Earnings - 23rd April 2009 (2)

5:23PM Bucyrus beats by $0.08, beats on revs (BUCY) 18.74 -0.48 : Reports Q1 (Mar) earnings of $0.76 per share, $0.08 better than the First Call consensus of $0.68; revenues rose 17.2% year/year to $605.7 mln vs the $561.8 mln consensus. The increase in surface mining original equipment sales for Q1 of 2009 compared to Q1 of 2008 was primarily in electric mining shovels, offset by a decrease in sales from draglines. The increase in surface mining aftermarket parts and service sales was primarily in the Chilean and Australian markets. Moderate increases in sales to customers in Brazil and China offset a decline in Canada. The decrease in surface mining original equipment new orders in the first quarter of 2009 was primarily due to fewer electric mining shovel orders in the quarter

5:10PM Eastman Chem beats by $0.11, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line (EMN) 33.11 +0.26 : Reports Q1 (Mar) earnings of $0.25 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.14; revenues fell 34.6% year/year to $1.13 bln vs the $1.37 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.71 vs. $0.71 consensus. Co issues in-line guidance for FY09, sees EPS of $2.00-3.00 vs. $2.29 consensus. Co says, "While our capacity utilization improved on a sequential basis to slightly above 70% in Q1, the global economic environment remains challenging and visibility for demand continues to be limited. In response to the difficult economic conditions, we have taken a number of cost reduction actions that will positively impact our financial results throughout the year. Assuming improvement in demand increases our capacity utilization to between 75-80% for the remainder of the year."

4:38PM CF Industries beats by $0.52, beats on revs (CF) 66.91 +0.71 : Reports Q1 (Mar) earnings of $1.23 per share, excluding $0.55 in non-recurring items, $0.52 better than the First Call consensus of $0.71; revenues rose 2.0% year/year to $680.6 mln vs the $478.7 mln consensus. Volumes for ammonia and urea were up 77 percent and 13 percent respectively compared to Q1 2008, while volume for UAN was down 26%. Average selling prices for ammonia and urea ammonium nitrate (UAN) solutions were modestly higher than in first quarter 2008 but down significantly compared to Q4 of 2008. For ammonia, the average selling price was $527 per ton, up from $428 in Q1 2008 but down from $653 in 2008's Q4. For UAN, the average selling price was $298 per ton, up from $285 in Q1 2008 but down from $352 in Q4 2008. For urea, the average selling price was $365 per ton, down from $387 in the year-earlier quarter and also down from $480 in Q4 2007. Despite slow domestic demand for phosphate, the co increased segment sales volume by 12% in the quarter by increasing product movement into offshore markets. Average selling prices for phosphate products were modestly lower than in first quarter 2008 but significantly lower than Q4 of 2008. For DAP, the average price was $418 per ton, down from both the $493 per ton in the year-earlier quarter and $906 per ton in Q4 2008. For MAP, the average selling price was $466 per ton, compared to $467 per ton in Q1 2008 and $903 per ton in 2008's Q4. Co says, "Input costs for fertilizer production - including sulfur and ammonia for phosphate and natural gas for nitrogen - have continued to fall well below 2008 levels, with positive margin implications. In addition, we have seen promising levels of ammonia movement to date and, weather permitting, we anticipate a strong spring ammonia season."

4:32PM EZCORP beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides Q4 (Sep) EPS in-line; guides FY09 EPS in-line (EZPW) 13.25 +0.00 : Reports Q2 (Mar) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 37.6% year/year to $156.3 mln vs the $156.1 mln consensus. Co issuesdownside guidance for Q3, sees EPS of $0.34 vs. $0.36 consensus. Co issues in-line guidance for Q4 (Sep), sees EPS of $0.46-$0.48 vs. $0.46 consensus. Co issues in-line guidance for FY09, sees EPS of $1.50-$1.52 vs. $1.52 consensus.

