Earnings - 21st April 2009 (1)

8:08AM Forest Labs beats by $0.01, misses on revs; guides FY10 EPS in-line, revs below consensus (FRX) 22.39 : Reports Q4 (Mar) earnings of $0.76 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.75; revenues fell 0.2% year/year to $896.7 mln vs the $999.7 mln consensus. Co issues mixed guidance for FY10, sees EPS of $3.45-3.55 vs. $3.47 consensus; sees FY10 revs of ~$4.1 bln vs. $4.18 bln consensus. The co has provided a $170 mln pretax reserve, or $0.45 per share, in connection with ongoing discussions with the United States Department of Justice arising out of the investigations led by the U. S. Attorney's Office for the District of Massachusetts into marketing, promotional and other activities primarily in connection with Lexapro, Celexa and Levothroid. These discussions with the DOJ have not yet concluded, and there can be no assurance as to when they will conclude or whether they will lead to a resolution, or the amount of any settlement that may be reached.

8:05AM Brinker reports EPS in-line, revs in-line (EAT) 18.29 : Reports Q3 (Mar) earnings of $0.45 per share, ex-items, in-line with the First Call consensus of $0.45; revenues fell 20.4% year/year to $857.4 mln vs the $864.6 mln consensus. The company experienced a 5.6% decrease in comparable restaurant sales in the third quarter of fiscal 2009 due to decreases across all brands. Revenues were also negatively impacted by a net decline in capacity of 17.7% due to 47 restaurant closures (3 of which were Macaroni Grills) and the sale of 198 restaurants since the third quarter of fiscal 2008 (189 of which were Macaroni Grills).

7:47AM Northern Trust misses by $0.35, misses on revs (NTRS) 58.15 : Reports Q1 (Mar) earnings of $0.61 per share, $0.35 worse than the First Call consensus of $0.96; revenues fell 21.1% year/year to $904.2 mln vs the $1.03 bln consensus. In addition, $23.0 mln of preferred stock dividends were accrued in the current quarter in connection with Northern Trust's participation in the U.S. Department of the Treasury's Capital Purchase Program, which reduced earnings per share by $0.10. "We continued to see strong growth in our client franchise, notwithstanding the difficult market and credit environment. Current quarter results were adversely impacted by dramatically lower equity markets, as exemplified by declines in the S&P 500 and EAFE (USD) indices of 40% and 49%, respectively, versus year ago levels, and difficult fixed income conditions. Against the challenging environmental backdrop, however, we were very pleased with the significant new business we continued to generate, which confirms the fundamental strength of our focused business strategy and execution. Our loan portfolio also continued to exhibit strength relative to the environment, even as we continued to increase our reserve for credit losses. As we move into the second quarter, our capital position remains very strong with our tier 1 capital ratio at 13.0% and our tangible common equity ratio at 5.9%. Furthermore, we arecontinuing our dialogue with the Federal Reserve, in accordance with the prescribed process, to proceed on our objective of redeeming the U.S. Department of the Treasury's Capital Purchase Program preferred stock as quickly as prudently possible." The reserve for credit losses at March 31, 2009 of $303.3 mln increased $52.2 mln from the December 31, 2008 balance. The provision for credit losses was $55.0 mln in the current quarter and net charge-offs totaled $2.7 mln.

7:44AM BlackRock reports EPS in-line, revs in-line (BLK) 123.59 : Reports Q1 (Mar) earnings of $0.81 per share, in-line with the First Call consensus of $0.81; revenues fell 24.1% year/year to $987 mln vs the $987.4 mln consensus. Assets under management ended the quarter at $1.283 trillion, down 2% since year-end. New business during the quarter included $21.3 billion of net inflows in long-dated and advisory mandates.

7:41AM Coca-Cola reports EPS in-line, misses on revs (KO) : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the First Call consensus of $0.65; revenues fell 2.8% year/year to $7.17 bln vs the $7.36 bln consensus. Co says it saw solid worldwide unit case volume growth of 2% in the quarter. International unit case volume rose 3%. Global volume and value share gains continued across key markets and categories. Currency neutral comparable operating income growth exceeded the co's long-term currency neutral profit target. Productivity initiatives accelerating and on track to deliver $500 mln in annualized savings by year-end 2011.

7:36AM Jefferies Group beats by $0.27, beats on revs (JEF) 14.30 : Reports Q1 (Mar) earnings of $0.19 per share, $0.27 better than the First Call consensus of ($0.08); revenues rose 70.0% year/year to $342 mln vs the $287.5 mln consensus. Co says, "Our first quarter results make it clear that we have distinguished ourselves from both the TARP-subsidized institutions, as well as the small and mid-cap brokers and boutiques. The performance of our fixed income businesses highlights the breadth and depth of our full-service, client-focused, independently-funded Wall Street securities firm. We have invested many years, an immense amount of human effort and much expense to build what we believe is a first tier provider of sales, trading, research and investment banking services. Our first quarter results reflect only the beginning of what we expect to realize over time from this investment. The events of the last 21 months, and particularly the incredible change in the competitive landscape over the last 12 months, have only enhanced the long-term opportunity we envision for our firm. We thank everyone at Jefferies for their efforts."

