Earnings - 22nd Oct 2009

6:34PM Bucyrus beats by $0.35, beats on revs (BUCY) 42.53 -0.05 : Reports Q3 (Sep) earnings of $1.21 per share, $0.35 better than the First Call consensus of $0.86; revenues rose 4.6% year/year to $675.8 mln vs the $623.4 mln consensus.

4:19PM Synaptics beats by $0.06, beats on revs (SYNA) 23.66 +0.93 : Reports Q1 (Sep) earnings of $0.48 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.42; revenues rose 3.7% year/year to $119.6 mln vs the $116.4 mln consensus. Q3 gross margin of 40.4% vs. 40.6% street expectation. "We saw a sharp year-over-year increase in our mobile touchscreen business, where we are working with the top handset makers to broaden penetration of capacitive touchscreen phones around the world. Synaptics won a number of important new designs during the quarter, and design activity remains robust,"

4:18PM Western Digital beats by $0.31, beats on revs (WDC) 37.11 +1.25 : Reports Q1 (Sep) earnings of $1.25 per share, $0.31 better than the First Call consensus of $0.94; revenues rose 4.3% year/year to $2.2 bln vs the $2.06 bln consensus. WDC reports Q1 hard drive shipments of 44.6 mln compared to 40 mln in Q4. "In the September quarter, we leveraged our organization-wide agility to respond to unexpectedly robust demand and again generated strong financial results. As we enter the December quarter, demand remains strong and our product line-up, availability and cost profile position us to benefit from continuing growth opportunities."

4:18PM Chipotle Mexican Grill beats by $0.20, reports revs in-line (CMG) 87.77 +4.29 : Reports Q3 (Sep) earnings of $1.08 per share, $0.20 better than the First Call consensus of $0.88; revenues rose 13.8% year/year to $387.6 mln vs the $388.2 mln consensus. Full year comparable restaurant increases in the low single digits. For FY10, co sees flat comparable restaurant sales.

4:15PM Align Tech beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs above consensus (ALGN) 15.38 +0.44 : Reports Q3 (Sep) earnings of $0.13 per share, $0.08 better than the First Call consensus of $0.05; revenues rose 5.5% year/year to $79.3 mln vs the $73.8 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.08-$0.10 vs. $0.06 consensus; sees Q4 revs of $77.5-$81 mln vs. $76.58 mln consensus.

4:12PM Sunpower beats by $0.02, beats on revs; guides FY09 EPS in-line, revs above consensus (SPWRA) 33.30 +0.94 : Reports Q3 (Sep) earnings of $0.42 per share, $0.02 better than the First Call consensus of $0.40; revenues rose 56.4% year/year to $466 mln vs the $420.1 mln consensus. SPWRA reports gross margin 20.7% compared to 22.6% in Q2. Co issues mixed guidance for FY09, sees EPS of 1.15-1.25 vs. $1.21 consensus; tightens FY09 revs to $1.425-1.50 bln from $1.35-1.70 bln vs. $1.43 bln consensus.

4:08PM Deckers Outdoor beats by $0.34, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (DECK) 91.74 +2.25 : Reports Q3 (Sep) earnings of $2.59 per share, $0.34 better than the First Call consensus of $2.25; revenues rose 15.8% year/year to $228.4 mln vs the $227.7 mln consensus. DECK raises guidance, sees Q4 EPS growth of 5%, up from prior guidance of -4% and vs -3.5% consensus; co sees revs growth of +4%, up from prior guidance to decrease slightly YoY and vs +0.3% consensus. Q4 (Dec) guidance equates to EPS of $4.25 vs. $3.90 consensus; sees Q4 (Dec) revs of $315.60 mln vs. $303.85 mln consensus. Deckers Outdoor guidance also assumes a gross profit margin of approximately 47.0%, compared to previous expectations of 47.5%. "In addition to exceeding expectations, our third quarter results highlight our efforts to further diversify our product lines, expand our share of the market, and control expenses. Our UGG brand sales continue to be led by our core boot category, with the performance of several new styles driving the strong start to the fall selling season. Our focus on broadening the depth of our collections has enabled us to increase shelf space and attract new consumers to the brand. At the same time, we had a positive response to our more technical line of closed toe, light hikers, which will help establish our Teva brand as a true year-round brand and provide important momentum for spring 2010. Our Simple brand is also experiencing solid sell-through as ecoSNEAKS continue to perform well at major accounts such as Nordstrom and Journeys. We are very pleased with our ability to successfully execute our business plan in what continues to be an uncertain economic environment. We remain focused on effectively managing our expenses and inventory levels and are moving forward excited about the many long-term domestic and international growth opportunities that lie ahead for the Company." UGG brand net sales for the third quarter increased 19.1% to $212.8 million compared to $178.7 million for the same period last year. The sales gain was primarily attributable to an increase in domestic and international shipments of fall product versus the same period a year ago. During the third quarter, the Company repurchased approximately 300,000 shares of its common stock under its stock repurchase program for a total of approximately $20.0 million."

4:06PM Amazon.com beats by $0.12, beats on revs; guides Q4 revs above consensus (AMZN) 93.45 +0.03 : Reports Q3 (Sep) earnings of $0.45 per share, $0.12 better than the First Call consensus of $0.33; revenues rose 27.8% year/year to $5.45 bln vs the $5.03 bln consensus. Co issues upside guidance for Q4, sees Q4 revs of $8.12-9.12 vs. $8.11 bln consensus. AMZN sees Q4 operating income of $300-425 mln vs $372 mln consensus. Co said, "Kindle has become the #1 bestselling item by both unit sales and dollars - not just in our electronics store but across all product categories on Amazon.com. It's also the most wished for and the most gifted. We are grateful for and energized by this customer response... Earlier this week we began shipping the latest generation Kindle. Its 3G wireless works in the U.S. and 100 countries, and we've just lowered its price to $259."

