Earnings - 20th April 2009

6:16PM Boston Scientific beats by $0.07, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs in-line (BSX) 8.69 -0.33 : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.12; revenues fell 1.8% year/year to $2.01 bln vs the $2.02 bln consensus. Co issues upside EPS guidance for Q2, sees EPS of $0.16-0.21 vs. $0.14 consensus; sees Q2 revs of $1.96-2.08 bln vs. $2.05 bln consensus. Co issues upside EPS guidance for FY09, sees EPS of $0.80-0.90 vs. $0.58 consensus; sees FY09 revs of $8.0-8.5 bln vs. $8.16 bln consensus.

5:02PM Mid-America Aptmt sees Q1 FFO of $0.99-1.03 vs $0.90 First Call consensus (MAA) 32.72 -3.23 : The co announces that it expects its first quarter 2009 FFO to exceed its prior guidance. Based on preliminary results, Mid-America expects to report FFO between $30.1 million and $31.5 million, representing a range of $0.99 to $1.03 per diluted share/unit, for the first quarter of 2009. This compares to Mid-America's FFO guidance of $0.87 to $0.97 per diluted share/unit. Net income available to common shareholders is expected to be between $7.4 million and $8.7 million, representing a range of $0.26 to $0.31 per diluted share for the same period. Simon Wadsworth, Chief Financial Officer, said, "Same-store property operating performance was better than our forecast based on solid occupancy and lower than expected expenses. Interest expense was also less than forecast because of the very favorable rate environment. While our first quarter operating results were better than we expected, the continued weakness in both the economy and the employment market as we enter the busy summer leasing season suggests the need for caution in forecasting the balance of the year."

4:35PM Texas Instruments beats by $0.04, beats on revs; guides Q2 in-line (TXN) 17.32 -0.65 : Reports Q1 (Mar) earnings of $0.01 per share, $0.04 better than the First Call consensus of ($0.03) (consensus includes restructuring charges); revenues fell 36.2% year/year to $2.09 bln vs the $1.9 bln consensus. Co reports Q1 gross margin of 38.6% vs 39.29% consensus. Co issues in-line guidance for Q2, sees EPS of 0.01-0.15, includes restructuring charges, vs. $0.02 consensus; sees Q2 revs of 1.95-2.40 vs. $1.94 bln consensus. Co said, "Demand for our products has begun to stabilize after sharp drops in the past two quarters. Many customers have increased orders for TI products as they have begun to slow down their inventory reductions. However, we remain sensitive to continuing weakness in the global economy, and we have yet to see signs of a broad-based recovery in our business. In this environment, we will keep our operations flexible so that we can respond quickly to any shifts in demand, whether up or down... We reduced our own inventory by $277 million, and at the same time worked with distributors to reduce channel inventory by $132 million. Our inventory reductions are essentially complete, and we expect to moderately increase production levels in our factories during the second quarter".

4:24PM Zions Bancorp reports Q1 (Mar) results (ZION) : Reports Q1 (Mar) earnings of $0.39 per share, may not be comparable to the First Call consensus of ($1.77). Net loan charge-offs of $151.7 mln compared to $179.7 mln in Q4... Provision for loan loss reserves of $297.6 mln compared to $285.2 mln in Q4... Net interest margin of 3.93% compared to 4.20% in Q4; spread between loan yields and deposit rates remained essentially unchanged q/q; drop driven primarily by an increase in liquidity position accompanied by a significant decrease in yields on short-term investments, and by the increase in nonaccrual loans... Impairment and valuation losses on securities of $249 mln, of which $182 million related to purchases of AAA and AA-rated securities from Lockhart that were downgraded.... Extended $3.8 bln of credit, of which $1.9 bln were new loans to credit-worthy individuals and businesses... Nonperforming assets were $1,770.2 million at March 31, 2009 ($1,663.2 million excluding FDIC-supported assets) compared to $1,140.5 mln in Q4; increase related mainly to commercial real estate loans primarily in Nevada, Arizona and Texas and to commercial and industrial loans primarily in Utah; NPA excluding FDIC-supported assets to net loans and leases and other real estate owned was 4.00%, compared to 2.71% in Q4.... Net loan and lease charge-offs for Q1 were $151.7 million or 1.47%, this compares with $179.7 million or 1.72% for Q4... provision for loan losses was $297.6 mln for Q1 compared to $285.2 million for Q4. The provision for Q1 was 2.88%... allowance for loan losses as a percentage of net loans and leases excluding FDIC-supported assets was 2.03%, compared to 1.65% in Q4... tangible common equity ratio was 5.26%, compared to 5.89% in Q4; tangible equity ratio was 8.28%, compared to 8.91% in Q4... Tier 1 risk-based capital and total risk-based capital were $5,204 million and $7,374 million compared to $5,269 million and $7,386 million at December 31, 2008, respectively. Estimated ratios at March 31, 2009 for Tier 1 risk-based capital and total risk-based capital were 9.33% and 13.23% compared to 10.22% and 14.32% at December 31, 2008, respectively.