7:34AM TD Ameritrade reports EPS in-line, beats on revs; guides FY09 EPS in-line (AMTD) 15.15 : Reports Q2 (Mar) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues fell 15.6% year/year to $525.5 mln vs the $512.3 mln consensus. Co reaffirms prior guidance for FY09, sees EPS of $0.90-1.15 vs. $0.98 consensus. Co repurchased approximately 36 mln shares in the qtr at an average price of $11.88. These transactions completed the co's stock buy-back programs.

7:33AM Lockheed Martin beats by $0.04, misses on revs; guides FY09 EPS in-line, revs in-line (LMT) : Reports Q1 (Mar) earnings of $1.68 per share, $0.04 better than the First Call consensus of $1.64; revenues rose 3.9% year/year to $10.37 bln vs the $10.51 bln consensus. Co issues in-line guidance for FY09, sees EPS of $7.15-7.35 vs. $7.34 consensus; sees FY09 revs of $44.7-45.7 bln vs. $45.44 bln consensus. Raises expected return on investment capital 2009 outlook to greater than or equal to 18.5% from 18.0%.

7:14AM State Street beats by $0.02, misses on revs (STT) 30.65 : Reports Q1 (Mar) earnings of $1.04 per share, $0.02 better than the First Call consensus of $1.02; revenues fell 22.3% year/year to $2 bln vs the $2.29 bln consensus. "Given the continued unsettled economic environment and more weakness in the first quarter than we expected, we now believe that in 2009 we will achieve nearer the weaker end of the ranges we established at our Investor and Analyst Forum in February: operating revenue to decline between 8% and 12%; operating earnings per share to decline between 12% and 16%; and operating return on equity to be between 14% and 17%... Our tangible common equity ratio at March 31, 2009, stands at 5.87% and our pro forma TCE ratio, assuming consolidation of the asset-backed commercial paper conduits we administer, has improved 103 basis points from 1.19% at December 31, 2008, to 2.22% when calculated as a percentage of total assets."

7:13AM Regions Fincl reports Q1 profit (RF) 5.80 : Reports Q1 (Mar) earnings of $0.04 per share, excluding non-recurring items. Net loan charge-offs declined to an annualized 1.64 percent of average loans. Built allowance for loan losses to 1.94 percent of loans with $425 million provision that exceeded net charge-offs by $35 million. Non-performing loans increased to $1.6 billion. Capital ratios remain strong with a Tier 1 ratio of 10.37 percent and a tangible common equity ratio of 5.41 percent

7:12AM United Tech reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (UTX) 45.81 : Reports Q1 (Mar) earnings of $0.78 per share, in-line with the First Call consensus of $0.78; revenues fell 12.2% year/year to $12.25 bln vs the $12.41 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.00-$4.50 vs. $4.20 consensus; sees FY09 revs of $55 bln vs. $54.29 bln consensus.

7:11AM Huntington Banc beats by $0.04 (HBAN) 3.11 : Reports Q1 (Mar) loss of $0.06 per share, $0.04 better than the First Call consensus of ($0.10). "We continue to believe that 2009 will be a challenging year. While there have been recent reports and speculation that the decline in the economy is nearing a bottom, it remains our expectation that no significant turnaround will occur this year. As a result, we expect to see continued levels of elevated charge-offs and provision expense, especially as related to continued softness in our commercial loan portfolios. We continue to expect that the net interest margin will remain under modest pressure from the first quarter level. We expect to grow our customer base, as well as core deposits throughout the year. " "We continue to expect good levels of loan originations, especially mortgages, given the low rate environment. But how much of this translates into balance sheet growth will depend on whether or not we sell portions of our loan portfolio and production as part of our continued efforts to improve balance sheet efficiency."

7:08AM BJ Services misses by $0.07, misses on revs (BJS) 11.97 : Reports Q2 (Mar) earnings of $0.15 per share, $0.07 worse than the First Call consensus of $0.22; revenues fell 18.0% year/year to $1.05 bln vs the $1.13 bln consensus. The co says "Lower demand for energy triggered by the global economic recession led to a precipitous decline in drilling activity this quarter, particularly in North America. North American drilling activity declined 28% sequentially and 27% year over year and, at the current level of 975 active rigs, the U.S. drilling rig count has reached its lowest level in six years. This decline in activity and intensive competition led to severe price reductions for our services and products. Our international customers responded to the lower commodity price environment sooner than expected, with average rig count outside North America declining 9% sequentially and 6% year over year, negatively impacting our results in these markets..."

