Earnings - 28th April 2009 (1)

6:04PM Cabot Oil & Gas beats by $0.03, beats on revs (COG) 28.80 +0.67 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.38; revenues rose 6.5% year/year to $233.9 mln vs the $212.6 mln consensus.

5:36PM VisionChina Media misses by $0.03, misses on revs; guides Q2 revs below consensus; reaffirms FY09 revs guidance (VISN) 6.27 -0.31 : Reports Q1 (Mar) earnings of $0.09 per share, $0.03 worse than the First Call consensus of $0.12; revenues rose 100.7% year/year to $27.3 mln vs the $28.9 mln consensus. Co issues downside guidancefor Q2, sees Q2 revs of $29.2-32.2 mln vs. $34.08 mln consensus. Co reaffirms guidancefor FY09, sees FY09 revs of $141-157 mln vs. $151.79 mln consensus. Second quarter 2009 net income excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is expected to be between $6.5 mln and $9 mln. Net income in the full year 2009, excluding share-based compensation expenses and amortization of intangible assets (non-GAAP), is expected to be between $49 mln and $61 mln.

4:50PM American Commercial Lines misses by $0.06, misses on revs (ACLI) 4.23 -0.10 : Reports Q1 (Mar) loss of $0.03 per share, ex-items, $0.06 worse than the First Call consensus of $0.03; revenues fell 27.2% year/year to $196.8 mln vs the $252.4 mln consensus.

4:21PM Textron beats by $0.25, misses on revs; guides FY09 EPS below consensus, revs below consensus (TXT) 11.20 -0.19 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.01; revenues fell 23.6% year/year to $2.53 bln vs the $2.78 bln consensus. Co issues downside guidancefor FY09, sees EPS of $0.45-0.75, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $11 bln vs. $11.8 bln consensus. "This lower earnings estimate primarily reflects lower expected demand at Cessna, and higher losses at TFC related to the current economic environment and the impact of faster liquidations. Manufacturing free cash flow is still expected to be about $400 million."

4:19PM CB&I beats by $0.06, beats on revs (CBI) 9.31 +0.08 : Reports Q1 (Mar) earnings of $0.51 per share, $0.06 better than the First Call consensus of $0.45; revenues fell 10.0% year/year to $1.3 bln vs the $1.25 bln consensus.

4:19PM V.F. Corp reports Q1 earnings, reports revs in-line; issues FY09 EPS guidance (VFC) 67.28 +1.18 : Reports Q1 (Mar) earnings of $1.01 per share, ex-items, may not compare to the First Call consensus of $0.94; revenues fell 6.6% year/year to $1.73 bln vs the $1.74 bln consensus. Co issues guidance for FY09, sees EPS of $5.50-$5.80, ex-items, vs. $5.31 consensus. Actions taken in the fourth quarter of 2008 to reduce costs by $100 mln beginning this year are on track, and we will continue to be vigilant about controlling costs across all businesses.

4:17PM Advent Software beats by $0.13, beats on revs; guides Q2 revs below consensus; guides FY09 revs in-line (ADVS) 32.36 -0.54 : Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.25; revenues rose 18.4% year/year to $72.8 mln vs the $69 mln consensus. Co issuesdownside guidance for Q2, sees Q2 revs of $68-70 mln vs. $71.03 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $280-290 mln vs. $289.10 mln consensus

4:11PM Panera Bread reports Q1 (Mar) results, revs slightly above consensus; reaffirms FY09 EPS guidance (PNRA) 62.93 -0.37 : Reports Q1 (Mar) earnings of $0.57 per share, including the impact of a $0.01 per diluted share charge for the write-off of smallwares related to the rollout of new china, may not compare directly to the First Call consensus of $0.57; revenues rose 5.1% year/year to $320.7 mln vs the $317.7 mln consensus. Coreaffirms guidance for FY09, sees EPS of 2.55-2.71 vs. $2.63 consensus. Comparable system-wide bakery-cafe sales increased 0.7% versus the comparable period in fiscal 2008 (0.3% in Company-owned and 1.0% in franchise-operated comparable bakery-cafes). These first quarter comparable sales results were impacted positively by approximately 0.5% from the shift of the Easter holiday from the first quarter of fiscal 2008 to the second quarter of fiscal 2009. Thus, excluding the impact of the Easter shift the Company experienced essentially flat comparable bakery-cafe sales growth for the first quarter of fiscal 2009. Similarly, net of the impact from the Easter shift, the Company and its franchisees experienced essentially flat comparable bakery-cafe sales growth in the first several weeks of the second quarter of fiscal 2009... In the first quarter of fiscal 2009, the Company generated operating margin improvement of approximately 200 basis points compared to the first quarter of fiscal 2008. This was primarily a result of the year-over-year benefits in wheat costs and franchise dough price increases implemented in fiscal 2008, the Company's continuing category management initiatives, and favorable comparisons against one-time charges in the 1Q08.

