by $0.06, misses on revs; raises FY09 guidance range (ABC) 34.75 : Reports Q2 (Mar) earnings of $0.95 per share, $0.06 better than the First Call consensus of $0.89; revenues fell 2.5% year/year to $17.31 bln vs the $17.93 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.18-3.30 vs. $3.19 consensus, prior guidance $3.08-3.25.

7:01AM Diamond Offshore beats by $0.29, reports revs in-line (DO) 71.12 : Reports Q1 (Mar) earnings of $2.51 per share, $0.29 better than the First Call consensus of $2.22; revenues rose 12.7% year/year to $885.7 mln vs the $878.5 mln consensus.

6:37AM NII Holdings beats by $0.07, reports revs in-line (NIHD) 14.33 : Reports Q1 (Mar) earnings of $0.43 per share, $0.07 better than the First Call consensus of $0.36; revenues fell 3.2% year/year to $961.3 mln vs the $958.3 mln consensus. The Company's 2009 outlook for consolidated operating revenue remains in the range of $4.1 bln to $4.3 bln, and its 2009 outlook for OIBDA remains in the range of $1.0 bln to $1.1 bln. Because of its revised outlook for net subscriber additions for the year, the Company is reducing its 2009 capital expenditure outlook to a range of $750 mln to $800 mln, down from its previous estimate of $800 mln to $850 mln.

6:36AM Marriott beats by $0.10, reports revs in-line; guides Q2 EPS below consensus; guides FY09 EPS in-line (MAR) 19.59 : Reports Q1 (Mar) earnings of $0.24 per share, $0.10 better than the First Call consensus of $0.14; revenues fell 14.8% year/year to $2.51 bln vs the $2.5 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.20-0.23 vs. $0.26 consensus. Co issues in-line guidance for FY09, sees EPS of $0.88-1.02 vs. $0.88 consensus. Co says the current global economic and financial climate continues to make predictions very difficult. For the second quarter of 2009, the co expects North American comparable systemwide REVPAR to decline 22 to 25% and comparable systemwide REVPAR outside North America to decline roughly 17 to 20% on a constant dollar basis. Based on those assumptions, total fee revenue could total $245 mln to $255 mln and owned, leased, corporate housing and other revenue, net of direct expenses, could total $10 mln to $15 mln. In the second quarter, the co expects Timeshare sales and services revenue, net of direct expenses, to total about $10 mln. Second quarter Timeshare contract sales are expected to total $175 mln to $185 mln. The co expects that general, administrative and other expenses will decline from $184 mln in 2008 to about $135 mln to $140 mln in the second quarter of 2009, a decline of roughly 25% from 2008. For the full year 2009, the co expects the business environment to remain unpredictable and, therefore, is unable to give its typical annual guidance. Instead, the co is providing the following assumptions, which it is using internally for planning purposes. For systemwide hotels outside North America, the co assumes a 13 to 16% decline in REVPAR on a constant dollar basis. For North American comparable systemwide hotels, the co assumes a 17 to 20% decline in REVPAR. Room growth is expected to total over 30,000 rooms in 2009 as most hotels expected to open are already under construction or undergoing conversion from other brands. All in all, fee revenue under these assumptions could total roughly $1,050 mln to $1,100 mln in 2009. The co estimates that incentive management fees in 2009 would derive largely from international markets. Owned, leased, corporate housing and other revenue, net of direct expenses, could total $55 mln to $65 mln in 2009. The timeshare business is more complex to forecast and model, particularly in this weak economic environment. In 2009, if adjusted Timeshare segment contract sales total roughly $800 mln, then adjusted Timeshare sales and services revenue, net of direct expenses, could total approx $55 mln. Base management fees associated with the timeshare business are likely to increase and timeshare site, regional and corporate overhead is likely to decline in 2009. Rental demand remains weak, in part due to a change in marketing strategy, and maintenance fees on unsold units are likely to increase. In addition, recent reductions in timeshare inventory spending are expected to slow reportability of revenue at some projects. While the co expects to complete an additional timeshare note sale in 2009, pricing is likely to remain unfavorable, so no note sale gain is assumed. Under this scenario, adjusted Timeshare segment results for 2009 could total approx $30 mln. The co anticipates that adjusted general, administrative and other expenses will decline from $751 mln to about $580 mln to $600 mln reflecting substantial savings compared to 2008 as a result of restructuring efforts and cost controls... The co expects investment spending in 2009 will decline by at least 50% from 2008 levels to approx $350 mln to $400 mln, including $30 mln for maintenance capital spending, $90 mln to $105 mln for capital expenditures, $70 mln to $80 mln for net timeshare development, $80 mln to $90 mln in new mezzanine financing and mortgage loans, $40 mln to $55 mln for contract acquisition costs and $40 mln in equity and other investments.

