Earnings - 28th April 2009 (2)

7:49AM Valero Energy beats by $0.09, misses on revs (VLO) 20.74 : Reports Q1 (Mar) earnings of $0.59 per share, $0.09 better than the First Call consensus of $0.50; revenues fell 50.5% year/year to $13.82 bln vs the $19.86 bln consensus. The increase in operating income was mainly due to higher refining margins on gasoline and secondary products, such as fuel oil, asphalt, and petroleum coke. Also contributing to the increase in operating income versus the first quarter of 2008 was a decline in refining operating expenses due primarily to lower energy costs. Partially offsetting the increase in first quarter 2009 operating income was the significant decline in sour crude oil discounts and lower diesel and jet fuel margins. Throughput volumes also declined due to downtime at certain refineries.

7:45AM Fortune Brands guides Q1 above consensus; reaffirms FY09 guidance; lowers annual dividend to $0.76 from $1.76 (FO) 36.52 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.30, excluding non-recurring items, vs. $0.18 First Call consensus. Co reaffirms guidance for FY09 (Dec), sees EPS of $2.00-2.50 vs. $2.22 consensus. Co said, "Each of our businesses performed at or above our expectations in navigating what we expected to be the most difficult quarter of the year". The company also announced a series of initiatives designed to increase free cash flow, thereby strengthening its balance sheet and enhancing its ability to pay down debt and capitalize on potential value-creating opportunities. As a result of these initiatives, the company boosted its 2009 target for free cash flow from the range of $100-200 million to the range of $400 million, after dividends and capital expenditures. Co also announces a reduction in the dividend to an annual rate of $0.76 per share - payable 19 cents per quarter.

7:35AM Coca-Cola Ent beats by $0.15, beats on revs; guides FY09 EPS above consensus (CCE) 15.13 : Reports Q1 (Mar) earnings of $0.20 per share, $0.15 better thanthe First Call consensus of $0.05; revenues rose 3.2% year/year to $5.05 bln vs the $4.86 bln consensus. Co issues upside guidance for FY09, sees EPS of $1.24-1.29 vs. $1.20 consensus. "We remain cautious about the rest of the year, however, as the first quarter is our smallest reporting period and general economic conditions remain challenging, both in North America and Europe."

7:34AM Mead Johnson Nutrition beats by $0.15, revs in-line; guides FY09 EPS above consensus (MJN) 26.25 : Reports Q1 (Mar) earnings of $0.57 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.42; revenues fell 1.5% year/year to $693.0 mln vs the $693.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.90-2.05, excluding non-recurring items, vs. $1.87 consensus. Co expects full-year results will be driven by double-digit revenue gains in key growth markets in Asia and Latin America and supported by innovative new products scheduled for launch in the US and internationally through the remainder of 2009..

7:33AM EMCOR Group beats by $0.22, misses on revs; reaffirms FY09 EPS guidance, revs guidance (EME) 19.35 : Reports Q1 (Mar) earnings of $0.55 per share, $0.22 better than the First Call consensus of $0.33; revenues fell 16.1% year/year to $1.39 bln vs the $1.51 bln consensus. Co reaffirms guidance for FY09, sees EPS of "base line" EPS of $1,80 vs. $1.91 consensus; sees FY09 revs of $6-6.3 bln vs. $6.19 bln consensus. Contract backlog as of March 31, 2009 was $3.67 billion, compared to contract backlog of $4.39 billion as of March 31, 2008 and $4.00 billion at December 31, 2008. The decline in backlog was principally attributable to reduced contract awards in the hospitality / gaming sectors, particularly in Las Vegas, and in the commercial sector partially offset by growth in the transportation, industrial, institutional and water and wastewater sectors.

7:06AM DineEquity beats by $0.43, beats on revs; reaffirms key financial performance guidance metrics for 2009 (DIN) 26.14 : Reports Q1 (Mar) earnings of $0.72 per share, excluding non-recurring items, $0.43 better than the First Call consensus of $0.29; revenues fell 15.5% year/year to $374.2 mln vs the $364.3 mln consensus. IHOP's domestic system-wide same-store sales increased 2.0% for the first quarter 2009 compared to the same quarter last year, reflecting higher average guest check and slightly positive guest traffic. Same-store sales for Applebee's company-operated restaurants decreased 3.2% for the first quarter 2009 compared to the same quarter last year. Co reiterated its key financial performance guidance metrics for 2009, which include: Applebee's company-operated same-store sales performance ranging between negative 2% to negative 5% for fiscal 2009 with domestic system- wide same-store sales expected to be similar to that of company-operated restaurants for the year. Improved operating margin at Applebee's company-operated restaurants expected by 50 to 150 basis points. IHOP's system-wide same-store sales performance to range between positive 1% and negative 1%.

7:06AM Under Armour beats by $0.05, beats on revs (UA) 21.70 : Reports Q1 (Mar) earnings of $0.08 per share, $0.05 better than the First Call consensus of $0.03; revenues rose 27.1% year/year to $200 mln vs the $182.1 mln consensus.

7:02AM Group 1 Auto beats by $0.10, misses on revs (GPI) 18.11 : Reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.14; revenues fell 32.2% year/year to $1.02 bln vs the $1.14 bln consensus.

