Earnings - 7th May 2009 (1)

8:31AM Goldcorp beats by $0.10, beats on revs (GG) 30.33 : Reports Q1 (Mar) earnings of $0.23 per share, $0.10 better than the First Call consensus of $0.13; revenues fell 0.3% year/year to $624.8 mln vs the $494.3 mln consensus.

8:06AM Rowan Cos beats by $0.20, misses on revs (RDC) 18.28 : Reports Q1 (Mar) earnings of $1.14 per share, excluding a $0.02 gain on asset disposals, $0.20 better thanthe First Call consensus of $0.94; revenues rose 1.9% year/year to $494.8 mln vs the $517.9 mln consensus. Co says, "We are very pleased with the strong performance of both our drilling and manufacturing operations in the first quarter of 2009, particularly in the area of cost reduction. This is an area of considerable focus for Rowan, especially as weakening demand for drilling services and equipment continues to put downward pressure on our revenues."

7:49AM Perrigo beats by $0.05, misses on revs; guides FY09 EPS above consensus (PRGO) 25.14 : Reports Q3 (Mar) earnings of $0.50 per share, excluding non-recurring items,$0.05 better than the First Call consensus of $0.45; revenues rose 5.3% year/year to $505.9 mln vs the $527.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.80-1.90, excluding non-recurring items, vs. $1.77 consensus, up from previous guidance of $1.75-1.90.

7:37AM Suburban Propane beats by $0.58, misses on revs (SPH) 39.48 : Reports Q2 (Mar) earnings of $3.50 per share, $0.58 better than the First Call consensus of $2.92; revenues fell 24.2% year/year to $445.2 mln vs the $490.4 mln consensus.

7:36AM Alliant Tech beats by $0.17, beats on revs; guides FY10 EPS above consensus, revs above consensus (ATK) 82.64 : Reports Q4 (Mar) earnings of $2.28 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $2.11; revenues rose 11.3% year/year to $1.26 bln vs the $1.19 bln consensus. Co issues upside guidance for FY10, sees EPS of $8.05-8.25 vs. $7.72 consensus; sees FY10 revs of $4.73-4.80 bln vs. $4.66 bln consensus.

7:23AM Linn Energy beats by $0.09, beats on revs (LINE) 16.39 : Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.39; revenues rose 19.2% year/year to $203.9 mln vs the $170.8 mln consensus.

7:18AM Cameron beats by $0.02, misses on revs; guides Q2 EPS in-line; guides FY09 EPS above consensus (CAM) 28.19 : Reports Q1 (Mar) earnings of $0.59 per share, $0.02 better than the First Call consensus of $0.57; revenues fell 6.1% year/year to $1.26 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.45-$0.48 vs. $0.45 consensus. Co issues upside guidance for FY09, sees EPS of $1.85-$2.00 vs. $1.76 consensus, vs prior guidance of $1.75-$2.00. "The improvement in the lower end of our guidance reflects our expectation that we will continue to efficiently execute on delivery of projects in backlog, as well as an anticipated improvement in our tax rate for the balance of the year."

7:11AM Teradata beats by $0.12, beats on revs (TDC) 18.83 : Reports Q1 (Mar) earnings of $0.26 per share, $0.12 better than the First Call consensus of $0.14; revenues fell 2.1% year/year to $367 mln vs the $345.1 mln consensus. Gross margin in the first quarter was 54.5% vs 51.7% in the first quarter of 2008. Gross margin in the first quarter increased 280 bps, with both product and services gross margins improving from the prior year period.

7:10AM Holly beats by $0.14, beats on revs (HOC) 25.82 : Reports Q1 (Mar) earnings of $0.44 per share, $0.14 better than the First Call consensus of $0.30; revenues fell 56.0% year/year to $650.8 mln vs the $590.5 mln consensus.