7:08AM Quest Diagnostics beats by $0.07, reports revs in-line; guides FY09 EPS above consensus, revs in-line (DGX) 50.50 : Reports Q1 (Mar) earnings of $0.89 per share, $0.07 better than the First Call consensus of $0.82; revenues rose 1.3% year/year to $1.81 bln vs the $1.81 bln consensus. Co issues mixed guidance for FY09, sees EPS of $3.60-3.75, excluding non-recurring items, vs. $3.59 consensus; sees FY09 rev growth of 3% which equates to roughly $7.47 bln vs. $7.46 bln consensus.

7:07AM Astec Industries beats by $0.03, beats on revs (ASTE) 24.59 : Reports Q1 (Mar) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues fell 22.0% year/year to $205.3 mln vs the $202.7 mln consensus. "We believe the economy hit bottom in late February; however, we believe the recovery will continue to be slow. During this period our strategy will be to aggressively develop new products and enhance existing products." The Company's backlog at March 31, 2009 was $140 million compared to $275 million at March 31, 2008 for a 49% decrease.

7:05AM Johnson Controls beats by $0.01, misses on revs (JCI) 16.14 : Reports Q2 (Mar) loss of $0.16 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.17); revenues fell 32.9% year/year to $6.32 bln vs the $6.93 bln consensus. "We started to see improvements in the financial performance of our Automotive Experience business toward the end of the second quarter, and we expect significantly lower operating losses in the third quarter. We believe the automotive improvement, combined with the solid profitability of our Building Efficiency and Power Solutions businesses, will enable us to report positive earnings for the remainder of 2009." The company said that the restructuring initiative announced in March 2009 is expected to be slightly accretive in 2009 and to provide approximately $0.15 per diluted share incremental benefit in 2010. The restructuring program announced in September 2008 is approximately 70% complete and progressing ahead of schedule. It is expected that the financial benefits of this restructuring program will be increasingly accretive to earnings through the remainder of the 2009 fiscal year, and will provide a $0.20 - $0.25 per diluted share incremental benefit in 2010.

7:05AM Merck misses by $0.03, misses on revs; reaffirms FY09 EPS guidance (MRK)25.22 : Reports Q1 (Mar) earnings of $0.74 per share, $0.03 worse than the First Call consensus of $0.77; revenues fell 7.5% year/year to $5.39 bln vs the $5.77 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.15-3.30 vs. $3.25 consensus; sees revs $23.2-23.7 bln vs $23.87 bln First Call consensus. "Our first-quarter results in part reflect the impact of the difficult global economy on patients, providers and payors, but we remain on track to meet our full-year earnings guidance," said Richard Clark, chairman, president and chief executive officer.

7:04AM US Bancorp beats by $0.04, beats on revs (USB) 15.94 : Reports Q1 (Mar) earnings of $0.24 per share, $0.04 better than the First Call consensus of $0.20; revenues rose 0.2% year/year to $3.88 bln vs the $3.77 bln consensus. Return on average assets and return on average common equity were .81 percent and 9.0 percent, respectively, for the first quarter of 2009, compared with 1.85 percent and 21.2 percent, respectively, for the first quarter of 2008. The provision for credit losses for the first quarter of 2009 was $1,318 million, an increase of $51 million over the fourth quarter of 2008 and $833 million over the first quarter of 2008.

6:02AM UnitedHealth beats by $0.14, misses on revs; reaffirms FY09 EPS guidance (UNH) 24.21 : Reports Q1 (Mar) earnings of $0.81 per share, $0.14 better than the First Call consensus of $0.67; revenues rose 9.4% year/year to $20.11 bln vs the $21.37 bln consensus. Co reaffirms guidance for FY09, sees EPS of $2.90-3.15 vs. $3.00 consensus.

4:28AM New Oriental Education & Technology beats by $0.11, beats on revs; guides Q4 revs above consensus (EDU) 51.25 : Reports Q3 (Feb) earnings of $0.38 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.27; revenues rose 36.1% year/year to $65.5 mln vs the $63.7 mln consensus. Co issues upside guidancefor Q4, sees Q4 revs of $50.5-53.5 mln vs. $49.81 mln consensus. Total student enrollments in language training and test preparation courses increased by 31.0% year/year to approx 351,700 from approximately 268,400 in the same period of the prior fiscal year.

