Earnings - 29th April 2009 (3)

6:37PM O'Reilly Auto beats by $0.07, reports revs in-line; guides Q2 EPS in-line; guides FY09 EPS above consensus (ORLY) 37.24 -1.40 : Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.40; revenues rose 80.1% year/year to $1.16 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.51-0.55, excluding non-recurring items, vs. $0.52 consensus. Co issues upside guidance for FY09, sees EPS of $1.92-1.96, excluding non-recurring items, vs. $1.85 consensus.

6:12PM Kirby Corp beats by $0.05; sees Q1 EPS in-line with consensus, FY09 above (KEX) 30.50 +0.90 : Reports Q1 (Mar) earnings of $0.57 per share,  excluding a $0.50 charge, $0.05 better than the First Call consensus of $0.52; revenues fell 16.0% year/year to $277.7 mln vs the $300.5 mln consensus. Co sees Q1 EPS of $0.45-0.55 vs $0.52 consensus; sees FY09 EPS of $2.55-2.65 vs $2.50 consensus. Co's capital spending guidance range was lowered slightly to $180-190 mln, which includes ~$135 mln for the construction of 46 new tank barges and five towboats."

6:08PM ProLogis misses by $0.04 (PLD) 8.46 +0.63 : Reports Q1 (Mar) earnings of $0.66 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.70. "Taking into consideration additional asset sale and refinancing agreements and the remaining capital requirements related to our development pipeline, we believe we have substantially addressed our anticipated cash needs through 2012. Our swift execution of these de-leveraging initiatives enables us to further enhance our focus on operating property performance, completing and leasing properties in our development portfolio and pursuing opportunities to generate value from our land bank."

6:05PM Cliffs Natural Resources beats by $0.07, misses on revs (CLF) 21.03 +0.82 : Reports Q1 (Mar) loss of $0.07 per share, $0.07 better than the First Call consensus of ($0.14); revenues fell 6.0% year/year to $464.8 mln vs the $527.7 mln consensus. Co says,in North American, Lower expected year-over-year volume and the related reduction in leverage over fixed costs, combined with significant depreciation and amortization in the segment, are expected to result in average cost of sales per ton in 2009 of $125 to $135... in Asia/Pacific, Iron Ore 2009 sales volume is expected to be 8.0 million tonnes, with production of 8.2 million tonnes. With annual price settlements for iron ore in 2009 not yet concluded, the Company is currently unable to provide guidance on average revenue per tonne in its Asia Pacific Iron Ore business segment. Cliffs expects Asia Pacific Iron Ore costs per tonne of approximately $45 to $55... reagarding the Sonoma Coal, Cliffs has a 45% economic interest in the Sonoma Coal Project and expects total production of approximately 3.1 million tonnes for 2009, down from a previous production estimate of 3.5 million tonnes. Sonoma is expected to have sales volume of 3.3 million tonnes and an approximate 60%/40% mix between thermal and metallurgical coal, respectively. Per-tonne costs at Sonoma are expected to be $75 to $85, down from a previous expectation of $85 to $95. The decrease from previous expectations is a result of lower-than-anticipated contract mining costs and royalties.

6:01PM Cabot misses by $0.16, misses on revs (CBT) 15.12 +0.92 : Reports Q2 (Mar) loss of $0.27 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of ($0.11); revenues fell 40.2% year/year to $470 mln vs the $543.5 mln consensus. Co says, "We are encouraged by the monthly volume increases in many of our key businesses. While this may be an early indication that customer de-stocking is coming to an end, we remain cautious in the near term. Having said that, we are particularly pleased with our volume improvement in China as we are well positioned there with low cost operations, new capacity coming on line and an already strong market position in that region. We are actively managing our global capacity and working with customers to meet their needs in the new environment. The restructuring of our operations is well underway and will allow us to fully utilize a more efficient global asset base."

5:32PM Owens-Illinois beats by $0.19, misses on revs (OI) 18.46 +0.53 : Reports Q1 (Mar) earnings of $0.55 per share, $0.19 better than the First Call consensus of $0.36; revenues fell 22.5% year/year to $1.52 bln vs the $1.66 bln consensus. "Challenging market conditions will likely persist over the next several quarters, resulting in lower year-over-year demand and continued temporary production curtailments. However, we expect that shipments will improve sequentially in the second quarter due to seasonally stronger demand and as inventory de-stocking pressures subside. Our strategic footprint alignment initiative and moderating cost inflation also should benefit future earnings. Overall, we expect second quarter 2009 adjusted net earnings will decline on a year-over-year basis, but will improve from first quarter 2009 results."