7:36AM ITT Educational beats by $0.03, beats on revs (ESI) 110.43 : Reports Q3 (Sep) earnings of $2.00 per share, $0.03 better than the First Call consensus of $1.97; revenues rose 33.5% year/year to $339.6 mln vs the $335.3 mln consensus.

7:35AM Celgene beats by $0.02, beats on revs (CELG) 54.58 : Reports Q3 (Sep) earnings of $0.56 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.54; revenues rose 16.8% year/year to $692 mln vs the $671.2 mln consensus. Co reports Q3 sales of Revlimid $450 mln vs. $429 mln consensus; Vidaza $103 mln vs. $108 mln consensus, Thalomid $110 mln vs. $102 mln consensus.

7:13AM Laboratory Corp beats by $0.07, reports revs in-line; guides FY09 EPS above consensus (LH) 68.85 : Reports Q3 (Sep) earnings of $1.22 per share, $0.07 better thanthe First Call consensus of $1.15; revenues rose 4.4% year/year to $1.19 bln vs the $1.18 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.84-4.89 vs. $4.81 consensus; the Company expects revenue growth of approximately 4%, consensus 4.57%.

6:46AM J. Crew raises Q3 guidance above consensus (JCG) 37.74 : Co issues upside guidance for Q3 (Oct), sees EPS of $0.54-0.59 vs. $0.36 First Call consensus, prior guidance $0.30-0.33. The Company's third quarter fiscal 2009 expectations reflect a high single digit increase in comparable store sales; a low single digit increase in Direct sales; and a gross profit margin increase of approximately 500 basis points as compared to the third quarter of fiscal 2008 which was 41.6% of revenues. This compares to the Company's previous guidance for the third quarter of fiscal 2009 of a mid-single digit decline in comparable store sales; a low to mid-single-digit decline in Direct sales; and a 100 basis point increase in gross profit margin.

6:36AM Dow Chemical beats by $0.14, beats on revs (DOW) 25.50 : Reports Q3 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.10; revenues rose 6.4% year/year to $12.05 bln vs the $11.85 bln consensus. Co said, "The economic outlook for the rest of 2009 appears to be stabilizing withstrong growth in Asia Pacific, especially China, and other emerging geographies. The global economy is now on firmer footing, and, in our view, the United States economy is beginning a slow and tenuous recovery, with unemployment continuing to be a drag on consumer spending. Therefore, our 2009/2010 operating plans do not count on material improvements in market conditions, and we remain tightly focused on those factors we can control, such as costs, capital and cash flow management. Dow has already begun to benefit from the smooth integration of Rohm and Haas and the decisive actions we took to accelerate our restructuring efforts and cost synergies. We have also made significant improvements to our balance sheet, strengthening our financial structure and providing more flexibility in how we execute any further divestitures, which will be made on a timely and strategic basis."

6:33AM Alexion Pharma beats by $0.08, beats on revs; raises non-GAAP EPS guidance and Soliris net product sales guidance (ALXN) 44.13 : Reports Q3 (Sep) earnings of $0.29 per share, $0.08 better than the First Call consensus of $0.21; revenues rose 34.1% year/year to $102.6 mln vs the $98.3 mln consensus. Full-year 2009 financial guidance for non-GAAP diluted earnings per share is being revised upward, from the previously announced range of $1.01 to $1.06, to a higher range of $1.15 to $1.18, not comaparable to the GAAP consensus of $0.76. Alexion is revising upward its previously announced guidance for worldwide Soliris net product sales, from a previous range of $368 to $378 million, now to a higher range of $383 to $385 million for the full-year 2009.

6:10AM Check Point Sftwr beats by $0.03, beats on revs (CHKP) 30.10 : Reports Q3 (Sep) earnings of $0.52 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.49; revenues rose 17.0% year/year to $233.6 mln vs the $230.7 mln consensus.

6:09AM Travelers beats by $0.30; raises FY09 EPS guidance (TRV) 48.02 : Reports Q3 (Sep) earnings of $1.61 per share, excluding non-recurring items, $0.30 better than the First Call consensus of $1.31. Co raises guidance for FY09, sees EPS of 5.30-5.50 vs. $5.28 consensus, up from previous guidance of $4.80-5.05. Book value for the quarter jumped 22% QoQ to $51.24 per share. The current quarter underwriting gain reflects a GAAP combined ratio, excluding net favorable prior year reserve development and catastrophe losses, of 92.5 percent, as compared to 91.8 percent in the prior year quarter. This increase of 0.7 points primarily resulted from reduced underwriting margins related to pricing and loss cost trends, higher non-catastrophe weather-related losses within Personal Insurance as well as the impact of the company's recently announced direct to consumer initiative. "These results were driven by underwriting profitability in each of our business segments and increased net investment income, as our non-fixed income portfolio yield improved to a positive level. "We were once again successful in achieving positive renewal rate changes across all of our business segments, although net written premiums were down modestly, largely attributable to declining economic activity in recent... With improved stability in the capital markets we deployed excess liquidity that we accumulated over the past several quarters. We repurchased $1 billion of common shares in the quarter in contrast to our past practice of reduced share repurchases during the catastrophe season. Given our strong earnings performance and cash position and more stable capital markets, we increased our regular quarterly dividend by 10 percent to $0.33 per share. In addition our Board of Directors has approved an additional $6.0 billion of common share repurchases."