4:23PM Informatica beats by $0.03, reports revs in-line (INFA) 13.35 -0.55 : Reports Q1 (Mar) earnings of $0.18 per share, $0.03 better than the First Call consensus of $0.15; revenues rose 5.2% year/year to $109.1 mln vs the $109.8 mln consensus. "Our record first quarter results reaffirm our sound strategy and the Informatica team's operational discipline, particularly in light of the current global economic recession,"

4:21PM American Express beats by $0.20, misses on revs (AXP) 20.97 +1.54 : Reports Q1 (Mar) earnings of $0.32 per share, $0.20 better than the First Call consensus of $0.12; revenues fell 18.1% year/year to $5.93 bln vs the $6.45 bln consensus. Consolidated provisions totaled $1.8 bln compared to $1.2 bln in the year-ago period, primarily reflecting additions to the lending credit reserves in view of increased write-offs and past due loans. At the end of the quarter, the company's tier-one risk based capital ratio was 14.8%. Its tangible common equity to risk weighted assets of 10.1% was relatively high compared to most bank holding companies. The company's return on average equity (ROE) was 16.3%, down from 35.9% a year ago. Return on average common equity (ROCE), which excludes the impact of preferred shares and other adjustments, was 16.7 percent, down from 35.7 percent a year ago. "While we did see some recent improvement in early delinquency rates, overall credit indicators reflected rising unemployment levels and the broad-scale weakness in the economy. Based on current indicators, we expect second quarter U.S. lending write-off rates on a managed basis to rise between 200 and 250 basis points over the first quarter levels. We expect an additional increase of 50 basis points or less in the third quarter, before leveling off during the fourth quarter3. We continue to be very cautious about the economic outlook and plan to initiate additional reengineering efforts in the second quarter to help further reduce our operating costs. Our goal is to remain in a position to generate profits in excess of our dividend and be able to take competitive advantage of opportunities as the economy begins to rebound... Also, if permitted by our supervisors and if supported by the results of the stress assessment, we intend to repay the government investment of preferred shares and warrants."

4:18PM Western Digital beats by $0.18, beats on revs (WDC) 21.79 -0.32 : Reports Q3 (Mar) earnings of $0.30 per share, excluding $14 mln for in-process research and development related to the SiliconSystems acquisition, and $4 mln associated with the restructuring plan announced Dec 17th 2008, $0.18 better than the First Call consensus of $0.12; revenues fell 24.6% year/year to $1.59 bln vs the $1.48 bln consensus. The co generated $355 mln in cash from operations during the March quarter, ending with total cash and cash equivalents of $1.6 bln. "We are pleased with our financial performance in the March quarter, reflecting continued profitability and cash generation... We managed our market segment participation, product mix and costs to optimize our returns in a challenging environment. We have taken a series of actions to resize and restructure the business to remain profitable and cash flow positive at a $1.5 bln quarterly revenue level and the effects of these actions are already showing up in our results.

4:17PM Synaptics beats by $0.05, beats on revs; guides Q4 revs above consensus (SYNA) 31.72 +0.32 : Reports Q3 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.33; revenues rose 27.6% year/year to $100.6 mln vs the $93.7 mln consensus. Co issues upside guidance for Q4 (Jun), sees Q4 revs of $105-115 mln vs. $102.39 mln consensus. "Revenue from PC applications exceeded our expectations, and we furthered our penetration of the mobile phone market, where the installed base of capacitive interface solutions continues to be very low..."

4:17PM Riverbed Technology beats by $0.01, beats on revs (RVBD) 14.59 -0.27 : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 21.2% year/year to $88.5 mln vs the $85.1 mln consensus.

4:17PM Cheesecake Factory beats by $0.07, beats on revs (CAKE) 14.92 -0.11 : Reports Q1 (Mar) earnings of $0.17 per share, $0.07 better than the First Call consensus of $0.10; revenues fell 0.3% year/year to $392.8 mln vs the $382.3 mln consensus.

4:14PM Sunpower misses by $0.19, misses on revs; guides FY09 EPS in-line, revs in-line (SPWRA) 25.93 -1.37 : Reports Q1 (Mar) earnings of $0.05 per share, $0.19 worse than the First Call consensus of $0.24; revenues fell 21.8% year/year to $214 mln vs the $269.1 mln consensus. Sunpower also revised its 2009 capital expenditure outlook from $350 mln - $400 mln to $250 mln - $300 mln . Sunpower also revised its 2009 capital expenditure outlook from $350-400 mln to $250-300 mln. Non-GAAP gross margins fell 506 bps to 24.3% from 29.9%. Co issues in-line guidance for FY09, sees EPS of 1.25-1.75 vs. $1.90 consensus.