6:35AM Alexion Pharma beats by $0.02, reports revs in-line; reaffirms FY09 revs guidance (ALXN) 35.31 : Reports Q1 (Mar) earnings of $0.16 per share, $0.02 better thanthe First Call consensus of $0.14; revenues rose 78.7% year/year to $81.3 mln vs the $82 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.00-1.05, does not compare to $0.76 consensus due to exclusion of stock based compensation; sees FY09 revs of $360-375 mln vs. $375.50 mln consensus.

6:10AM Potash beats by $0.16, misses on revs; guides Q2 EPS below consensus; lowers FY09 EPS below consensus (POT) 80.99 : Reports Q1 (Mar) earnings of $1.02 per share, $0.16 better than the First Call consensus of $0.86; revenues fell 51.2% year/year to $922.5 mln vs the $975.5 mln consensus. Co issues downside guidance for Q2, sees EPS of $1.10-1.50 vs. $2.21 consensus. Co lowers guidance for FY09, sees EPS of $7.00-8.00 vs. $9.65 consensus, down from $10.00-12.00.  Co said, "The first quarter demonstrated the benefits of our potash strategy of matching supply to market demand, as well as our ability to remain profitable even during periods of demand deferral... While buyers have delayed purchases since the fourth quarter of 2008, the need for potash and other fertilizers cannot be denied. The fundamentals of our business remain extremely favorable, with historically low global grain stocks, supportive crop prices, depleting customer potash inventories and expectations of tight potash supply/demand dynamics for at least the next five years." Potash movement was extremely slow in the first quarter as all major offshore markets destocked inventories and many buyers waited for the outcomes of contract negotiations with China and India. By the end of the quarter, Brazil and Southeast Asian customers had worked through significant portions of their inventories and gradually began placing new orders at spot market prices of approximately $750 per tonne, comparable to spot prices before the financial downturn. A sharp decline in sales volumes significantly impacted first-quarter potash gross margin, which fell to $166.6 million from $514.6 million in the same quarter of 2008. Sales volumes to North American customers declined 86 percent, while offshore volumes fell 78 percent. Only 0.5 million tonnes were sold in the quarter, compared to 2.5 million tonnes in first-quarter 2008.

6:10AM RadioShack beats by $0.12, beats on revs (RSH) 10.80 : Reports Q1 (Mar) earnings of $0.34 per share, $0.12 better than the First Call consensus of $0.22; revenues rose 5.6% year/year to $1 bln vs the $0.94 bln consensus. Q109 comparable same-store sales for co-operated stores and kiosks increased 5.0% compared with Q108. The increase was primarily attributable to the strong performance of digital converter boxes, postpaid wireless and flat-panel televisions, which was partially offset by a decline in GPS, wireless accessories, digital cameras and digital music players.

6:08AM SunTrust Banks beats by $0.19, beats on revs (STI) 15.40 : Reports Q1 (Mar) loss of $0.46 per share, excluding non-recurring items, $0.19 better than the First Call consensus of ($0.65); revenues rose 16.3% year/year to $2.24 bln vs the $2.06 bln consensus. 2008. The majority of the first quarter loss to common shareholders was attributable to a non-cash, after-tax charge of $714.8 mln, or $2.03 per share, related to the impairment of goodwill. The goodwill impairment charge had no impact on the regulatory capital and tangible equity ratios. The estimated Tier 1 capital and tangible common equity to tangible asset ratios at March 31, 2009 were 11.00% and 5.82%, an increase of 13 and 23 basis points, respectively, compared to December 31, 2008, primarily due to the decrease in tangible assets related to the December sale of securities. Co has "substantial available liquidity due to inflows of high quality deposits and longer term financing sources, although weak demand remains for loans from higher quality borrowers."

6:03AM Thermo Fisher misses by $0.08, misses on revs; lowers FY09 EPS guidance (TMO) 35.19 : Reports Q1 (Mar) earnings of $0.62 per share, excluding non-recurring items,$0.08 worse than the First Call consensus of $0.70; revenues fell 11.7% year/year to $2.26 bln vs the $2.42 bln consensus. Co lowers guidance for FY09, sees EPS of $2.80-3.10 vs. $3.15 consensus; sees FY09 revs of $9.6-9.9 bln vs. $10.14 bln consensus.