6:08AM Potash beats by $0.01, beats on revs; guides Q4 EPS below consensus (POT)102.48 : Reports Q3 (Sep) earnings of $0.82 per share, $0.01 better than the First Call consensus of $0.81; revenues fell 64.1% year/year to $1.1 bln vs the $1.04 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.65-0.85 vs. $1.18 consensus. N. American potash producer shipments improved from the previous quarter, but third-quarter volumes were still more than 50% below the same quarter in 2008 and year-to-date totals were nearly 70% lower than in the first nine months of last year. In July, India signed new contracts with global potash producers, which co believed would inspire buyer confidence in other markets. This failed to materialize, as potash buyers appeared to respond instead to their perception of market conditions and risks, including healthy producer inventories, lack of engagement by Chinese buyers and a late US harvest. Moreover, large inventory writedowns in nitrogen and phosphate taken by dealers over the past year limited the appetite for additional inventory risk. As a result, dealers and farmers continued to buy potash only on an as-needed basis, putting pressure on spot market pricing.In phosphate, US producer solid fertilizer domestic sales volumes moved closer to historical levels, while offshore volumes rose slightly as India continued to import significant quantities and shipments to Brazil increased in advance of its key planting season. In nitrogen, lower domestic natural gas costs allowed North American producers to be more competitive, contributing to a 24% decline in ammonia imports to the US compared to last year's third quarter. Lower winter wheat plantings and continued deferral by fertilizer buyers reduced urea demand and prices in the quarter. Co anticipates global potash demand in 2010 will approximate 50 million tonnes. Co now expects 2009 potash gross margin to fall within the range of $0.7-$0.9 billion and total shipments to be 3.0-3.2 million tonnes.With lower forecast potash volumes, POT now anticipates 2009 annual effective tax rate will be in the range of 10-12%, with the fourth quarter at approx 26-27%. Provincial mining and other taxes are forecast within a range of 3-4% of total potash gross margin in the year as a result of lower volumes and pricing.

3:10AM AU Optronics beats by $0.01, beats on revs (AUO) 9.82 : Reports Q3 (Sep) earnings of $0.26 per ADR, $0.01 better than the First Call consensus of $0.25; revenues rose 8.4% year/year to $3.5 bln vs the $3.21 bln consensus. Co reports operating margin of 6.8%.

Earnings - 30th April 2009(1)

7:10AM Genesis Lease beats by $0.02, reports revs in-line (GLS) 3.77 : Reports Q1 (Mar) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues rose 4.5% year/year to $57.1 mln vs the $56.9 mln consensus.

7:09AM Procter & Gamble beats by $0.04, misses on revs; guides FY09 EPS in-line (PG) 50.42 : Reports Q3 (Mar) earnings of $0.84 per share, $0.04 better than the First Call consensus of $0.80; revenues fell 8.0% year/year to $18.4 mln vs the $18.91 bln consensus. Co is comfortable with analysts' current consensus earnings per share estimate of $4.22, with a range of $4.20-4.25.  For the 2009 fiscal year, the Company expects organic sales to grow by two to three percent. Net sales are expected to be down two to four percent driven primarily by unfavorable foreign exchange of about five percent (consensus is for total revs to decline by ~3%). Operating margin, which includes about 50 basis points of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year.

7:07AM China Security and Surveillance beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, revs guidance (CSR) 6.05 : Reports Q1 (Mar) earnings of $0.30 per share,$0.01 better than the First Call consensus of $0.29; revenues rose 34.3% year/year to $96.4 mln vs the $87.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.16-2.26 vs. $2.11 consensus; sees FY09 revs of $600-630 mln vs. $601.21 mln consensus.

7:05AM Sepracor beats by $0.16, reports revs in-line; reaffirms FY09 EPS guidance, revs guidance (SEPR) 14.44 : Reports Q1 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.69; revenues rose 2.9% year/year to $330.2 mln vs the $328.6 mln consensus. Co reaffirms guidance for FY09, sees EPS of $2.10-2.70, excluding non-recurring items, vs. $2.43 consensus; sees FY09 revs of $1.15-1.25 bln vs. $1.21 bln consensus.

7:04AM Digital Realty Trust beats by $0.03, beats on revs (DLR) 37.41 : Reports Q1 (Mar) funds from operations of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 30.2% year/year to $149.1 mln vs the $147.2 mln consensus.

7:02AM Natus Medical beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs below consensus (BABY) 8.50 : Reports Q1 (Mar) earnings of $0.03 per share, $0.01 better thanthe First Call consensus of $0.02; revenues fell 9.5% year/year to $33.4 mln vs the $33.3 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.05-0.06 vs. $0.07 consensus; sees Q2 revs of $34.5-35.5 vs. $36.98 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.31-0.34 vs. $0.37 consensus; sees FY09 revs of $143-146 vs. $151.69 mln consensus. "The severe worldwide economic downturn that started to impact our business in December 2008 continued to influence our results for the first quarter of 2009. In the quarter, we had been working on several large orders that were not placed as hospitals continue to reduce capital equipment expenditures. We believe that these orders have been pushed out and not lost. However, the exact timing of these orders remains uncertain."