4:11PM Amgen misses by $0.07, misses on revs; guides FY09 EPS in-line, revs in-line (AMGN) 46.82 +1.71 : Reports Q1 (Mar) earnings of $1.08 per share, $0.07 worse than the First Call consensus of $1.15; revenues fell 8.4% year/year to $3.31 bln vs the $3.63 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.55-4.75 vs. $4.62 consensus; lowers FY09 revs guidance to $14.4-14.8 vs. $14.9 bln consensus. Q1 Drug sales: Enbrel: $758 mln vs. $900 mln First Call Consensus; Neulasta and Neupogen: $1073 mln vs. $1188 mln First Call Consensus; Aranesp: $626 mln vs. $668 mln First Call Consensus; Epogen: $565 mln vs. $604 mln First Call Consensus.

4:10PM Juniper Networks reports EPS in-line, revs in-line (JNPR) : Reports Q1 (Mar) earnings of $0.17 per share, excluding non-recurring items, in-line with the First Call consensus of $0.17; revenues fell 7.1% year/year to $764.2 mln vs the $764.4 mln consensus. "The reduction in revenue was a reflection of the current macro economic environment and I am pleased with how quickly the team was able to implement cost reductions and deliver on our operating margin and EPS targets. In addition, we posted strong cash flows from operations and maintained a strong balance sheet. We will continue to take the actions needed in order to align our cost-structure with anticipated revenue levels."

4:10PM Netflix beats by $0.06, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (NFLX) 45.32 -0.56 : Reports Q1 (Mar) earnings of $0.37 per share, $0.06 better than the First Call consensus of $0.31; revenues rose 9.6% year/year to $394.1 mln vs the $390.9 mln consensus. Co issues in-line guidancefor Q2, sees EPS of $0.44-$0.53 vs. $0.47 consensus; sees Q2 revs of $403-$409 mln vs. $407.67 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.56-$1.72 vs. $1.60 consensus; sees FY09 revs of $1.63-$1.67 bln vs. $1.64 bln consensus. Gross subscriber additions for the quarter totaled 2,413,000, representing 30 percent year-over-year growth from 1,862,000 gross subscriber additions in the first quarter of 2008 and 16 percent quarter-over-quarter growth from 2,085,000 gross subscriber additions in the fourth quarter of 2008. Churn for the first quarter of 2009 was 4.2 percent compared to 3.9 percent for the first quarter of 2008 and 4.2 percent for the fourth quarter of 2008.

4:09PM Amazon.com beats by $0.10, beats on revs; guides Q2 revs in-line (AMZN)80.61 +1.41 : Reports Q1 (Mar) earnings of $0.41 per share, $0.10 better than the First Call consensus of $0.31; revenues rose 18.2% year/year to $4.89 bln vs the $4.76 bln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $4.3-4.75 bln vs. $4.61 bln consensus. Operating income is expected to be between $110 mln and $190 mln, or decline between 49% and 12% compared with second quarter 2008 vs ~$172 mln consensus. The second quarter 2008 results include the $53 mln non-cash gain recognized on the sale of the Company's European DVD rental assets. CEO said, "We're grateful and excited that Kindle sales have exceeded our most optimistic expectations".

4:07PM Con-way misses by $0.20, misses on revs (CNW) 22.21 +0.00 : Reports Q1 (Mar) loss of $0.42 per share, excluding non-recurring items, $0.20 worse than the First Call consensus of ($0.22); revenues fell 19.8% year/year to $962.9 mln vs the $1.06 bln consensus. "Until we see some balance restored between supply and demand in the freight markets, and a more stable pricing environment, we must be cautious about our outlook for 2009,"