7:09AM Corrections Corp beats by $0.03, reports revs in-line; guides Q2 EPS in-line; guides FY09 EPS above consensus (CXW) 14.14 : Reports Q1 (Mar) earnings of $0.29 per share, $0.03 better than the First Call consensus of $0.26; revenues rose 6.5% year/year to $404.2 mln vs the $402.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.28 vs. $0.28 consensus. Co issues upside guidance for FY09, sees EPS of $1.17-1.25 vs. $1.16 consensus. "Many states are nearing completion of their fiscal year 2010 budgets, which begin July 1, 2009. The federal fiscal stimulus bill passed during the first quarter of 2009 provides significant funds to states over several years, which will assist them in balancing their budgets. However, uncertainty remains regarding the magnitude of the recession and the potential impacts on state budgets going forward."

7:03AM Aecom Tech reports EPS in-line, misses on revs; reaffirms FY09 EPS in-line (ACM) 28.24 : Reports Q2 (Mar) earnings of $0.40 per share, in-line with the First Call consensus of $0.40; revenues rose 28.7% year/year to $1.5 bln vs the $1.57 bln consensus. Co reaffrims in-line guidance for FY09, sees EPS of $1.60-1.70 vs. $1.67 consensus. Co announces backlog totaling $9.2 bln at March 31, 2009, a 30% increase year over year.

6:13AM Continental Resources misses by $0.03, misses on revs (CLR) 29.96 : Reports Q1 (Mar) loss of $0.03 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of ($0.00); revenues fell 57.6% year/year to $96.6 mln vs the $112.2 mln consensus.

6:09AM Pioneer Drilling beats by $0.03, misses on revs (PDC) 5.66 : Reports Q1 (Mar) earnings of $0.01 per share, $0.03 better than the First Call consensus of ($0.02); revenues fell 11.1% year/year to $100.8 mln vs the $102.4 mln consensus. Co says, "It seems clear that the current downturn is the worst this industry has faced in decades, and while we do not know when conditions will improve, we have begun to see signs that utilization rate declines are slowing and that we may be approaching a bottom. Accordingly, in this challenging environment, we are continuing to reduce costs, although certain costs are fixed and can't be reduced at the same pace as revenue."

6:07AM Lamar Advertising beats by $0.06, beats on revs; guides Q2 revs in-line (LAMR) 18.50 : Reports Q1 (Mar) loss of $0.23 per share, $0.06 better than the First Call consensus of ($0.29); revenues fell 12.6% year/year to $247.2 mln vs the $243.9 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of approx $275 mln vs. $276.02 mln consensus.

6:05AM SXC Health Solutions beats by $0.21, misses on revs; guides FY09 EPS above consensus, revs in-line (SXCI) 19.94 : Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.17; revenues rose 1096.4% year/year to $291 mln vs the $306.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.13-1.21 (previous $0.99-1.08), excluding non-recurring items, vs. $0.83 consensus; sees FY09 revs of $1.25-1.35 bln (previous $1.2-1.3 bln) vs. $1.25 bln consensus.

6:02AM MetroPCS beats by $0.03, misses on revs; reaffirms (PCS) 18.44 : Reports Q1 (Mar) earnings of $0.12 per share, $0.03 better than the First Call consensus of $0.09; revenues rose 20.1% year/year to $795 mln vs the $818.5 mln consensus. Co reports Q1 consolidated net subscriber additions of approximately 684k. Co reaffirms guidance originally provided on November 5, 2008 that MetroPCS expected net subscriber additions in the range of 1.4 million to 1.7 million on a consolidated basis. The Company currently expects Consolidated Adjusted EBITDA to be in the range of $900 million to $1.1 billion for the year ending December 31, 2009.

5:13AM GMX Resources beats by $0.11, beats on revenue (GMXR) 16.94 : Reports Q1 (Mar) earnings of $0.06 per share, excludes items, $0.11 better than the First Call consensus of ($0.05); revenues declined 16.1% year/year to $22.83 mln vs the $19.31 mln consensus. GMXR produced 3.2 Bcfe in Q1 2009 as compared to 2.9 Bcfe in Q1 2008, a 10% increase. Sequentially production was down 3% from Q4 2008 to Q1 2009. The production decrease was attributable to the co's decision to switch from primarily drilling the Cotton Valley Sands to exclusively drilling the Haynesville/Bossier Shale. This transition is complete and production guidance for Q2 is 3.2 Bcfe and 14.9 Bcfe for all of 2009.