7:02AM Colgate-Palmolive beats by $0.01, misses on revs (CL) 59.71 : Reports Q1 (Mar) earnings of $0.97 per share, $0.01 better than the First Call consensus of $0.96; revenues fell 5.7% year/year to $3.5 bln vs the $3.6 bln consensus. Co says "We are delighted to begin 2009 with continued strong top-line momentum with organic sales increasing 8.0%. Also, our gross margin, operating margin and net profit as a percent to sales increased during the quarter, despite difficult economic conditions worldwide. Our cost-cutting and efficiency programs as well as increased pricing more than offset the impact during the quarter of higher raw and packaging material costs worldwide and the strengthening dollar.... Looking ahead, we have a very full new product pipeline for the balance of the year, which should contribute to positive unit volume growth in the second quarter and for the full year. We expect our strong organic sales growth to continue, driven by both positive volume and higher pricing.... The benefits of recently easing commodity and oil prices have begun to flow through and should build as the year goes on. This, coupled with the higher pricing and our ongoing aggressive savings programs, should offset the expected impact of the stronger dollar on raw and packaging material costs, indicating that gross profit margin should increase as the year progresses and be up at least at the high end of our targeted range of 75 to 125 basis points for the full year 2009. Overall, we are comfortable with external profit expectations for both the second quarter and the year." (Briefing.com note: Q2 consensus is $1.05/3.769 bln and FY09 consensus is $4.21/15.079 bln)

6:38AM LKQ Corp beats by $0.02, reports revs in-line; guides FY09 EPS in-line (LKQX)16.35 : Reports Q1 (Mar) earnings of $0.23 per share, $0.02 better than the First Call consensus of $0.21; revenues rose 5.3% year/year to $518 mln vs the $522.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.80-0.86 vs. $0.82 consensus. Organic revenue growth, excluding Other Revenue which will continue to be impacted by weak commodity prices, is projected to grow at a rate of 6% to 8%. 

6:33AM Dow Chemical beats by $0.33, misses on revs (DOW) 13.51 : Reports Q1 (Mar) earnings of $0.12 per share, excluding excluding pretax charge of $19 mln for additional severance related to the fourth quarter of 2008 restructuring; $48 mln in pretax transaction costs related to the acquisition of Rohm and Haas Company; and the Company's $29 mln share of a restructuring charge recognized by Dow Corning Corporation, a 50% owned nonconsolidated affiliate of the Company, $0.33 better than the First Call consensus of ($0.21); revenues fell 38.7% year/year to $9.09 bln vs the $11.69 bln consensus. Co says "There are some signs that the pace of global economic decline is moderating. The broad diversity of Dow's product mix enables us to have better visibility on true market demand, especially in parts of the world, such as in China, where domestic stimulus programs are beginning to take hold. "Having said that, it's prudent to expect that 2009 will still be a recessionary year globally, and we are not counting on material improvements in economic conditions in the near term. We remain focused on managing what is in our control, namely reducing costs and capital spending, delivering on our action plan to de-leverage our balance sheet, and smoothly and successfully integrating Rohm and Haas into the new Dow. These actions are paramount to our long-term strategy to transform Dow into an earnings-growth company." Co reports volume declined 19% compared with the same quarter of 2008, while price was down 20%, reflecting the effects of the ongoing recessionary business climate and continued inventory de-stocking in most value chains.

6:33AM Strayer Education beats by $0.10, beats on revs; guides Q2 EPS above consensus (STRA) 178.96 : Reports Q1 (Mar) earnings of $2.07 per share, $0.10 better than the First Call consensus of $1.97; revenues rose 28.2% year/year to $124.5 mln vs the $122.8 mln consensus. Co issues upside guidance for Q2, sees EPS of $1.95-1.97 vs. $1.80 consensus. Enrollment at Strayer University for the 2009 spring term increased 22% to 46,038 students compared to 37,733 for the same term in 2008. Across the Strayer University campus and online system, new student enrollments increased 26%, while continuing student enrollments increased 21%. Global online students increased 40%. Students taking 100% of their classes online (including campus based students) increased 24%. The total number of students taking at least one class online increased 23%.

6:31AM Newell Rubbermaid beats by $0.12, reports revs in-line; guides Q2 EPS in-line; reaffirms FY09 EPS guidance (NWL) 8.67 : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.08; revenues fell 16.0% year/year to $1.2 bln vs the $1.19 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.30-0.37 vs. $0.33 consensus. Co reaffirms guidance for FY09, sees EPS of $1.00-1.25 vs. $1.00 consensus

6:24AM Newmont Mining beats by $0.02, beats on revs (NEM) 40.71 : Reports Q1 (Mar) earnings of $0.44 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.42; revenues fell 20.1% year/year to $1.55 bln vs the $1.4 bln consensus. Net cash provided from continuing operations was $387.0 mln. Equity gold sales were 1.27 mln ounces at an average realized gold price of $906 per ounce. Equity copper sales were 43 mln pounds at an average realized copper price of $1.69 per pound. Co maintains its previously announced 2009 equity gold sales outlook of between 5.2-5.5 mln ounces at costs applicable to sales of between $400 and $440 per ounce. Costs applicable to sales are expected to change by approx $6 per ounce for every $10 change in the oil price and by roughly $3 per ounce for every 0.10 change in the Australian dollar exchange rate for the remainder of the year.

6:23AM Hornbeck Offshore beats by $0.09, reports revs in-line; guides FY09 EPS in-line (HOS) 20.71 : Reports Q1 (Mar) earnings of $1.01 per share, $0.09 better than the First Call consensus of $0.92; revenues rose 12.4% year/year to $109.6 mln vs the $110.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of 3.50-3.97, $3.86. excluding the recently adopted APB 14-1 non-cash OID interest expense vs. $3.53 consensus. Co says guidance assumes that current Upstream and Downstream market conditions remain constant. Fleetwide average new generation OSV dayrates are anticipated to be in the $20,000 to $22,000 range and fleetwide new generation OSV utilization is anticipated to average in the high-80% to low-90% range for the annual 2009 guidance period. The co expects that cash operating expenses per vessel-day in fiscal 2009 will not materially increase over fiscal 2008 levels, excluding contract-related costs recoverable through higher dayrates or other revenue. Annual G&A expenses are expected to be in the range of 9% to 10% of revenues for fiscal 2009. The projected annual FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense that underpin the co's diluted EPS guidance for the full-year 2009 are included in the attached data tables. Projected quarterly FAS 123R stock-based compensation expense, depreciation, amortization and net interest expense for the quarter ending June 30, 2009 are expected to be $2.4 mln, $11.4 mln, $5.9 mln and $4.7 mln, respectively. The co's annual effective tax rate is expected to be 36.3% for fiscal 2009. The coexpects total maintenance capital expenditures for the full-year 2009 to be approximately $32.6 mln.