4:07PM Deckers Outdoor beats by $0.29, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY09 EPS above consensus, revs in-line (DECK) 63.80 +0.38 : Reports Q1 (Mar) earnings of $0.93 per share, $0.29 better than the First Call consensus of $0.64; revenues rose 37.6% year/year to $134.2 mln vs the $119.3 mln consensus. Co issues mixed guidance for Q2, sees EPS of ($0.15)-($0.10) vs. $0.26 consensus; sees Q2 revs up 10% YoY, or roughlyl $114.25 mln vs. $103.86 mln consensus. Co issues mixed guidance for FY09, sees EPS of flat to up slightly over 2008 EPS of $7.27, vs. $7.09 consensus; sees FY09 revs up 7-9% YoY, or roughly $737.7-751.5 mln vs. $748.15 mln consensus. The Q2 guidance assumes a gross profit margin of approximately 39% and SG&A as a percentage of sales of approximately 43% due to the shift of approximately $2 million in expenses, consisting primarily of marketing costs, into the second quarter from the first quarter.A significant amount of the Company's operating expenses are fixed and spread evenly on an absolute dollar basis throughout each quarter, resulting in the greatest impact on earnings in the lowest volume sales quarter, which has historically been the second quarter... The Company's gross profit margin for the first quarter was 43.9% compared to 47.3% for the first quarter of last year. Gross profit margin decreased primarily due to the wholesale business growing at a higher rate than the eCommerce business for the first quarter of 2009 as well as higher levels of closeout sales than in the first quarter of 2008. First quarter 2008 margins were also positively impacted by a reduction in the estimate for sales returns.

4:05PM Burl Nrth Santa Fe beats by $0.18, misses on revs (BNI) 67.85 +1.42 : Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.18 better than the First Call consensus of $0.96. EPS excluded a $0.19 per share charge related to an unfavorable coal rate case decision and an $0.08 per share loss on unwinding interest rate hedges on debt no longer expected to be issued. revenues fell 19.6% year/year to $3.42 bln vs the $3.68 bln consensus. Operating expenses for the first quarter of 2009 were $2.76 billion compared with first-quarter 2008 operating expenses of $3.39 billion. The $631 million decrease in operating expenses was driven by strong cost controls, decreased unit volumes and lower fuel prices, which decreased fuel expenses by about $300 million.

Earnings - 10th Feb 2009

5:02PM Hanger Orthopedic beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (HGR) 13.61 +0.04 : Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues rose 8.6% year/year to $185.5 mln vs the $179.9 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.96-0.98, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $750-760 mln vs. $756.50 mln consensus.

4:38PM CF Industries beats by $1.76, beats on revs (CF) 53.60 +0.16 : Reports Q4 (Dec) earnings of $3.87 per share, excluding a $0.70 non-recurring charge and $0.42 gain, $1.76 better than the First Call consensus of $2.11; revenues rose 25.5% year/year to $1.07 bln vs the $0.89 bln consensus. Nitrogen segment net sales totaled $705.6 mln, up 12% from $630.7 mln in Q4 2007. Volume for the 2008 Q4 was 1.48 mln tons, down substantially from 1.93 mln tons in the year-earlier quarter. Average selling prices for the segment's nitrogen products were significantly higher than in Q4 2007. For ammonia, the average selling price was $653 per ton, up from $410 in Q4 2007 and $571 in 2008's Q3. For urea, the price was $480 per ton, up from $357 in the year-earlier quarter but down from $596 in third quarter 2008. For urea ammonium nitrate (UAN) solution, the price was $352 per ton, up from $239 in Q4 2007 and from $339 in Q3 2008. The phosphate segment's net sales were $366.4 mln, a 65% increase from fourth quarter 2007 levels. Volume was 404,000 tons, down 23% from 526,000 tons in the year-earlier quarter. Average selling prices for phosphate products were more than twice Q4 2007 levels, reflecting the strong price increases seen throughout much of 2008. For diammonium phosphate (DAP), the price was $906 per ton, up from $420 per ton in the year-earlier quarter but down modestly from $943 per ton in Q3 2008. For monoammonium phosphate (MAP), the average selling price was $903 per ton, compared to $431 per ton in Q4 2007 and up from $771 per ton in 2008's third quarter. Co says, "Long-term fundamentals remain strong, but high inventories in the fertilizer supply chain and uncertainty over crop acreage could negatively affect performance heading into the spring planting season."

4:13PM NetSuite beats by $0.02, reports revs in-line (N) 7.91 +0.02 : Reports Q4 (Dec) earnings of $0.01 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.01); revenues rose 30.5% year/year to $41.4 mln vs the $41.6 mln consensus. Co said, "I'm delighted that NetSuite delivered one of our best quarters to date in what has been a very difficult economic environment. I am especially excited that we posted the first non-GAAP profitable quarter in the Company's history even against the headwinds of global economic challenges".