2:40AM ATP Oil & Gas beats by $0.40, misses on revs (ATPG) 8.84 : Reports Q1 (Mar) earnings of $0.05 per share, $0.40 better than the First Call consensus of ($0.35); revenues fell 63.9% year/year to $81.9 mln vs the $91.8 mln consensus. Oil and gas production for Q109 was 1.7 MMBoe (10.0 Bcfe) compared to 3.6 MMBoe (21.6 Bcfe) for Q108. Oil production was 0.9 MMBbls (55% of total production) and natural gas production was 4.5 Bcf for Q109, compared to 1.6 MMBbls (45% of total production) and 11.8 Bcfe for Q108.

2:06AM Kendle beats by $0.17, beats on revs (KNDL) 9.61 : Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.30; revenues fell 5.3% year/year to $108.1 mln vs the $103.4 mln consensus. Co expects to take a one-time charge in Q209 for severance-related and other expenses in the range of $3.5-4.5 mln. Co anticipates these initiatives will generate savings of between $17.5-22.5 mln in 2H09.

1:39AM Tenaris misses by $0.06, misses on revs (TS) 28.07 : Reports Q1 (Mar) earnings of $0.62 per share, $0.06 worse than the First Call consensus of $0.68; revenues fell 6.7% year/year to $2.45 bln vs the $2.5 bln consensus. Net sales of tubular products and services decreased 3% to $2,105.8 mln in Q109, compared to $2,170.7 mln in Q108, as a 29% decrease in sales volume was largely offset by higher average selling prices. In North America, although shipments in Mexico remained stable, in the USA and Canada they were affected by the decline in drilling activity and the extraordinarily high levels of inventories mainly driven by Chinese OCTG imports. Sales in South America increased as higher average selling prices more than offset a decline in volumes sold. In Europe, sales were affected by continuing imports from China which are causing injury to the European pipe industry, a sharp decline in industrial activity, lower demand from distributors serving the process plant sector and lower sales of OCTG products.

Earnings - 3rd Feb 2009

6:38PM Tupperware beats by $0.12, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus, revs above consensus (TUP) 20.82 +0.75 : Reports Q4 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.78; revenues fell 9.6% year/year to $521.7 mln vs the $572.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.34-0.39, excluding non-recurring items, vs. $0.52 consensus, sees revs growth of 3-5%. Co issuesmixed guidance for FY09, sees EPS of $1.98-2.08, excluding non-recurring items, vs. $2.40 consensus; sees FY09 revs growth of 3-5%, which equates to ~$2.22-2.27 bln vs. $2.06 bln consensus.

5:46PM Massey Energy misses by $0.16, misses on revs (MEE) 15.27 +0.78 : Reports Q4 (Dec) earnings of $0.63 per share, $0.16 worse than the First Call consensus of $0.79; revenues rose 29.1% year/year to $755 mln vs the $799 mln consensus. Co says pricing and market demand were weaker than expected in the quarter as a result of the continuing weakness in the general economy. Production cutbacks in the steel industry forced shipments and prices of met coal lower. For this reason, the co says its results were somewhat short of plan although still significantly stronger than last year. Co says the growing economic crisis caused a significant deterioration of world coal markets during Q4. Coal contracting and shipment activities slowed as end market coal consumers reduced production and power generation targets.

4:28PM YUM! Brands beats by $0.01, reports revs in-line; guides FY09 EPS slightly above consensus (YUM) 28.27 +0.70 : Reports Q4 (Dec) earnings of $0.46 per share,$0.01 better than the First Call consensus of $0.45; revenues rose 3.7% year/year to $3.38 bln vs the $3.38 bln consensus. Co issues guidance for FY09, sees EPS of $2.10 vs. $2.08 consensus. "The good news is that we have already taken actions to significantly improve our 2009 cost structure in the U.S. and at the corporate level. We are also more focused than ever on bringing innovative incremental sales layers and value to our consumers around the globe. In 2008, this included successful launches of the Tuscani pasta line at Pizza Hut, and the "Why Pay More?" menu and Frutista Freeze line of beverages at Taco Bell. For 2009, we will continue to build on these successful new sales layers with product additions, as well as create new sales layers such as Kentucky Grilled Chicken at KFC. Finally, it is important to note that we do not need to access the credit markets in 2009 to finance our company and our strong cash flow and balance sheet provide us with the flexibility to successfully navigate through these challenging financial times."

