Earnings - 23rd July 2008 (1)

8:15AM Lincoln Electric beats by $0.24, beats on revs (LECO) 74.43 : Reports Q2 (Jun) earnings of $1.62 per share, $0.24 better than the First Call consensus of $1.38; revenues rose 19.3% year/year to $699.8 mln vs the $663.6 mln consensus.

8:13AM Affiliated Managers beats by $0.02, misses on revs (AMG) 86.13 : Reports Q2 (Jun) earnings of $1.43 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.41; revenues fell 6.8% year/year to $309 mln vs the $313.7 mln consensus. "Looking ahead, our pipeline of prospective new Affiliate investments continues to be very strong. Our proven track record of successful investments and established reputation as the partner of choice for growing boutique firms makes our competitive position stronger than ever. With our substantial financial capacity to execute upon the opportunities before us, we are uniquely well-positioned to generate meaningful incremental growth in earnings through accretive investments in outstanding boutique asset management firms."

8:07AM McDonald's beats by $0.08, beats on revs; reports global comparable sale +6.1% (MCD) 60.12 : Reports Q2 (Jun) earnings of $0.94 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.86; revenues rose 4.0% year/year to $6.08 bln vs the $5.92 bln consensus. MCD reports global comparable sales increased 6.1%.

8:05AM Peabody Energy beats by $0.35; guides Q3 EPS in-line; guides FY08 EPS in-line (BTU) 65.03 : Reports Q2 (Jun) earnings of $0.89 per share, $0.35 better than the First Call consensus of $0.54; revenues rose 43.2% year/year to $1.53 bln vs the $1.5 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.80-1.05 vs. $0.87 consensus. Co issues in-line guidance for FY08, sees EPS of $2.50-3.00 vs. $2.58 consensus. Full-year EBITDA is now targeted to be $1.6-1.8 bln. The company is reaffirming production volume targets of 220 to 240 million tons with sales of 240 to 260 million tons, including 22 to 24 million tons in Australia.

8:01AM Palomar Medical expands its product portfolio through a distribution agreement with Astron Clinica (PMTI) 12.15 : Co announces that it has entered into a Distribution Agreement with Astron Clinica to distribute a range of aesthetic imaging products in the United States and Canada. The agreement gives Palomar exclusive distribution rights to sell Beau Visage, a clinically proven skin imaging and consultation system, to medical professionals.

7:59AM Ryder System beats by $0.06, beats on revs; guides Q3 EPS in-line; narrows FY08 EPS guidance (R) 75.09 : Reports Q2 (Jun) earnings of $1.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.16; revenues rose 0.1% year/year to $1.66 bln vs the $1.6 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.25-1.30 vs. $1.27 consensus. Co issues in-line guidance for FY08, sees EPS of $4.60-4.70 vs. $4.68 consensus, prior guidance $4.55-4.75.

7:48AM Allegheny Tech beats by $0.01, beats on revs; guides FY08 EPS below consensus (ATI) 54.62 : Reports Q2 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.54; revenues fell 0.7% year/year to $1.46 bln vs the $1.41 bln consensus. Co issues downside guidance for FY08, sees EPS of $5.80-6.10 vs. $6.42 consensus. Co says demand for its titanium alloys, nickel-based superalloys, and specialty alloys was good for jet engine applications. Demand for its airframe titanium alloys was steady. Demand for its exotic alloys was strong from the chemical process industry and is growing from the nuclear energy market.
7:44AM AT&T reports EPS in-line, revs in-line (T) 31.82 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, in-line with the First Call consensus of $0.76; revenues rose 4.7% year/year to $30.87 bln vs the $31.15 bln consensus. Co reports consolidated operating income margin expansion to 21.3% reported from 16.8% in the year-earlier quarter and 25.1% adjusted versus 23.9%. Co reports 15.8% increase in wireless revenues with wireless data revenues from areas such as Internet access, messaging and e-mail up a robust 52.0%. Reports more than 1.3 mln net gain in wireless subscribers to reach 72.9 mlnin service; postpaid subscriber churn down to 1.1%, lowest level in company's history. Co reports 16.1% growth in wireline IP data revenue. AT&T U-verse net subscriber gain of 170,000 to reach 549,000 in service; on trajectory to exceed 1 million subscribers in service by the end of this year.