4:10PM V.F. Corp beats by $0.03, misses on revs; guides Q1 EPS below consensus (VFC) 54.34 -2.73 : Reports Q4 (Dec) earnings of $1.05 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.02; revenues fell 2.1% year/year to $1.89 bln vs the $1.92 bln consensus. Co issues downside guidance for Q1, sees EPS of $1.10-1.15, excluding non-recurring items, vs. $1.23 consensus. Co issues guidance for FY09, sees EPS of $5.42, includes charges, may not be comparable to $5.55 consensus. Co anticipate a low to mid single digit decline in revenues, with a 3 to 4% negative impact from foreign currency translation. Co says, "The first quarter is expected to be especially challenging, with revenues expected to be down by 5 to 7%, with a 4% impact from foreign currency translation."

4:05PM Cerner beats by $0.04, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CERN) 36.13 -0.49 : Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.61; revenues rose 18.1% year/year to $465.7 mln vs the $444.9 mln consensus. Co issuesin-line guidance for Q1, sees EPS of $0.48-0.54, excluding non-recurring items, vs. $0.54 consensus; sees Q1 revs of $410-430 mln vs. $424.29 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.48 consensus; sees FY09 revs of $1.75-1.80 bln vs. $1.79 bln consensus. Co said, "The large size and geographic diversity of our client base and the deep strategic relationships with those clients contributed to our ability to deliver solid results in a difficult environment. Cerner also benefits from a depth and breadth of solutions and services that help healthcare providers address the increasing complexity of delivering safe, efficient, and high-quality care. As a result, while the financial crisis may continue to have some impact on healthcare, we are cautiously optimistic that we will continue to generate solid results. In addition, with the Obama administration focused on healthcare reform and recognizing healthcare IT as a necessary component of reform, Cerner is well positioned to play a role in the transformation of healthcare envisioned in those initiatives".

8:05AM Monsanto reaffirms FY09 EPS of $4.40-$4.50 vs $4.69 First Call consensus; includes EPS growth in Q2 and Q3 to be in the 10-12% range (MON) : Co issuesreaffirms guidance for FY09, sees EPS of $4.40-$4.50 vs $4.69 First Call consensus. This includes expectations for EPS growth in Q2 and Q3 to both be in the 10-12% range. Co states, "The determined focus of Monsanto to successfully execute its industry-leading seeds and traits strategy is the key to helping the company achieve 20 percent-plus earnings growth and generate more than $1.8 bln in free cash for fiscal 2009. It also will more than offset any anticipated decline in the company's Roundup herbicide business over the next three years and move the company closer to reaching its goal of more than doubling its fiscal 2007 gross profit by 2012... The anticipated ongoing success of the company's seeds and traits businesses will more than offset the expected decline in its Roundup herbicide business to the $1.9 billion gross profit level by 2012... 2009 will likely be the peak of Roundup profitability, which is expected to be in the $2.4-$2.5 bln gross profit range as he expects current pricing based on added value to more than offset volume declines...'

7:38AM Terra Industries reports Q4 (Dec) results, beats on revs (TRA) 23.23 : Reports Q4 (Dec) earnings of $1.65 per share, including charges and gains, may not be comparable to the First Call consensus of $0.92; revenues rose 20.1% year/year to $683.5 mln vs the $544 mln consensus. Terra's forward purchase contracts at Dec. 31, 2008, fixed prices for about 29% of its next 12 months' natural gas needs at about $65.8 mln above the published forward market prices at that date. These forward positions hedge production costs primarily associated with product that Terra has sold and plans to ship in the 2009 first and second quarters. During the 2008 fourth quarter, Terra repurchased approximately 2.8 mln of its common shares under its share buyback program at an average price of $17.82 per share and a total cost of $50 mln. Co says, "Fundamentals appear to be improving for spring. Looking further ahead, if indeed planted corn acres are reduced this spring, it will likely cause corn inventories to slip lower, creating a stronger outlook for the 2009 second half and 2010 first half."