4:17PM GT Solar beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (SOLR) 3.35 +0.03 : Reports Q3 (Dec) earnings of $0.30 per share, $0.06 better than the First Call consensus of $0.24; revenues rose 1295.9% year/year to $205.2 mln vs the $194.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.16-0.22 vs. $0.24 consensus; sees Q4 revs of $140-170 mln vs. $200.32 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.68-0.74 vs. $0.72 consensus; sees FY09 revs of $540-570 mln vs. $592.15 mln consensus. "While we have seen an impact on some of our customers, whose ability to grow in the near term has been affected by the economic downturn, we continue to experience growth with a number of customers in both segments of our business. We are also encouraged by recent new customer additions, particularly by the interest we are seeing from new well-capitalized entrants in the solar industry."

4:08PM Illumina beats by $0.07, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (ILMN) 27.90 +0.49 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.17; revenues rose 42.9% year/year to $160.9 mln vs the $154.6 mln consensus. Co issuesin-line guidance for Q1, sees EPS of $0.16-0.19, excluding non-recurring items, vs. $0.19 consensus; sees Q1 revs of $158-164 mln vs. $160.58 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.90, excluding non-recurring items, vs. $0.88 consensus; sees FY09 revs of $690-720 mln vs. $707.27 mln consensus.

4:04PM Genomic Health beats by $0.03, beats on revs; guides FY09 revs above consensus (GHDX) : Reports Q4 (Dec) loss of $0.08 per share, $0.03 better than the First Call consensus of ($0.11); revenues rose 61.7% year/year to $31.2 mln vs the $30.6 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $148-160 mln vs. $147.88 mln consensus; also sees a net loss of $7-14 mln.

4:03PM Alliance Data beats by $0.03, misses on revs; guides FY09 EPS above consensus (ADS) 39.35 : Reports Q4 (Dec) earnings of $1.19 per share, $0.03 better thanthe First Call consensus of $1.16; revenues fell 2.7% year/year to $508 mln vs the $527.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $5.15-5.20 vs. $5.07 consensus.

9:11AM Marathon Oil beats by $0.54, beats on revs; announces it plans to remain one fully integrated company (MRO) 26.88 : Reports Q4 (Dec) earnings of $1.44 per share, excluding special items and impairments, $0.54 better than the First Call consensus of $0.90; revenues fell 21.7% year/year to $14.8 bln vs the $13.32 bln consensus. Co says, "We were again able to capture solid operational profitability for the fourth quarter and full year through our fully integrated downstream system, including our seven refineries; extensive pipeline, barge and terminal network; and dual channel marketing assets. In particular, our results benefitted from significant transportation operations and strong retail margins in this period of extreme commodity price volatility. Additionally, we made significant progress in 2008 on the Garyville refinery expansion project, which is now about 75% complete and on schedule for start-up in the fourth quarter of this year... As part of our continued focus on enhancing shareholder value, we have evaluated the potential separation of Marathon into two separate companies, one focused on Marathon's upstream, integrated gas and oil sands mining businesses, and the other focused on our downstream business. During our evaluation, the overall business environment has witnessed a period of unprecedented financial and commodity market uncertainty. Given this environment, we have concluded it is in the best interest of our shareholders to remain a fully integrated energy company."

8:15AM Northrop Grumman beats by $0.02, beats on revs; guides FY09 EPS above consensus, revs in-line (NOC) 46.61 : Reports Q4 (Dec) earnings of $1.57 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.55; revenues rose 4.4% year/year to $9.15 bln vs the $8.9 bln consensus. Co issues guidance for FY09, sees EPS of $5.15-5.40 vs. $5.10 consensus; sees FY09 revs of ~$34.5 bln vs. $35.19 bln consensus.  Total backlog, which includes funded backlog and firm orders for which funding is not currently contractually obligated by the customer, was $78 billion on Dec. 31, 2008, compared with $63.7 billion on Dec. 31, 2007.