7:01AM Waters beats by $0.16, misses on revs (WAT) 37.70 : Reports Q1 (Mar) earnings of $0.74 per share, $0.16 better than the First Call consensus of $0.58; revenues fell 10.4% year/year to $333.1 mln vs the $337.5 mln consensus.

6:50AM Scotts Miracle-Gro beats by $0.01, misses on revs; guides FY09 EPS below consensus (SMG) 37.64 : Reports Q2 (Mar) earnings of $1.25 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.24; revenues rose 0.2% year/year to $960.1 mln vs the $1014.1 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.20-2.30, excluding non-recurring items, vs. $2.37 consensus. Co says, "In the face of a deteriorating economy, the lawn and garden category continues to show its resiliency, and we continue to see the power of our brands. The strong level of consumer demand in the category now gives us confidence that adjusted earnings will be in the upper half of our guidance of $2.10 to $2.30 per share. While it's still early, we could see upside to our projections if current trends in the core business continue throughout the balance of the lawn and garden season. The results so far in April are encouraging, as the past two weeks have each resulted in record levels of consumer purchases of our products at our major retail partners in the United States."

6:46AM Coventry Health Care beats by $0.05, beats on revs; guides FY09 EPS in-line, revs in-line (CVH) 14.21 : Reports Q1 (Mar) earnings of $0.30 per share, $0.05 better thanthe First Call consensus of $0.25; revenues rose 21.5% year/year to $3.57 bln vs the $3.39 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.70-1.90 vs. $1.79 consensus; sees FY09 revs of $13.59-13.99 vs. $13.49 bln consensus.

6:23AM ICON plc beats by $0.01, reports revs in-line (ICLR) 15.96 : Reports Q1 (Mar) earnings of $0.35 per share, $0.01 better than the First Call consensus of $0.34; revenues rose 9.2% year/year to $219.8 mln vs the $221.9 mln consensus.  Co's operating margins expanded to 12.2% from 10.7%; net new business wins in the quarter of $265 mln represent a book-to-bill ratio of 1.2. "Demonstrating our confidence in the long term health of the market, on April 20th we acquired the assets of the former Qualia Clinical Services, a Phase I facility based in Omaha, Nebraska, and intend to reopen the unit in May. This investment is expected to be moderately dilutive to 2009 earnings (approx 4 - 6c). Excluding this, we continue to expect to achieve the 2009 guidance given in January, albeit at the lower end." Previous guidance called for FY09 EPS of $1.40-1.52 vs $1.44 First Call consensus; for FY09 revs of $930-980 vs $930 mln consensus.

6:15AM Becton Dickinson beats by $0.02, reports revs in-line; reaffirms FY09 EPS guidance (BDX) 64.89 : Reports Q2 (Mar) earnings of $1.18 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.16; revenues fell 0.4% year/year to $1.74 bln vs the $1.76 bln consensus. Excluding the specified item, co reaffirms that diluted EPS from continuing operations for FY09 will increase approx 9-11% over diluted EPS from continuing operations of $4.46 for FY08. Co expects that reported diluted EPS from continuing operations for the FY09 will increase 7-9%.

6:08AM AMEDISYS beats by $0.02, misses on revs; guides FY09 EPS in-line, revs in-line (AMED) 32.93 : Reports Q1 (Mar) earnings of $0.99 per share, $0.02 better than the First Call consensus of $0.97; revenues rose 60.4% year/year to $341.8 mln vs the $345.5 mln consensus. Co issues in-line guidance for FY09, sees EPS of $4.0-4.30, excluding non-recurring items, vs. $4.18 consensus; sees FY09 revs of $1.425-1.475 bln vs. $1.46 bln consensus.

12:41AM Jacobs misses by $0.01, misses on revs; guides FY09 EPS below consensus (JEC) 45.55 : Reports Q2 (Mar) earnings of $0.88 per share, $0.01 worse than the First Call consensus of $0.89; revenues rose 11.7% year/year to $2.98 bln vs the $3.13 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.10-3.50 (previous $3.55-3.90) vs. $3.59 consensus. Co announces backlog totaling $16.6 bln at March 31, 2009, including a technical professional services component of $8.1 bln. This compares to total backlog and technical professional services backlog of $16.2 bln and $7.6 bln, respectively, at March 31, 2008.

12:37AM DaVita beats by $0.01, reports revs in-line (DVA) 44.53 : Reports Q1 (Mar) earnings of $0.92 per share, $0.01 better than the First Call consensus of $0.91; revenues rose 7.7% year/year to $1.45 bln vs the $1.46 bln consensus. Operating income guidance for FY09 remains unchanged at a range of $820-$880 mln. However, as a result of adopting SFAS No. 160, the classification of noncontrolling interests was changed to no longer be deducted from our operating income as previously reported. Therefore, operating income guidance based on the current presentation under SFAS No. 160 is projected to be in the range of $870-$930 mln, even though the underlying fundamental economics of the business have not changed. In addition, operating cash flow guidance is now projected to be in the range of $550-$600 mln.

Earnings - 17th Feb 2009

6:08PM Valmont beats by $0.05, beats on revs (VMI) 38.45 -2.28 : Reports Q4 (Dec) earnings of $1.09 per share, $0.05 better than the First Call consensus of $1.04; revenues rose 18.1% year/year to $493.1 mln vs the $454.2 mln consensus. Co says, "Current global economic uncertainty makes our outlook for 2009 hard to quantify. For the Q1, when we balance the plusses and minuses, we expect that increased utility revenue will more than offset a decline in global irrigation revenue. We currently expect total revenue to be higher for the quarter and we expect earnings to be similar to the record Q1 2008, depending on product mix and factory utilization."