4:16PM IBM beats by $0.04, misses on revs; reaffirms 2009 guidance, ahead of pace for 2010 roadmap (IBM) 100.43 -0.84 : Reports Q1 (Mar) earnings of $1.70 per share, $0.04 better than the First Call consensus of $1.66; revenues fell 11.4% year/year to $21.71 bln vs the $22.51 bln consensus. Reports Q1 gross margin 43.4% vs 42.4% consensus. IBM reaffirms prior 2009 EPS guidance for "at least $9.20", consensus is for $9.03. IBM says ahead of pace for 2010 roadmap of $10.00-11.00; consensus is for $9.78. Co said revs were impacted by strong U.S. dollar, down 11% YoY, down 4% adjusting for currency. "IBM continued to perform well in a very difficult economic environment. This was due to our long-term strategic focus: shifting into software and services, divesting of commodity businesses, and creating solutions that help clients reduce cost and conserve capital. At the same time we have a disciplined approach to cost and expense management giving us a strong financial position." IBM's tax rate in the first-quarter 2009 was 26.5% compared with 27.5% in 1Q08, a decline of 1.0 point. IBM ended the first quarter of 2009 with $12.3 bln of cash on hand and generated free cash flow of $1.0 bln, up $450 mln year over year, excluding Global Financing receivables. The balance sheet remains strong, and the company is well positioned to take advantage of opportunities.

4:11PM Badger Meter beats by $0.09, misses on revs (BMI) 30.81 -1.99 : Reports Q1 (Mar) earnings of $0.47 per share, $0.09 better than the First Call consensus of $0.38; revenues fell 4.5% year/year to $65.3 mln vs the $66.3 mln consensus. Co said, "Our ability to achieve record first quarter earnings and earnings per share on lower sales reflects the impact of ongoing cost reduction initiatives, favorable copper costs and the strength of the dollar, compared to the first quarter of last year. Our gross profit margin increased to 40.1% for the first quarter of 2009, compared to 35.8% in the first quarter of 2008".

4:04PM Canadian Natl Rail beats by C$0.03, beats on revs (CNI) 39.43 -2.33 : Reports Q1 (Mar) earnings of C$0.64 per share, excluding non-recurring items, C$0.03 better than the First Call consensus of C$0.61; revenues fell 3.5% year/year to C$1.86 bln vs the C$1.82 bln consensus.

4:02PM Stryker reports EPS in-line, misses on revs; guides FY09 EPS in-line (SYK) 37.42 -0.52 : Reports Q1 (Mar) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues fell 2.0% year/year to $1.6 bln vs the $1.63 bln consensus. Co issues lower but in-line guidance for FY09, sees EPS of $2.90-3.10 vs. $3.07 consensus. As a result of the continued weaker demand for certain MedSurg Equipment products as well as consideration of slowing elective procedures for certain Orthopaedic Implant products, the Company is reducing its guidance for 2009.

8:36AM Providence Service Corp sees Q1 EPS of at least $0.35 vs. $0.25 First Call consensus; sees revs of $180-185 mln vs. $179.69 mln consensus (PRSC) 8.47 : Co issues upside guidance for Q1 (Mar), sees EPS of at least $0.35 vs. $0.25 First Call consensus; sees Q1 (Mar) revs of $180-185 mln vs. $179.69 mln consensus. On March 27, 2009, the co had estimated diluted earnings per share of at least $0.25 and rev of between approximately $170 mln and $180 mln for 1Q09. As previously stated, guidance for the 1Q09 includes approximately $1.5 mln in costs and expenses related to the amended credit agreement, including arrangement, legal, accounting and other expenses, as well as approximately $300,000 in legal and other fees related to the now abandoned consent solicitation.