5:52AM CNH Global misses by $0.75, misses on revs (CNH) 15.55 : Reports Q1 (Mar) loss of $0.53 per share, excluding non-recurring items, $0.75 worse than the First Call consensus of $0.22; revenues fell 25.5% year/year to $3.05 bln vs the $3.46 bln consensus. For Q209, CNH expects global agricultural equipment industry retail unit sales to reflect increasing levels of farmer uncertainty related to economic conditions, tight financial and credit conditions in certain markets and adverse weather impacts which could also delay planting activities in some areas. Consequently, in the second quarter, co expects worldwide industry retail unit sales of Over-40 horsepower tractors to decline by 20% and industry retail unit sales of combines to be down 25 to 30%. In the second quarter, co expects the Under-40 horsepower tractor segment in North America to be down 25 to 30%. They also expect weakness in global construction equipment industry retail unit sales to continue throughout 2009, with full year industry retail unit sales down 35 to 40% compared with full year 2008. For FY09, co expects significant industry sales declines to occur in all major markets. They don't expect that global or OECD GDP will grow and we expect construction activity levels will continue to weaken. Co expects signs of recovery in Q409. Pending such positive impact, stimulus actions may only serve to offset new declines in other types of construction spending. For the second quarter of 2009, CNH expects global construction equipment industry retail unit sales to be down 40 to 45% compared with Q208. 2009 CNH Outlook CNH expects Equipment Operations Net Sales for FY09 to be down 15 to 25% from 2008 as some first-half strength in North American high horsepower tractors and combines is offset by declines in all other agricultural equipment markets, further weakness in construction equipment sales and effects of translating foreign sales into the stronger U.S. dollar.

2:39AM Suncor Energy beats by $0.12 (SU) 23.75 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.12. The decrease in earnings was primarily due to lower price realizations, as benchmark commodity prices were significantly weaker in Q109 compared to the same period in 2008. This was partially offset by increased margins in downstream business segment and reduced oil sands royalty expenses. Oil sands production contributed an average 278,000 barrels per day in Q109, compared to Q108 production of 248,000 bpd. Natural gas production averaged 219 mln mmcfe per day in Q109, compared to 229 mmcfe per day in Q108.

Earnings - 12th Feb 2009

6:35PM United Stationers beats by $0.23, beats on revs (USTR) 28.31 +0.30 : Reports Q4 (Dec) earnings of $0.95 per share, $0.23 better than the First Call consensus of $0.72; revenues rose 2.3% year/year to $1.15 bln vs the $1.12 bln consensus. Co says, "Business customers are reacting to the recessionary environment by reducing spending and employment, and we are seeing the effects in declining sales. First quarter revenues to date are down about 8%, and we expect the market to remain difficult throughout 2009. We have responded by accelerating cost reduction initiatives and adjusting staffing levels." Cost reduction actions announced in January included eliminating 250 positions, or 4% of the workforce." The co expects to take a charge of $2.5-3.5 mln in the first quarter as a result. Savings in 2009 before the charge are expected to be ~$13 mln . Other cost reductions targeting labor-related and other expenses are expected to save an additional $10 mln in 2009. Further savings are expected from ongoing War on Waste initiatives.

5:55PM Panera Bread beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (PNRA) 49.05 +2.62 : Reports Q4 (Dec) earnings of $0.86 per share, excluding $0.02 in non-recurring items, $0.02 better than the First Call consensus of $0.84; revenues rose 18.9% year/year to $357.8 mln vs the $352.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.53-0.59, excluding non-recurring items, vs. $0.56 consensus. Co issues in-line guidance for FY09, sees EPS of $2.55-2.71, excluding non-recurring items, vs. $2.61 consensus.

4:17PM Cephalon beats by $0.10, beats on revs; guides Q1 revs in-line; guides FY09 revs in-line (CEPH) 78.27 +0.76 : Reports Q4 (Dec) earnings of $1.46 per share, $0.10 better than the First Call consensus of $1.36; revenues rose 20.0% year/year to $540.1 mln vs the $527.9 mln consensus. Co issues guidance for Q1, sees EPS of $1.30-1.40, may not be comparable to $1.34 consensus; sees Q1 revs of $510-530 mln vs. $533.52 mln consensus. Co issues guidance for FY09, sees EPS of $6.50-6.60, may not be comparable to $5.66 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.25 bln consensus. Q4 Drug Sales: Actiq $38.8 mln vs. $54 mln First Call Consensus; Fentora $38.6 mln vs. $41 mln First Call Consensus; Provigil $281.2 mln vs. $267 mln First Call Consensus; Treanda $36.2 mln vs. $32 mln First Call Consensus.