4:44AM Carbo Ceramics beats by $0.04, misses on revs (CRR) 36.72 : Reports Q1 (Mar) earnings of $0.70 per share, $0.04 better than the First Call consensus of $0.66; revenues rose 0.3% year/year to $90.6 mln vs the $98.3 mln consensus.

3:39AM NYSE Euronext beats by $0.04, misses on revs (NYX) 22.52 : Reports Q1 (Mar) earnings of $0.43 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.39; revenues rose 0.2% year/year to $1.11 bln vs the $1.13 bln consensus. Q109 gross revenues were impacted by lower European cash and derivatives volumes, currency headwinds and structural changes to the U.S. cash pricing model which increased gross revenues.

3:33AM Taiwan Semi beats by $0.02, beats on revs, raises Q2 revenue guidance (TSM) 10.08 : Reports Q1 (Mar) earnings of $0.01 per ADR, $0.02 better than the First Call consensus of ($0.01); revenues fell 57.9% year/year to $1.16 bln vs the $1.1 bln consensus. Co issues upside guidance for Q2, sees revenue of NT$71.0-74.0 bln vs NT$45.44 bln consensus. Co expects gross profit margin of 43.5-45.5% and expects operating profit margin of 30.5-32.5%. Management expects 2009 capital expenditure of approx $1.5 bln.

2:06AM BioMed Realty beats by $0.06, beats on revs; guides FY09 FFO above consensus (BMR) 11.04 : Reports Q1 (Mar) funds from operations of $0.51 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.45; revenues rose 39.4% year/year to $94 mln vs the $84.8 mln consensus. Co issues upside guidancefor FY09, sees FFO of $1.72-1.82 vs. $1.67 consensus.

1:58AM Boston Prpts beats by $0.11, beats on revs; guides Q2 FFO above consensus; guides FY09 FFO in-line (BXP) 48.49 : Reports Q1 (Mar) funds from operations of $1.36 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $1.25; revenues rose 1.6% year/year to $377.5 mln vs the $365.9 mln consensus. Co issues upside guidance for Q2, sees FFO of $1.26-1.28 vs. $1.19 consensus. Co issues in-line guidance for FY09, sees FFO of $4.65-4.80 vs. $4.77 consensus.

1:46AM FMC Tech misses by $0.07, issues in-line FY09 EPS guidance (FTI) 35.94 : Reports Q1 (Mar) earnings of $0.56 per share, $0.07 worse than the First Call consensus of 0.63; revneues increased 1.2% year/year to $1.053 bln vs $1.087 bln First Call consensus. Energy Production Systems' operating profits were up 10% over the Q108. The total co backlog was $3.4 bln at the end of the quarter. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50 vs $2.40 First Call consensus.

Earnings - 24th July 2008 (2)

8:04AM Terra Industries beats by $0.65, reports revs in-line (TRA) 45.64 : Reports Q2 (Jun) earnings of $1.87 per share, excluding non-recurring items, $0.65 better than the First Call

8:02AM Kennametal beats by $0.01, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line, revs in-line (KMT) 33.57 : Reports Q4 (Jun) earnings of $0.85 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.84; revenues rose 14.5% year/year to $753 mln vs the $732.4 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.50-0.55 vs. $0.61 consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.15 vs. $3.10 consensus; sees FY09 revs +5-7% or ~$2.84-2.59 vs. $2.83 bln consensus.

7:59AM Laboratory Corp reports EPS in-line, misses on revs; guides FY08 EPS in-line (LH) 71.65 : Reports Q2 (Jun) earnings of $1.24 per share, excluding non-recurring items, in-line with the First Call consensus of $1.24; revenues rose 10.0% year/year to $1.15 bln vs the $1.16 bln consensus. Co issues downside guidance for FY08, sees EPS of $4.54-4.66, compared to previous guidance of $4.74-4.90, vs. $4.82 consensus; co sees rev growth of 10.3-11.3%, which equates to approx $4.49-4.53 bln, compared to previous guidance of 13-14.3%, vs $4.56 bln consensus.

7:48AM Qualcomm guides Q4 EPS and revs below consensus; raises FY08 EPS guidance below consensus, revs in-line (QCOM) 44.82 : Based on the current business outlook, and prior to accounting for the recently announced NOK settlement agreement, they anticipate Q4 EPS of $0.49-0.51 vs $0.54 First Call consensus; revs $2.5-2.7 bln vs $2.71 bln First Call consensus. The co raises FY08 EPS to $2.11-2.13 vs $2.15 First Call consensus, up from $2.04-2.09 previously; sees revs $10.3-10.5 bln vs $10.47 bln First Call consensus, up from $10.0-10.4 bln previously.