8:02AM Lubrizol guides EPS above consensus for Q1 (LZ) 39.03 : Co issues upside guidance for Q1 (Mar), sees EPS of $1.06, ex items vs. $0.87 First Call consensus.

7:16AM Halliburton beats by $0.03, misses on revs (HAL) 18.78 : Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the First Call consensus of $0.41. "During the first quarter, we experienced significant volume reduction and margin compression due to the steep downturn in North America drilling activity. The first quarter brought unprecedented declines in the rig count and prolonged weakness to the commodity markets. These industry-wide declines have been exacerbated by restrictions to some of our customers' access to capital and the decrease in global demand for oil and natural gas."

7:15AM Bank of America reports results above consensus for Q1 (BAC) 10.60 : After preferred dividends, including $402 mln paid to the U.S. government, diluted earnings per share were $0.44 per share, may not compare to the First Call consensus of $0.04; revenues rose 111.7% year/year to $36 bln vs the $27.13 bln consensus. Co reports Pretax, Pre-Provision Income of $19 bln. Co said, The Merrill Lynch integration is on track and expected to meet targeted cost savings. The Countrywide transition is on track. Cost savings from the acquisition are ahead of schedule. Merrill Lynch contributed $3.7 bln to net income, excluding certain merger costs, on strong capital markets revenue. Countrywide also added to net income as mortgage lending and refinancing volume increased. Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened. Consumers are under significant stress from rising unemployment and underemployment levels. These conditions led to higher losses in almost all consumer portfolios. Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio. Commercial losses increased from the prior quarter driven by higher broad-based losses in the non-homebuilder portion of the real estate portfolio within Global Banking and the small business portfolio within Global Card Services. The provision for credit losses of $13.4 bln rose from $8.5 bln in the fourth quarter and included a $6.4 bln net addition to the allowance for loan and lease losses. Reserves were added across most consumer portfolios reflecting increasing economic stress on consumers. Reserves were also increased on commercial portfolios. Nonperforming assets were $25.7 bln compared with $18.2 bln at December 31, 2008 and $7.8 bln at March 31, 2008, reflecting the continued deterioration in portfolios tied to housing. The provision for credit losses increased to $3.4 bln driven by economic and housing market weakness particularly in regions experiencing higher unemployment and falling home prices.

7:09AM Eaton beats by $0.03, misses on revs; guides Q2 EPS below consensus, assumes revs below consensus; guides FY09 EPS below consensus (ETN) 44.75 : Reports Q1 (Mar) loss of $0.22 per share, excluding integration charges, $0.03 better than the First Call consensus of ($0.25); revenues fell 19.5% year/year to $2.81 bln vs the $3.06 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.25, excluding non-recurring items, vs. $1.06 consensus; assumes Q2 revs of $3.0-3.1 bln vs. $3.5 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.50-3.00, excluding non-recurring items, vs. $3.44 consensus. CEO Cutler comments, "Given the uncertain end market demand, it is very difficult to provide guidance for the second quarter. Assuming our sales in the second quarter total between $3.0 bln and $3.1 bln, coupled with the additional charges we expect in the quarter, we anticipate net income per share for Q209 to be approximately $0.15 and operating earnings per share, which exclude charges to integrate our recent acquisitions, to be approximately $0.25. As a result of our lower market forecast for 2009, we are lowering our full-year guidance to net income per share of between $2.10 and $2.60 and operating earnings per share of between $2.50 and $3.00. Our second half 2009 and full year 2010 results will be strengthened by the savings from the resource adjustment actions taken during the first half of 2009."

7:03AM Weatherford misses by $0.02, reports revs in-line (WFT) 14.75 : Reports Q1 (Mar) earnings of $0.27 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.29, mainly due to a sharp drop off in customer activity in North America; revenues rose 2.7% year/year to $2.26 bln vs the $2.26 bln consensus.