4:36PM Jack In The Box misses by $0.03, beats on revs (JACK) 22.28 -0.75 : Reports Q1 (Dec) earnings of $0.49 per share, $0.03 worse than the First Call consensus of $0.52; revenues were unchanged from the year-ago period at $776.7 mln vs $749.0 mln consensus. Co sees flat to 2% same-store sales increase at JACK restaurants versus a 0.1% decrease in the year-ago quarter... flat to 2% same-store sales decrease at Qdoba system restaurants versus a 2.4% increase in the year-ago quarter. Co sees flat to 2% increase in same-store sales at JACK restaurants...  sees Flat to 2% decrease in same-store sales at Qdoba system restaurants.

4:22PM CardioNet beats by $0.01, beats on revs; guides FY09 EPS in-line, revs in-line (BEAT) 22.22 -0.84 : Reports Q4 (Dec) earnings of $0.16 per share, excluding NOL utilization,$0.01 better than the First Call consensus of $0.15; revenues rose 43.9% year/year to $34.4 mln vs the $33.9 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.69-0.73 vs. $0.79 consensus; sees FY09 revs of $170-175 mln vs. $171.09 mln consensus. Co says, "In addition, we currently anticipate a one-time benefit in 2009 related to NOLs and other tax related items which could favorably impact earnings by approximately $1.00 to $1.30 per diluted share. We do not anticipate any earnings per diluted share benefit from NOLs and other tax related items in 2010 or 2011. We believe the investment in 2009 is the foundation that will drive higher revenues and earnings in 2010 and beyond. Our outlook for 2010 is for revenue to increase at least 50% and earnings to increase 100%, compared to the Company's 2009 guidance excluding NOLs and other tax related items. In 2011, we believe that earnings per diluted share could reach $2.00."

4:12PM Axsys Technologies misses by $0.02, beats on revs; guides FY09 EPS in-line, revs in-line (AXYS) 41.41 +0.90 : Reports Q4 (Dec) earnings of $0.59 per share, ex-items,$0.02 worse than the First Call consensus of $0.61; revenues rose 33.4% year/year to $63.9 mln vs the $62.1 mln consensus. Co issues reaffirms guidance for FY09, sees EPS of $2.66-$2.72 vs. $2.69 consensus; sees FY09 revs of $278-$282 mln vs. $281.73 mln consensus. Co states, "Our healthy $165.1 million opening backlog provides excellent visibility for 2009. In addition, we expect that our expanding market presence, coupled with our increasing array of surveillance solutions, will continue to generate new growth opportunities. Based on these factors, we are reiterating our 2009 guidance."

4:07PM American Medical beats by $0.03, beats on revs; guides Q1 EPS in-line; guides FY09 EPS above consensus (AMMD) 10.72 : Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues rose 3.1% year/year to $134 mln vs the $132.6 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.15-0.19, excluding non-recurring items, vs. $0.15 consensus. Co issues upside guidance for FY09, sees EPS of $0.86-0.99, excluding non-recurring items, vs. $0.76 consensus.

8:27AM Freightcar America beats by $0.37, beats on revs (RAIL) 18.71 : Reports Q4 (Dec) earnings of $0.70 per share, $0.37 better than the First Call consensus of $0.33; revenues rose 98.3% year/year to $271.9 mln vs the $194.1 mln consensus. Co says, "Looking forward for 2009, activity is sluggish and we anticipate a significant reduction in railcar deliveries for the year. We will continue to aggressively reduce expenses throughout the co in order to enhance profitability and conserve cash." Total backlog of unfilled orders was 2,620 units at the end of 2008, compared with 4,401 units at September 30, 2008 and 5,399 units at December 31, 2007.

8:25AM Canadian Solar sees Q4 revs of $66-$71 mln vs $69.29 mln First Call consensus (CSIQ) 5.00 : Co issues in-line guidance, sees Q4 revs of $66-$71 mln vs $69.29 mln First Call consensus. Co expects gross margin in Q4 to be negative, reflecting the weak Euro, a decline in module pricing in December, and an inventory revaluation provision that resulted from a rapid decline in the raw material pricing in December, 2008. Co says it "believes it was successful in achieving its cash management objectives: For the end of the fourth quarter, we anticipate reporting a cash position in excess of $130 million. Our accounts receivables are expected to be in the range of $56 to $64 million as of December 31, 2008, compared to $153 million net at the end of the third quarter, 2008. During the fourth quarter, we chose to pay down approximately $78 million of short-term and related party debt, which brings our outstanding short-term loan balance to approximately $92 million at the end of 2008."

7:33AM ConAgra reaffirms fiscal 2009 eps guidance and long-term eps growth expectations (CAG) 16.22 : Co says that regarding the near-term outlook: 1) expects fiscal 2009 EPS of slightly above $1.50 (consensus $1.46), with more earnings expected to be generated in the co's fiscal Q4 than Q3, in which it is currently operating. This is a reaffirmation of previously communicated EPS expectations for fiscal 2009; 2) regarding projections for fiscal 2010, the company expects EPS growth over fiscal 2009, and will provide more details when it has completed its plans and has more fully assessed the impacts of changing input costs and economic conditions. The co expects improved Consumer Foods operating profit in fiscal 2010 due to moderating input cost inflation, anticipated benefits from its offering of brands and products that appeal to value-conscious consumers, and new product introductions... Regarding the long-term outlook: 1) the company expects annual EPS growth of 8 percent to 10 percent over the long term; 2) return on invested capital is expected to range from 12%-13% over the long term.