7:44AM L-3 Comms beats by $0.04, beats on revs; guides FY08 EPS above consensus, revs in-line (LLL) 95.65 : Reports Q2 (Jun) earnings of $1.67 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.63; revenues rose 9.2% year/year to $3.72 bln vs the $3.66 bln consensus. Co issues guidance for FY08, sees EPS of $6.71-6.75, excluding non-recurring items, compared to previous guidance of $6.56-6.70, vs. $6.68 consensus; sees FY08 revs of less than or equal to $14.7 bln, compared to previous guidance of $14.5-14.7 bln, vs. $14.66 bln consensus.

7:41AM MeadWestvaco beats by $0.13, beats on revs (MWV) 24.46 : Reports Q2 (Jun) earnings of $0.32 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.19; revenues rose 8.2% year/year to $1.71 bln vs the $1.68 bln consensus. " In the Packaging Resources business, third quarter segment profit is expected to be similar to prior-year results. In the Consumer Solutions business, third quarter segment profit is expected to be similar to prior-year results. In the Consumer & Office Products business, third quarter segment profit is expected to be lower than the prior-year results. In the Specialty Chemicals business, third quarter segment profit is expected to be modestly above prior-year results."

7:38AM Goodrich beats by $0.36, beats on revs; guides FY08 EPS above consensus, revs above consensus (GR) 46.35 : Reports Q2 (Jun) earnings of $1.44 per share, $0.36 better than the First Call consensus of $1.08; revenues rose 17.3% year/year to $1.85 bln vs the $1.8 bln consensus. Co issues upside guidance for FY08, sees EPS of $4.80-4.95 (vs. $4.51 consensus), which is up from the co's previous range of $4.30-4.45; sees FY08 revs of $7.3 bln (vs. $7.24 bln consensus), up from the previous range of $7.2-$7.3 bln.

7:37AM 3M beats by $0.04, reports revs in-line; reaffirms FY08 EPS guidance (MMM) 70.80 : Reports Q2 (Jun) earnings of $1.39 per share, $0.04 better than the First Call consensus of $1.35; revenues rose 9.7% year/year to $6.74 bln vs the $6.69 bln consensus. Co reaffirms guidance for FY08, saying co continues to expect full-year 2008 earnings to increase a minimum of 10% over 2007 earnings per share of $4.98 (equates to a minimum EPS of $5.478 vs. $5.46 consensus, which excludes special items. 3M also expects operating margins of 22.5-23.5% and a tax rate of 31.5-32% for the year. Annual capital expenditures for 2008 are expected to be in the range of $1.3-1.4 bln."

7:36AM Teledyne Tech beats by $0.16, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus (TDY) 55.22 : Reports Q2 (Jun) earnings of $0.89 per share, $0.16 better than the First Call consensus of $0.73; revenues rose 19.6% year/year to $478.8 mln vs the $454.2 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.77-$0.79 vs. $0.77 consensus. Co issues upside guidance for FY08, sees EPS of $3.20-$3.25 vs. $3.06 consensus, an increase from the prior outlook of $2.98 to $3.06.

7:36AM ITT Educational beats by $0.15, reports revs in-line; guides FY08 EPS above consensus (ESI) 91.29 : Reports Q2 (Jun) earnings of $1.20 per share, $0.15 better than the First Call consensus of $1.05; revenues rose 13.5% year/year to $246.4 mln vs the $245.7 mln consensus. Co issues upside guidance for FY08, sees EPS of $4.65-4.75 vs. $4.47 consensus.

7:35AM Kimberly-Clark reports EPS in-line, revs in-line; guides Q3 EPS in-line; guides FY08 EPS in-line (KMB) 56.69 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, in-line with the First Call consensus of $1.03; revenues rose 11.2% year/year to $5.01 bln vs the $4.99 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.98-1.03 vs. $1.01 consensus. Co issues in-line guidance for FY08, sees EPS of $4.20-4.30 vs. $4.22 consensus.


7:33AM FLIR Systems beats by $0.01, beats on revs; guides FY08 EPS in-line, revs in-line (FLIR) 42.78 : Reports Q2 (Jun) earnings of $0.29 per share, $0.01 better than the First Call consensus of $0.28; revenues rose 41.6% year/year to $261 mln vs the $251 mln consensus. The backlog of firm orders for delivery within the next twelve months was approximately $572 mln at June 30, 2008."Demand was excellent, particularly in our Government Systems division, and backlog at the end of the quarter was again at a record level. Based on the quarter's results, and the expectations for the remainder of the year, we are increasing our outlook for rev and EPS for the year." Co issues in-line guidance for FY08, sees EPS of $1.18-1.25 vs. $1.22 consensus; sees FY08 revs of $1.05-$1.1 bln vs. $1.09 bln consensus.

7:32AM Arctic Cat beats by $0.16, beats on revs; guides Q2 EPS below consensus, revs below consensus; guides FY09 EPS above consensus, revs in-line (ACAT) 8.12 : Reports Q1 (Jun) loss of $0.39 per share, $0.16 better than the First Call consensus of ($0.55); revenues rose 6.8% year/year to $93.9 mln vs the $88.4 mln consensus. Co issues downside guidance for Q2, sees EPS of 0.60-0.70 vs. $1.04 consensus; sees Q2 revs of 189-199 vs. $225.80 mln consensus. Co issues mixed guidance for FY09, sees EPS of 0.18-0.28 vs. $0.13 consensus; sees FY09 revs of 650-674 vs. $653.36 mln consensus.