4:08PM Zoran beats by $0.16, beats on revs; guides Q2 above consensus (ZRAN) 9.10 +0.24 : Reports Q1 (Mar) loss of $0.34 per share, excluding non-recurring items, $0.16 better than the First Call consensus of ($0.50); revenues fell 37.2% year/year to $68.5 mln vs the $52.9 mln consensus. Co issues upside guidance for Q2, sees EPS of $(0.24)-(0.20), excluding non-recurring items, vs. ($0.36) consensus; sees Q2 revs of $85-90 mln vs. $64.5 mln consensus. Co says it achieved 39% sequential revenue growth in DTV, driven by increasing demand for low-to mid-range LCD TVs, where co has a leading position. Several of its largest customers have successfully expanded their presence in major US retail channels, a trend the co expects to continue to benefit from in the future. In digital cameras, co saw a strong increase in demand towards the end of the quarter, indicating that channel inventory has been substantially reduced. While consumer spending is far from previous levels and visibility into 2H09 remains limited, co is encouraged by these positive trends and is currently expecting a stronger Q2.

4:06PM Beckman Coulter beats by $0.12, misses on revs (BEC) 52.51 +1.04 : Reports Q1 (Mar) earnings of $0.71 per share, $0.12 better than the First Call consensus of $0.59; revenues fell 5.3% year/year to $691.5 mln vs the $705.6 mln consensus. "We are affirming our outlook, despite the potential for lower cash instrument sales in 2009. Solid constant currency recurring revenue gains are expected to continue with full year growth of 6% to 7%. As a result, on a constant currency basis, our 2009 full year outlook for revenue growth remains at 4% to 6%, or flat on a reported basis."

4:06PM Life Technologies beats by $0.15, beats on revs; guides FY09 EPS in-line (LIFE) 32.03 +1.22 : Reports Q1 (Mar) earnings of $0.72 per share, $0.15 better than the First Call consensus of $0.57; revenues rose 124.1% year/year to $784.9 mln vs the $749.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-$2.55 vs. $2.52 consensus.

4:05PM Cerner beats by $0.01, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CERN) 48.65 +0.96 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.51; revenues rose 1.9% year/year to $392.3 mln vs the $417.9 mln consensus. Co issuesin-line guidance for Q2, sees EPS of $0.52-0.58, excluding non-recurring items, vs. $0.56 consensus; sees Q2 revs of $415-435 mln vs. $432.90 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.42 consensus; sees FY09 revs of $1.75-1.80 bln vs. $1.76 bln consensus.

4:03PM Stericycle beats by $0.01, reports revs in-line (SRCL) 49.51 +0.67 : Reports Q1 (Mar) earnings of $0.47 per share, $0.01 better than the First Call consensus of $0.46; revenues rose 8.8% year/year to $277.1 mln vs the $277.7 mln consensus.

4:03PM Monolithic Power beats by $0.03, beats on revs; guides Q2 revs above consensus (MPWR) 18.02 +0.30 : Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.03; revenues fell 17.2% year/year to $29.3 mln vs the $26.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $36-40 mln vs. $29.2 mln consensus. Co says in the second half of the quarter, it saw increased turns activities. As a result, Q1 revenue was better than expected. Co is cautiously optimistic about Q2.

9:04AM Franklin Resources misses by $0.14, beats on revs (BEN) 60.56 : Reports Q2 (Mar) earnings of $0.48 per share, $0.14 worse than the First Call consensus of $0.62; revenues fell 39.3% year/year to $912.3 mln vs the $898.2 mln consensus.  Total assets under management by the company's subsidiaries were $391.1 bln at March 31, 2009, as compared to $416.2 bln at December 31, 2008 and $591.1 bln at March 31, 2008. Simple monthly average assets under management during the quarter ended March 31, 2009 were $396.6 bln, as compared to $438.7 bln in the prior quarter and $610.2 bln in the same quarter a year ago. Equity assets comprised 44% of total assets under management at March 31, 2009, as compared to 47% of total assets under management at December 31, 2008 and 55% of total assets under management at March 31, 2008. Fixed-income assets comprised 35% of total assets under management at March 31, 2009, as compared to 32% of total assets under management at December 31, 2008 and 25% of total assets under management at March 31, 2008. Hybrid assets accounted for 19% of total assets under management at March 31, 2009, December 31, 2008 and March 31, 2008. Net new flows for the quarter ended March 31, 2009 were $(5.5) bln, as compared to $(18.2) bln for the prior quarter and $(6.1) bln for the same quarter a year ago.

8:11AM AGCO Corp beats by $0.13, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (AG) 24.25 : Reports Q1 (Mar) earnings of $0.36 per share, $0.13 better than the First Call consensus of $0.23; revenues fell 11.6% year/year to $1.58 bln vs the $1.57 bln consensus. Co issues downside guidance for FY09, sees EPS of 2.00-2.50 vs. $2.76 consensus; sees FY09 revs of 6.7-7.0 bln vs. $7.34 bln consensus. AGCO's earnings are expected to be impacted by lower sales and production volumes and by increased engineering expenses for new product development and Tier 4 emission requirements. The largest impacts from production cuts and working capital reduction initiatives are expected to be incurred in the second quarter. As a result, AGCO's earnings per share in the second quarter are expected to be significantly lower than reported for the second quarter of 2008.

8:03AM Hecla Mining beats by $0.08, beats on revs (HL) 2.60 : Reports Q1 (Mar) earnings of $0.02 per share, $0.08 better than the First Call consensus of ($0.06); revenues rose 45.9% year/year to $54.7 mln vs the $48 mln consensus. Co says, "We had a much improved first quarter with all operational benchmarks showing significant improvement compared with the second half of 2008. More tons of higher-grade material coupled with lower costs drove the results combined with some positive one-time items. We are clearly on track to hit our production and cost targets reversing the trend of rising costs experienced in 2008. Our outlook is very positive given the solid operational performance, stronger balance sheet, higher prices, and the ongoing exploration success at the Lucky Friday."