4:16PM American Phys beats by $0.20, beats on revs; guides FY09 EPS above consensus (ACAP) 44.95 : Reports Q4 (Dec) earnings of $1.24 per share, $0.20 better than the First Call consensus of $1.04; revenues fell 10.2% year/year to $39.7 mln vs the $38.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $4.25 vs. $4.24 consensus. APCapital's Board of Directors elected to increase its quarterly cash dividend by 10% to $0.11 per common share payable on March 31, 2009 to shareholders of record on March 13, 2009. Co says, "While premium rates have come down in recent years and reduced interest rates have lowered our investment return, we still believe 2009 will be another strong year. If the current trends in frequency, severity and pricing remain stable in our book of business, we expect to again exceed the benchmark of $4.25 earnings per diluted share in 2009." In the fourth quarter of 2008, APCapital repurchased 788,370 shares at an average cost of $37.64 per share. For the full year, APCapital repurchased 1,333,970 shares utilizing $53.2 mln of equity.

8:38AM Natural Resource beats by $0.08, beats on revs (NRP) 23.30 : Reports Q4 (Dec) earnings of $0.55 per share, $0.08 better than the First Call consensus of $0.47; revenues rose 32.3% year/year to $75.8 mln vs the $73.7 mln consensus. Metallurgical coal accounted for 30% of NRP coal royalty revenues and 22% of its production for the full year 2008. Co states, "Although the industry has seen drops in demand and pricing for metallurgical coal over the last few months, our lessees have approximately 90% of their steam coal under contract for 2009, in most cases at prices higher than 2008. As reported in our 2009 guidance released last month, in spite of the downturn in the economy, NRP anticipates that 2009 revenues will exceed our 2008 revenues."

8:28AM Teekay Shipping beats by $0.17, beats on revs (TK) 18.69 : Reports Q3 (Sep) earnings of $1.29 per share, ex-items, $0.17 better than the First Call consensus of $1.12; revenues rose 45.3% year/year to $672.5 mln vs the $643.7 mln consensus. During the third quarter of 2008, approximately 43% of the company's cash flow from vessel operations was generated from its fixed-rate businesses, compared to 83% in the third quarter of the prior year. This change is primarily due to the significant increase in spot tanker rates in the third quarter of 2008, partially offset by the continued growth of the Company's fixed-rate businesses.

8:26AM Martin Marietta misses by $0.03, misses on revs; guides FY09 EPS in-line (MLM) 79.94 : Reports Q4 (Dec) earnings of $0.80 per share, excluding non-recurring items,$0.03 worse than the First Call consensus of $0.83; revenues fell 12.2% year/year to $414.5 mln vs the $484.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.70-4.30 vs. $4.12 consensus. Co says, "We expect 2009 aggregates volumes to range from down 9% to 12%, excluding the effect of the proposed economic stimulus plan. The rate of price increase for the aggregates product line will be in a range from 4% to 6%. expect incremental aggregates volume of 8 million to 10 million tons and net earnings per diluted share of $0.50 to $0.75 for 2009 from an economic stimulus plan."

8:04AM Olympic Steel misses by $0.11, beats on revs (ZEUS) 17.45 : Reports Q4 (Dec) earnings of $0.07 per share, $0.11 worse than the First Call consensus of $0.18; revenues rose 7.4% year/year to $253.6 mln vs the $241.8 mln consensus. Tons sold in the fourth quarter of 2008 decreased 21.5% to 229 thousand from 291 thousand in the fourth quarter of 2007. "We are pleased with our record 2008 sales and earnings performance, and our ability to gain market share, even with the rapid and deep economic downturn of the fourth quarter. We enter 2009 with a particularly strong balance sheet, and a significantly lower operating expense base aligned with the industry-wide decline in sales volumes... Given the challenging and uncertain economic and financial environment, prospects for a quick recovery in business levels are remote. We believe we are in a position of strength and can weather the difficult economic climate with our strong, low-leveraged balance sheet, a proven disciplined approach to working capital management, and aggressive cost reductions. We believe that we are favorably positioned to take advantage of the market when demand returns."