Earnings - 28th Jan 2009

5:23PM Trinity Industries reports that it delivered ~7,050 railcars in the fourth quarter of 2008; sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus (TRN) 13.31 +0.33 : Co reports that it delivered ~7,050 railcars in the fourth quarter of 2008. This represents an increase as compared to ~6,740 railcar deliveries in the fourth quarter of 2007. The Company received orders for approximately 1,180 railcars during the fourth quarter of 2008. The Company has elected to indefinitely defer the investment of $800 million in approximately 10,000 railcars for multiple lessees in the ethanol industry that were scheduled for delivery to Trinity's leasing company in 2010 and 2011. Following the removal of these railcars, TrinityRail's order backlog at December 31, 2008 totaled approximately $720 million, representing approximately 8,260 railcars. Co's order backlog now includes approximately 7,010 railcars scheduled for delivery in 2009 and approximately 1,250 railcars scheduled for delivery in 2010. Railcars for use in the ethanol industry comprise approximately 1,740 of the railcars in the updated order backlog... As a result of the declining demand for railcars, the Company has idled, or is in the process of idling, four railcar manufacturing facilities. Co has also idled a wind tower facility in Oklahoma, consolidating capacity. At this time, the Company does not plan to convert any railcar facilities to wind tower operations... Co sees Q1 EPS of $0.25-0.35 vs $0.48 First Call consensus

4:20PM Norfolk Southern beats by $0.03, misses on revs (NSC) 37.65 +2.35 : Reports Q4 (Dec) earnings of $1.21 per share, $0.03 better than the First Call consensus of $1.18. The fourth-quarter operating ratio reached a record 67.5%, a 4.5 percentage point improvement compared with the same period last year. During 2008, NS purchased and retired 19.4 mln shares of common stock at a cost of $1.1 bln. Co says, "Norfolk Southern delivered strong financial results in the fourth quarter, despite economic conditions that reduced freight volumes... While it is unclear how long the downturn will last, long-term trends point to freight railroads as the preferred way to move goods and relieve highway congestion. We will continue to make investments in our company and, in 2009, plan to invest $1.4 bln in capital improvements to maintain the safety and quality of our franchise, improve operational efficiency and service, and support the business growth we expect in future years."

4:07PM DeVRY reports EPS in-line, beats on revs (DV) 59.57 -1.27 : Reports Q2 (Dec) earnings of $0.59 per share, in-line with the First Call consensus of $0.59; revenues rose 35.0% year/year to $369.6 mln vs the $364.2 mln consensus. As previously announced in December 2008, DeVry University new undergraduate enrollment increased 19.7% and total undergraduate enrollment rose 16.9%. At Keller Graduate school of Management, the number of coursetakers in November 2008 increased 13.7%... Becker's operations were affected by the continued deterioration in the financial services sector during the quarter. It expects these market conditions will persist at least through calendar 2009. Becker remains focused on long-term growth and is exploring additional markets and industries to further leverage its leadership in education for accounting and finance professionals... "We are mindful of the challenging economic environment we face and continue to invest in our growth opportunities while maintaining an appropriately conservative capital structure," added CEO Daniel Hamburger. "We believe this prudent approach to the execution of our strategic plan creates a balance that allows us to make investments in academic quality, student services and further diversification."

4:03PM Stryker reports EPS in-line, revs in-line; guides FY09 EPS above consensus (SYK) 41.05 +1.49 : Reports Q4 (Dec) earnings of $0.74 per share, excluding non-recurring items, in-line with the First Call consensus of $0.74; revenues rose 3.6% year/year to $1.72 bln vs the $1.72 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.12-3.22 vs. $3.12 consensus. The financial forecast for 2009 anticipates a constant currency net sales increase in the range of 6% to 9%. If foreign currency exchange rates hold near current levels, the Company anticipates an unfavorable impact on net sales of approximately 4.5% to 5.5% in the first quarter of 2009 and an unfavorable impact on net sales of approximately 3.5% to 4.5% for the full year of 2009.

4:02PM Diamond Foods raises Jan quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance (DMND) 24.90 -0.03 : Co raises Q2 (Jan) quarter guidance to $0.29-0.35 vs $0.27 First Call consensus; raises FY09 guidance to $1.25-1.32 vs $1.28 First Call consensus. Firm cites the strength of improving gross margins, which are now expected to be more than 400 basis points above the prior year's level. "Based on the solid performance of our Diamond culinary nut business and our snack portfolio, which consists of Emerald snack nuts and Pop Secret microwave popcorn, we now expect to achieve EPS growth of between 37 to 45 percent for the fiscal year. We are pleased by the complimentary nature of our expanded snack portfolio, and believe we will benefit from the synergy of the larger business in the future."

8:41AM Avery Dennison beats by $0.22, misses on revs (AVY) 27.84 : Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.43; revenues fell 11.8% year/year to $1.51 bln vs the $1.6 bln consensus. Co elects not to provide FY09 earnings forecast due to decreased visibility. Co say raw costs declined 4% in FY08. Co provides two scenarios for 2009:  If revenue declines 8% on an organic basis, co sees adjusted EPS of $1.00 and FCF of $260.0 mln. If revenue declines 3% on an organic basis, co sees adjusted EPS of $2.00 and FCF of $300.0 mln. Briefing.com note:  First Call consensus calls for FY09 EPS of $2.66.