8:02AM Northwest Pipe beats by $0.05, beats on revs (NWPX) 32.40 : Reports Q1 (Mar) earnings of $0.28 per share, $0.05 better than the First Call consensus of $0.23; revenues fell 13.4% year/year to $81.4 mln vs the $79.4 mln consensus. Co states, "Looking ahead, we expect another challenging quarter before seeing improvement in the second half of the year. "Our backlog grew to $205 million during the quarter and, while this is clearly a positive, we have a greater than usual amount of backlog that is not ready for current production. The backlog is also uneven across our plants. Some have substantial backlogs and others are relatively light. Accordingly, we expect our Water Transmission production will be slow in the second quarter, similar to the first quarter. We expect another good bookings quarter which should lead to a higher backlog at June 30th and stronger production schedules over the last half of the year."

8:01AM PACCAR beats by $0.02, misses on revs (PCAR) 34.16 : Reports Q1 (Mar) earnings of $0.07 per share, $0.02 better than the First Call consensus of $0.05; revenues fell 52.2% year/year to $1.73 bln vs the $1.95 bln consensus.

7:54AM FPL Group beats by $0.13, beats on revs; guides FY09 EPS above consensus; guides FY10 EPS above consensus (FPL) 51.28 : Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.77; revenues rose 7.9% year/year to $3.71 bln vs the $3.57 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.20-4.40 vs. $4.06 consensus. Co issues upside guidance for FY10, sees EPS of $4.65-5.05 vs. $4.56 consensus. Co says, "FPL Group had a very good first quarter, with adjusted earnings per share rising 18 percent year over year, largely as a result of strong results from our NextEra Energy Resources subsidiary. At Florida Power & Light, we announced proposed investments that will significantly improve the electrical system for our customers - specifically, a large-scale deployment of 'smart grid' technology in Miami, and a new natural gas pipeline to provide increased energy security. As pleased as we are with FPL Group's current results, we are even more optimistic about the future. The reason is simple: We believe that the policy climate in the nation is trending in a direction highly favorable to power companies with low emissions profiles and significant clean-energy fleets."

Earnings - 24th Feb 2009

5:45PM Range Resources beats by $0.11, beats on revs (RRC) 33.03 +1.85 : Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.22; revenues rose 54.4% year/year to $345 mln vs the $262.9 mln consensus. Co says, "RRC's 2009 capital spending budget is currently $700 mln which is expected to approximate cash flow based upon current commodity prices. We will monitor commodity prices and oil field service costs throughout the year and remain flexible to adjust our capital spending. RRC is targeting 10% year-over-year production growth for 2009 with the current capital budget."

5:32PM Nabors Ind beats by $0.01, beats on revs (NBR) 9.51 +0.37 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.82; revenues rose 11.9% year/year to $1.48 bln vs the $1.46 bln consensus. Co says, "In summary, Q4 was not as bad as it could have been and the future is probably going to be better than the price of our stock seems to indicate. Our North American land drilling markets are adjusting to a new paradigm in natural gas drilling with the commercialization of abundant shale deposits. Over time this will benefit NBR since much of the investments we have made over the last few years were in assets that give us disproportionate exposure and distinct competitive advantages in these areas that are increasingly strategic to the US energy supply. Our international markets are also slowing, but our dominant position in high specification rigs provides competitive advantages and this business is likely poised to grow in spite of current conditions."

5:28PM Health Care REIT reports EPS in-line, revs in-line; guides FY09 FFO below consensus (HCN) 33.45 +2.34 : Reports Q4 (Dec) funds from operations of $0.83 per share,in-line with the First Call consensus of $0.83; revenues rose 17.4% year/year to $147.1 mln vs the $147.6 mln consensus. Co issues downside guidance for FY09, sees FFO of $3.20-3.30 vs. $3.42 consensus.

4:10PM Wynn Resorts misses by $0.37, misses on revs (WYNN) 25.44 +2.16 : Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.37 worse than the First Call consensus of $0.44; revenues fell 13.6% year/year to $614.3 mln vs the $703.5 mln consensus. Co says, "For the quarter ended December 31, 2008, our Las Vegas properties generated adjusted property EBITDA of $32.6 mln, compared to $97.3 mln in Q4 of 2007, a 66.5% decline due primarily to the decline in casino revenue as well as weaker performance from the Hotel, Food and Beverage, Retail and Entertainment segments. Starting in October, we experienced a dramatic deceleration in business from the casino and non-gaming departments. The Thanksgiving to Christmas period has traditionally been one of the weakest times of the year in Las Vegas but Q4 of 2008 was substantially worse than during the prior year as consumers chose to stay at home and significantly reduced their leisure budgets. In addition, the 15.3% table games hold was the lowest experienced by our Las Vegas properties since Wynn Las Vegas' opening in April 2005."

4:07PM First Solar beats by $0.31, beats on revs (FSLR) 137.68 +12.84 : Reports Q4 (Dec) earnings of $1.61 per share, $0.31 better than the First Call consensus of $1.30; revenues rose 116.0% year/year to $433.7 mln vs the $410.4 mln consensus.