8:03AM Coca-Cola beats by $0.03, misses on revs (KO) 41.27 : Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.61; revenues fell 2.8% year/year to $7.13 bln vs the $7.52 bln consensus. Co said, "While certainly not crisis proof, as no company is, I do believe our global business model is relatively resilient, as we bring simple moments of pleasure to our consumers, nearly 1.6 billion times a day, for cents at a time. We recognize that 2009 will bring many unique challenges to us and our consumers, customers, and bottling partners. Yet, I believe that our solid brand and business fundamentals - together with a fundamentally sound balance sheet, robust cash generating model and strong global bottling system - provide a sound foundation for our management team to continue driving long-term sustainable growth."

7:34AM Foundation Coal beats by $0.39, reports revs in-line (FCL) 18.08 : Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.39 better than the First Call consensus of $0.50; revenues rose 24.3% year/year to $456.5 mln vs the $453.5 mln consensus. Coal sales revenues were $450.7 mln, up 27% from Q407 primarily due to a 29% increase in average per ton sales realizations. The increase in average per ton sales realizations reflects higher realizations in all active production regions. Fourth quarter average realizations per ton in Central and Northern Appalachia rose 59% and 9%, respectively, compared to the same period last year, while average realizations per ton in the PRB increased 15%. The increase in Q4 net income compared to Q407 is primarily attributable to a 0.9 mln ton increase in shipments from Northern Appalachia and substantially higher average realizations in all regions, somewhat offset by a 0.8 mln ton decrease in shipments from the Powder River Basin, a 0.3 mln ton decrease in shipments from Central Appalachia, and higher operating expenses.

7:22AM Laboratory Corp beats by $0.01, reports revs in-line; guides FY09 EPS in-line; reiterates FY09 rev growth (LH) 59.75 : Reports Q4 (Dec) earnings of $1.10 per share, excluding restructuring and other special items , $0.01 better than the First Call consensus of $1.09; revenues rose 11.3% year/year to $1.12 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95 vs. $4.84 consensus. The co continues to expect revenue growth of 2.0% to 4.0% which calculates to revs of $4.595-4.685 bln vs 4.641 bln.

7:13AM NRG Energy beats by $0.57, beats on revs (NRG) 23.49 : Reports Q4 (Dec) earnings of $0.98 per share, $0.57 better than the First Call consensus of $0.41; revenues rose 19.8% year/year to $1.66 bln vs the $1.25 bln consensus. NRG reaffirmed its 2009 adjusted EBITDA guidance of $2.2 bln and cash from operations of $1.5 bln. These targets remain unchanged from its January 22, 2009 news release. Financial results for 2008 were favorably impacted by both strong plant operating performance and a proactive commercial operations strategy implemented during the second quarter of the year.

7:04AM Emergency Medical Services beats by $0.01, reports revs in-line; guides FY09 EPS above consensus (EMS) 33.60 : Reports Q4 (Dec) earnings of $0.48 per share,$0.01 better than the First Call consensus of $0.47; revenues rose 10.5% year/year to $593.7 mln vs the $597.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.05-2.15 vs. $1.96 consensus. The increase in earnings is attributable primarily to the net impact of higher revenue on existing contracts, increased volume from net new contracts and acquisitions, and a decline in total expenses as a percentage of net revenue.

6:54AM Yucheng Technologies misses by $0.01, beats on revs; guides FY09 EPS below consensus, revs above consensus (YTEC) 4.75 : Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues rose 45.5% year/year to $34.2 mln vs the $32.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.86-0.90 vs. $0.93 consensus; sees FY09 revs of $117-122 mln vs. $115.44 mln consensus. Despite the current global financial and economic challenges and the general negative outlook for the Chinese economy, they believe that their growth will continue at a healthy rate of 18% to 23% in 2009. They are committed to growing their IT Solutions and Services business through their market leading products, which allow banks to serve customers more effectively and conveniently, and to manage their operations across multiple locations more efficiently. Co says, "Executive management is forgoing our 2008 bonuses and postponing a major portion of the performance-based shares due to us as selling shareholders to reflect our commitment to our existing shareholders and our confidence in the 2009 guidance despite challenging market conditions."

6:37AM Alexion Pharma beats by $0.15, beats on revs; guides FY09 EPS above consensus, revs below consensus (ALXN) 36.88 : Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.08; revenues rose 128.3% year/year to $77.4 mln vs the $76.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $1.00-1.05 vs. $0.87 consensus; sees FY09 revs of $360-375 mln vs. $381.63 mln consensus. Co says, "In 2008, the first full year of Soliris commercialization, Alexion achieved outstanding execution of its business initiatives and brought the clinical benefits of Soliris to patients in more than 18 countries."