7:49AM Corinthian Colleges beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY09 EPS in-line, revs in-line (COCO) : Reports Q2 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.15; revenues rose 17.8% year/year to $318.3 mln vs the $310.1 mln consensus. Operating margin from continuing operations was 8.7% in 2Q09 versus 5.6% in 2Q08. Cash flow from operations, including discontinued operations, was $79.4 mln in 2Q09 versus $59.3 mln in 2Q08. The increase in cash flow is primarily due to the timing of cash receipts and payments related to working capital, primarily accounts receivable and an increase in net income... Co issues upside guidance for Q3, sees EPS of $0.22-0.24 vs. $0.21 consensus; sees Q3 revs of $329-334 mln vs. $322.12 mln consensus. In Q3 expect student start growth of 12%-14% compared with 3Q08. Co issues mixed guidance for FY09, sees EPS of $0.66-0.70 vs. $0.59 consensus; sees FY09 revs of $1.21-1.25 bln vs. $1.23 bln consensus. In FY09 expect student start growth of 11%-12% compared with FY08, up from previous guidance of 8%-10%... "We have been informed by the Department of Education's Office of Inspector General and the U.S. Attorney's Office for the Southern District of Florida that they are nearly complete with their investigation of our campus in Ft. Lauderdale, Florida, and, on the basis of evidence they have reviewed, they do not anticipate bringing proceedings against the company or any of its subsidiaries... Additionally, with regard to the securities litigation originally filed in 2004 against the Company and certain of its former officers, on January 12, 2009, the U.S. Court of Appeals for the Ninth Circuit denied the plaintiffs' petition for a rehearing or a rehearing en banc. The plaintiffs have informed us that they will not seek a review by the U.S. Supreme Court, so the Ninth Circuit denial brings this matter to a close."

7:16AM Cameron beats by $0.01, reports revs in-line; guides Q1 EPS in-line; guides FY09 EPS below consensus (CAM) 21.98 : Reports Q4 (Dec) earnings of $0.75 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.74; revenues rose 13.4% year/year to $1.52 bln vs the $1.53 bln consensus. Co issues in-line guidancefor Q1, sees EPS of $0.59-0.62 vs. $0.61 consensus. Co issues downside guidance for FY09, sees EPS of $1.75-2.00 vs. $2.47 consensus.

7:14AM Archer-Daniels beats by $0.23, misses on revs (ADM) 27.50 : Reports Q2 (Dec) earnings of $0.91 per share, $0.23 better than the First Call consensus of $0.68; revenues rose 1.1% year/year to $16.67 bln vs the $16.97 bln consensus. Net earnings increased $ 112 mln for the quarter due principally to the positive impact on corporate results of the changes in LIFO inventory valuations. For the quarter, increased average selling prices, resulting primarily from higher underlying commodity costs, were offset by decreased sales volumes and foreign exchange translation impacts. Year-to-date net sales and other operating income increased 29 % due principally to sharp rises in underlying commodity costs partially offset by decreased sales volumes.

7:09AM CME Group beats by $0.12, reports revs in-line (CME) 168.26 : Reports Q4 (Dec) earnings of $3.58 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $3.46; revenues rose 30.6% year/year to $692 mln vs the $686.8 mln consensus.  Fourth-quarter 2008 average daily volume of 10.4 mln contracts drove $573 mln in clearing and transaction fee revenue, down slightly from $583 mln in fourth-quarter 2007. Fourth-quarter 2008 quotation data fees were up 17 percent to $87 mln. The average rate per contract for CME Group, excluding NYMEX for the entire period, was $0.713 for the quarter, up 10 percent compared with the average rate per contract of $0.648 in fourth- quarter 2007. The total pro forma average gross rate per contract for the NYMEX business was $1.671 for the quarter, up 14 percent compared with $1.471 in fourth-quarter 2007.