4:06PM U.S. Steel restates Q4 results (X) 22.15 +0.62 : The co announces that it has filed its Annual Report on Form 10-K for the period ending December 31, 2008, which includes revisions to the unaudited fourth quarter and full-year 2008 results that were reported in the earnings release issued on January 27, 2009. Following the release of financial results, U. S. Steel made certain updates and corrections mainly related to lower of cost or market inventory valuations. Net income was reduced by $18 million, or $0.15 per diluted share, resulting in fourth quarter net income of $290 million, or $2.50 per diluted share, and full-year 2008 net income of $2,112 million, or $17.96 per diluted share.

4:06PM Dolan Media beats by $0.01, misses on revs; guides FY09 EPS above consensus, revs below consensus (DM) 5.84 +0.80 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues rose 44.2% year/year to $59 mln vs the $59.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $0.53-0.61 vs. $0.50 consensus; sees FY09 revs of $236-240 mln vs. $245.25 mln consensus. "In the fourth quarter, we focused on de-leveraging our balance sheet and, by the end of the year, had used our strong cash flow from operating activities to reduce our total debt from $171.7 million to $155.5 million. National Default Exchange, which we acquired in September 2008, contributed $18.6 million in revenues, which is consistent with our initial expectations for this business."

4:03PM CB&I beats by $0.06, misses on revs; guides FY09 EPS below consensus, revs below consensus (CBI) 7.48 -0.03 : Reports Q4 (Dec) earnings of $0.72 per share,$0.06 better than the First Call consensus of $0.66; revenues rose 14.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.30-$2.00 vs. $2.15 consensus; sees FY09 revs of $4.4-$4.8 bln vs. $5.91 bln consensus.

9:04AM Thomson Reuters beats by $0.16, reports revs in-line (TRI) 22.58 : Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.41; revenues rose 67.8% year/year to $3.41 bln vs the $3.43 bln consensus. Co said, "Based on the current environment in the markets we serve, Thomson Reuters expects its revenues to grow in 2009. We also expect underlying operating margin to be comparable to 2008, supported by revenue growth and the expected savings from integration and synergy programs. Underlying free cash flow is expected to be comparable to 2008, adjusted for certain timing related items."

8:30AM Target misses by $0.02, misses on revs (TGT) 28.43 : Reports Q4 (Jan) earnings of $0.81 per share, $0.02 worse than the First Call consensus of $0.83; revenues fell 1.6% year/year to $19.02 bln vs the $19.53 bln consensus. Fourth quarter gross margin rate decreased 1.4 percentage points, driven by increases in markdowns combined with the mix impact of faster sales growth in non-discretionary, lower margin-rate categories. Credit Card Segment Results: Average receivables in the fourth quarter increased 9.6% to $9.1 bln in 2008 from $8.3 bln in 2007. The credit card segment incurred a $135 million pre-tax loss in the quarter, compared with a $189 million profit in fourth quarter 2007. This loss was the result of a $245 million addition to the allowance for doubtful accounts in the quarter. Segment pre-tax return on invested capital was negative 15.0% in the fourth quarter 2008, compared with 13.4% in 2007.

8:30AM Wabtec misses by $0.01, beats on revs; reaffirms FY09 EPS guidance (WAB)25.70 : Reports Q4 (Dec) earnings of $0.64 per share, $0.01 worse than the First Call consensus of $0.65; revenues rose 10.9% year/year to $405.2 mln vs the $391.1 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.45-2.75 vs. $2.58 consensus. Revenues in 2009 are expected to be flat to slightly down, as increases from recent acquisitions, a good transit market and other growth initiatives will be offset by a decline in the U.S. railcar build, changes in foreign currency exchange rates, lower materials surcharges and the overall impact of current economic conditions around the world.

8:13AM Melco Crown Entertainment beats by $0.02, misses on revs (MPEL) 2.44 : Reports Q4 (Dec) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 41.1% year/year to $253.5 mln vs the $270.9 mln consensus. Co said, "City of Dreams remains on time and on budget with an expected opening date in early June of this year. Our conservative approach to managing our balance sheet continues to pay off. City of Dreams remains fully funded and our development pipeline is intact."

8:08AM Bill Barrett beats by $0.03, beats on revs (BBG) 18.11 : Reports Q4 (Dec) earnings of $0.46 per share, $0.03 better than the First Call consensus of $0.43; revenues rose 34.8% year/year to $146.8 mln vs the $145.1 mln consensus. Updated guidance for the full year 2009 consists of: 1) capital expenditures of up to $350 mln; 2) oil and natural gas production of 84 to 87 Bcfe, representing an 8% to 12% increase over 2008; 3) lease operating costs per Mcfe of $0.60 to $0.66, which is up from the 2008 average of $0.57 due to anticipated higher water handling costs in certain areas and other increased expenses; 4) gathering and transportation costs per Mcfe of $0.55 to $0.60, which is up from the 2008 average of $0.51 due to increased processing and transportation costs; and 5) general and administrative expenses before noncash stock-based compensation between $41 and $43 mln, in-line with 2008 on a per unit basis.