6:37AM Eli Lilly beats by $0.21, reports revs in-line; guides FY09 EPS in-line (LLY) 33.75 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.99; revenues rose 5.0% year/year to $5.05 bln vs the $5.05 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.25, excluding non-recurring items, vs. $4.14 consensus. There were no significant items affecting net income in the first quarter of 2009; however, the reported EPS for the first quarter of 2008 were favorably affected by significant items netting to $.05 per share. To reflect the impact of the ImClone acquisition as if the acquisition occurred in January 1, 2008, Q108 pro forma EPS have been reduced by $.04 per share

Earnings - July 21st 2008

4:47PM Celanese beats by $0.06, beats on revs; reaffirms FY08 EPS guidance (CE) 44.52 +0.13 : Reports Q2 (Jun) earnings of $1.20 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.14; revenues rose 20.1% year/year to $1.87 bln vs the $1.84 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.60-3.85 vs. $3.98 consensus based on the strength of its performance in 1H and continued execution of its earnings growth strategy. Co reaffirms operating EBITDA guidance of $1.355-1.415 bln.

4:43PM Merck beats by $0.03, reports revs in-line (MRK) 35.33 -2.35 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.83; revenues fell 1.0% year/year to $6.05 bln vs the $6.05 bln consensus. MRK guides worldwide sales: Co sees 2008 SINGULAIR sales of $4.4-4.6 bln, COZAAR/HYZAAR sales of $3.5-3.7 bln, GARDASIL sales of $1.4-1.6 bln, Other Vaccines sales of $2.7-2.9 bln, FOSAMAX sales of $1.4-1.7 bln... The results of the Simvastatin plus Ezetimibe in Aortic Stenosis (SEAS) study were released earlier today. MRK is currently assessing the impact of the results on the contribution from the Merck/Schering-Plough joint venture and therefore at this time is not providing 2008 equity income guidance; 2008 GAAP and non-GAAP EPS guidance; and any long-term financial performance guidance. MRK anticipates providing additional financial guidance at a later date.

4:38PM QLogic beats by $0.02, beats on revs (QLGC) 16.48 -0.12 : Reports Q1 (Jun) earnings of $0.31 per share, $0.02 better than the First Call consensus of $0.29; revenues rose 20.5% year/year to $168.4 mln vs the $161.9 mln consensus. "Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008."

4:38PM Apple beats by $0.11, beats on revs; guides Q4 EPS below consensus, revs below consensus (AAPL) 166.29 +1.14 : Reports Q3 (Jun) earnings of $1.19 per share, $0.11 better than the First Call consensus of $1.08; revenues rose 38.0% year/year to $7.46 bln vs the $7.37 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.00 vs. $1.24 consensus; sees Q4 revs of $7.8 bln vs. $8.32 bln consensus. Gross margin was 34.8 percent (vs flat guidance from Q2 of 32.9%), down from 36.9 percent in the year-ago quarter. Apple shipped 2,496,000 Macintosh computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone units sold were 717,000 (vs over 700K guidance) compared to 270,000 in the year-ago-quarter.

4:36PM Texas Instruments misses by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus (TXN) 28.52 -0.30 : Reports Q2 (Jun) earnings of $0.44 per share, $0.02 worse than the First Call consensus of $0.46; revenues fell 2.2% year/year to $3.4 bln vs the $3.39 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.41-0.47 vs. $0.51 consensus; sees Q3 revs of $3.26-3.54 bln vs. $3.56 bln consensus. The co says demand slowed unexpectedly in June primarily because distributors reduced inventory levels and did not replenish them late in the quarter. Additionally, Wireless revenue declined in the quarter, continuing its first-quarter weakness. "We believe this slower demand was due to a mix of reasons, including a weaker economic environment and greater confidence in TI's ability to deliver products within short lead times," Templeton said. "Our orders were up in the quarter and backlog grew, but we are cautious given the demand environment we just experienced. If demand strengthens as quickly as it slowed, we are well-positioned to meet it." (stock is halted)

4:35PM Woodward Governor beats by $0.04, beats on revs; raises FY08 guidance (WGOV) 38.24 +0.92 : Reports Q3 (Jun) earnings of $0.47 per share, $0.04 better than the First Call consensus of $0.43; revenues rose 22.6% year/year to $329.8 mln vs the $308.9 mln consensus. Co issues upside guidance for FY08, sees EPS of ~$1.75, up from $1.61-1.66, vs. $1.67 consensus; sees FY08 revs growth of ~20%, up from 14-16%, (which calculates to ~1.25 bln vs. $1.21 bln consensus.