7:36AM General Dynamics beats by $0.16, beats on revs; guides FY08 EPS above consensus (GD) 83.45 : Reports Q2 (Jun) earnings of $1.60 per share, $0.16 better than the First Call consensus of $1.44; revenues rose 10.8% year/year to $7.30 bln vs the $7.23 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.00-6.05 vs. $5.91 consensus. Co says cash generation was exceptionally strong and the robust backlog suggests continued healthy demand for each business area. Growth in the Aerospace backlog is a reflection of continued demand for the entire existing product line and extremely strong demand for the new Gulfstream G650. Co says it is very pleased to see this interest in the new plane.

7:04AM PepsiCo beats by $0.03, beats on revs; guides FY08 EPS in-line (PEP) 66.19 +1.74 : Reports Q2 (Jun) earnings of $1.05 per share, $0.03 better than the First Call consensus of $1.02; revenues rose 13.9% year/year to $10.95 bln vs the $10.55 bln consensus. Co issues in-line guidance for FY08, sees EPS of at least $3.72 vs. $3.73 consensus and low-double-digit net revenue growth (including acquisitions and foreign exchange).

7:03AM Wyeth beats by $0.04, beats on revs; guides FY08 EPS above consensus (WYE) 44.68 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.87; revenues rose 5.3% year/year to $5.95 bln vs the $5.69 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.47-3.55, excluding non-recurring items, compared to previous guidance of $3.35-3.42, vs. $3.45 consensus.

7:01AM Philip Morris International beats by $0.03; guides FY08 EPS above consensus (PM) 52.05 : Reports Q2 (Jun) earnings of $0.86 per share, $0.03 better than the First Call consensus of $0.83; net revenues rose 15.0% year/year to $6.71 bln. Co issues upside guidance for FY08, sees EPS of $3.32-3.38, excluding non-recurring items, compared to previous guidance of $3.18-3.24, vs. $3.25 consensus.

6:08AM Praxair beats by $0.02, beats on revs; guides in-line; authorizes $1 bln buyback (PX) 91.95 : Reports Q2 (Jun) earnings of $1.08 per share, $0.02 better than the First Call consensus of $1.06; revenues rose 23.4% year/year to $2.88 bln vs the $2.72 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.06-1.10 vs. $1.08 consensus. Co issues in-line guidance for FY08, sees EPS of $4.20-4.30 vs. $4.24 consensus. Co also announces that the board has authorized a new repurchase program for up to $1 bln of its common stock.

6:06AM Air Products beats by $0.01, beats on revs; guides Q4 EPS above consensus (APD) 98.68 : Reports Q3 (Jun) earnings of $1.32 per share, excluding impairment charge and income from discontinued operations, $0.01 better than the First Call consensus of $1.31; revenues rose 16.2% year/year to $2.81 bln vs the $2.71 bln consensus. Co issues upside guidance for Q4, sees EPS of $1.37-1.42 vs. $1.35 consensus.

6:05AM Whirlpool beats by $0.16, reports revs in-line; reaffirms FY08 EPS guidance (WHR) 68.15 : Reports Q2 (Jun) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 4.6% year/year to $5.08 bln vs the $5.03 bln consensus. Co reaffirms guidance for FY08, sees EPS of $7.00-7.50 vs. $6.71 consensus. The company continues to expect full-year 2008 industry unit shipments to increase 5 percent to 10 percent from 2007 levels.

6:03AM WellPoint beats by $0.08, reports revs in-line; guides FY08 EPS in-line (WLP) 48.75 : Reports Q2 (Jun) earnings of $1.44 per share, $0.08 better than the First Call consensus of $1.36; revenues rose 3.1% year/year to $15.48 bln vs the $15.61 bln consensus. Co issues in-line guidance for FY08, sees EPS of $5.42-5.57 vs. $5.48 consensus.