8:36AM Temple-Inland beats by $0.14, beats on revs (TIN) 4.46 : Reports Q4 (Dec) earnings of $0.11 per share, excluding tax adjustments, $0.14 better than the First Call consensus of ($0.03); revenues rose 3.8% year/year to $973 mln vs the $908.3 mln consensus. Co says, "As we enter 2009, economic conditions continue to be uncertain. However, the actions we took in 2008 to lower our cost structure significantly throughout our co, drive down our inventories and grow our business will serve us well in 2009... In Building Products, shipments for all of our products declined in the fourth quarter due to difficult market conditions and the seasonal slowdown in demand. We took action in the quarter to further drive down our costs including exiting the hardboard siding business and reducing our headcount by an additional 11%. We also successfully introduced a new fiberglass-faced gypsum sheathing product, GreenGlass, for use in commercial and residential applications during the quarter... In Corrugated Packaging, fourth quarter 2008 was our most profitable quarter of the year. We operated well and benefited from our box plant transformation, acquisition of PBL, higher box prices and lower input costs. We took 108,000 tons of mill downtime in the quarter to match our production to our demand as our box shipments were down approximately 7% compared with year ago levels. We enter 2009 with the lowest inventory levels in the last three years."

8:28AM Peabody Energy beats by $0.37, beats on revs (BTU) 23.84 : Reports Q4 (Dec) earnings of $1.11 per share, $0.37 better than the First Call consensus of $0.74; revenues rose 61.0% year/year to $1.88 bln vs the $1.71 bln consensus. Co said,  "While the world faces significant near-term economic challenges, Peabody's middle- to long-term outlook remains positive," said Boyce. "We believe that inventories will rebalance, steel demand will recover, new coal plants will come on line and existing plants will run at higher utilization, while difficult geology and lack of capital access will deplete supply and limit infrastructure development. As recent global outlooks have forecast, nations will continue to turn to coal in increasing quantities, and Peabody remains best positioned in the industry to serve this growing demand."

8:11AM Energizer beats by $0.20, misses on revs (ENR) 44.04 : Reports Q1 (Dec) earnings of $1.93 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $1.73; revenues fell 12.4% year/year to $1.04 bln vs the $1.08 bln consensus. At prevailing currency rates as of January 20, 2009, co expects the overall operating profit impact of currency translation to be unfavorable $105 to $115 mln for the remainder of FY09 as compared to the same period in FY08.

8:05AM Rayonier beats by $0.05, beats on revs (RYN) 28.89 : Reports Q4 (Dec) earnings of $0.53 per share, $0.05 better than the First Call consensus of $0.48; revenues rose 25.7% year/year to $353.9 mln vs the $336.5 mln consensus. Co says, "Despite uncertain economic times, we expect our diverse mix of businesses to generate strong cash flows well in excess of our $2.00 per share dividend. With conservative debt levels, manageable debt maturities and a solid balance sheet, we should have significant operating flexibility... Due to the weak economy, we anticipate 2009 results will be below 2008 across our three major business units... We expect that the weakened housing market will negatively impact our timber and real estate businesses, but anticipate continued interest in our non-strategic timberlands. In Performance Fibers, earnings are expected to be solid although below 2008 as strong demand for our cellulose specialties products is more than offset by higher costs and weakening fluff prices."

7:38AM Bristol-Myers beats by $0.05, misses on revs; reaffirms FY09 EPS guidance (BMY) 22.25 : Reports Q4 (Dec) earnings of $0.46 per share, $0.05 better than the First Call consensus of $0.41; revenues rose 4% year/year to $5.25 bln vs the $5.42 bln consensus. Co reaffirms guidance for FY09, sees EPS of $1.85-2.00 vs. $1.95 consensus. Key non-GAAP guidance assumptions include low single-digit revenue growth (mid-to-high single digit growth excluding foreign exchange); slight improvement in gross margins; advertising and promotion increase in the low-to-mid single-digit range; marketing, sales and administrative expense decrease in the low-to-mid single digits; research and development expense growth in the mid single-digit range; and an effective tax rate of approximately 24%. The company reaffirms guidance that it expects non-GAAP earnings per share from continuing operations to grow at a minimum of 15% compounded annual growth rate, from the 2007 base through 2010 without rebasing for the sale of the ConvaTec business, excluding costs associated with the PTI and other specified items that have not yet been identified and quantified.

7:33AM St. Jude Medical beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (STJ) 31.68 : Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.58; revenues rose 11.2% year/year to $1.13 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.57-0.59 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.48-2.54 vs. $2.51 consensus.

7:31AM FPL Group beats by $0.01, beats on revs; guides FY09 EPS in-line (FPL) 48.94 : Reports Q4 (Dec) earnings of $0.90 per share, $0.01 better than the First Call consensus of $0.89; revenues rose 8.7% year/year to $4 bln vs the $3.87 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.05-4.25 vs. $4.08 consensus.