4:28PM American Express misses by $0.27, misses on revs; says fallout from a weaker U.S. economy accelerated during June (AXP) 40.90 -1.29 : Reports Q2 (Jun) earnings of $0.56 per share, $0.27 worse than the First Call consensus of $0.83; revenues rose 7.9% year/year to $7.48 bln vs the $7.6 bln consensus. The second quarter results included a $600 mln ($374 mln after-tax) addition to U.S. lending credit reserves that reflects a deterioration of credit indicators beyond our prior expectation, and a $136 mln ($85 mln after-tax) charge to the fair market value of the co's retained interest in securitized Cardmember loans. The second quarter also included a tax benefit of $101 mln primarily related to resolution of certain prior years' tax items. "Fallout from a weaker U.S. economy accelerated during June with consumer confidence dropping, unemployment rates moving sharply higher and home prices declining at the fastest rate in decades... Consumer spending slowed during the latter part of the quarter and credit indicators deteriorated beyond our expectations... In light of the weakening economy, we are no longer tracking to our prior forecast of 4-6% earnings per share growth. That outlook was based on business and economic conditions in line with, or moderately worse than, January 2008. The environment has weakened significantly since then, particularly during the month of June... The scope of the economic fallout was evident even among our longer term, superprime Cardmembers... Newer Cardmembers -- whose write-off levels are typically higher than the total portfolio -- are also feeling the impact, but we are confident that the relationships we've built during the last several years will generate attractive economics over their life cycle... Despite the weakness in our bottom line, revenue grew a strong 8 percent and many of our key business metrics performed very well as we benefited from the strength of our international consumer and Global Business-to-Business operations... While we are obviously disappointed in the impact that the higher reserves had on earnings, our coverage levels are now substantially higher than at any point during the last three years. The current reserves reflect our expectation that write-offs will continue to rise in the remainder of 2008... We remain focused on gaining profitable share but, as you would expect in this environment, we will be very selective with our investment dollars. While we continue to scale back some card acquisition efforts and reduce credit lines selectively, we also plan to take advantage of growth opportunities in the marketplace. "Our reengineering efforts over the past decade have resulted in a well controlled expense base, but in order to give us greater flexibility to invest in the business, we are accelerating those efforts. Our aim is to free-up resources by reducing overall costs and staffing levels. While we have not yet quantified the impact of these activities, we expect them to result in restructuring-related charges during the second half. "While we have been able to generate substantial earnings and returns relative to many in the financial sector, we do not expect to meet or exceed our long-term financial targets until we see improvements in the economy... We do not know the extent of the current downturn, but the position of our company today is financially sound and competitively strong. We've lowered our risk profile by divesting some businesses and we are well-positioned to execute against growth opportunities in a manner that continues to appropriately balance our short, medium and long-term objectives."

4:19PM Eagle Materials misses by $0.11, misses on revs (EXP) 23.52 +0.03 : Reports Q1 (Jun) earnings of $0.18 per share, $0.11 worse than the First Call consensus of $0.29; revenues fell 20.1% year/year to $176.8 mln vs the $198.1 mln consensus. Co says, "The continued contraction in U.S. homebuilding activity and escalating energy costs negatively impacted our wallboard sales prices and costs. In addition, our cement sales volumes were negatively impacted by adverse weather conditions in the Midwest. (Stock is halted).

4:13PM Schering-Plough beats by $0.03, beats on revs (SGP) 18.95 -2.49 : Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the First Call consensus of $0.42; revenues rose 54.8% year/year to $4.92 bln vs the $4.77 bln consensus. "We remain confident in VYTORIN and ZETIA and the ability of these medicines to help patients get to lower LDL cholesterol goals. While the overall U.S. prescription market continues to get tougher, we achieved good sales growth internationally, with strong results for REMICADE, NASONEX and TEMODAR."

4:12PM Mohawk beats by $0.02, reports revs in-line; guides Q3 below consensus (MHK) 64.06 -0.79 : Reports Q2 (Jun) earnings of $1.29 per share, $0.02 better than the First Call consensus of $1.27; revenues fell 6.9% year/year to $1.84 bln vs the $1.84 bln consensus. Co sees Q3 EPS of $1.06-1.15 vs. $1.40 consensus. Co's results for the second quarter were impacted by the slowing economies in the U.S. and Europe and rapidly increasing commodity costs. Declining new U.S. home construction and residential remodeling, slowing European demand and rising raw material and energy costs have contributed to the flooring industry cyclical decline. The rapidly increasing costs are impacting co's margins even as they raise selling prices to offset these costs.