2:28AM CNH Global beats by $0.33, beats on revs; guides FY08 EPS above consensus (CNH) 31.00 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.33 better than the First Call consensus of $1.15; revenues rose 28.9% year/year to $5.28 bln vs the $4.85 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.37 consensus.

2:16AM Panera Bread beats by $0.06, reports revs in-line; guides Q3 EPS above consensus; guides Q4 (Dec) EPS in-line; guides FY08 EPS above consensus (PNRA) 51.00 : Reports Q2 (Jun) earnings of $0.55 per share, excluding unfavorable tax adjustment and write-down, $0.06 better than the First Call consensus of $0.49; revenues rose 26.8% year/year to $320.9 mln vs the $318.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.42-0.44 vs. $0.41 consensus. Co issues in-line guidance for Q4 (Dec), sees EPS of $0.82-0.86 vs. $0.84 consensus. Co issues upside guidance for FY08, sees EPS of $2.17-2.23 vs. $2.15 consensus. Comparable co-owned bakery-cafe sales increased 6.5% in Q2 and comparable bakery-cafe sales in franchise-operated bakery-cafes increased 4.8% in Q2. Co believes that estimates reflecting a growth rate for FY09 of >20% aren't prudent at this time given anticipated commodity cost inflation of 5% to 6%.

1:02AM Boston Prpts beats by $0.04, beats on revs; guides Q3 FFO above consensus; guides FY08 FFO above consensus (BXP) 99.88 : Reports Q2 (Jun) funds from operations of $1.21 per share, $0.04 better than the First Call consensus of $1.17; revenues fell 1.0% year/year to $368.5 mln vs the $364.1 mln consensus. Co issues upside guidance for Q3, sees FFO of $1.22-1.23 vs. $1.19 consensus. Co issues upside guidance for FY08, sees FFO of $4.86-4.92 vs. $4.68 consensus.

12:00AM CEMEX S.A. misses by $0.14, reports revs in-line (CX) 23.29 : Reports Q2 (Jun) earnings of $0.59 per share, $0.14 worse than the First Call consensus of $0.73; revenues rose 29.2% year/year to $6.35 bln vs the $6.38 bln consensus.

Earnings - 14th July 2008

4:08PM Activision Blizzard raises guidance above consensus; says FY09 is largest and most profitable year in co's history (ATVI) 32.92 +0.39 : Co (ATVID) announced that Activision's stand-alone preliminary financial results for the first quarter of fiscal year 2009, which ended on June 30, 2008, prior to the closing of the transaction with Vivendi, on July 9, 2008, were higher than co's previously provided first quarter outlook. Co sees Q1 EPS of $0.21-0.23 vs $0.13 First Call consensus; revs $650 mln vs $513.95 mln First Call consensus, an increase from co's prior outlook of $500 mln in net revenues and non-GAAP EPS of $0.13 on a stand-alone basis. Activision's performance was driven by the North American launch of Kung Fu Panda early in the quarter, which was the largest launch of a DreamWorks Animation licensed property by Activision. Late in the quarter, Activision had two record setting North American launches from the Guitar Hero franchise. "Activision's first quarter stand-alone net revenues and earnings were the highest ever for a non-holiday quarter... Our significant overperformance in Q1 would have further added to our previously given stand-alone fiscal 2009 net revenues and earnings outlook, making it by far the largest and most profitable year in Activision's history. As we have recently closed our transaction with Vivendi Games, we will be providing an outlook for Activision Blizzard as a combined company moving forward."