8:06AM Parker Drilling beats by $0.12, misses on revs (PKD) : Reports Q4 (Dec) earnings of $0.27 per share, $0.12 better than the First Call consensus of $0.15; revenues rose 17.5% year/year to $212.4 mln vs the $225.7 mln consensus. At the end of the period total debt was $461.1 million, and the Company's total debt-to-capitalization ratio was 44.8 percent. To assure the availability of capital to meet its newbuild Alaska land rig commitments, Parker drew most of its credit facilities during the second half of 2008. As a result, the Company's cash and cash equivalents totaled $172.3 million at December 31, 2008, and Parker's ratio of net-debt-to-net capitalization improved to 33.7% from 37.0% at the end of 2007. The Company's $50 million term loan begins to amortize at $3.0 million per quarter beginning the third quarter of 2009, while the remaining components of the Company's debt do not mature until 2012 and 2013.

7:07AM Astec Industries misses by $0.09, misses on revs (ASTE) 20.68 : Reports Q4 (Dec) earnings of $0.38 per share, $0.09 worse than the First Call consensus of $0.47; revenues fell 11.8% year/year to $195 mln vs the $228.9 mln consensus. "During the last three months of the year, we saw the market go from optimistic yet cautious to completely pessimistic and frozen. The Company's sales grew 20% in the first nine months, but the fourth quarter slowdown only allowed us to finish the year with 12% sales growth. The credit crisis that started in September practically stopped investment and spending worldwide, slowing many of our businesses almost to a creep. Those businesses with strong backlogs were able to continue operating at reasonable levels but those that typically do not have very strong backlogs were forced to slow production dramatically and lay off personnel. During the fourth quarter, the dollar strengthened against other currencies impacting the international markets."

6:50AM Foster Wheeler beats by $0.08, misses on revs (FWLT) 19.20 : Reports Q4 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.95; revenues rose 11.9% year/year to $1.64 bln vs the $1.78 bln consensus. Co says, "As we look at 2009, it is clear that our power business will not equal its 2008 performance, due to significant weakness in most of the global markets we serve, North America in particular. Through the restructuring program, we are taking steps to right-size our power business to match anticipated market conditions in 2009. In our E&C Group, the outlook for 2009 is much more favorable than it is for our power business, but it is not without challenges. Most of the large prospects we are pursuing are currently moving forward, although client deliberation on the timing of new contract awards has resulted in some delays. We expect our E&C business to have a very good year in 2009, but our actual results will depend in large measure on the timing of these client decisions. Even so, it is unlikely that our E&C Group will experience the same level of EBITDA performance that it enjoyed in 2008."

6:35AM Medco Health Solutions beats by $0.01, beats on revs; reaffirms FY09 EPS in-line (MHS) 44.65 : Reports Q4 (Dec) earnings of $0.59 per share, $0.01 better than the First Call consensus of $0.58; revenues rose 13.9% year/year to $12.96 bln vs the $12.73 bln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $2.67-2.77, excluding non-recurring items, vs. $2.71 consensus. Co reports mail-order prescription volume of 105.8 mln, an increase of 11.6% from 2007.

6:13AM Quanta Services beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (PWR) 15.91 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.19; revenues rose 4.8% year/year to $921.5 mln vs the $913.5 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.12-0.13, excluding non-recurring items, vs. $0.17 consensus; sees Q1 revs of $750.0-800.0 mln vs. $871.70 mln consensus. Estimates include approx $25.0 mln of anticipated emergency restoration revenues for Q109, compared to $22.5 mln in emergency restoration revenues recognized in Q108.

12:14AM Gen Growth Prop misses by $0.15, beats on revs (GGP) 0.36 : Reports Q4 (Dec) funds from operations of $0.70 per share, $0.15 worse than the First Call consensus of $0.85; revenues fell 2.8% year/year to $1 bln vs the $829.7 mln consensus. assets. GGP has $1.179 bln of past due debt and approx $4.09 bln of debt that could be accelerated. However, co comments lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, they have an additional $1.44 bln of consolidated mortgage debt and approx $595 mln of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that they are unable to extend or refinance our near and intermediate term loan maturities, co may be required to seek legal protection creditors. Retail center occupancy fell to 92.5% at year-end, from 93.8% at the end of 2007, and cost reductions failed to fully offset revenue declines. Sales per square foot, on a trailing 12-month basis, decreased 4.2%, compared with the year-ago period. Co declines to provide FY09 FFO guidance.

Earnings - 29th July 2008 (2)

6:07PM Covenant Transport beats by $0.17, beats on revs (CVTI) 4.43 +0.36 : Reports Q2 (Jun) loss of $0.17 per share, $0.17 better than the First Call consensus of ($0.34); revenues rose 17.6% year/year to $208.7 mln vs the $189.4 mln consensus. Co says, "July has started out consistent with most years, characterized by soft freight demand for the first couple of weeks and the third week of July improving. Our operating metrics concerning average miles per truck and freight rates are about what we had expected and reflect a modest improvement over the first three weeks of July 2007. We are expecting continued steady improvement in the relationship between capacity and demand during the third quarter of 2008, although it is possible that some lanes and regions could see significant jumps in the spot quote rate market as we believe there is limited excess capacity remaining industry-wide."