4:08PM Canadian Natl Rail beats by C$0.04, beats on revs (CNI) 50.95 -0.22 : Reports Q2 (Jun) earnings of C$0.90 per share, excluding non-recurring items, C$0.04 better than the First Call consensus of C$0.86; revenues rose 3.5% year/year to C$2.1 bln vs the C$2.06 bln consensus. CNI's sees 2008 diluted EPS growth growth in the mid-single-digit range over 2007 adjusted diluted EPS of C$3.40

4:05PM SanDisk misses by $0.23, misses on revs (SNDK) 18.01 +0.44 : Reports Q2 (Jun) loss of $0.10 per share, excluding non-recurring items, $0.23 worse than the First Call consensus of $0.13; revenues fell 1.3% year/year to $816 mln vs the $906.1 mln consensus. Co is delaying the start of the next phase of production ramp in Fab 4 and now expects it to start no sooner than April 2009. The co is also pushing out its decision to invest in Fab 5 until market conditions improve. These actions are aimed at reducing future capital expenditures and inventory growth in order to maintain a strong balance sheet... Co says, "Our Q2 sales were well below our expectations due to the rapid deterioration in consumer confidence which impacted our sales in U.S. retail and to handset OEMs. Product gross margin was negatively impacted by the lower sales volume and a substantial inventory write-down. Overall demand is expected to improve in the upcoming holiday season; however, industry-wide Flash inventories remain excessive and pricing and margins will therefore remain under pressure until supply and demand come into balance. We are taking significant actions to slow our captive supply growth, which will reduce our capital expenditure commitments, and allow us to better manage our inventory. We are also continuing to improve our cost structure through transitions to 43-nanometer MLC and the industry's first commercialized 3-bits per cell NAND flash. While the industry downturn has been more pronounced and severe than expected, we are optimistic about our long-term renewed growth when the market rebounds."

Sport Supply Group Sees Q408 And FY08 EPS Well Above Estimates; Raises FY08 EPS Guidance And Introduces FY09 EPS Guidance >RBI 9:59AM Sport Supply Group raises FY08 EPS guidance to $0.75 - $0.77 per share; introduces FY09 EPS guidance of $0.85 - $0.95 per share (RBI) 11.45 +1.25 : Co raised its FY08 EPS guidance to $0.75-0.77, up from $0.65-0.73, vs. $0.71 consensus. Co also introduced FY09 EPS guidance of $0.85-0.90 vs. $0.80 consensus. "Our Fourth Fiscal Quarter appears to have delivered an outstanding finish to what has been a very impressive year. Preliminary results for the Quarter ended June 30, 2008 indicate near 10% organic sales growth, significant gross margin expansion, and SG&A expenses lower than the prior year for the second straight quarterly period. We have continued to focus on bottom line performance as we expand market share. Results suggest the plan is working. The business is well positioned for continued organic growth and growth via acquisition or joint-venture opportunity. We continue to evaluate a number of options to expand our footprint in the space and further leverage our scalable business platform and ever strengthening balance sheet, which as of June 30, 2008 had approximately $20.5 Million cash on-hand, up 58% from $13.0 Million on March 30, 2008. Other uses of excess cash and our untapped credit facility may include the repurchase of common stock and/or the repurchase of outstanding convertible debentures as conditions merit. Fiscal 2008 will likely represent the second straight year of 100%+ earnings growth for the Company. This earnings expansion is a credit to our hard working employees across the Nation."

8:32AM Badger Meter beats by $0.05, beats on revs (BMI) 51.30 : Reports Q2 (Jun) earnings of $0.48 per share, $0.05 better than the First Call consensus of $0.43; revenues rose 20.1% year/year to $74.7 mln vs the $70.2 mln consensus. "While the current economic environment is a concern, to this point we have not seen an impact on sales of our utility products. We have seen some weakening in certain products in our industrial markets, however, which are being somewhat offset by increased sales of our small precision valves into the petroleum and certain other industries."