6:32AM Strayer Education beats by $0.01, reports revs in-line; guides Q1 EPS slightly below consensus (STRA) 225.87 : Reports Q4 (Dec) earnings of $1.71 per share, $0.01 better than the First Call consensus of $1.70; revenues rose 28.2% year/year to $114.3 mln vs the $113.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $1.96-1.98 vs. $1.99 consensus. Total enrollment at Strayer University for the 2009 winter term increased 22% to 45,697 students compared to 37,323 students for the same term in 2008. Across the Strayer University campus network, new student enrollments increased 20% and continuing student enrollments increased 23%. Global (out of area) online students increased 47%, while students taking 100% of their classes online (including campus based students) increased 25%. The total number of students taking any courses online (including students at brick and mortar campuses taking at least one online course) in the 2009 winter term increased 24% to 32,771.

6:06AM Aetna beats by $0.02, reports revs in-line; guides FY09 EPS in-line (AET) 32.24 : Reports Q4 (Dec) earnings of $0.96 per share, excluding net realized capital losses and other items, $0.02 better than the First Call consensus of $0.94; revenues rose 11.5% year/year to $7.98 bln vs the $7.96 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-3.95 vs. $3.87 consensus. Co said, "As we enter 2009, we are listening very closely to our customers to make sure we understand their needs and can respond appropriately... Our underlying business fundamentals remain strong because of our sound and flexible operating model and a value proposition that is resonating in the marketplace."

5:11AM New Oriental Education & Technology lowers Q309 revenue guidance (EDU)53.13 : Co issues downside guidance for Q3 (Feb), sees Q3 (Feb) revs of $62.0-65.0 mln vs. $67.36 mln First Call consensus. "The economic downturn in China has had a greater than anticipated effect on New Oriental's cash proceeds (cash collected from students in advance for course enrollments) over the past several weeks and we are therefore revising our third fiscal quarter 2009 revenue guidance downwards to reflect current expectations," said Louis T. Hsieh, CFO.

1:45AM Core Labs beats by $0.02, misses on revs; guides Q1 EPS in-line, revs below consensus (CLB) 63.91 : Reports Q4 (Dec) earnings of $1.66 per share, excluding gain from note repurchases and foreign exchange losses, $0.02 better than the First Call consensus of $1.64; revenues rose 14.1% year/year to $201.2 mln vs the $206.3 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.30-1.40, including excluding non-recurring items, vs. $1.37 consensus; sees Q1 revs of $180.0-185.0 mln vs. $196.38 mln consensus. Co reports 28.3% for operating margins, excluding the effects of currency translation exchange losses. Core states that it has benefited from its de-emphasis of Russian operations and its downsizing of Mexican, Venezuelan, and Nigerian operations over the past three years, as the co focused on development and production-related projects almost to the exclusion of volatile exploration-related activities. The 2009 capital expenditure total also will be below the expected 2009 annual depreciation total of approx $23.0 mln.

Earnings - 29th July 2008

8:19AM Concur Tech and American Express enter into exclusive alliance to offer corporate clients T&E expense management services (CNQR) 36.05 : American Express (AXP) and CNQR announces that they have entered into an alliance involving both an exclusive marketing partnership and a strategic investment by American Express in CNQR. AXP has also purchased 6.4 mln shares of newly issued common stock, representing 13% post issuance of the currently outstanding common equity voting interest in Concur, at a price per share of $39.27, for $251 mln in cash.

8:16AM Inverness Medical misses by $0.05, reports revs in-line (IMA) 30.00 : Reports Q2 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.42; revenues rose 158.8% year/year to $401.1 mln vs the $398 mln consensus.

8:12AM AGCO Corp beats by $0.37, beats on revs; guides FY08 EPS above consensus (AG) 52.30 : Reports Q2 (Jun) earnings of $1.34 per share, excluding non-recurring items, $0.37 better than the First Call consensus of $0.97; revenues rose 40.0% year/year to $2.4 bln vs the $2.17 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.60-3.70 vs. $3.41 consensus.

8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 74.11 : Reports Q2 (Jun) earnings of $1.20 per share, $0.07 better than the First Call consensus of $1.13; revenues rose 39.4% year/year to $3.32 bln vs the $3.2 bln consensus.

