Earnings - 23rd April 2009 (3)

4:02PM DeVRY beats by $0.03, beats on revs (DV) : Reports Q3 (Mar) earnings of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 34.7% year/year to $391.9 mln vs the $387.6 mln consensus.

8:55AM Reliance Steel misses by $0.22, misses on revs; guides Q2 EPS below consensus (RS) 36.52 : Reports Q1 (Mar) earnings of $0.27 per share, $0.22 worse thanthe First Call consensus of $0.49. Co issues downside guidance for Q2, sees EPS of $0.15-0.20 vs. $0.66 consensus. "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a "same-store" basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter. Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. "Business remains difficult across all of our products, evidenced by weak demand and soft prices. There is still a great deal of uncertainty regarding economic conditions and the timing of any recovery... believe that we should see the beginnings of improvement later in the quarter."

8:36AM Exelon beats by $0.07, beats on revs; guides Q2 and FY09 EPS in-line (EXC)45.52 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.13; adjusted non-GAAP revenue rose 3.6% year/year to $4.75 bln vs the $4.62 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $1.01 consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.30, excluding non-recurring items, vs. $4.13 consensus.

8:35AM ConocoPhillips beats by $0.14, beats on revs (COP) 38.06 : Reports Q1 (Mar) earnings of $0.56 per share, $0.14 better than the First Call consensus of $0.42; revenues fell 44.1% year/year to $30.7 bln vs the $26.34 bln consensus. Co said, "Looking ahead to next quarter, we expect the company's second-quarter E&P segment production will be lower than the first quarter, primarily due to planned maintenance and seasonality. However, full-year production is expected to be slightly higher than 2008. Exploration expenses are anticipated to be approximately $325 million for the quarter. In our downstream refining business, we expect the worldwide refining crude oil capacity utilization rate to be in the upper-80-percent range during the second quarter and turnaround costs to be approximately $125 million before-tax for the quarter."

8:34AM Eagle Materials beats by $0.04, misses on revs (EXP) 26.63 : Reports Q4 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.11; revenues fell 24.8% year/year to $108.9 mln vs the $120.6 mln consensus.

8:31AM Life Time Fitness beats by $0.03, slight beat on revs; guides FY09 above consensus (LTM) 17.87 : Reports Q1 (Mar) earnings of $0.38 per share, $0.03 better thanthe First Call consensus of $0.35; revenues rose 11.9% year/year to $206.4 mln vs the $204.4 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.55-1.70 vs. $1.53 consensus; sees FY09 revs of $830-860 mln vs. $824.9 mln consensus.

8:31AM Supervalu beats by $0.08, reports revs in-line; guides FY10 EPS in-line, revs below consensus (SVU) 14.98 : Reports Q4 (Feb) earnings of $0.87 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.79; revenues rose 4.2% year/year to $10.82 bln vs the $10.86 bln consensus. Co issues mixed guidance for FY10, sees EPS of $2.50-2.65 vs. $2.59 consensus; sees FY10 revs of approximately $43 bln vs. $43.55 bln consensus. Co sees FY10 same store sales of -1 to +1%.

8:31AM Ensco beats by $0.04, reports revs in-line (ESV) 31.89 : Reports Q1 (Mar) earnings of $1.56 per share, $0.04 better than the First Call consensus of $1.52; revenues fell 9.6% year/year to $514.1 mln vs the $512.8 mln consensus. The average day rate for Ensco's 43-rig jackup fleet for the quarter ended March 31, 2009, increased 18% to $168,200, as compared to $142,800 in the prior year quarter. Utilization of the Company's jackup fleet was 80% in the first quarter of 2009 compared to 95% in the first quarter of 2008.

8:30AM Union Pacific beats by $0.06, misses on revs (UNP) : Reports Q1 (Mar) earnings of $0.72 per share, $0.06 better than the First Call consensus of $0.66; revenues fell 20.0% year/year to $3.42 bln vs the $3.55 bln consensus. "The difficult economic conditions continue to affect our business volumes. During this challenging time, we are reducing costs across the board, strengthening our operations and offering competitive supply chain solutions to our customers..."