7:32AM Transocean Q4 EPS $0.01 below consensus, reports revs in-line (RIG) 60.15 : Reports Q4 (Dec) earnings of $3.69 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $3.70; revenues rose 57.4% year/year to $3.27 bln vs the $3.29 bln consensus.

7:26AM Wal-Mart beats by $0.04, misses on revs; guides Q1 EPS in-line; guides FY10 EPS in-line (WMT) 46.53 : Reports Q4 (Jan) earnings of $1.03 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.99; revenues rose 1.7% year/year to $108 bln vs the $109.1 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.72-0.77 vs. $0.77 consensus. Co issues in-line guidance for FY10, sees EPS of $3.45-3.60 vs. $3.59 consensus. Co says, "Our guidance reflects the strength of our underlying business and global economic conditions. It assumes that currency exchange rates will remain relatively the same as they were at the end of our 2009 fiscal year, which would have a negative impact on our year-over-year comparison of fiscal 2010 EPS of approximately 13 cents per share... Our performance relative to competitors was exceptionally strong in Q4 and throughout the year. We expect this momentum to continue."

7:17AM Medtronic beats by $0.01, reports revs in-line (MDT) 32.81 : Reports Q3 (Jan) earnings of $0.71 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.70; revenues rose 2.6% year/year to $3.49 bln vs the $3.51 bln consensus.

7:08AM United Therapeutics beats by $0.49, reports revs in-line (UTHR) 72.44 : Reports Q4 (Dec) earnings of $1.02 per share, $0.49 better than the First Call consensus of $0.53; revenues rose 26.7% year/year to $75.9 mln vs the $76.5 mln consensus.

7:01AM AMEDISYS beats by $0.07, beats on revs (AMED) 51.40 : Reports Q4 (Dec) earnings of $0.98 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.91; revenues rose 75.3% year/year to $340.1 mln vs the $327.1 mln consensus.

2:40AM FMC Technologies beats by $0.06, beats on revenue (FTI) 27.98 : Reports Q4 (Jan) earnings of $0.74 pers share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.68; revenues increased 13% year/year to $1.2 bln vs the $1.175 bln consensus. Co issues in-line guidance for FY09, sees EPS from continuing operations of $2.40-2.65 vs the $2.54 consensus.

2:07AM Walter Inds misses by $0.13, misses on revs (WLT) 21.45 : Reports Q4 (Dec) earnings of $1.73 per share, excluding non-recurring items, $0.13 worse than the First Call consensus of $1.86; revenues rose 43.2% year/year to $447.3 mln vs the $474.6 mln consensus. Metallurgical coal production is expected to range between 1.7 - 1.9 mln tons in Q109, reflecting the continuation of production from Mine No. 7's Southwest "A" longwall through the completion of the panel. Given recently communicated volume requirements and corresponding shipping schedules from its customers, co expects continued stable production through 1H09. However, given current market conditions, co plans to delay the start up of the Mine No. 7 East expansion until at least Sept. 1, 2009.

2:01AM Aaron Rents beats by $0.04, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS in-line, revs in-line (RNT) 22.81 : Reports Q4 (Dec) earnings of $0.39 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.35; revenues rose 11.0% year/year to $404.9 mln vs the $418.5 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.49-0.54, excluding non-recurring items, vs. $0.48 consensus; sees Q1 revs in excess of $445.0 mln vs. $464.68 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.72-1.87 vs. $1.77 consensus; sees FY09 revs of $1.75 bln vs. $1.8 bln consensus. As previously announced, co anticipates new store growth of approx 5-9% over the store base at the end of 2008.

1:49AM Chemed beats by $0.08, misses on revs; guides FY09 EPS above consensus (CHE) 41.61 : Reports Q4 (Dec) earnings of $0.99 per share, excluding non-recurring items,$0.08 better than the First Call consensus of $0.91; revenues rose 2.3% year/year to $292.2 mln vs the $297.8 mln consensus. Co issues upside guidance for FY09, sees EPS of $3.70-3.95, excluding non-recurring items, vs. $3.36 consensus. VITAS is estimated to generate FY09 revenue growth, prior to Medicare Cap, of 6.0% to 7.5%. Admissions are estimated to increase 2% to 4% and full-year adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 15.3% to 16.3%. This guidance assumes VITAS will receive a Medicare basket price increase of 1.5% effective October 1, 2009. Full calendar year 2009 Medicare contractual billing limitations are estimated at $5.0 mln. Roto-Rooter is estimated to generate full-year 2008 revenue growth of 4.0% to 5.0%. The revenue growth is a result of increased pricing of 4.0% to 5.0% and a favorable mix shift to higher revenue jobs, partially offset by a job count decline estimated at 7.0% to 9.0%. Adjusted EBITDA margin for 2009 is estimated in the range of 17.0% to 18.0%. This guidance does not include any Roto-Rooter franchise acquisitions that may be completed in 2009.