8:05AM China Wind Systems sees Q2 EPS of $0.023-0.026; expects Q2 revs to rise 143-150% YoY to $10.9-11.2 mln - no ests (CWSI) 4.05 : For the year ended December 31, 2008, CWSI.OB expects to report revenues of approximately $40 mln and net income of approximately $7 mln. The guidance reflects the expectation that the co's new large scale facility to manufacture high precision components for the wind energy industry will begin to contribute to results in the fourth quarter of fiscal 2008. ''We remain quite optimistic about achieving our long-term goal in becoming a leading provider of wind energy components in China. The planned rapid growth in wind generation capacity in China is creating strong demand for precision components such as forged rolled rings and shafts for use in the next generation of large scale windmills... We expect the pace of our involvement in the wind energy industry to increase dramatically over the course of the next few years, as we gain move into manufacturing critical wind components such as gear boxes and yaw bearings.''

7:36AM Timken rasies Q2 and FY08 EPS guidance above consensus (TKR) 28.68 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.96, excluding non-recurring items, vs. $0.78 First Call consensus, up from $0.73-0.83 previously. Co issues upside guidance for FY08 (Dec), sees EPS of $2.95-3.10 vs. $2.90 consensus, up from $2.75-2.95 previously. Q2 EPS guidance excludes manufacturing rationalization, impairment and restructuring charges, net of tax. Second-quarter performance benefited from the company's ability to capitalize on strong industrial markets, with higher volume, improved mix and better execution more than offsetting the impact of declining automotive demand. (Machine Tool Maker - Growing business globally - global growth play)

7:15AM Ametek beats by $0.11, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY08 EPS above consensus, revs above consensus (AME) 50.30 : Reports Q2 (Jun) earnings of $0.68 per share, excluding $0.07 charge of $0.07 related to the performance-based accelerated vesting of restricted stock, $0.11 better than the First Call consensus of $0.57; revenues rose 24.9% year/year to $648.8 mln vs the $626.7 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.61-0.63 vs. $0.62 consensus; sees Q3 rev growth of 20%, which equates to $634.2 mln vs. $619.50 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.54 vs. $2.47 consensus; sees FY08 rev growth of 20%, which equates to $2.564 bln vs. $2.51 bln consensus. (Industrial Equipment)

7:15AM Bank of America beats by $0.19, beats on revs (BAC) 27.49 : Reports Q2 (Jun) earnings of $0.72 per share, $0.19 better than the First Call consensus of $0.53; revenues rose 3.5% year/year to $20.32 bln vs the $18.37 bln consensus. Co reports $1.22 bln of market writedowns. Co reports provision expense of $5.83 bln, reflecting net charge-offs of $3.62 bln and additions to the allowance for loan and lease losses of $2.21 bln. The additions were mainly in consumer and commercial portfolios directly tied to housing, including home equity, residential mortgage and homebuilders. BAC has added $7.29 bln to the reserve through increased provision over the past 12 months. Co reports Countrywide had a Q2 net loss of $2.33 bln, and expects Countrywide to be accretive in 2008. Countrywide's results are not reflected in BAC's Q2 results. "Credit quality continued to weaken, particularly in markets that experienced the most significant home price declines. The slowing economy resulted in credit deterioration concentrated in the domestic consumer, small business and homebuilder portfolios. Both net charge-offs and nonperforming assets continued to increase."

7:08AM Weatherford misses by $0.02, reports revs in-line (WFT) 40.68 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.45; revenues rose 22.8% year/year to $2.23 bln vs the $2.21 bln consensus. The $0.09 non-recurring items in the second quarter of 2008 results include a gain on the restructuring of a Qatar operation into a JV, partially offset by investigation and exit costs incurred in connection with the company's withdrawal from sanctioned countries.

7:02AM Astec Industries misses by $0.02, beats on revs (ASTE) 34.93 : Reports Q2 (Jun) earnings of $0.93 per share, $0.02 worse than the First Call consensus of $0.95; revenues rose 22.7% year/year to $277.7 mln vs the $269.3 mln consensus.

6:32AM Hasbro beats by $0.03, beats on revs (HAS) 37.99 : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the First Call consensus of $0.22; revenues rose 13.4% year/year to $784.3 mln vs the $675.4 mln consensus. "I'm very pleased with the earnings we announced today, while input cost inflation continues to be challenging, thus far we have been able to mitigate most of the impact through cost savings initiatives and pricing actions."