8:17AM L.B. Foster Company beats by $0.02, beats on revs (FSTR) 29.61 : Reports Q1 (Mar) earnings of $0.29 per share, $0.02 better than the First Call consensus of $0.27; revenues rose 4.6% year/year to $97.7 mln vs the $93.5 mln consensus. "On the positive side, we are beginning to see areas of opportunity generated from the recent stimulus legislation in our Transit, Piling and Precast Buildings businesses. Some of that work has already started to bid and we expect to begin to benefit from it in the second half of this year..."

8:14AM Royal Caribbean beats by $0.17, beats on revs; guides Q2 EPS in-line; guides FY09 EPS above consensus (RCL) 11.41 : Reports Q1 (Mar) loss of $0.17 per share, $0.17 better than the First Call consensus of ($0.34); revenues fell 7.2% year/year to $1.33 bln vs the $1.31 bln consensus. Co issues in-line guidance for Q2, sees EPS of 0.00-($0.05) vs. ($0.01) consensus. Co issues upside guidance for FY09, sees EPS of approx $1.35 vs. $0.97 consensus.  For the year, the company projects revenue yields to be toward the lower end of its previous guidance (12% - 13%). Co said, "Given the horrible economy, I am encouraged by a more stable revenue environment and I am proud that our people have been able to reduce expenses and deliver better than expected results."

8:09AM Harsco beats by $0.06, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS below consensus (HSC) 26.83 : Reports Q1 (Mar) earnings of $0.25 per share, $0.06 better than the First Call consensus of $0.19; revenues fell 29.5% year/year to $697 mln vs the $786.1 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.40-0.50 vs. $0.58 consensus. Co issues downside guidance for FY09, sees EPS of $1.90-2.10 vs. $2.34 consensus, down from previous guidance of $2.80-3.00. The outlook for global steel production and non-residential construction markets continued to deteriorate throughout the quarter. The global economic recovery previously anticipated to begin in 2H09 cannot now be predicted with any certainty. Their markets have deteriorated more than they expected. Co says, "Given the negative impact from the continued strengthening of the U.S. dollar, and considering the challenging and uncertain global economic and financial environment we continue to face with no meaningful improvement expected in the major global economies in '09, we believe it is prudent to modify our guidance for 2009 diluted EPS from continuing operations."

8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 32.95 : Reports Q1 (Mar) earnings of $1.13 per share, $0.07 better than the First Call consensus of $1.06; revenues rose 29.6% year/year to $3.48 bln vs the $3.29 bln consensus.  New capital equipment orders during the quarter were $240 mln, net of orders removed from backlog of $32 mln. Backlog for capital equipment orders for the Company's Rig Technology segment was $9.6 bln at March 31, 2009 compared to $11.1 bln at December 31, 2008. Co says, "Our solid backlog for drilling equipment enabled our Company to generate strong earnings in the first quarter, despite a sharp downturn in drilling activity and available credit to our customers. Though the pace of new capital equipment orders has slowed in the short run, we believe investment in drilling equipment will resume, to enable the industry to explore new oil and gas frontiers. Nevertheless market conditions remain very challenging, and the timing of a recovery is uncertain. We are well positioned for this market, given our strong financial resources, high cash flow, and exceptional backlog through 2010. We plan to execute strategic opportunities arising from the current downturn, both internal and external, to further enhance our business."

7:49AM UPS misses by $0.04, misses on revs; guides Q2 EPS below consensus (UPS)54.75 : Reports Q1 (Mar) earnings of $0.52 per share, ex items, $0.04 worse than the First Call consensus of $0.56; revenues fell 13.7% year/year to $10.94 bln vs the $11.44 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.45-0.55 vs. $0.65 consensus. Co said, "Economic indicators tell us recovery in the U.S. might begin late this year, but more likely not until 2010... So we expect the second quarter will be another difficult one."