12:35AM Teva Pharm beats by $0.03, misses on revs; increases quarterly dividend 33% (TEVA) 44.01 : Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.73; revenues rose 10.6% year/year to $2.85 bln vs the $2.93 bln consensus. Pharmaceutical sales in North America (including Copaxone) for the fourth quarter reached $1,652 mln, accounting for 61% of total pharmaceutical sales and representing an increase of 15% compared with the fourth quarter of last year. Gross profit margin reached 56.1% in Q408, compared to the 52.3% gross profit margin recorded in Q407. Board declares a cash dividend for Q408 of NIS 0.60 (approx $0.147 according to the rate of exchange on February 16, 2009) per share, up from NIS 0.45 in the previous quarter.

Earnings - 6th Jan 2009

4:48PM Ingersoll-Rand: Trane receives U.S. Department of Energy contract worth up to $5 bln (IR) 18.96 +0.08 : Co reports the U.S. Department of Energy has selected Trane for an Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract worth up to $5 bln. Work may extend through 2019 if the government elects to exercise all contract options. These contracts will allow federal agencies worldwide to lower costs, decrease energy use and minimize their carbon footprints while increasing operational efficiency. The contracts are worth up to $80 bln for energy efficiency, renewable energy and water conservation projects at federally owned facilities worldwide.

4:15PM Polycom sees Q4 EPS of $0.39-0.41 vs $0.35 First Call consensus; revs of $263-265 mln vs $269.44 mln First Call consensus (PLCM) 13.87 -0.08 : The co announces announces prelim info for Q4... Based on preliminary information, Polycom expects to report backlog in the range of $59 million to $60 million, representing growth year-over-year with a slight decline from the third quarter. Deferred revenue is expected to grow both sequentially and year-over-year. In addition, Polycom announced today the implementation of a workforce reduction designed to reduce the Company's cost structure while maintaining flexibility to invest in the strategic growth areas of the business. The plan includes elimination of approximately 150 positions, or six percent of the Company's global workforce with most of these reductions taking effect immediately. The Company currently expects to record restructuring charges and make cash expenditures totaling approximately $6.5 million in the first quarter of 2009 resulting from these actions, primarily related to severance and other employee termination benefits. "The global economic environment impacted our results in the fourth quarter, but did, we believe, illustrate the resilience of Polycom's fast-ROI video product lines," said Robert Hagerty, president and CEO. "As shown by our strong bottom-line results, we took proactive measures in the fourth quarter to control our operating costs and, through our restructuring, are also taking actions to optimize our cost structure as we move into 2009."

4:10PM Team reports Q2 EPS above consensus; reaffirms FY09 guidance (TISI) 25.16 : Co reports Q2 EPS of $0.51 vs $0.49 First Call consensus; revs rose 22% YoY to $148.8 mln vs $151.60 mln single analyst est. Co reaffirmed its current full fiscal year earnings guidance of $1.45 to $1.60 vs $1.54 First Call consensus. "While we are concerned about the impact the extraordinary current market and credit pressures will have on the economic health of our customers and the overall demand for our services, our current outlook for the remainder of the year continues to reflect growth for our business." Team estimates that maintenance services (as opposed to new project construction) represent approximately 85% of its total revenues. The company expects that demand for its maintenance services will remain fairly stable despite the lower profit margins being reported in several customer market segments.ember 2005.

4:08PM AngioDynamics reports EPS in-line, revs in-line; guides FY09 EPS in-line, lowers revs guidance (ANGO) 12.91 +0.04 : Reports Q2 (Nov) earnings of $0.12 per share,in-line with the First Call consensus of $0.12; revenues rose 16.9% year/year to $48.5 mln vs the $48.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.53-0.58, prior guidance was ~$0.55, vs. $0.52 consensus; sees FY09 revs of $198-203 mln, down from prior guidance of $205-210 mln, vs. $202.77 mln consensus.

4:06PM F5 Networks sees Q1 revs of $165.6 mln below previous guidance of $172-174 mln and $171.95 mln consensus (FFIV) 22.50 -0.29 : Co issues guidance for Q1 (Dec), sees EPS of $0.40-0.41 down from $0.41-0.42 vs. $0.41 First Call consensus; sees Q1 (Dec) revs of $165.6 mln vs. $171.95 mln consensus. Co said the revenue shortfall resulted primarily from a fall-off in North American sales at quarter-end. "International revenue was in line with our expectations for the quarter, and total revenue was generally on track until the last week of December, when a number of anticipated orders from certain customers in North America did not come through." Co said sales management team is evaluating each of these anticipated orders to identify primary causes of the slowdown and the company expects to provide more specific information during its regularly scheduled conference call on January 21, 2009. While overall product sales were below the company's internal forecast, sales of new entry-level products remained strong, and demand for BIG-IP 6900, launched in late October, were in line with expectations. Deferred revenue, consisting primarily of unamortized service revenue, grew $11 mln to $156 mln. Cash flow from operations topped $57 mln, and after purchasing $20 mln of F5 common stock the company ended the quarter with cash and investments in excess of $487 mln.