6:56AM Emerson beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (EMR) 31.70 : Reports Q1 (Dec) earnings of $0.60 per share, includes $0.08 of higher restructuring charges and lower gains compared to last year, $0.03 better than the First Call consensus of $0.57; revenues fell 1.9% year/year to $5.42 bln vs the $5.27 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.70-2.95 vs. $2.75 consensus; sees FY09 revs of $23-23.7 bln vs. $23.54 bln consensus. The operating profit margin declined 20 basis points in the quarter to 14.8 percent. Cost reduction initiatives and restructuring benefits mitigated deterioration of the operating profit margin in a challenging environment of increased commodity inflation and volume deleverage. Co says, "Emerson has performed extremely well considering the severe market conditions that we have faced in recent months... Our financial position remains strong, and we are taking advantage of this economic downturn to improve our competitive position. In troubled times, customers turn to industry leaders like Emerson for stability and reliable performance... We're positioning Emerson for a strong breakout when the global economy recovers. A strong cash position makes this possible. We are targeting a strong year in free cash flow at 11.0 to 11.5 percent of sales for fiscal year 2009. Our ability to generate cash demonstrates the underlying strength of the business and enables us to fund growth, both organic and through acquisitions."

6:49AM Scotts Miracle-Gro beats by $0.11, beats on revs; guides FY09 EPS above consensus (SMG) 31.85 : Reports Q1 (Dec) loss of $0.81 per share, $0.11 better than the First Call consensus of ($0.92); revenues rose 3.0% year/year to $318 mln vs the $302.7 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.10-2.30 up from $2.00 vs. $2.09 consensus. The co also expects to generate free cash flow of $150 mln to $170 mln for the year, growth of up to 20 percent relative to 2008. 

6:31AM Myriad Genetics beats by $0.11, beats on revs (MYGN) 71.99 : Reports Q2 (Dec) earnings of $0.43 per share, $0.11 better than the First Call consensus of $0.32; revenues rose 48.7% year/year to $84.4 mln vs the $78.9 mln consensus. A major contributor to the co's profitable quarter was its molecular diagnostics business, which increased its gross profit margin to 87% and its net operating margin to 51%, an improvement over the 86% gross profit margin and 39% net operating margin for the same three-month period in the prior year. These results were achieved even with major expenditures toward Myriad's direct-to-consumer marketing campaign in Texas and Florida and the launch of the co's sixth molecular diagnostic product, Prezeon.

6:04AM Tyco beats by $0.14, beats on revs (TYC) 20.34 : Reports Q1 (Dec) earnings of $0.61 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.47; revenues fell 8.5% year/year to $4.43 bln vs the $4.38 bln consensus. "As we expected, our results this quarter were impacted by the strengthening of the U.S. dollar against foreign currencies, but our overall revenue came in at the high end of our expectations," said Tyco Chairman and Chief Executive Officer Ed Breen. "In this challenging economy, we are focused on both reducing our cost structure and positioning our businesses for long-term growth. At the same time, our strong and improving balance sheet is an important asset for our company in the current environment."

Earnings - 30th July 2008 (1)

9:30AM Lubrizol beats by $0.19, beats on revs; guides FY08 EPS, revs above consensus (LZ) 45.56 : Reports Q2 (Jun) earnings of $1.26 per share, excluding non-recurring items, $0.19 better than the First Call consensus of $1.07; revenues rose 16.9% year/year to $1.35 bln vs the $1.25 bln consensus. Co issues upside guidance for FY08, sees EPS of $4.43-4.58, excluding non-recurring items, compared to previous guidance of $4.26-4.45, vs. $4.30 consensus; co sees rev growth of 18-19% yr/yr, which equates to approx $5.31-5.35 bln vs $4.96 bln consensus.

9:01AM Allergan reports EPS in-line, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (AGN) 53.10 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 19.8% year/year to $1.17 bln vs the $1.13 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.65 vs. $0.67 consensus. Co issues in-line guidance for FY08, sees EPS of $2.57-2.59 vs. $2.58 consensus.