5:51PM FMC Corp beats by $0.11, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (FMC) 65.15 -0.56 : Reports Q2 (Jun) earnings of $1.29 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.18; revenues rose 22.6% year/year to $806.6 mln vs the $726.1 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $0.90 consensus. Co raises guidance for FY08, sees EPS of $4.20-4.40, excluding non-recurring items, vs. $4.08 consensus, up from $3.90-4.10. Co says, "We look for continued earnings growth in Agricultural Products driven by broad-based sales growth. In Specialty Chemicals, we expect earnings growth to be realized through strong commercial performance in BioPolymer and lithium. Industrial Chemicals will continue to derive significant benefit from higher selling prices and volume growth across the segment. We are confident that we will achieve these results despite the headwind of accelerating raw material cost increases in all our businesses."

5:13PM Healthspring beats by $0.28, beats on revs; raises FY08 EPS above consensus, reaffirms revs in-line (HS) 17.66 +0.35 : Reports Q2 (Jun) earnings of $0.72 per share, $0.28 better than the First Call consensus of $0.44; revenues rose 49.3% year/year to $554.7 mln vs the $528.3 mln consensus. Co raises EPS guidance above consensus for FY08, sees EPS of $2.05-2.15 vs. $1.89 consensus, up from $1.85-2.00; reaffirms FY08 revs of $2.0-2.2 bln vs. $2.14 bln consensus.

4:27PM CB&I reports Q2 (Jun) results, misses on revs; reaffirms FY08 EPS guidance, guides FY08 revs in-line (CBI) 33.80 +0.74 : Reports Q2 (Jun) loss of $1.47 per share, includes charge, may not be comparable to the First Call consensus of ($1.31); revenues rose 41.2% year/year to $1.43 bln vs the $1.51 bln consensus. Co issues mixed guidance for FY08, sees EPS of $0.40-0.60 vs. $0.73 consensus; sees FY08 revs of $6.1-6.3 bln vs. $6.21 bln consensus. "CB&I announced previously that it is taking a pre-tax charge of approximately $317 million, or $2.38 per share, for forecasted cost overruns associated with two major LNG projects in the UK. 2008 new awards will be in the range of $6.5 to $7.0 billion."

4:24PM RadiSys beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs above consensus (RSYS) 10.46 +0.70 : Reports Q2 (Jun) earnings of $0.14 per share, $0.08 better than the First Call consensus of $0.06; revenues rose 29.6% year/year to $97.6 mln vs the $87.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.16-0.22 vs. $0.09 consensus; sees Q3 revs of $98-103 mln vs. $91.20 mln consensus. Co says Q3 gross margin percent is expected to be similar to or slightly up from Q2.

4:24PM Starent Networks beats by $0.08, beats on revs (STAR) 11.56 -0.27 : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items and excluding stock based compensation, $0.08 better than the First Call consensus of $0.17; revenues rose 98.1% year/year to $61.2 mln vs the $57.9 mln consensus. Co also announced today that, in the litigation filed by UTStarcom in May 2007 against the co and certain employees and former employees alleging, among other things, patent infringement and trade secret claims, on July 23, 2008 the United States District Court for the Northern District of Illinois granted STAR's motion to dismiss ten of UTStarcom's fifteen claims, including the trade secret claims and all claims against the individual defendants.

4:18PM Incyte: misses by $0.05, misses on revs (INCY) 9.94 -0.40 : Reports Q2 (Jun) earnings of -$0.54 per share, $0.05 worse than the First Call consensus of -$0.50; revenues decreased 94.34% year/year to $0.6 mln vs $0.98 mln consensus.

4:09PM General Cable beats by $0.06, reports revs in-line; guides Q3 EPS below consensus, revs in-line (BGC) 61.56 +1.81 : Reports Q2 (Jun) earnings of $1.37 per share, $0.06 better than the First Call consensus of $1.31; revenues rose 48.6% year/year to $1.74 bln vs the $1.73 bln consensus. For Q3, co sees EPS of $1.17-1.27 vs. $1.28 consensus; sees Q3 revs of $1.675-1.725 bln vs. $1.69 bln consensus.

4:06PM GMarket beats by $0.09, misses on revs (GMKT) 21.56 +0.24 : Reports Q2 (Jun) earnings of $0.30 per share, $0.09 better than the First Call consensus of $0.21; revenues rose 26.2% year/year to $66.9 mln vs the $70.4 mln consensus. Co's gross merchandise value ("GMV"), which represents the total value of all items sold on Gmarket's website, increased by 25% to Won 971.1 billion ($927.7 million) for the second quarter of 2008 compared to Won 780.0 billion for the same period in 2007.

4:04PM Electronic Arts misses by $0.09, misses on revs; reaffirms FY09 guidance (ERTS) 47.40 +1.35 : Reports Q1 (Jun) loss of $0.42 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of ($0.33); revenues rose 41.3% year/year to $609 mln vs the $639.9 mln consensus. Co reaffirms guidance for FY09, sees EPS of $1.30-1.70, excluding non-recurring items, vs. $1.59 consensus; sees FY09 revs of $5.0-5.3 bln vs. $5.15 bln consensus.

4:03PM Buffalo Wild Wings beats by $0.04, beats on revs (BWLD) 31.04 +1.78 : Reports Q2 (Jun) earnings of $0.31 per share, $0.04 better than the First Call consensus of $0.27; revenues rose 28.8% year/year to $97.9 mln vs the $94.6 mln consensus. Co guides FY08: rev growth of 20% and 25% net earnings growth target. Same-store sales continue to be strong in July, with increases of over 6% at company-owned and over 2% at franchised restaurants.