7:47AM Valero Energy beats by $0.04, beats on revs (VLO) 31.81 : Reports Q2 (Jun) earnings of $1.37 per share, $0.04 better than the First Call consensus of $1.33; revenues rose 51.4% year/year to $36.64 bln vs the $34.93 bln consensus. "Despite the difficult environment for margins on gasoline and many secondary products, Valero continued to be profitable. Wide differentials for the heavy and sour feedstocks that we can process in our refineries benefited us significantly in the second quarter... Looking at market fundamentals, we expect distillate margins should be strong for the rest of the year and next. However, we expect gasoline margins to continue to be weak and industry utilization rates to decline. We expect secondary products to have a margin recovery, particularly if the price of crude oil stabilizes or falls, as the prices of these products lag changes in the price of crude oil... Concerning asset sales, although we have received preliminary indications of interest from parties regarding our Ardmore and Memphis refineries, we have not yet received a proposal that we believe is in the best interest of our employees and shareholders, so these refineries remain under strategic review. Obviously, gasoline margins have weakened and the availability of financing is clearly lacking as the financial markets continue in turmoil. However, we plan to continue to pursue a potential transaction for Aruba."

7:33AM Waste Mgt beats by $0.04, misses on revs; reaffirms FY08 EPS guidance (WMI) 35.07 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.59; revenues rose 3.9% year/year to $3.5 bln vs the $3.43 bln consensus. Co reaffirms guidance for FY08, they are confident that they will meet the upper end of the range of their previously announced full-year earnings guidance of $2.19 to $2.23 per diluted share vs. $2.23 consensus. "We also expect to achieve our free cash flow guidance of $1.4 billion. In each case we exclude costs associated with our proposal to acquire Republic Services."

7:33AM Harsco beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY08 EPS in-line (HSC) 51.21 : Reports Q2 (Jun) earnings of $1.07 per share, $0.05 better than the First Call consensus of $1.02; revenues rose 16.2% year/year to $1.1 bln vs the $1.09 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.92-0.95 vs. $0.95 consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.55, compared to previous guidance of $3.45-3.55, vs. $3.55 consensus.

7:31AM EMCOR Group beats by $0.09, beats on revs; guides FY08 EPS in-line, revs in-line (EME) 27.46 : Reports Q2 (Jun) earnings of $0.65 per share, $0.09 better than the First Call consensus of $0.56; revenues rose 25.6% year/year to $1.72 bln vs the $1.64 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.32-2.47 vs. $2.35 consensus; sees FY08 revs of $6.8-7.0 bln vs. $6.86 bln consensus.

7:15AM Kaydon beats by $0.01, beats on revs (KDN) 55.95 : Reports Q2 (Jun) earnings of $0.64 per share, $0.01 better than the First Call consensus of $0.63; revenues rose 23.4% year/year to $139.9 mln vs the $132.9 mln consensus. Co raises quarterly cash dividend to $0.17 from $0.15. Co's Board of Directors has authorized the co to review options to add capacity in the wind energy industry. "While we continue to work towards our historical target of 10-12 percent earnings per share growth, attainment in 2008 will be more challenging than previously anticipated given current business conditions. Meeting our target in 2008 will be predicated upon an improved flow of immediately shippable orders, or 'book and ship' orders, to our general industrial markets in North America, and upon the funding and release of certain military orders previously expected in the fourth quarter, which are now expected to be delayed due to funding issues, and therefore fall into 2009."

7:13AM GrafTech Intl beats by $0.04, beats on revs; sees FY08 total net sales increasing approx 20-22% (GTI) 24.10 : Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the First Call consensus of $0.47; revenues rose 24.9% year/year to $319.5 mln vs the $295.9 mln consensus. Co says they remain encouraged by global steel industry conditions and expect solid demand from their steel end markets and the markets that drive their Engineered Solutions segment in 2008. As a result, the co is raising their full year 2008 guidance. Co sees total net sales increasing approx 20-22% (vs previous guidance of 16-18%); operating income targeted growth of approximately 35% to the range of $320-$330 mln (previous guidance $310-$320 mln).

7:10AM Hercules Offshore misses by $0.03, beats on revs (HERO) 29.18 : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 worse than the First Call consensus of $0.25; revenues rose 173.5% year/year to $270.8 mln vs the $260.3 mln consensus. "The domestic offshore environment is expected to remain positive as current commodity prices are driving attractive well economics and higher capital spending by our customers."

7:06AM Under Armour beats by $0.02, reports revs in-line; reaffirms FY08 revs guidance (UA) 26.63 : Reports Q2 (Jun) earnings of $0.03 per share, $0.02 better than the First Call consensus of $0.01; revenues rose 30.0% year/year to $156.7 mln vs the $156.3 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $765-775 mln vs. $767.07 mln consensus. The co also raised its 2008 income from operations outlook to $104.5 - $105.5 mln from $103.5 - $104.5 mln. The co said gross margin for the second quarter of 2008 was 45.3% compared to 49.0% in the prior year's quarter. The decline in gross margin was primarily driven by the higher proportion of footwear sales in the quarter, which have lower gross margins than apparel. Co says inventory totaled $183.9 million at June 30, 2008, compared to $166.1 million at December 31, 2007 and $128.8 million at June 30, 2007. As the Company had anticipated, the inventory growth rate in the second quarter of 2008 marked a deceleration from the inventory growth reported for the first quarter.