5:19PM Kimberly-Clark reports prelim Q2 EPS below consensus and below prior guidancel lowers FY08 EPS; guides Q3 EPS below consensus (KMB) 58.80 -0.52 : Co reports Q2 prelime EPS of $1.03 vs $1.09 consensus, below prior guidane of $1.08-1.11; lowers FY08 EPS to $4.20-4.30 vs $4.52 consensus, down from $4.45-4.60; guides Q2 revs of $5.0 bln vs $4.9 bln consensus. Co guides Q2 EPS of $0.98-1.03 vs $1.16 consensus. Co said "the shortfall in adjusted earnings per share versus its previous guidance was driven primarily by the rapid escalation in costs that occurred during the second quarter. Inflation was ~$50 million higher than estimated heading into the quarter, with the greatest increases in energy costs, particularly natural gas, oil-based materials and distribution costs. Margins were adversely impacted across all businesses.

4:23PM Coldwater Creek raises Q2 and FY08 guidance (CWTR) 4.94 +0.08 : Co issues mixed guidance for Q2 (Jul), sees EPS of $0.00-0.02 vs. ($0.05) First Call consensus, up from $(0.09)-(0.03) previously; sees Q2 (Jul) revs of $235-240 vs. $238.44 mln consensus, up from $215-239 mln previously. Co issues mixed guidance for FY09 (Jan), sees EPS of $(0.04)-0.09 vs. ($0.06) consensus, up from $(0.13)-0.04 previously; sees FY09 (Jan) revs of 1105-1151 vs. $1.14 bln consensus, up from $1.085-1.15 bln previously.

4:06PM JB Hunt Trans beats by $0.03, beats on revs (JBHT) 32.57 +0.09 : Reports Q2 (Jun) earnings of $0.39 per share, $0.03 better than the First Call consensus of $0.36; revenues rose 14.2% year/year to $977.3 mln vs the $925.4 mln consensus. "We are delighted to report earnings per share growth in the second quarter 2008 (excluding the tax benefit in second quarter 2007) despite a significant freight recession and soaring fuel prices. We continue to offer our customers supply chain solutions that best suit their service and cost parameters without bias toward a particular mode or asset class. Importantly, this value enhancing strategy has allowed our customers to partially mitigate the impact of historically higher fuel prices by growing their use of intermodal vs. truckload."

8:39AM Waste Mgt issues Q2 upside guidance (WMI) 36.61 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.61-0.62, excluding non-recurring items, vs. $0.58 First Call consensus; sees Q2 (Jun) revs of $3.49 bln vs. $3.42 bln consensus. "Our preliminary second quarter 2008 revenue and earnings per diluted share reflect the strength of our operations and our continued ability to achieve our financial objectives. Our internal revenue growth from yield on base business and volume are similar in this quarter to those in the first quarter of 2008." Co also proposes to acquire Republic Services (RSG) for $34.00/share in cash. See 8:30 comment for details.

8:36AM Canadian Solar issues Q2 upside guidance; co expects to meet or exceed previous Y08 guidance (CSIQ) 32.40 : Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of $210-214 mln, compared to previous guidance o f$185-190 mln, vs. $186.62 mln First Call consensus; co sees gross profit of $33-35 mln. Co shipped approx 47MW of solar module products. Co expects to meet or exceed previous guidance for FY08 (Dec), sees FY08 (Dec) revs to meet or exceed $750-870 mln vs. $849.16 mln consensus, based on solar module shipments of 23-260 MW. Co reaffirms Y09 solar modules of 500-550 MW including both its high-efficiency regular module products and lower-cost e-Modules.

4:06AM Allegheny Tech Q208 earnings to be better than expected (ATI) 50.35 : Co issues upside guidance for Q2 (Jun), sees EPS of $1.65-1.67, including a $0.11 per share one-time net tax benefit, vs. $1.53 First Call consensus. ATI had previously said that it expected second quarter earnings to be somewhat higher than the $1.40 per share achieved in the first quarter 2008. "ATI is benefiting from the ongoing transformation of the Company, and our product, market, and geographic diversification," said L. Patrick Hassey, Chairman, President and Chief Executive Officer. "In addition, our enterprise risk management programs are reducing the impact of volatile input costs on our earnings results. Our transformation and diversification strategies are designed to position ATI for growth and improved earnings, as well as providing stability of earnings and cash flows through market cycles."