4:02PM Portfolio Recovery Assoc. misses by $0.06, misses on revs (PRAA) 42.24 +1.79 : Reports Q2 (Jun) earnings of $0.75 per share, $0.06 worse than the First Call consensus of $0.81; revenues rose 16.1% year/year to $63.6 mln vs the $66.4 mln consensus.

Earnings - 15th July 2008

4:30PM Rambus and Qimonda sign amended patent license agreement (RMBS) 16.73 +0.27 : Co announces it has signed an amendment to its current patent license agreement with Qimonda, a leading manufacturer of memory products. This amendment extends the minimum term of the original patent license agreement, but specifies that in the event Infineon ceases to control or otherwise own a majority of Qimonda shares, certain competitors would not accede to the license upon their acquisition of control of Qimonda or a majority of Qimonda shares. The amendment further provides that any such acquirer would generally not acquire the benefit of a release from Rambus for past damages, including past infringement of RMBS' patent portfolio.

4:27PM CB&I guides FY08 EPS (CBI) 36.39 -1.45 : Co sees FY08 EPS of $0.40-0.60, including a $2.38 charge, may not be comparable to the $2.41 consensus. CBI announces it will recognize a pre-tax charge of approximately $317 million or $2.38 per share in the second quarter for forecasted cost overruns associated with two major L.N.G projects in the UK. Continued poor labor productivity, weather delays, and the need to supplement critical subcontractor areas will adversely impact the schedule and necessitate substantial expenditures well above previous estimates. These additional costs, which will be concentrated in the next three to four months, are required to complete the projects and meet the urgent need for natural gas imports into the UK prior to the upcoming heating season. The project charges will cause CB&I to be out of compliance with its lender agreements. The company believes that based on the strength of its backlog and solid financial condition, it will successfully obtain the necessary amendments.

4:22PM Altera beats by $0.05, beats on revs; guides Q3 revs above consensus (ALTR) 19.21 +0.20 : Reports Q2 (Jun) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 7.1% year/year to $359.9 mln vs the $346.7 mln consensus. Co issues upside guidance for Q3, sees Q3 rev growth flat to down, equates to $349.1-359.9 vs. $350.51 mln consensus. "To date during the third quarter, Altera has repurchased an additional 526,000 shares at a cost of $10.4 mln."

4:20PM Intel beats by $0.03, beats on revs; guides Q3 revs in-line (INTC) 20.71 +0.24 : Reports Q2 (Jun) earnings of $0.28 per share, $0.03 better than the First Call consensus of $0.25; revenues rose 9.4% year/year to $9.5 bln vs the $9.32 bln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $10-$10.6 bln vs. $10.07 bln consensus. INTC reports gross margins 55.4% vs. guidance of 56% +/- couple points. INTC also sees Q3 gross margins 58% +/- couple points; reiterates Y08 gross margins 57% +/- couple points, CapEx $5.0-$5.4 bln. Co states, "As we enter the second half, demand remains strong for our microprocessor and chipset products in all segments and all parts of the globe."

4:06PM CoStar Group beats by $0.04, reports revs in-line; guides Q3 EPS above consensus; guides FY08 EPS above consensus (CSGP) 45.92 +0.47 : Reports Q2 (Jun) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 11.9% year/year to $53.5 mln vs the $53.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.28-$0.30 vs. $0.27 consensus. Co issues upside guidance for FY08, sees EPS of $1.10-$1.15 vs. $1.09 consensus. "Our primary focus moving forward will be working toward $100 million of annualized EBITDA for the company by the end of 2010. We believe this goal of doubling our EBITDA is achievable based on our current revenue growth rates and current economic and commercial real estate environments."

4:06PM V.F. Corp beats by $0.05, reports revs in-line; guides FY08 EPS above consensus, revs above consensus (VFC) 70.28 +0.56 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.86; revenues rose 10.6% year/year to $1.68 bln vs the $1.67 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.05 vs. $5.98 consensus; sees FY08 revs of $7.9 bln vs. $7.9 bln consensus.

8:38AM Johnson & Johnson beats by $0.06, beats on revs; guides FY08 EPS in-line - Correction (JNJ) 66.41 : Reports Q2 (Jun) earnings of $1.18 per share, $0.06 better than the First Call consensus of $1.12; revenues rose 8.7% year/year to $16.5 bln vs the $16 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.45-4.50 vs. $4.45 consensus, and above prior guidance of $4.40-4.45. Worldwide Medical Devices and Diagnostics sales of $6.1 bln for Q2 represented a 12.1% increase over the prior year with operational growth of 5.7% and a positive impact from currency of 6.4%. Domestic sales increased 4.0%, while international sales increased 19.7%. Worldwide Pharmaceutical sales of $6.3 bln for Q2 represented an increase over the prior year of 3.1% with an operational decline of 1.3% and a positive impact from currency of 4.4%. Domestic sales decreased 1.7%, while international sales increased 11.3%

8:32AM EnerNOC announced that it has entered into a five-year contract with the State of Rhode Island (ENOC) 20.74 : Co announced that it has entered into a five-year contract with the State of Rhode Island. The contract will allow EnerNOC to enable and manage demand response capacity from city, town and government-related buildings into the Independent System Operator of New England market, creating a valuable revenue stream for the State both today and in the future as part of ISO-NE's Forward Capacity Market.