6:34AM Alexion Pharm beats by $0.20, beats on revs; raises Soliris product guidance (ALXN) 79.95 : Reports Q2 (Jun) GAAP earnings of $0.06 per share, $0.20 better than the First Call consensus of ($0.14); total/Soliris revenues rose 508.2% year/year to $59.6 mln vs the $54 mln consensus. Co raises worldwide Soliris net product sales to $235-245 mln from previous guidance of $215-225 mln. Co sees cost of sales unchanged at 12-14% of net product sales. Co maintains its forecast of a non-GAAP profit for Y08, and additionally now expects to report a GAAP profit for Q3 and Q4. Co's Board of Directors has a approved a two-for-one stock split.

6:26AM Patriot Coal reports Q208 results; misses by $0.09 and beats on revenue (PCX) 134.70 : Reports Q2 (Jun) earnings of $0.44 per share, $0.09 worse than the First Call consensus of $0.53; revenues increased 32.6% year/year to $339.68 mln vs the $324.37 mln consensus. For 2008, including Magnum beginning July 23, co anticipates sales volumes in the range of 30.0 to 32.0 mln tons and EBITDA between $165 and $185 mln. EPS for 2008 will substantially increase over prior guidance. This increase is a direct result of the positive impact from purchase accounting adjustments related to the valuation of existing sales contracts. Accretion related to below-market sales contracts resulting from the acquisition of Magnum will be included in the net income, but will not be reflected in EBITDA. For 2009, including Magnum for the full year, PCX anticipates sales volumes in the range of 41.0 to 44.0 mln tons and EBITDA between $750 and $950 mln.


6:08AM Continental Resources beats by $0.05, beats on revs (CLR) 63.72 : Reports Q2 (Jun) earnings of $0.75 per share, $0.05 better than the First Call consensus of $0.70; revenues rose 108.8% year/year to $303.4 mln vs the $280.3 mln consensus. Co also announces that President and Chief Operating Officer Mark Monroe will retire effective October 31, 2008.

6:05AM Amedisys beats by $0.07, beats on revs (AMED) 60.91 : Reports Q2 (Jun) earnings of
$0.76 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.69; revenues rose 84.5% year/year to $312.7 mln vs the $288.3 mln consensus.

4:40AM CTC Media beats by $0.01, beats on revs; guides FY08 revs in-line (CTCM) 21.25 : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 54.1% year/year to $172.8 mln vs the $164 mln consensus. Co issues in-line guidance for FY08, sees FY08 consolidated total operating revs of $650-700 mln vs. $657.04 mln consensus. For FY08, co reaffirms its guidance for organic total operating revenues in the range of $600-650 mln.

2:33AM Sony beats by $0.09, misses on revs; guides FY09 revs lower (SNE) 39.93 : Reports Q1 (Jun) earnings of $0.31 per share, $0.09 worse than the First Call consensus of $0.40; revenues increased 0.1% year/year to $18.67 bln vs the $19.60 bln consensus. Reports net income decreased 47.4% to $330.0 mln. Co issues downside guidance for FY09, sees FY09 revs of Y9.2 trln vs. Y9.71 trln consensus.

2:20AM BE Aerospace beats by $0.02, beats on revs; guides FY08 EPS in-line; reaffirms FY09 EPS below consensus (BEAV) 24.83 : Reports Q2 (Jun) earnings of $0.59 per share, $0.02 better than the First Call consensus of $0.57; revenues rose 31.1% year/year to $522.2 mln vs the $499.3 mln consensus. Co issues in line guidance for FY08, sees EPS of approx $2.37, excluding non-recurring items, vs. $2.40 consensus. Co reaffirms downside guidance for FY09, sees EPS of approx $2.85, excluding impact from HCS transaction, vs. $2.98 consensus. Co see EPS of $3.65, excluding HCS transaction impact, for FY10.

1:16AM Teva Pharm beats by $0.01, beats on revs (TEVA) 45.77 : Reports Q2 (Jun) earnings of $0.65 per share, $0.01 better than the First Call consensus of $0.64; revenues rose 18.3% year/year to $2.82 bln vs the $2.68 bln consensus.