4:05PM Global Payment beats by $0.03, misses on revs; guides FY09 EPS below consensus, revs below consensus (GPN) 34.75 +1.25 : Reports Q2 (Nov) earnings of $0.60 per share, $0.03 better than the First Call consensus of $0.57; revenues rose 29.9% year/year to $401.1 mln vs the $405.5 mln consensus. Co issues downside guidance for FY09, sees EPS of $2.14-2.21, excludes the impact of any future restructuring and other charges, as well as the impact of future acquisitions, such as our announced agreement to acquire ZAO United Card Service in the Russian Federation, vs. $2.39 consensus; sees FY09 revs of $1.55-$1.58 bln vs. $1.65 bln consensus. Co says, "We remain committed to our long-term growth strategy, and the fundamentals of our business model remain strong. This is underscored by our constant currency outlook for diluted earnings per share growth of 21 percent to 25 percent for fiscal 2009, which is consistent with the constant currency outlook we provided last quarter."

4:05PM Interwoven reiterates Q4 rev gudiance, sees EPS above consensus (IWOV)11.88 -0.22 : Co issues mixed guidance for Q4 (Dec), sees EPS of $0.22-0.24, ex-items, vs. $0.19 First Call consensus; sees Q4 (Dec) revs of $69.5-70.0 mln vs. $70.63 mln consensus.

8:58AM Acuity Brands beats by $0.06, misses on revs; sees unit volume in core markets down at least in the middle teens for FY09 (AYI) 35.36 : Reports Q1 (Nov) earnings of $0.82 per share, excluding the acceleration of actions to streamline the organization including consolidation of certain manufacturing, $0.06 better than the First Call consensus of $0.76; revenues fell 11.2% year/year to $452 mln vs the $461.3 mln consensus. Co comments on outlook, "We anticipate that our second quarter will be challenging due primarily to the turbulent economic environment as well as normal seasonal factors, including inconsistent customer demand and the potential for inventory rebalancing by certain customers. Additionally, the spike in commodities prices, particularly steel, that occurred during the spring and summer months of 2008 is likely to continue to pressure our margins into the second quarter as these higher prices flow through our cost of goods sold as a result of the delayed timing of price increases associated with the purchase of such materials. Although we remain disciplined in our pricing for products and services, the recent decline in commodity prices will likely result in lower pricing which may negate our August 2008 price increase. Despite these challenges, we continue to see opportunities. During fiscal 2009, we expect to realize significant savings, primarily in the second half of the fiscal year, from previously announced actions to streamline our operations, including the consolidation of certain manufacturing operations. Additionally, we expect to continue to invest and deploy resources in profitable growth opportunities, including a continued focus on industry-leading product innovation incorporating sustainable design and increased service and product capabilities to better serve our existing customers as well as the renovation and relight market."

7:43AM VASCO Data Security guides below consensus for FY08 (VDSI) 10.34 : Co issues downside guidance for FY08 (Dec), sees FY08 (Dec) revs +9-12% over FY07, which equates to roughly $130.8-134.4 mln vs. $144.71 mln First Call consensus.

7:07AM AMEDISYS issues FY09 guidance above consensus (AMED) 40.33 : Co issuesupside guidance for FY09 (Dec), sees EPS of $4.10-4.30 vs. $3.82 First Call consensus; sees FY09 (Dec) revs of $1.425-1.475 bln vs. $1.41 bln consensus. "Our 2009 guidance is driven by expected improvements in contributions from past acquisitions, our efficiency initiatives and organic revenue growth, including further contributions from our Specialty Division.

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.

Earnings - 17th July 2008 (1)

:48AM Knoll beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus (KNL) 13.46 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.40; revenues rose 7.5% year/year to $292.5 mln vs the $279.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.38-0.41 vs. $0.37 consensus; sees Q3 revs of $266-272 mln vs. $257.97 mln consensus.
7:44AM IDC says PC market growth continues, boosted by portable adoption in EMEA as growth in Asia/Pacific slows : Worldwide PC shipments continued to grow at a healthy pace in the Q2, according to IDC. Shipments were up 15.3% from a year ago - slightly more than second quarter projections and first quarter growth of 14.9%. Solid growth in the EMEA (Europe, Middle East, Africa) region helped offset slower growth in Asia/Pacific excluding Japan (APeJ). "Despite the economic headwinds, the PC market continued to show its resilience," said Loren Loverde, director of IDC's Worldwide Quarterly PC Tracker. "Product refreshes, vendor competition for channels, and aggressive pricing add to the ongoing trend toward Portable computing in attracting buyers. The steady growth, despite the pressure on consumer finances, reflects the increasingly important role of PCs within personal technology, and steady improvements in price and design. Nevertheless, economic pressures are mounting and PC market growth is expected to decline over the next year. The relatively strong PC market in recent quarters does not mean that the sector is immune to the changing economic environment."

7:40AM Fairchild Semi reports EPS in-line, beats on revs; guides Q3 revs above consensus (FCS) 11.78 : Reports Q2 (Jun) earnings of $0.17 per share, in-line with the First Call consensus of $0.17; revenues rose 3.1% year/year to $418.7 mln vs the $413.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs up 2-5% (which calculates to ~$427.07-439.63 mln vs. $425.88 mln consensus).