8:18AM Temple-Inland beats by $0.12, beats on revs (TIN) 14.83 : Reports Q2 (Jun) earnings of $0.07 per share, $0.12 better than the First Call consensus of ($0.05); revenues fell 3.1% year/year to $991 mln vs the $978.5 mln consensus. Corrugated packaging operating income declined yr/yr as higher box prices were more than offset by increased costs for energy, fiber and freight. Building products operating income declined yr/yr due to lower gypsum prices and volumes. "While cost inflation and tough conditions in the housing industry continue to present significant challenges for our company, we were pleased with our improved earnings in second quarter 2008 compared with first quarter 2008. Corrugated packaging continued to experience significant cost inflation in the quarter. We remain very focused on implementing the current price increase, which will more than offset cost inflation experienced during the year. The mill system ran well during the quarter and we completed our scheduled maintenance at our Bogalusa, LA mill. We continue to make progress on our strategic initiative of lowering costs at our converting facilities through improved asset utilization, and we will see the benefit from these efforts in the second half of 2008 and into 2009. Building products returned to profitability in the quarter, benefiting from seasonal improvement in lumber pricing and our initiatives to lower cost and match our production to our demand. We continue to believe building products markets will remain very difficult for the balance of 2008, but are determined to control costs and minimize losses for the year."

7:40AM Cummins beats by $0.26, reports revs in-line; guides FY08 revs below consensus (CMI) 66.02 : Reports Q2 (Jun) earnings of $1.49 per share, $0.26 better than the First Call consensus of $1.23; revenues rose 16.3% year/year to $3.89 bln vs the $3.88 bln consensus. Co issues downside guidance for FY08, now forecasting a 15 percent sales increase, equates to $15.0 bln vs. $15.35 bln consensus, up from its previous guidance of 12 percent. The Co expects to earn an EBIT margin of 10 percent of sales for the year.

7:39AM Reynolds American beats by $0.06, beats on revs; reaffirms full year guidance (RAI) 50.72 : Reports Q2 (Jun) earnings of $1.24 per share, $0.06 better than the First Call consensus of $1.18; revenues fell 0.4% year/year to $2.34 bln vs the $2.31 bln consensus. Company reaffirms full-year guidance: earnings (excluding JV gain) consistent with prior year. The co's operating margin was 25.7%, an improvement of 1.7% points from the prior-year period. Q2 results were driven by higher pricing and productivity at R.J. Reynolds, and continued volume and pricing gains at Conwood. These factors more than offset lower cigarette volume and higher settlement expense.

7:33AM Hess reports EPS in-line, beats on revs (HES) 94.25 : Reports Q2 (Jun) earnings of $2.76 per share, in-line with the First Call consensus of $2.76; revenues rose 57.9% year/year to $11.72 bln. The co's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007.

7:33AM Southern Co beats by $0.06 (SO) 35.73 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 11.7% year/year to $4.22 bln vs the $3.97 bln consensus. Earnings for the second quarter excluded a $67 mln charge, or 9 cents per share, related to three leveraged leases from the 1990s when Southern Company pursued development of international energy projects. Earnings for the second quarter excluded synthetic fuel earnings of 2 cents per share and 5 cents per share, respectively.

7:30AM Owens Corning beats by $0.04, beats on revs (OC) 24.50 : Reports Q2 (Jun) earnings of $0.25 per share, $0.04 better than the First Call consensus of $0.21; revenues rose 22.8% year/year to $1.57 bln vs the $1.41 bln consensus. Owens Corning expects continued global strength in its composite materials business throughout 2008. The company is on-track to achieve at least $30 million in synergies in 2008 from its recent composites acquisition. Weakness in the U.S. housing market will continue to affect demand for Owens Corning's residential insulation products throughout 2008. Capital expenditures in 2008, excluding precious metal purchases, are now estimated to be about $350 million. The increased capital will be targeted to achieve growth and synergies in the composites business, as well as to accelerate energy reduction programs of all operations. Owens Corning had previously estimated that capital expenditures for 2008 would total $325 million.

7:24AM Noble Energy misses by $0.15, beats on revs (NBL) 74.62 : Reports Q2 (Jun) earnings of $1.93 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of $2.08; revenues rose 57.7% year/year to $1.21 bln vs the $1.02 bln consensus.