7:41AM Occidental Petro beats by $0.13, misses on revs (OXY) 55.56 : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.37; revenues fell 49.0% year/year to $3.07 bln vs the $3.18 bln consensus. 1Q09, daily oil and gas sales volumes averaged 654,000 barrels of oil equivalent (BOE), compared with 607,000 BOE per day in 1Q08. Oxy's realized price for worldwide crude oil was $39.29 per barrel for 1Q09, compared with $86.75 per barrel for 1Q08. Domestic realized gas prices decreased from $8.15 per thousand cubic feet (MCF) in 1Q08 to $3.54 per MCF for 1Q09. Co says, "In the first quarter, Occidental achieved a nearly eight percent growth in year-over-year oil and gas production. In addition, we have made significant progress in our continuing cost reduction efforts and we will continue to invest in the long-term growth of the co. I am pleased with our effectiveness in adjusting to the ongoing volatile market conditions."

7:41AM Black & Decker beats by $0.14, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line (BDK) 33.02 : Reports Q1 (Mar) earnings of $0.22 per share, $0.14 better than the First Call consensus of $0.08; revenues fell 28.2% year/year to $1.07 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.35-$0.45 vs. $0.42 consensus. Co issues in-line guidance for FY09, sees EPS of $1.50-$1.90 vs. $1.79 consensus.

7:37AM Goodrich beats by $0.28, reports revs in-line; guides FY09 EPS in-line, revs below consensus (GR) 41.83 : Reports Q1 (Mar) earnings of $1.35 per share, $0.28 better than the First Call consensus of $1.07; revenues fell 2.8% year/year to $1.7 bln vs the $1.69 bln consensus. Co issues mixed guidance for FY09, lowers EPS to a range of $4.50-$4.75 (vs. $4.63 consensus), down from the co's previous range of $4.50-$4.90; sees FY09 revs of approx $6.9 bln (vs. $7.1 bln consensus), down from the previous range of $7.1-$7.2 bln.

7:35AM Steven Madden guides above consensus; sees Q1 EPS of $0.35-0.37 vs $0.24 First Call consensus; revs $106-107 mln vs $96.22 mln First Call consensus (SHOO)23.66 : Co raises FY09 EPS guidance to $1.85-1.95 vs $1.47 First Call consensus. For fiscal 2009, the Company now expects net sales to range from flat to a decline of 2% compared to 2008, again incorporating shifts in the Candies and International businesses. Excluding the impact of these shifts, sales are expected to decline 2% to 4% for the year. Net sales for the first quarter of 2009 will reflect shifts related to the co's Candies and International businesses. Candies has been transitioned to a "first cost" model from a wholesale model, and therefore revenue will now be recorded in other income. As a result of this change, net sales for the first quarter of 2009 will not reflect Candies revenue while net sales in the first quarter of 2008 reflected revenue of $4.9 mln for the Candies business. "We had a strong start to the year, with better than expected results driven by the performance of the Steve Madden Womens and Madden Girl brands within our wholesale division. Our updated full-year guidance reflects increased expectations for these two brands as well as for our Adesso Madden "first-cost" business, particularly our recently launched l.e.i. brand at Wal-Mart. While we are very pleased with our performance thus far, we will remain diligent in our inventory management and expense controls."

7:34AM Cash America beats by $0.04, beats on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (CSH) 22.18 : Reports Q1 (Mar) earnings of $0.79 per share, $0.04 better than the First Call consensus of $0.75; revenues rose 6.9% year/year to $268.1 mln vs the $265.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $50-$0.53 vs. $0.60 consensus. Co issues upside guidancefor FY09, sees EPS of $3.10-3.30 vs. $3.10 consensus. Co says mgmt believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the co, which take the form of pawn loans and short-term cash advances. Other elements expected to affect the growth in revenue include the potential impact of the regulatory governance of loan products, the continued growth and development of the Mexican pawn operations and the development and expansion of the Company's online and card based distribution channels for its cash advance products. Co says the impact of regulatory changes in their Ohio storefront locations and the anticipated decrease in customers in Pennsylvania and Minnesota in the online channel will cause revenue and earnings for the cash advance segment to be down in the second quarter. In addition, the absence of Federal Stimulus Payments will likely cause revenue and earnings from U.S. pawn operations to be below the prior year. However, management believes the anniversary revenue challenges discussed for the first half of 2009 could begin to improve in the second half of the year if loan demand firms for both pawn and cash advance products. While the co intends to maintain its current underwriting standards, higher loan demand for the cash advance product could lead to higher loan losses associated with the difficult consumer economic environment.