7:37AM Intl Game Tech misses by $0.01, reports revs in-line (IGT) 23.76 : Reports Q3 (Jun) earnings of $0.35 per share, $0.01 worse than the First Call consensus of $0.36. Although domestic shipments continued to be affected by the lower levels of North America replacement demand, shipments to new or expanded casinos improved 2,200 units compared to the prior year quarter. Internationally, fewer shipments, primarily into Japan and the UK, were partially offset by strong shipments into Latin America. Gross margin improvements for both the quarter and year-to-date periods are primarily due to fewer machine shipments into the lower margin Japan and UK markets combined with a stronger mix of non-machine sales. Unfavorable bad debt provisions totaled $4.4 mln for the quarter and $5.5 million year-to-date versus favorable provisions of $2.0 mln and $7.5 mln in the same prior year periods, respectively. During the third quarter, IGT repurchased 8.1 mln shares at an aggregate cost of $265.9 mln.

7:35AM TD Ameritrade beats by $0.02, beats on revs; guides FY08 EPS above consensus (AMTD) 18.63 : Reports Q3 (Jun) earnings of $0.34 per share, $0.02 better than the First Call consensus of $0.32; revenues rose 0.2% year/year to $624 mln vs the $610.1 mln consensus. Co increases guidance for FY08, sees EPS of midpoint $1.34, up from $1.32, vs. $1.35 consensus.

7:35AM Huntington Banc beats by $0.02; lowers FY08 EPS guidance, remains above consensus (HBAN) 5.69 : Reports Q2 (Jun) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23. Co lowers FY08 guidance, sees EPS of 1.25-1.35 vs. $1.04 consensus, down from the previously targeted amount of $1.45-$1.50 per common share -- the reduction primarily reflected an assumed higher provision for loan and lease losses. Co cites $120.8 mln of provision for credit losses, up from $88.7 mln in the first quarter, and $55.6 mln higher than net charge-offs of $65.2 mln, or an annualized 0.64% of average total loans and leases. "Our period end Tier 1 risk-based capital ratio improved to 9.03%, up from 7.56% at the end of the first quarter. This improvement reflected the convertible preferred securities that we issued in April, the impact of strategic asset sales and securitizations, and our second quarter retained earnings. We believe our capital level is well-positioned to navigate the current credit environment. Our Tier 1 capital ratio is one of the highest among our peer group... Our credit quality performance was consistent with the expectations we announced on June 19," he continued... Our allowance for credit losses increased $56 mln, or 13 basis points, and our net charge-offs ratio was 64 basis points, which is slightly less than our current 2008 full year net charge-off targeted range of 65-70 basis points. The economy remains weak in our markets and this continues to put stress on borrowers. As we entered this year, our expectation was that the economy would remain under stress and it is increasingly likely that we will not see any improvement until we are well into next year. We do not think the economic environment will get materially worse, but neither do we expect any near term relief. As such, we expect to continue to build our reserves and estimate that our year-end allowance for credit losses will be 10-20 basis points higher than June's 1.80% level."

7:16AM CIT Group reports Q2 (Jun) results (CIT) 7.23 : Reports Q2 (Jun) loss of $7.88 per share, includes charges, may not be comparable to the First Call consensus of ($3.45). Income from continuing operations reflects losses on asset sales completed for liquidity purposes and other related charges in both quarters, though the first quarter results were impacted to a greater degree. "We believe that our completed liquidity initiatives, combined with potential secured financings, additional asset sales and cash flow from operations, position the Company well to meet liquidity needs through the end of 2009." The ratio of total tangible equity to managed assets at June 30, 2008 improved to 9.02% (excluding home lending assets) from 8.33% at March 31, 2008, and is above the co's 8.5% target. Approximately 80% of commercial assets remain unencumbered ($44 bln).

7:12AM Bank of NY reports Q2 (Jun) results (BK) 38.20 : Reports Q2 (Jun) earnings of $0.26 per share, includes charges, may not be comparable to the First Call consensus of $0.75, on revs of $3.412 bln. "Our capital position remains strong and capital ratios strengthened materially versus the first quarter.

7:12AM BlackRock beats by $0.17, beats on revs (BLK) 178.95 : Reports Q2 (Jun) earnings of $2.14 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.97; revenues rose 26.4% year/year to $1.39 bln vs the $1.32 bln consensus. "BlackRock and Merrill Lynch worked together over the past weeks to reinforce our partnership. The outcome of our collective efforts is a strong reaffirmation of our strategic relationship. Merrill Lynch decided not to sell any of their stake in BlackRock, and we jointly agreed to extend and strengthen our global distribution agreement to reinforce our mutual commitment to serve investors globally and create value for our respective shareholders."

7:11AM Harley-Davidson beats by $0.19, beats on revs; reaffirms FY08 EPS guidance (HOG) 36.18 : Reports Q2 (Jun) earnings of $0.95 per share, $0.19 better than the First Call consensus of $0.76; revenues fell 3.0% year/year to $1.57 bln vs the $1.4 bln consensus. HOG shipped 80,326 Harley-Davidson motorcycles in Q2 to their dealers and distributors exceeding guidance range of 76,000 to 80,000 units. The co expects to ship between 74,000-78,000 Harley-Davidson motorcycles during Q3, and reaffirms FY08 shipments of 303,500 - 307,500 units. Co reaffirms guidance for FY08, sees EPS of $3.00-3.18 vs. $3.05 consensus. Harley-Davidson Financial Services reported Q2 operating income of $37.1 mln, a decrease of $28.1 mln or 43% compared to the year-ago quarter. The co says the decrease is primarily due to a $19.5 mln reduction in securitization gain and a $6.3 mln write-down of retained securitization interests. Last year's Q2 benefited from a $950 mln securitization transaction compared to no securitization transaction during the second quarter of 2008. The co also announced on July 16, 2008, Harley-Davidson Financial Services entered into new bank credit facilities totaling $1.9 bln which replace existing bank credit facilities of $1.7 bln. The new facilities are comprised of a $950 mln, 364-day facility and a $950 mln, 3-year facility.