5:31PM California Water beats by $0.04, beats on revs (CWT) 39.91 +0.57 : Reports Q1 (Mar) earnings of $0.12 per share, $0.04 better than the First Call consensus of $0.08; revenues rose 18.8% year/year to $86.6 mln vs the $77.2 mln consensus.

5:27PM Equity Res beats by $0.02, misses on revs; guides Q2 FFO in-line (EQR) 22.58 +1.05 : Reports Q1 (Mar) funds from operations of $0.57 per share, $0.02 better than the First Call consensus of $0.55; revenues rose 2.5% year/year to $515.1 mln vs the $522.9 mln consensus. Co issues in-line guidance for Q2, sees FFO of $0.53-0.58 vs. $0.54 consensus. The second quarter 2009 guidance midpoint assumes no additional gains from debt extinguishment.

5:17PM ITC Holdings reports Q1 EPS of $0.57 vs $0.57 First Call consensus; revs rose 10% YoY to $155.9 mln vs $147.70 mln First Call consensus (ITC) 45.03 +0.94 : Co sees FY09 $2.20-2.30 vs $2.32 First Call consensus.

5:12PM Oceaneering Intl beats by $0.12, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (OII) 44.41 +2.43 : Reports Q1 (Mar) earnings of $0.80 per share, $0.12 better than the First Call consensus of $0.68; revenues fell 0.2% year/year to $435 mln vs the $461.5 mln consensus. Co issues downside guidancefor Q2, sees EPS of $0.75-0.85 vs. $0.82 consensus. Co issues upside guidance for FY09, sees EPS of $3.10-3.60 vs. $3.20 consensus. Much uncertainty remains in predicting the rate of subsea field development order flow. Given our first quarter performance and outlook for the rest of the year, we are now anticipating that our EPS in 2009 will not follow our historical quarterly pattern.

5:08PM Essex Property beats by $1.01; guides FY09 FFO below consensus (ESS)67.02 +3.61 : Reports Q1 (Mar) funds from operations of $2.50 per share, $1.01 better thanthe First Call consensus of $1.49. Co issues downside guidance for FY09, sees FFO of $5.19-5.49, excluding non-recurring items, vs. $5.64 consensus.

4:47PM Arris beats by $0.01, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (ARRS) 10.11 +0.50 : Reports Q1 (Mar) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues fell 13.3% year/year to $253.5 mln vs the $255.3 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-$0.24 vs. $0.18 consensus; sees Q2 revs of $270-$290 mln vs. $267.64 mln consensus.

4:44PM Sequenom reports Q1 results (SQNM) 14.91 +0.53 : Co reports Q1 EPS of ($0.29) vs ($0.24) First Call consensus; revs $8.7 mln vs $11.16 mln First Call consensus. On a consolidated basis the company is expected to report a 2009 loss of between $62-67 mln, which includes approximately $12 mln in non-cash FAS 123R expenses. On a consolidated basis, the company is expected to have a cash burn of between $45-52 mln.

4:43PM General Maritime beats by $0.05, beats on revs (GMR) 8.64 +0.02 : Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.30; revenues rose 35.9% year/year to $82.9 mln vs the $81.8 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the co's fleet decreased by 12.0% to $30,724 per day for the three months ended March 31, 2009 compared to $34,918 for the prior year period. The co's average daily rates for vessels on spot charters decreased by 24.8% to $26,445 for the three months ended March 31, 2009 compared to $35,155 for the prior year period.

4:37PM Tetra Tech beats by $0.02, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY09 EPS above consensus, revs below consensus (TTEK)24.07 +1.29 : Reports Q2 (Mar) earnings of $0.27 per share, excluding non-recurring items,$0.02 better than the First Call consensus of $0.25; revenues rose 15.6% year/year to $332.2 mln vs the $329.3 mln consensus. Co issues in-line EPS guidance for Q3, sees EPS of $0.29-0.31 vs. $0.30 consensus; sees Q3 revs of $330-350 mln vs. $369.16 mln consensus. Co issues in-line EPS guidance for FY09, sees EPS of $1.12-1.17, excluding $0.05 gain, vs. $1.16 consensus; sees FY09 revs of $1.35-1.40 bln vs. $1.41 bln consensus.

4:34PM CBL & Assoc beats by $0.07, beats on revs; guides FY09 FFO above consensus (CBL) 7.76 +0.88 : Reports Q1 (Mar) funds from operations of $0.78 per share, excluding non-cash impairment charge, $0.07 better than the First Call consensus of $0.71; revenues fell 3.5% year/year to $271.1 mln vs the $266.7 mln consensus. Co issues upside guidance for FY09, sees FFO of $2.95-3.09 vs. $2.94 consensus. Same Center NOI declined 1.2% for the quarter ended March 31, 2009, from the prior-year period. Stabilized mall occupancy was 89.1% as of March 31, 2009.