7:28AM Verizon reports EPS in-line, revs in-line (VZ) 30.99 : Reports Q4 (Dec) earnings of $0.61 per share, excluding non-recurring items, in-line with the First Call consensus of $0.61; revenues rose 3.4% year/year to $24.64 bln vs the $24.74 bln consensus. Coreports that it added 1.4 million wireless net customer additions, 303,000 net new FiOS TV customers and 282,000 net new FiOS Internet customers.

7:11AM Waters beats by $0.11, reports revs of $418.3 mln vs the $416.8 mln consensus (WAT) 36.85 : Reports Q4 (Dec) earnings of $1.07 per share, excluding intangibles amortization & a litigation adjustment, $0.11 better than the First Call consensus of $0.96; revenues fell 4.3% year/year to $418.3 mln vs the $416.8 mln consensus. Co says, "Overall, 2008 was a very successful year for Waters as non-GAAP E.P.S. were up 20% and cash from operations reached a record high. The challenges that we faced in the fourth quarter reflect the tougher economic environment that we are likely to continue to encounter in 2009. We are confident that we can manage our business effectively through this difficult period and we remain committed to new product research and customer support programs to ensure our long term growth and continued strong market position."

7:03AM BJ Services beats by $0.10, reports revs in-line (BJS) 11.92 : Reports Q1 (Dec) earnings of $0.56 per share, excluding $0.05 charge related to the settlement of a frozen US defined benefit pension plan, $0.10 better than the First Call consensus of $0.46; revenues rose 11.4% year/year to $1.43 bln vs the $1.43 bln consensus. "U.S. activity was bolstered somewhat by projects that had been delayed in the previous quarter due to hurricane activity along the Gulf Coast. Our Canada pressure pumping operations experienced higher volume and some pricing improvement sequentially. International pressure pumping activity was down sequentially, primarily as a result of anticipated customer and weather-related slowdowns, but showed marked year over year improvement in revenue and profitability, as a result of new contracts added during fiscal 2008 and more favorable weather conditions in most international markets between the two periods."

6:37AM Kinetic Concepts beats by $0.13, misses on revs; guides FY09 EPS above consensus, revs in-line (KCI) 21.83 : Reports Q4 (Dec) earnings of $0.98 per share, $0.13 better than the First Call consensus of $0.85; revenues rose 63.0% year/year to $492.5 mln vs the $505.7 mln consensus. Co issues mixed guidance for FY09, sees EPS of $3.95-4.10 vs. $3.42 consensus; sees FY09 revs of $2.0-2.06 bln vs. $2.03 bln consensus. In October 2008, KCI's Board of Directors authorized a share repurchase program for the repurchase of up to $100.0 mln in market value of KCI common stock through the third quarter of 2009. Through December 31, 2008, the co had repurchased $50.1 mln of KCI common stock at an average price of $24.12 per share. Gross profit margin for the fourth quarter of 2008 was 50.1% compared to 49.3% for the same period one year ago.

6:09AM DuPont misses by $0.04, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (DD) 23.18 : Reports Q4 (Dec) loss of $0.28 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of ($0.24); revenues fell 16.7% year/year to $5.82 bln vs the $6.17 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.50-0.70 vs. $0.72 consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-2.50 (prior range $2.25-2.75) vs. $2.19 consensus. Co expects that global macroeconomic conditions for Q109 will be similar to Q408, with very weak demand in most of the key markets, excluding agriculture. While favorable conditions in global agriculture markets are expected in 2009, lower demand for non-agriculture products and the impact of currency is expected to limit revenue growth in FY09. The co expects to continue an appropriate level of spending for high-growth, high-margin businesses, including seed products and photovoltaics.

1:26AM Jacobs beats by $0.01, beats on revs; guides FY09 EPS in-line (JEC) 40.56 : Reports Q1 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.89; revenues rose 30.8% year/year to $3.23 bln vs the $3.12 bln consensus. Co issues in-line guidance for FY09, sees EPS of 3.55-3.90 vs. $3.67 consensus (co reduces upper end of EPS guidance to $3.90). Co announces backlog totaling $16.0 bln at December 31, 2008, including a technical professional services component of $7.9 bln. This compares to total backlog and technical professional services backlog of $15.0 bln and $7.1 bln, respectively, at December 31, 2007. During Q109, JEC was notified by certain clients that they were cancelling projects that had been included in backlog. Accordingly, $840 mln of revenues was removed from backlog during the recent quarter.