7:02AM Hercules Offshore beats by $0.16, beats on revs (HERO) 3.75 : Reports Q4 (Dec) earnings of $0.42 per share, excluding items, $0.16 better than the First Call consensus of $0.26; revenues rose 28.4% year/year to $313.5 mln vs the $299.2 mln consensus. "We have continued to experience a rapid decline in demand for our domestic drilling rigs due to the combined effects of the sharp decline in commodity prices, the reduced availability of credit in the wake of the global financial crisis, and the weak outlook for energy consumption over at least the short-term. We have responded aggressively by stacking a number of inland and domestic rigs. We have also reduced our overhead and operating costs in a focused and meaningful way. We will continue to be vigilant in managing our cost structure during this cyclical downturn. With the reduced level of activity, and other factors, we have also recognized a significant impairment charge to our goodwill and long-lived assets. These non-cash charges largely reflect the cyclical nature of our drilling related segments and take into account the significant decline in our equity market capitalization."

7:01AM Aecom Tech reports EPS in-line, misses on revs; guides FY09 EPS in-line (ACM) 27.30 : Reports Q1 (Dec) earnings of $0.38 per share, in-line with the First Call consensus of $0.38; revenues rose 34.6% year/year to $1.45 bln vs the $1.58 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.60-1.70 vs. $1.67 consensus.

3:14AM Skilled Healthcare beats by $0.01, reports revs in-line; guides FY09 EPS above consensus, revs above consensus (SKH) 8.78 : Reports Q4 (Dec) earnings of $0.28 per share, $0.01 better than the First Call consensus of $0.27; revenues rose 7.0% year/year to $189.8 mln vs the $191.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.08-1.14 vs. $1.08 consensus; sees FY09 revs of $792.0-802.0 mln vs. $785.94 mln consensus.

1:10AM Vulcan Materials misses by $0.16, misses on revs (VMC) 49.29 : Reports Q4 (Dec) earnings of $0.14 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $0.30; revenues fell 6.3% year/year to $756.5 mln vs the $834.1 mln consensus. Asphalt earnings in Q4 were lower due mostly to lower sales volume. The average selling price for asphalt mix increased 27% from Q407, more than offsetting higher unit costs for raw materials. The average unit cost for purchased liquid asphalt increased 68% from Q407. The increase in the unit cost for liquid asphalt reduced net earnings by approx $0.12 per diluted share. Concrete earnings decreased from Q407 due to weaker demand and higher costs for key raw materials. Cement earnings were higher than Q407 due to the inclusion of the Florida Rock operations for the entire period in the current year. Full year aggregates pricing is expected to increase 6-8% from Q407. Full year aggregates shipments are expected to decline 5-10% from 2008 levels, excluding any incremental demand from the economic stimulus bill. The average selling price for asphalt mix in 2009 should increase from 2008 as lower-priced sales orders in the backlog are replaced with more recent higher-priced orders.Co expects capital spending in FY09 to be approx $200 mln, down from $401 mln spent in FY08.

Earnings - 28th July 2008

CMP: Compass Minerals International Inc. reported its first second-quarter profit, and sales rose 27 percent compared with the same period last year. In a release after the market closed on Monday, the Overland Park-based company (NYSE: CMP) reported earnings of $1.6 million, or 5 cents a share, for the quarter that ended June 30. This compares with a loss of $3.2 million, or 10 cents a share, last year. The company typically records a loss in the second quarter, when it builds rock salt inventories for the winter season. Five analysts surveyed by Thomson First Call reported a consensus earnings estimate of 26 cents a share for the quarter. “This significant achievement illustrates the success of our strategies to strengthen our non-winter, non-seasonal applications coupled with the company’s minimal exposure to economic cycles,” company CEO Angelo Brisimitzakis said in the release. Sales for the quarter were $162 million, up from $127.5 million last year. Four analysts reported a consensus revenue estimate of $158 million for the quarter. Compass ranks No. 18 on the Kansas City Business Journal’s list of area public companies

6:38PM SL Green Rlty beats by $0.29, beats on revs (SLG) 78.90 -4.10 : Reports Q2 (Jun) funds from operations of $2.00 per share, $0.29 better than the First Call consensus of $1.71; revenues rose 21.4% year/year to $305.8 mln vs the $262.4 mln consensus.