7:33AM ITT Educational beats by $0.18, reports revs in-line; guides FY09 EPS above consensus (ESI) 101.96 : Reports Q1 (Mar) earnings of $1.59 per share, $0.18 better thanthe First Call consensus of $1.41; revenues rose 22.6% year/year to $288 mln vs the $285.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $7.00-7.25 vs. $6.61 consensus, up from previous guidance of $6.50-6.75. Co says, "Operating margin in the first quarter increased a very impressive 550 basis points to 34.8% compared to 29.3% in 1Q08, due to our ability to leverage fixed operating costs on total student enrollment that was substantially higher as of the end of the first quarter of 2009 compared to the same point in 2008... We entered the second quarter of '09 with a high level of confidence in our ability to efficiently execute our proven growth strategy, and we are very excited about the prospects for achieving our '09 internal goals."

Earnings - July 21st 2008

4:47PM Celanese beats by $0.06, beats on revs; reaffirms FY08 EPS guidance (CE) 44.52 +0.13 : Reports Q2 (Jun) earnings of $1.20 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.14; revenues rose 20.1% year/year to $1.87 bln vs the $1.84 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.60-3.85 vs. $3.98 consensus based on the strength of its performance in 1H and continued execution of its earnings growth strategy. Co reaffirms operating EBITDA guidance of $1.355-1.415 bln.

4:43PM Merck beats by $0.03, reports revs in-line (MRK) 35.33 -2.35 : Reports Q2 (Jun) earnings of $0.86 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.83; revenues fell 1.0% year/year to $6.05 bln vs the $6.05 bln consensus. MRK guides worldwide sales: Co sees 2008 SINGULAIR sales of $4.4-4.6 bln, COZAAR/HYZAAR sales of $3.5-3.7 bln, GARDASIL sales of $1.4-1.6 bln, Other Vaccines sales of $2.7-2.9 bln, FOSAMAX sales of $1.4-1.7 bln... The results of the Simvastatin plus Ezetimibe in Aortic Stenosis (SEAS) study were released earlier today. MRK is currently assessing the impact of the results on the contribution from the Merck/Schering-Plough joint venture and therefore at this time is not providing 2008 equity income guidance; 2008 GAAP and non-GAAP EPS guidance; and any long-term financial performance guidance. MRK anticipates providing additional financial guidance at a later date.

4:38PM QLogic beats by $0.02, beats on revs (QLGC) 16.48 -0.12 : Reports Q1 (Jun) earnings of $0.31 per share, $0.02 better than the First Call consensus of $0.29; revenues rose 20.5% year/year to $168.4 mln vs the $161.9 mln consensus. "Our strong revenue performance was driven by sequential growth of 9% for both our Host Products and Network Products from the fourth quarter of fiscal 2008."

4:38PM Apple beats by $0.11, beats on revs; guides Q4 EPS below consensus, revs below consensus (AAPL) 166.29 +1.14 : Reports Q3 (Jun) earnings of $1.19 per share, $0.11 better than the First Call consensus of $1.08; revenues rose 38.0% year/year to $7.46 bln vs the $7.37 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.00 vs. $1.24 consensus; sees Q4 revs of $7.8 bln vs. $8.32 bln consensus. Gross margin was 34.8 percent (vs flat guidance from Q2 of 32.9%), down from 36.9 percent in the year-ago quarter. Apple shipped 2,496,000 Macintosh computers during the quarter, representing 41 percent unit growth and 43 percent revenue growth over the year-ago quarter. The Company sold 11,011,000 iPods during the quarter, representing 12 percent unit growth and seven percent revenue growth over the year-ago quarter. Quarterly iPhone units sold were 717,000 (vs over 700K guidance) compared to 270,000 in the year-ago-quarter.