4:33PM Genco Shipping & Trading beats by $0.06, reports revs in-line; co's cash dividends and share repurchases will be suspended (GNK) 17.52 +0.88 : Reports Q1 (Mar) earnings of $1.32 per share, $0.06 better than the First Call consensus of $1.26; revenues rose 5.4% year/year to $96.7 mln vs the $96 mln consensus. The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet decreased 7.5% to $33,203 per day for the three months ended March 31, 2009 compared to $35,891 for the three months ended March 31, 2008. On January 26, 2009, the co announced that it had entered into an agreement with DnB NOR Bank ASA and Bank of Scotland PLC as the lead arrangers to amend its $1.4 bln credit facility. Under terms of the amended ten-year $1.4 bln facility, the collateral maintenance requirement is waived until such time that GNK is in a position to satisfy the requirement as well as continue to comply with all other covenants and certain other conditions previously announced. GNK continues to be able to borrow the undrawn portion of the loan during the waiver period. Amounts borrowed under the amended facility began to reduce on March 31, 2009 at $12.5 million per quarter and will bear interest at LIBOR plus 2.00%. The co also announced that, under the terms of the amended credit facility, its cash dividends and its share repurchases will be suspended, effective immediately. GNK will be able to reinstate its cash dividends and share repurchases once the Company can represent that it is in a position to again satisfy the collateral maintenance covenant. The amendment to the credit facility places no further restrictions on uses of the Company's cash.

Earnings - 26th Sept 2008

1:24PM Interactive Brokers sees Q3 EPS of $0.55-0.65 vs $0.47 First Call consensus; approves share repurchase program of up to 8 mln shares (IBKR) 20.42 -0.67 : Co expects income before income tax and minority interest to be between $325-375 mln and diluted EPS to be $0.55-0.65 (vs $0.47 consensus) for the quarter to end on September 30, 2008. Co believes that the impact of the recent significant market events have unduly depressed the price of the co's common stock, and the Board of Directors has therefore determined that a program of stock repurchases would be an opportunistic use of available funds. Co approves a share buyback program by its subsidiary IBG, authorizing it to repurchase up to 8 mln shares of the common stock. "Our strong financial profile and cash position provide us with the opportunity to repurchase our stock to return value to shareholders. The repurchase program reinforces our belief in the long-term value of our stock, which is being negatively affected by the current credit market environment. IBG LLC has more than $4 bln of equity capital and does not rely on outside liquidity to any meaningful extent and is therefore relatively unaffected by recent events." (stock is currently halted)

10:10AM Oshkosh Truck announces improved EPS and debt reduction expectations for Q4 (OSK) 9.47 -0.02 : Co announces that it expects to report EPS for its Q4 at or above the higher end of its previously announced EPS estimate range of $0.50-0.65 (vs $0.59 First Call consensus). Furthermore, Oshkosh expects to reduce its debt to $2.80-2.85 bln at September 30, 2008 compared to its previous expectations of $2.85-2.90 bln due to cash flow from earnings and working capital initiatives. "During the last several months, we have improved our cost structure by downsizing our workforce ~10% and lowering discretionary spending. We have been reducing our working capital by selling excess inventory, rationalizing production and pursuing receivables initiatives. These swift and decisive actions should help us to remain competitive in fiscal 2009."

9:17AM Cleveland-Cliffs announces three supply agreements signed at world pellet prices from its North American iron ore segment (CLF) 65.14 : Co says it recently signed three new supply agreements from its North American Iron Ore segment at World Pellet Prices as defined by the "Eastern Canada Pellet Price," which is currently 228.82 U.S. cents per natural metric ton unit (approx $148/metric ton for pellets containing 65% iron content). The three new supply agreements each have a five-year term, with one of the agreements beginning in 2008 and the other two beginning in 2009.

8:30AM A-Power Energy receives new distributed power generation contract worth $195 mln - distributed power backlog increases to over $800 mln (APWR) 12.15 : Co announces that it has signed a new contract with Jilin Glad Group Co to build two distributed power generation stations in Shulan City, Jilin Province, China with a total contract value of ~ $195 mln. Jilin Glad Group Co was established in November 2002 and specializes in the operation of thermal power plants in China's Jilin province. This two-phase project is expected to begin in September 2008 with installation of a 24MW power station valued at $54 mln. Completion of the first phase of the project is estimated for October 2009. The second phase of the project includes a 100MW distributed power generation system valued at $141 mln and is expected to begin in January 2009 with completion date to be determined after commencement. With this contract, APWR's distributed power generation backlog has grown to exceed $800 mln, up from ~ $650 mln as of August 20, 2008.