1:04AM Allegiant Travel beats by $0.21, reports revs in-line; announces $25 mln share repurchase program (ALGT) 37.91 : Reports Q4 (Dec) earnings of $0.88 per share,$0.21 better than the First Call consensus of $0.67; revenues rose 21.3% year/year to $122.4 mln vs the $121.4 mln consensus. Co estimates that for Q109 scheduled total average air fare (the sum of air fare plus ancillary revenue per passenger), will be down 4% to 6% over the prior year or between $4 and $7. Decline in RPM should be more than offset by expected reduction in fuel cost per passenger and non-fuel cost per passenger (due to increased aircraft utilization) in the first quarter. Co announces $25 mln share repurchase program. "Our fourth quarter fuel price per gallon was down 21% year-over-year and a stunning 40% sequentially. The resulting reduction in fourth quarter operating cost helped pave the way to a record operating margin, with operating profit surging close to 400% year-over-year."

Earnings - 22nd July 2008 (1)

8:05AM Forest Labs beats by $0.07, reports revs in-line; guides FY09 EPS in-line (FRX) 35.29 : Reports Q1 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 4.2% year/year to $966.8 mln vs the $974.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.23 consensus.

8:03AM Supervalu beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 27.82 : Reports Q1 (May) earnings of $0.79 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.76; revenues rose 0.4% year/year to $13.35 bln vs the $13.19 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.04-3.20, excluding non-recurring items, compared to previous guidance of $3.10-3.25, vs. $3.07 consensus; sees FY09 revs of approx $45 bln vs. $44.81 bln consensus.

8:02AM Precision Castparts beats by $0.02, reports revs in-line (PCP) 103.53 : Reports Q1 (Jun) earnings of $1.95 per share, $0.02 better than the First Call consensus of $1.93; revenues rose 11.2% year/year to $1.83 bln vs the $1.84 bln consensus. Co said, "Overall, we see solid demand from our core customers for the rest of the year... Our relentless focus on operational efficiencies will continue. However, it is worth noting once again that our Forged Products operation will be affected by scheduled downtime of its major forging equipment in the second quarter, reducing sales and impacting earnings due to lost leverage."

7:50AM UPS reports EPS in-line, beats on revs; guides FY08 EPS in-line (UPS) 59.46 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 6.7% year/year to $13 bln vs the $12.81 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.70 vs. $3.64 consensus. Co sees 2H EPS of $1.78-1.98 vs $1.84 consensus. Co says comparisons to last year's results would be more difficult in Q3 and moderate in Q4. "Slow U.S. economic activity and fuel price increases hit us and our customers during the quarter. Even though economists do not predict a recovery until 2009, we anticipate that the second half of 2008 will generate modestly better results than the first half, assuming business conditions do not worsen."

7:39AM Lockheed Martin beats by $0.13, beats on revs; guides FY08 EPS in-line, revs in-line (LMT) 101.59 : Reports Q2 (Jun) earnings of $2.01 per share, $0.13 better than the First Call consensus of $1.88; revenues rose 3.6% year/year to $11.04 bln vs the $10.86 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.45-7.60 vs. $7.47 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus.

7:37AM Caterpillar beats by $0.20, beats on revs; guides FY08 (Dec) EPS in-line (CAT) 73.23 : Reports Q2 (Jun) earnings of $1.74 per share, $0.20 better than the First Call consensus of $1.54; revs of $13.62 bln vs $12.69 bln First Call consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of $6.00 vs. $6.03 consensus. Co sees 2008 sales and revenues of about $50 bln compared to previous guidance of $47.2-49.5 bln (First Call consensus is $50.1 bln). "Never in my 35 plus years with the company have I seen Caterpillar do so well in the face of such a difficult economic climate in the United States. We are on track to deliver our fifth straight year of record profits despite very tough conditions in the United States, declines in Europe and significantly higher material costs, particularly in the second half of the year. Still, for many of our products, supply is very tight, and we are producing as much as we can."

7:31AM Jefferies Group beats by $0.13, beats on revs (JEF) 17.32 : Reports Q2 (Jun) loss of $0.03 per share, $0.13 better than the First Call consensus of ($0.16); revenues fell 15.8% year/year to $392.1 mln vs the $275 mln consensus. "In the face of a market environment that continues to be challenging, Jefferies achieved significantly improved financial results in the second quarter... Our firm remains in a strong financial and market position with excess liquidity, a solid business base, and a platform positioned to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."

7:29AM Western Union beats by $0.02; guides FY08 EPS above consensus, reaffirms rev guidance (WU) 25.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues rose 12.0% year/year to $1.35 bln vs the $1.33 bln consensus. Co issues upside guidance for FY08, sees EPS at the high end of $1.29-1.33, excluding non-recurring items, vs. $1.28 consensus; co reafffirms FY08 revenue growth of 9-11%.

7:09AM Rockwell Automation beats by $0.06, beats on revs; guides FY08 EPS in-line (ROK) 43.63 : Reports Q3 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 1051.8% year/year to $14.75 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00-4.10 vs. $4.02 consensus. ""For the remainder of the fiscal year we expect to see continued strength in Asia-Pacific and Latin America as well as in resource-based industries. However, macro-economic conditions in Europe and the U.S. are weakening. We have begun to see a change in buying behavior by some of our customers in consumer related industries, including project delays and curtailed capital spending."