4:36PM Texas Instruments misses by $0.02, misses on revs; guides Q3 EPS below consensus, revs below consensus (TXN) 28.52 -0.30 : Reports Q2 (Jun) earnings of $0.44 per share, $0.02 worse than the First Call consensus of $0.46; revenues fell 2.2% year/year to $3.4 bln vs the $3.39 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.41-0.47 vs. $0.51 consensus; sees Q3 revs of $3.26-3.54 bln vs. $3.56 bln consensus. The co says demand slowed unexpectedly in June primarily because distributors reduced inventory levels and did not replenish them late in the quarter. Additionally, Wireless revenue declined in the quarter, continuing its first-quarter weakness. "We believe this slower demand was due to a mix of reasons, including a weaker economic environment and greater confidence in TI's ability to deliver products within short lead times," Templeton said. "Our orders were up in the quarter and backlog grew, but we are cautious given the demand environment we just experienced. If demand strengthens as quickly as it slowed, we are well-positioned to meet it." (stock is halted)

4:35PM Woodward Governor beats by $0.04, beats on revs; raises FY08 guidance (WGOV) 38.24 +0.92 : Reports Q3 (Jun) earnings of $0.47 per share, $0.04 better than the First Call consensus of $0.43; revenues rose 22.6% year/year to $329.8 mln vs the $308.9 mln consensus. Co issues upside guidance for FY08, sees EPS of ~$1.75, up from $1.61-1.66, vs. $1.67 consensus; sees FY08 revs growth of ~20%, up from 14-16%, (which calculates to ~1.25 bln vs. $1.21 bln consensus.

4:28PM American Express misses by $0.27, misses on revs; says fallout from a weaker U.S. economy accelerated during June (AXP) 40.90 -1.29 : Reports Q2 (Jun) earnings of $0.56 per share, $0.27 worse than the First Call consensus of $0.83; revenues rose 7.9% year/year to $7.48 bln vs the $7.6 bln consensus. The second quarter results included a $600 mln ($374 mln after-tax) addition to U.S. lending credit reserves that reflects a deterioration of credit indicators beyond our prior expectation, and a $136 mln ($85 mln after-tax) charge to the fair market value of the co's retained interest in securitized Cardmember loans. The second quarter also included a tax benefit of $101 mln primarily related to resolution of certain prior years' tax items. "Fallout from a weaker U.S. economy accelerated during June with consumer confidence dropping, unemployment rates moving sharply higher and home prices declining at the fastest rate in decades... Consumer spending slowed during the latter part of the quarter and credit indicators deteriorated beyond our expectations... In light of the weakening economy, we are no longer tracking to our prior forecast of 4-6% earnings per share growth. That outlook was based on business and economic conditions in line with, or moderately worse than, January 2008. The environment has weakened significantly since then, particularly during the month of June... The scope of the economic fallout was evident even among our longer term, superprime Cardmembers... Newer Cardmembers -- whose write-off levels are typically higher than the total portfolio -- are also feeling the impact, but we are confident that the relationships we've built during the last several years will generate attractive economics over their life cycle... Despite the weakness in our bottom line, revenue grew a strong 8 percent and many of our key business metrics performed very well as we benefited from the strength of our international consumer and Global Business-to-Business operations... While we are obviously disappointed in the impact that the higher reserves had on earnings, our coverage levels are now substantially higher than at any point during the last three years. The current reserves reflect our expectation that write-offs will continue to rise in the remainder of 2008... We remain focused on gaining profitable share but, as you would expect in this environment, we will be very selective with our investment dollars. While we continue to scale back some card acquisition efforts and reduce credit lines selectively, we also plan to take advantage of growth opportunities in the marketplace. "Our reengineering efforts over the past decade have resulted in a well controlled expense base, but in order to give us greater flexibility to invest in the business, we are accelerating those efforts. Our aim is to free-up resources by reducing overall costs and staffing levels. While we have not yet quantified the impact of these activities, we expect them to result in restructuring-related charges during the second half. "While we have been able to generate substantial earnings and returns relative to many in the financial sector, we do not expect to meet or exceed our long-term financial targets until we see improvements in the economy... We do not know the extent of the current downturn, but the position of our company today is financially sound and competitively strong. We've lowered our risk profile by divesting some businesses and we are well-positioned to execute against growth opportunities in a manner that continues to appropriately balance our short, medium and long-term objectives."