7:20AM Cash America beats by $0.06, beats on revs; guides Q3 EPS in-line; guides FY08 EPS in-line (CSH) 43.34 : Reports Q2 (Jun) earnings of $0.67 per share, $0.06 better than the First Call consensus of $0.61; revenues rose 15.9% year/year to $247.9 mln vs the $238.7 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.62-$0.66 vs. $0.64 consensus. Co issues in-line guidance for FY08, sees EPS of $3.00-$3.20 vs. $3.08 consensus, vs previous guidance of $3.00-$3.20. products. "As the company enters 3Q08, mgmt anticipates that demand for the company's products will continue to remain strong. Mgmt is tempering its expectations, however, due to the possibility that the company may close all or a portion of its cash advance lending locations in the state of Ohio as a result of recently enacted legislation which reduces the fees permitted to be charged to a level that it would not enable the company to offer the cash advance product profitably..."

7:17AM Becton Dickinson beats by $0.08, beats on revs; guides FY08 EPS in-line (BDX) 85.60 : Reports Q3 (Jun) earnings of $1.18 per share, $0.08 better than the First Call consensus of $1.10; revenues rose 14.5% year/year to $1.87 bln vs the $1.79 bln consensus. Co issues raises guidance in-line for FY08, sees EPS up 16% which equates to $4.45 vs. $4.37 consensus, up from previous forcast of 13-14%.

7:12AM Universal Stainless/Alloy beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus (USAP) 36.67 : Reports Q2 (Jun) earnings of $0.77 per share, $0.02 better than the First Call consensus of $0.75. Co issues mixed guidance for Q3, sees EPS of $0.78-0.83 vs. $0.82 consensus; sees Q3 revs of $60-65 mln vs. $59.45 mln consensus."Based on their current inventory levels, we continue to expect service center order entry will begin to pick up in the second half of the year."

7:09AM Old Dominion beats by $0.04, reports revs in-line; reaffirms FY08 EPS guidance (ODFL) 35.29 : Reports Q2 (Jun) earnings of $0.64 per share, $0.04 better than the First Call consensus of $0.60; revenues rose 16.2% year/year to $417.8 mln vs the $417.1 mln consensus. Co reaffirms guidance for FY08, sees EPS of $1.90-1.95 vs. $1.92 consensus. "We continue to be cautious with our guidance for the remainder of 2008 because of the challenging industry conditions that persist."

7:04AM Raytheon beats by $0.07, beats on revs; raises FY08 guidance (RTN) 57.46 : Reports Q2 (Jun) earnings of $1.00 per share, $0.07 better than the First Call consensus of $0.93; revenues rose 11.2% year/year to $5.87 bln vs the $5.63 bln consensus. Co raises guidance for FY08, sees EPS of $3.80-3.95, up from $3.65-3.80 vs. $3.92 consensus; sees FY08 revs of $22.6-23.1 bln, up from $22.4-22.9 bln, vs. $22.93 bln consensus.

7:04AM Snap-On beats by $0.09, beats on revs (SNA) 52.23 : Reports Q2 (Jun) earnings of $1.15 per share, $0.09 better than the First Call consensus of $1.06; revenues rose 7.6% year/year to $766.1 mln vs the $756.8 mln consensus. Snap-on expects that its sales and earnings for the balance of 2008 will continue to exceed 2007 levels.

7:00AM Diamond Offshore beats by $0.22, beats on revs (DO) 116.61 : Reports Q2 (Jun) earnings of $2.99 per share, $0.22 better than the First Call consensus of $2.77; revenues rose 47.1% year/year to $954.4 mln vs the $925.6 mln consensus.

Earnings - 24th July 2008 (1)

6:39AM Medco Health Solutions beats by $0.02, beats on revs; guides FY08 EPS in-line (MHS) 46.86 : Reports Q2 (Jun) earnings of $0.56 per share, $0.02 better than the First Call consensus of $0.54. Co raises their FY08 guidance to $2.30-2.33 (vs. $2.31 consensus), up from $2.27-2.31.

6:36AM Strayer Education beats by $0.03, beats on revs; guides Q3 EPS above consensus (STRA) 205.88 : Reports Q2 (Jun) earnings of $1.50 per share, $0.03 better than the First Call consensus of $1.47; revenues rose 24.1% year/year to $97.9 mln vs the $96.9 mln consensus. Enrollment at Strayer University for the 2008 summer term increased 20% to 34,176 students compared to 28,461 students for the same term in 2007. Across the Strayer University campus and online system, continuing student enrollments increased 21%, while new student enrollments increased 17%. Global online students increased 51%. Students taking 100% of their classes online (including campus based students) increased 23%. The total number of students taking at least one class online increased 22% to 25,166. Co issues upside guidance for Q3, sees EPS of $0.79-0.81 vs. $0.75 consensus.

6:33AM Dow Chemical misses by $0.04, beats on revs (DOW) 34.24 : Reports Q2 (Jun) earnings of $0.81 per share, $0.04 worse than the First Call consensus of $0.85; revenues rose 23.5% year/year to $16.38 bln vs the $14.89 bln consensus.

6:32AM Kinetic Concepts beats by $0.05, beats on revs; guides FY08 revs above consensus (KCI) 41.81 : Reports Q2 (Jun) earnings of $0.98 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.93; revenues rose 16.5% year/year to $462.1 mln vs the $447.3 mln consensus. Co issues guidance for FY08, sees GAAP EPS of $2.47-2.57, may not be comparable to $3.79 consensus; sees FY08 revs of $1.917-1.947 bln vs. $1.85 bln consensus.

6:30AM EnCana beats by $0.12, beats on revs (ECA) 72.62 : Reports Q2 (Jun) earnings of $1.96 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.84; revenues rose 30.4% year/year to $7.32 bln vs the $5.95 bln consensus. Co raises Y08 cash flow guidance to $10-11 bln. Co raises natural gas production forecast by 70 MMcf/d to 3.85 Bcf/d.