7:09AM Coca-Cola beats by $0.05, beats on revs (KO) 52.34 : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.96; revenues rose 17.0% year/year to $9.05 bln vs the $8.93 bln consensus. Worldwide unit case volume increased 3 percent in the quarter, led by 5 percent growth in International while maintaining unit case volume in North America in a difficult operating environment. Operating income up 18 percent on a reported basis in the quarter; increased 20 percent after considering items impacting comparability.

7:04AM Johnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below consensus; guides FY08 EPS below consensus (JCI) 29.61 : Reports Q3 (Jun) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 10.7% year/year to $9.87 bln vs the $9.84 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.72-0.74 vs. $0.84 consensus. Co issues downside guidance for FY08, sees EPS of $2.32-2.34, compared to previous guidance of $2.45-2.50, vs. $2.42 consensus. Co says earnings over the next 2 quarters will be negative impacted by the acquisition of Plastech Engineered Products and higher commodity costs. Co is also expected to be impacted by lower yr/yr levels of North American automotive production and weak residential construction.

7:04AM United Tech beats by $0.08, beats on revs; guides FY08 EPS in-line, revs above consensus (UTX) 61.11 : Reports Q2 (Jun) earnings of $1.38 per share, $0.08 better than the First Call consensus of $1.30; revenues rose 12.7% year/year to $15.67 bln vs the $15.33 bln consensus. Co issues mixed guidance for FY08, sees EPS of $4.80-4.98, up from $4.65-4.85, vs. $4.89 consensus; sees FY08 revs of $60+ bln vs. $59.78 bln consensus.

6:48AM PNC Bank beats by $0.21, beats on revs (PNC) 57.91 : Reports Q2 (Jun) earnings of $1.37 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $1.16; revenues rose 12.0% year/year to $2.04 bln vs the $1.85 bln consensus.

6:31AM Textron beats by $0.06, beats on revs; guides Q3 EPS below consensus; reaffirms FY08 EPS guidance (TXT) 45.98 : Reports Q2 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 21.1% year/year to $3.92 bln vs the $3.75 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.80-0.90 vs. $0.99 consensus. Co reaffirms guidance for FY08, sees EPS of $3.80-4.00 vs. $3.98 consensus.

6:21AM Continental Air beats by $0.24, reports revs in-line (CAL) 9.19 : Reports Q2 (Jun) loss of $0.25 per share, excluding non-recurring items, $0.24 better than the First Call consensus of ($0.49); revenues rose 9.0% year/year to $4.04 bln vs the $4.04 bln consensus. Consolidated revenue passenger miles for the quarter increased 0.5 percent year-over-year on a capacity increase of 2.7 percent, resulting in a second quarter consolidated load factor of 81.4 percent, 1.8 points below the second quarter record set in 2007.

6:14AM Nokia beats by $0.01, beats on revs (NOK) 25.13 : Reports Q2 (Jun) earnings of Euro 0.36 per share, ex items, $0.01 better than the First Call consensus of Euro 0.35; revenues rose 4.5% year/year to Euro 13.15 bln vs the Euro 12.55 bln consensus. Co reports Mobile device shipments of 122 mln vs 120 mln street expectation. Nokia expects industry mobile device volumes in the third quarter 2008 to be up sequentially. Nokia expects its mobile device market share in the third quarter 2008 to be approximately at the same level sequentially. Nokia now expects industry mobile device volumes in 2008 to grow 10% or more from the approximately 1.14 billion units Nokia estimated for 2007. This is an update to Nokia's earlier estimation that industry mobile device volumes would grow approximately 10% in 2008. Nokia continues to target an increase in its market share in mobile devices in 2008.

6:06AM Orbital Sciences beats by $0.12, beats on revs; guides FY08 EPS above consensus, revs in-line (ORB) 24.40 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.23; revenues rose 15.3% year/year to $301.2 mln vs the $293.8 mln consensus. Co guides for FY08, sees EPS of $0.93-0.97 vs. $0.89 consensus; sees FY08 revs of $1.10-1.125 bln vs. $1.18 bln consensus.

6:04AM AMEDISYS raises guidance above consensus for FY08 (AMED) 55.74 : Co issues upside guidance for FY08 (Dec), sees EPS of $3.00-3.10 vs. $2.75 First Call consensus, prior guidance $2.70-2.80; sees FY08 (Dec) revs of $1.15-1.15 bln vs. $1.09 bln consensus, prior guidance $1.05-1.10 bln.

6:03AM Danaher beats by $0.03, beats on revs (DHR) 76.21 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.06; revenues rose 24.8% year/year to $3.28 bln vs the $3.17 bln consensus.

4:20AM New Oriental Education & Technology beats by $0.04, beats on revs; guides Q1 revs in-line (EDU) 68.44 : Reports Q4 (May) earnings of $0.05 per share, includes share-based compensation, $0.04 better than the First Call consensus of $0.01; revenues rose 62.6% year/year to $40.2 mln vs the $34.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $103.8-109.5 vs. $106.75 mln consensus.