7:18AM Corning reports EPS in-line; guides Q3 EPS in-line, revs slightly below consensus (GLW) 21.32 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 19.3% year/year to $1.69 bln vs the $1.72 bln consensus. Co issues guidance for Q3, sees EPS of $0.48-0.51, excluding non-recurring items, vs. $0.50 consensus; sees Q3 revs of $1.65-1.72 bln vs. $1.79 bln consensus. Co said, "We have recently seen some panel makers, primarily in Taiwan, reduce their utilization rates due to what we believe is an inventory build at the set assembly level of the supply chain. Despite this normal supply chain correction, we continue to believe that the LCD glass market will grow at the upper end of our original guidance range of 25% to 30% this year because retail demand for LCD products has remained strong".

7:16AM Cameron beats by $0.03, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (CAM) 46.58 : Reports Q2 (Jun) earnings of $0.65 per share, $0.03 better than the First Call consensus of $0.62; revenues rose 30.0% year/year to $1.48 bln vs the $1.36 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.69-0.71 vs. $0.69 consensus. Co issues upside guidance for FY08, sees EPS of $2.64-2.68, compared to previous guidance of $2.50-2.60, vs. $2.61 consensus.

7:06AM Garmin misses by $0.07, misses on revs; guides FY08 EPS below consensus, revs below consensus (GRMN) 45.06 : Reports Q2 (Jun) earnings of $0.93 per share, excluding gain from the tender of their Tele Atlas N.V shares, $0.07 worse than the First Call consensus of $1.00; revenues rose 22.9% year/year to $912 mln vs the $956.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $3.86, excluding excluding gain from the tender of their Tele Atlas N.V shares, vs. $4.00 consensus; sees FY08 revs of 3.9 bln vs. $4.13 bln consensus. Gross margin remained solid at 45.8% compared to 48.2% in first quarter 2008 and 50.5% in second quarter 2007.

6:31AM SPX Corp beats by $0.13, misses on revs; raises guidance for FY08 (SPW) 120.65 : Reports Q2 (Jun) earnings of $1.70 per share, $0.13 better than the First Call consensus of $1.57; revenues rose 28.8% year/year to $1.56 bln vs the $1.57 bln consensus. Co raises guidance for FY08, to EPS of $6.40-6.60 from $6.20-6.40 vs. $6.41 consensus.

6:01AM Rubicon Tech beats by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (RBCN) 16.12 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 39.6% year/year to $11.5 mln vs the $11.6 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.45-0.47, excluding non-recurring items, vs. $0.46 consensus.

1:58AM Arcelor Mittal beats by $1.38, beats on revs; Q308 Ebitda to exceed $8.5 bln (MT) 84.00 : Reports Q2 (Jun) earnings of $4.19 per share, $1.38 better than the First Call consensus of $2.81; revenues rose 39.0% year/year to $37.84 bln vs the $35.09 bln consensus. Co announces Q308 Ebitda will exceed $8.5 bln. Total steel shipments for Q208 were 29.8 mln metric tonnes as compared with steel shipments of 29.2 mln metric tonnes for Q108 and steel shipments of 28.7 mln metric tonnes for Q207. Flat carbon sales in the Americas were higher at $7.5 bln for Q208 vs sales of $6.5 bln for Q108.

1:22AM Dentsply beats by $0.03, beats on revs; guides FY08 EPS in-line (XRAY) 38.93 : Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.2% year/year to $594.8 mln vs the $567.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.91 vs. $1.88 consensus (prior range $1.83-1.88).

1:18AM Silver Wheaton reports Q208 results (SLW) 13.96 : Reports Q2 (Jun) earnings of $0.10 per share, $0.04 worse than the First Call consensus fo $0.14; revenues increased 1.5% year/year to $49.68 mln vs the $61.25 mln consensus.

12:39AM Brigham Exploration beats by $0.02, beats on revs (BEXP) 13.37 : Reports Q2 (Jun) earnings of $0.17 per share, excluding unrealized mark-to-market hedging losses, $0.02 better than the First Call consensus of $0.15; revenues rose 3.6% year/year to $35.5 mln vs the $32.8 mln consensus. Co expects Q308 production volumes to average between 30 MMcfe per day and 34 MMcfe per day. Expects Q408 production volumes to average between 35 MMcfe per day and 44 MMcfe per day.