5:16PM Mosaic beats by $0.24, beats on revs (MOS) 122.66 +0.61 : Reports Q4 (May) earnings of $1.88 per share, excluding non $0.05 gain, $0.24 better than the First Call consensus of $1.64; revenues rose 105.8% year/year to $3.47 bln vs the $2.85 bln consensus. The average Q4 DAP price, FOB plant, was $754 per tonne, which is a $416 per tonne increase compared with a year ago and a $267 per tonne increase compared with the third quarter of fiscal 2008. The average Q4 MOP price, FOB plant, was $335 per tonne, which is a $181 per tonne increase compared with a year ago and a $114 per tonne increase compared with Q3 of FY08. Co gives outlook saying, Sales volumes for the Phosphates segment are expected to range from 9.0-9.4 mln tonnes for FY09. Potash segment sales volumes are expected to range from 8.2-8.6 mln tonnes in FY09. Mosaic's realized DAP price, FOB plant, for Q1 of FY09 is estimated to be $1,020-1,080 per tonne. Co's Q1 FY09 average realized MOP price, FOB plant, is estimated to be $460-510 per tonne.

5:11PM Manitowoc beats by $0.12, beats on revs; raises bottom-end of FY08 EPS guidance (MTW) 28.98 -0.08 : Reports Q2 (Jun) earnings of $1.01 per share, ex items, $0.12 better than the First Call consensus of $0.89; revenues rose 28.1% year/year to $1.3 bln vs the $1.23 bln consensus. Co raises bottom-end of guidance for FY08, sees EPS of $3.30-3.40, from $3.20-3.40, ex items, vs. $3.42 consensus. "The company continues to see brisk global demand for its mobile telescopic, crawler, and high-capacity tower cranes; however, we are noticing slower demand for lower capacity tower cranes in western Europe. We expect to realize better-than- industry growth with Foodservice revenue increases in the mid-single-digits range and improving margins in the mid-teens," Co also noted that it is closely monitoring and managing the impact of higher steel and commodity costs across each of its businesses.

5:03PM Walter Inds beats by $0.37, beats on revs (WLT) 86.28 +1.77 : Reports Q2 (Jun) earnings of $0.94 per share, $0.37 better than the First Call consensus of $0.57; revenues rose 24.8% year/year to $370 mln vs the $304.7 mln consensus. Changes in metallurgical coal sales volumes between the third and fourth quarter reflect a change in the anticipated timing of shipments for approximately 100,000 tons versus prior expectations. The average metallurgical coal operating margin per ton is expected to improve by approximately $5 per ton in the fourth quarter compared to previously communicated expectations, driven largely by higher metallurgical coal sales prices. The coke sales outlook for the second half of the year also reflects a shift in tons between the third and fourth quarter as coke oven repairs in the third quarter will reduce tonnage volumes slightly that will be made up in the fourth quarter. The operating margin per ton ranges are consistent with prior expectations and reflect favorable spot sales prices, offset by higher coal input costs.

4:37PM CF Industries beats by $1.42, misses on revs (CF) 145.68 +1.96 : Reports Q2 (Jun) earnings of $5.02 per share, includes as $0.92 mark-to-market gain, $1.42 better than the First Call consensus of $3.60; revenues rose 36.8% year/year to $1.16 bln vs the $1.21 bln consensus. Average selling prices for all nitrogen products increased from both the year-earlier quarter and Q1 of 2008. For ammonia, the average selling price was $513 per ton, up from $390 in Q2 2007 and $428 in Q1 of 2008. For urea, average selling price was $417 per ton, up from $331 in the year-earlier quarter and $387 in 2008's Q1. For UAN, the average selling price was $313 per ton, up from $206 in the year-earlier quarter and $285 in Q1 2008. Co says, "Unfortunately, the cold, wet spring and flooding delayed planting or required replanting throughout large portions of the Corn Belt. It also limited the application of pre-plant and side-dress ammonia, used to maximize yield on corn... Fertilizer producers should begin seeing the positive effects of that acreage increase during this year's third and fourth quarters, as customers are expected to restock inventories in anticipation of a robust fall application season... while demand for this fall and the spring of 2009 appears strong, there are issues facing domestic producers, including uncertainty regarding export tax levels in China and the cost of sulfur. Co also noted that the impact of fertilizer prices on demand and U.S. ethanol policy bear watching."