7:08AM Waters beats by $0.05, beats on revs (WAT) 62.32 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.71; revenues rose 13.2% year/year to $399 mln vs the $394 mln consensus. "Though the first half of 2008 presented Waters with a challenging economic environment, solid sales of our technologically advanced systems solutions, as well as our recurring revenues, resulted in strong earnings growth and superior cash generation."

7:07AM BJ Services beats by $0.08, beats on revs; guides Q4 EPS above consensus (BJS) 30.01 +1.46 : Reports Q3 (Jun) earnings of $0.48 per share, $0.08 better than the First Call consensus of $0.40; revenues rose 15.2% year/year to $1.33 bln vs the $1.24 bln consensus. Co issues upside guidance for Q4, sees EPS of 0.54-0.57 vs. $0.50 consensus. "Looking at our fourth fiscal quarter, we expect drilling activity in the U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada, the spring break-up period is over, and we expect meaningful positive contribution sequentially from our operations there. We anticipate modest sequential revenue and margin improvement from our International Pressure Pumping and Oilfield Services operations."

7:06AM CardioNet beats by $0.01, beats on revs; reaffirms FY08 revs guidance (BEAT) 29.85 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues rose 68.4% year/year to $29.3 mln vs the $28.4 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs to the high end of $117-120 mln vs. $119.05 mln consensus. The strength of our second quarter increases our level of comfort toward the high-end of that range. We believe that the third quarter will be impacted by seasonality related to physician and patient schedules over the summer months, which will moderate our sequential growth."

6:45AM Baker Hughes beats by $0.12 - Correction (BHI) 84.36 : Reports Q2 (Jun) earnings of $1.36 per share, excluding a $0.13 charge, $0.12 better than First Call consensus of $1.24; revenues rose 18.1% year/year to $3 bln vs the $2.76 bln consensus. Outside of North America, revenue for FY08 is expected to increase 14% to 16% compared to FY07. (Briefing.com note: Earlier we made an error in our reporting. The original comment has been removed.)

6:33AM CME Group beats by $0.08, reports revs in-line (CME) 325.53 : Reports Q2 (Jun) earnings of $3.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $3.85; revenues rose 71.1% year/year to $563 mln vs the $568.5 mln consensus. Co sees Y08 pro forma operating expense to be closer to the bottom end of previous guidance of $855-870 mln, excluding NYMEX. "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue. We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality. We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."

6:12AM Halliburton reports EPS in-line, beats on revs (HAL) 48.91 : Reports Q2 (Jun) earnings of $0.68 per share, excludes discontinued operations and includes patent settlement and acquisition-related expense offset by investment gains, in-line with the First Call consensus of $0.68; revenues rose 20.1% year/year to $4.49 bln vs the $4.25 bln consensus.

6:05AM DuPont beats by $0.04, beats on revs; guides FY08 EPS in-line (DD) 44.05 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues rose 12.2% year/year to $8.84 bln vs the $8.47 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.45-3.55 vs. $3.50 consensus. The company expects second half 2008 earnings per share to be modestly lower than last year due to the impact of higher energy and ingredient costs, lower demand in certain developed markets, lower income from asset sales, and a higher base tax rate. The company expects second half 2008 earnings per share to be about equally split between the third and fourth quarters.

6:03AM UnitedHealth beats by $0.03, beats on revs; guides FY08 EPS in-line (UNH) 23.83 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $20.27 bln vs the $20.04 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $2.95 consensus.

6:02AM ICON plc beats by $0.03, beats on revs; guides FY08 EPS above consensus, revs above consensus (ICLR) 77.79 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 48.5% year/year to $218.3 mln vs the $209.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.46-2.52 vs. $2.44 consensus; sees FY08 revs of $870-890 mln vs. $852.73 mln consensus.

1:01AM Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (JEC) 83.53 : Reports Q3 (Jun) earnings of $0.87 per share, $0.05 better than the First Call consensus of $0.82; revenues rose 40.1% year/year to $2.92 bln vs the $2.75 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.15-3.40, includes one-time gain, vs. $3.25 consensus. Backlog increased $7.3 bln, or 65.8%, from Q207, to $18.3 bln.

12:53AM Steel Dynamics beats by $0.12, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STLD) 32.96 : Reports Q2 (Jun) earnings of $1.05 per share, $0.12 better than the First Call consensus of $0.93; revenues rose 163.8% year/year to $2.4 bln vs the $2.35 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.15 vs. $0.97 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90 vs. $3.46 consensus. Chief executive Keith Busse commented, "third-quarter steel and scrap shipments could decline slightly as the result of seasonally planned mill outages and other consumer / provider industrial outages in July and August. Currently, though, order activity remains strong for steel products and metals recycling volumes are running at a record pace."