8:04AM KB Home reports wider than expected loss, misses on revs (KBH) 21.16 : Reports Q3 (Aug) loss of $1.87 per share, $0.65 worse than the First Call consensus of ($1.22); revenues fell 55.7% year/year to $681.6 mln vs the $734.7 mln consensus. The 2008 third quarter results included a pretax, non-cash charge of $82.2 mln for inventory and joint venture impairments and a charge of $58.1 mln to record a valuation allowance against net deferred tax assets generated during the quarter. The co's cash balance at August 31, 2008 totaled $942.5 mln, up 46% from $645.9 mln at August 31, 2007. The Company's debt balance at the end of the current quarter was $1.88 billion, down $284.1 mln from $2.16 billion at the end of the 2007 third quarter, largely due to the redemption of debt. "Continued deterioration in new home demand, new and existing home prices, excessive inventories and mortgage credit availability prevailed across most U.S. housing markets in the third quarter... These difficult conditions have now been exacerbated by the recent, unprecedented turmoil in financial and credit markets, and it is too early to assess whether the federal government's proposed interventions will be effective. As our industry navigates a housing market decline now subsumed by a larger global financial crisis, we at KB Home continue to focus on three integrated strategic objectives: maintaining a strong financial position, restoring operational profitability and positioning ourselves to capitalize on a housing market recovery when it occurs... The sharp decline in net orders we experienced in the third quarter reflects the broader dynamics of the housing market and our strategic responses to these conditions - reducing our active community count, implementing a comprehensive product transition and executing a more disciplined pricing strategy... Market fundamentals appear unlikely to improve significantly in the near term, as foreclosures continue to rise, housing inventory overhang remains at historically high levels and mortgages have become more difficult to obtain. In this environment, we will continue to pursue opportunities to optimize our financial results while operating conditions in our markets across the country move, at varying rates, towards a long-term supply and demand equilibrium."

7:28AM Park Electrochem misses dual analyst estimate by $0.15; misses on revs (PKE) 26.82 -0.17 : Co reports Q2 earnings per share of $0.24, $0.15 worse than the dual analyst estimate of $0.39; revenues declined 8% to $55.6 mln vs dual analyst estimate of $60.7 mln.

7:02AM Jabil Circuit misses by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line (JBL) 10.69 : Reports Q4 (Aug) earnings of $0.30 per share, $0.01 worse than the First Call consensus of $0.31; revenues rose 4.3% year/year to $3.27 bln vs the $3.24 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.30-0.38 vs. $0.36 consensus; sees Q1 revs of $3.40-3.60 bln vs. $3.44 bln consensus.

5:13AM AZZ Inc. beats by $0.13, reports revs in-line; guides FY09 EPS above consensus, revs above consensus (AZZ) 38.40 : Reports Q2 (Aug) earnings of $0.92 per share, $0.13 better than the First Call consensus of $0.79; revenues rose 26.6% year/year to $103.3 mln vs the $103.6 mln consensus. Co issues upside guidance for FY09, sees EPS of 3.25-3.35 vs. $3.07 consensus; sees FY09 revs of $420.0-430.0 mln vs. $416.03 mln consensus. Co reports backlog at the end of Q2 was highest in co history at $190.8 mln vs $149.2 mln in Q208, an increase of 28%.


1:16AM Keithley Instruments lowers Q4 revenue guidance; announces reduction in operating costs to improve performance (KEI) 8.35 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $33.0-35.0 mln vs. $40.00 mln First Call consensus. Co reduces its global workforce by approx 5.0%, which includes recent attrition. The actions are expected to reduce operating expenses by approx 7.0%, which will be offset partially by inflationary and other cost increases that are expected to be incurred during FY09. The co expects that non-recurring severance and related costs for implementation of its actions will total approximately $1.6 mln, with all of the charges being incurred in Q408. Based upon current expectations, co expects to incur a pre-tax loss for the quarter, excluding the non-recurring charges mentioned above.


1:13AM Sutor Technology announces Q408 results (SUTR) 4.71 : Reports Q4 (Jun) earnings of $0.26 per share, $0.05 better than the $0.21 single-analyst consensus; revenues increased 14.5% year/year to $105.5 mln vs the $110.01 mln single-analyst consensus.