4:12PM Advanced Analogic Tech misses by $0.02, reports revs in-line; guides Q3 EPS, guides Q3 revs in-line with consensus (AATI) 4.27 -0.36 : Reports Q2 (Jun) loss of $0.04 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of ($0.02); revenues fell 17.8% year/year to $21.2 mln vs the $21.1 mln consensus. Co issues guidance for Q3, sees GAAP EPS of ($0.03)-(0.01), may not be comparable to $0.02 consensus; sees Q3 revs of $24-26 mln vs. $24.52 mln consensus.

4:09PM Atheros Communications beats by $0.01, reports revs in-line (ATHR) : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 20.5% year/year to $121.5 mln vs the $120.8 mln consensus.

4:02PM AuthenTec beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY08 revs in-line (AUTH) 9.90 -0.30 : Reports Q2 (Jun) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues rose 49.6% year/year to $18.4 mln vs the $17.4 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.04-0.05 vs. $0.05 consensus; sees Q3 revs of $19-20 mln vs. $20.22 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $72-78 mln vs. $77.08 mln consensus.

4:02PM Ladish misses by $0.11, misses on revs (LDSH) 21.99 -0.53 : Reports Q2 (Jun) earnings of $0.43 per share, $0.11 worse than the First Call consensus of $0.54; revenues rose 4.8% year/year to $119 mln vs the $123.5 mln consensus.

8:39AM Wrigley beats by $0.06, beats on revs (WWY) 78.99 : Reports Q2 (Jun) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.68; revenues rose 14.0% year/year to $1.57 bln vs the $1.53 bln consensus.

7:32AM Simon Properties beats by $0.07, beats on revs; guides FY08 FFO above consensus (SPG) 90.59 : Reports Q2 (Jun) funds from operations of $1.56 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.49; revenues rose 7.8% year/year to $922.9 mln vs the $885 mln consensus. Co issues upside guidance for FY08, sees FFO of $6.45-6.52, excluding non-recurring items, vs. $6.44 consensus.

7:28AM Verizon beats by $0.02, reports revs in-line (VZ) 34.45 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 3.7% year/year to $24.12 bln vs the $24.18 bln consensus. Co reports Q2 net adds of 1.5 mln customers, with 68.7 mln total customers. Co reports 1.12% total churn and 0.83% retail post-paid churn. Co reports 176k net new FiOS TV customers and 187k net new FiOS Internet customers. Co reports 10.4% increase in consumer ARPU in legacy telecom markets and 18.7% increase in Verizon Business strategic services revenue.

7:08AM Kraft Foods beats by $0.08, beats on revs; guides FY08 EPS above consensus (KFT) 29.38 : Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.50; revenues rose 21.4% year/year to $11.18 bln vs the $10.7 bln consensus. Co issues upside guidance for FY08, sees EPS of at least $1.92 vs. $1.89 consensus. The company continues to expect cumulative annualized savings from the restructuring program to reach approximately $1.0 bln by year-end and $1.2 bln by the end of 2009. To date, cumulative annualized savings from this cost restructuring program totaled approximately $927 mln, up from approximately $785 mlnat the end of 2007.

3:22AM Elbit Systems anticipates positive impact on Q208 results due to higher level of revenues from short-term delivery contracts (ESLT) 53.87 : Co announces that it anticipates an impact on its Q208 results of additional net after tax profit of approx $8-11 mln, due mainly to a higher level of revenues generated from short-term delivery contracts in the quarter. Conversely, the co notes, as indicated in its announcement on July 2, 2008, that its financial results for Q208 will also be negatively impacted in a net after tax amount of approx $10 mln, as a result of a recent court ruling in the U.S. Both developments will be reflected in Q208 results.

1:28AM Sohu.com beats by $0.25, beats on revs; guides Q3 EPS above consensus, revs above consensus (SOHU) 82.82 : Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.67; revenues rose 161.6% year/year to $102 mln vs the $96.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.00-1.05, excluding non-recurring items, vs. $0.71 consensus; sees Q3 revs of $112.0-116.0 mln vs. $106.75 mln consensus.