6:22AM Potash beats by $0.21, beats on revs (POT) 200.69 : Reports Q2 (Jun) earnings of $2.82 per share, $0.21 better than the First Call consensus of $2.61; revenues rose 93.7% year/year to $2.62 bln vs the $2.55 bln consensus. Quarterly potash gross margin of $886.4 mln was 240% higher than the $260.4 mln of last year's second quarter and approached FY07's gross margin, reflecting the benefit of rising prices.

6:16AM Newmont Mining beats by $0.04, beats on revs (NEM) 46.95 : Reports Q2 (Jun) earnings of $0.51 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.47; revenues rose 19.3% year/year to $1.52 bln vs the $1.46 bln consensus.

6:14AM Air Methods issues downside Q208 EPS guidance (AIRM) 30.69 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.38-0.41 vs. $0.65 First Call consensus. Based on preliminary Q208 results, total community-based patient transports were 11,635. Patients transported for community bases in operation greater than one year (Same-Base Transports) decreased 651 transports or 7%, while weather cancellations for these same bases increased by 459 transports compared with the prior-year quarter. Co also announces that fuel costs per community-based patient transport were 58% higher than during the prior-year quarter. Based on patients transported during the current-year quarter, this increase resulted in approx $1.8 mln in increased fuel costs.

6:08AM RadioShack beats by $0.09, beats on revs (RSH) 14.02 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.26; revenues rose 6.4% year/year to $995 mln vs the $908.5 mln consensus. Co reports Q208 comparable store sales increased 6.9% vs Q207. Co announces $200 mln share repurchase program has been authorized.

6:04AM Starwood Hotels beats by $0.04, beats on revs; guides Q3 EPS below consensus; guides FY08 EPS below consensus (HOT) 39.82 : Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.52; revenues rose 0.1% year/year to $1.57 bln vs the $1.49 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.52-0.57, excluding non-recurring items, vs. $0.66 consensus. Co issues downside guidance for FY08, sees EPS of $2.17-2.32, excluding non-recurring items, vs. $2.44 consensus.


5:11AM Smith Intl beats by $0.02, beats on revs (SII) 79.68 : Reports Q2 (Jun) earnings of $0.91 per share, $0.02 better than the First Call consensus of $0.89; revenues rose 18.0% year/year to $2.49 bln vs the $2.38 bln consensus.

5:09AM Thermo Fisher beats by $0.02, beats on revs (TMO) 58.78 : Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.77; revenues rose 13.6% year/year to $2.71 bln vs the $2.62 bln consensus.

3:48AM VASCO Data Security beats by $0.05, beats on revs; reduces FY08 revenue growth percentage guidance (VDSI) 11.48 : Reports Q2 (Jun) earnings of $0.20 per share, $0.05 better than the First Call consensus of $0.15; revenues rose 9.3% year/year to $35.4 mln vs the $34.2 mln consensus. Co projects revenue growth of 15% to 25% for FY08 over FY07, a reduction from its previous guidance of 10 percentage points in each end of the range. Projects gross margins as a percentage of revenue of 60% to 68% for FY08, which is unchanged from previous guidance, and operating margins as a percentage of revenue of 20% to 25% for FY08, which is also unchanged from previous guidance.


2:34AM Suncor Energy beats by $0.17 (SU) 52.90 : Reports Q2 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $0.71. The increase in earnings was primarily due to improved price realizations on oil sands products as benchmark crude prices rose to historically high levels, and strong results from natural gas operations. This was partially offset by lower oil sands production, increased operating expenses and purchases in the oil sands business, and reduced margins in the refining and marketing business.

1:25AM Syngenta reports 2H08 results (SYT) 53.67 : Co reports Sales were up 20% at constant exchange rates to $7.3 bln. Crop Protection sales were up 21% at $5.55 bln. Seeds sales increased 15% to $1.74 bln. EPS increased 36% to $16.53. EPS was $15.93 after restructuring and impairment.

1:17AM Petro-Canada increases quarterly dividend 54% to $0.20 (PCZ) 46.13 : The dividend will be payable on October 1, 2008 to shareholders of record at the close of business on September 3, 2008.


1:04AM Range Resources misses by $0.06, beats on revs (RRC) 54.12 : Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.54; revenues rose 62.5% year/year to $347.6 mln vs the $316.9 mln consensus.

12:54AM Newfield Expl beats by $0.08, beats on revs (NFX) 52.00 : Reports Q2 (Jun) earnings of $1.06 per share, excluding commodity derivatives loss, $0.08 better than the First Call consensus of $0.98; revenues rose 31.4% year/year to $691 mln vs the $538 mln consensus.

12:40AM First Ind. Rlty beats by $0.02, beats on revs; guides Q3 FFO below consensus; reaffirms upside FY08 FFO (FR) 29.44 : Reports Q2 (Jun) funds from operations of $1.16 per share, $0.02 better than the First Call consensus of $1.14; revenues rose 13.7% year/year to $130.8 mln vs the $101.4 mln consensus. Co issues downside guidance for Q3, sees FFO of $1.08-1.18 vs. $1.21 consensus. Co reafirms upside guidance for FY08, sees FFO of $4.70-5.00 vs. $4.67 consensus.

12:00AM Qualcomm reports EPS in-line, beats on revs (QCOM) 44.82 : Reports Q3 (Jun) earnings of $0.55 per share, excluding the Qualcomm Strategic Initiatives segment, certain estimated share-based compensation, certain tax items related to prior years and acquired in-process research and development expense, in-line with the First Call consensus of $0.55; revenues rose 18.6% year/year to $2.76 bln vs the $2.71 bln consensus.