8:20AM IKON Office issues upside Q3 EPS guidance; sees Q3 revs in line; issues Y08 upside guidance (IKN) 11.06 : Co issues upside EPS guidance for Q3 (Jun), sees EPS of $0.35-0.37, excluding non-recurring items, compared to previous guidance of $0.29-0.32, vs. $0.30 First Call consensus; issues in line rev guidance for Q3, sees Q3 (Jun) revs of approx $1.05 bln vs. $1.05 bln consensus. Co issues upside guidance for FY08 (Sep), sees EPS of $1.00-1.05, excluding non-recurring items, compared to previous guidance of $0.92-0.98, vs. $0.97 consensus. The improved outlook for Q3 is driven by better than anticipated Customer Service and Supplies revenue and gross margin, and a higher gross margin in Managed and Professional Services. "We are pleased by another quarter of better than expected results. In particular, we are encouraged by our improved operating income margin in the third quarter, which was driven by the $25 million cost and expense reduction plan we announced in January, our new U.S. leadership, and continued strong performance in Europe."

8:10AM US Bancorp reports Q2 (Jun) results, revs in-line (USB) 23.33 : Reports Q2 (Jun) earnings of $0.53 per share, including $0.11 loss from "significant items" related to net securities losses of $63 mln, which primarily reflected impairment charges on structured investment securities, and an incremental provision for credit losses, which exceeded net-charge-offs by $200 mln. The First Call consensus is $0.60. Revenues rose 7.5% year/year to $3.8 bln vs the $3.78 bln consensus. Return on average assets and return on average common equity were 1.58% and 17.9%, respectively, for the second quarter of 2008, compared with returns of 2.09% and 23.0%, respectively, for the second quarter of 2007. "Our capital position remains strong, with the Tier 1 capital ratio at June 30, 2008, on target at 8.5 percent. Although we have capacity in our current authorization, we do not anticipate buybacks between now and the end of the year. We will utilize our strong internal capital generation to support our growth initiatives, and rely on our earnings capacity to sustain our dividend and maintain our well-capitalized position." Provision for credit losses for the second quarter of 2008 was $596 mln, an increase of $111 mln over the first quarter of 2008 and $405 mln over the second quarter of 2007.

8:01AM WW Grainger beats by $0.02, beats on revs; reaffirms FY08 EPS guidance (GWW) 84.21 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.46; revenues rose 9.7% year/year to $1.76 bln vs the $1.73 bln consensus. Co reaffirms guidance for FY08, sees EPS of $5.85-6.15, excluding non-recurring items, vs. $5.88 consensus.

7:42AM Evergreen Solar signs new sales contract with IBC SOLAR of $1.2 bln (ESLR) 9.16 : Co announces it has signed a new long-term sales contract valued at approximately $1.2 bln with German-based IBC SOLAR AG. This contract extends through 2013 and brings the co's total contractual backlog to nearly $3 billion with 5 customers. The solar panels for these take-or-pay contracts will be manufactured at the co's new 160 MW facility in Devens, Massachusetts, which opened in June, and at the co's next factory, which is expected to open in 2010. To date, the co has contracted approximately 70 percent of Devens expected capacity through 2010 and all of Devens capacity in 2011 through 2013. (stock is halted)

7:23AM State Street beats by $0.03, beats on revs; sees Y08 EPS at high end of previous guidance; sees Y08 revs to exceed previous guidance (STT) 55.70 : Reports Q2 (Jun) earnings of $1.39 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.36; revenues rose 39.1% year/year to $2.67 bln vs the $2.6 bln consensus. "Our strong results of the quarter, plus the benefit of the $2.8 billion in equity capital that we issued in early June, enhanced the Corporation's solid capital position. Given the strength of the first half of the year, we now expect both growth in operating earnings per share to approach the high end of the 10 to 15 percent range and achievement of operating return on equity to approach the high end of the 14 percent to 17 percent range in 2008. We are also increasing our outlook for growth in revenue, expecting to exceed the high end of the 14 percent to 17 percent range in 2008. We continue to be focused on achieving positive operating leverage on an annual basis."

6:52AM Eaton beats by $0.16, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS in-line (ETN) 79.89 : Reports Q2 (Jun) earnings of $2.10 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $1.94; revenues rose 31.7% year/year to $4.28 bln vs the $4.14 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.90-2.00 vs. $2.05 consensus. Co issues in-line guidance for FY08, sees EPS of $7.70-8.00 vs. $7.85 consensus.

6:22AM Polaris Inds beats by $0.04, beats on revs; guides Q3 in-line; guides FY08 EPS in-line, revs above consensus (PII) 41.50 : Reports Q2 (Jun) earnings of $0.72 per share, $0.04 better than the First Call consensus of $0.68; revenues rose 20.9% year/year to $455.7 mln vs the $405 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.07-1.11 vs. $1.10 consensus; sees Q3 revenue growth of 2-5% or roughly $554.9-571.2 mln vs. $559.14 mln consensus. Co issues guidance for FY08, sees EPS of $3.40-3.48 vs. $3.41 consensus, prior guidance $3.36-3.45; sees FY08 revenue growth of 9-11% (prior guidance 5-7% growth) or roughly $1.94-1.98 bbn vs. $1.9 bln consensus.