4:19PM Eagle Materials misses by $0.11, misses on revs (EXP) 23.52 +0.03 : Reports Q1 (Jun) earnings of $0.18 per share, $0.11 worse than the First Call consensus of $0.29; revenues fell 20.1% year/year to $176.8 mln vs the $198.1 mln consensus. Co says, "The continued contraction in U.S. homebuilding activity and escalating energy costs negatively impacted our wallboard sales prices and costs. In addition, our cement sales volumes were negatively impacted by adverse weather conditions in the Midwest. (Stock is halted).

4:13PM Schering-Plough beats by $0.03, beats on revs (SGP) 18.95 -2.49 : Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the First Call consensus of $0.42; revenues rose 54.8% year/year to $4.92 bln vs the $4.77 bln consensus. "We remain confident in VYTORIN and ZETIA and the ability of these medicines to help patients get to lower LDL cholesterol goals. While the overall U.S. prescription market continues to get tougher, we achieved good sales growth internationally, with strong results for REMICADE, NASONEX and TEMODAR."

4:12PM Mohawk beats by $0.02, reports revs in-line; guides Q3 below consensus (MHK) 64.06 -0.79 : Reports Q2 (Jun) earnings of $1.29 per share, $0.02 better than the First Call consensus of $1.27; revenues fell 6.9% year/year to $1.84 bln vs the $1.84 bln consensus. Co sees Q3 EPS of $1.06-1.15 vs. $1.40 consensus. Co's results for the second quarter were impacted by the slowing economies in the U.S. and Europe and rapidly increasing commodity costs. Declining new U.S. home construction and residential remodeling, slowing European demand and rising raw material and energy costs have contributed to the flooring industry cyclical decline. The rapidly increasing costs are impacting co's margins even as they raise selling prices to offset these costs.

4:08PM Canadian Natl Rail beats by C$0.04, beats on revs (CNI) 50.95 -0.22 : Reports Q2 (Jun) earnings of C$0.90 per share, excluding non-recurring items, C$0.04 better than the First Call consensus of C$0.86; revenues rose 3.5% year/year to C$2.1 bln vs the C$2.06 bln consensus. CNI's sees 2008 diluted EPS growth growth in the mid-single-digit range over 2007 adjusted diluted EPS of C$3.40

4:05PM SanDisk misses by $0.23, misses on revs (SNDK) 18.01 +0.44 : Reports Q2 (Jun) loss of $0.10 per share, excluding non-recurring items, $0.23 worse than the First Call consensus of $0.13; revenues fell 1.3% year/year to $816 mln vs the $906.1 mln consensus. Co is delaying the start of the next phase of production ramp in Fab 4 and now expects it to start no sooner than April 2009. The co is also pushing out its decision to invest in Fab 5 until market conditions improve. These actions are aimed at reducing future capital expenditures and inventory growth in order to maintain a strong balance sheet... Co says, "Our Q2 sales were well below our expectations due to the rapid deterioration in consumer confidence which impacted our sales in U.S. retail and to handset OEMs. Product gross margin was negatively impacted by the lower sales volume and a substantial inventory write-down. Overall demand is expected to improve in the upcoming holiday season; however, industry-wide Flash inventories remain excessive and pricing and margins will therefore remain under pressure until supply and demand come into balance. We are taking significant actions to slow our captive supply growth, which will reduce our capital expenditure commitments, and allow us to better manage our inventory. We are also continuing to improve our cost structure through transitions to 43-nanometer MLC and the industry's first commercialized 3-bits per cell NAND flash. While the industry downturn has been more pronounced and severe than expected, we are optimistic about our long-term renewed growth when the market rebounds."

Sport Supply Group Sees Q408 And FY08 EPS Well Above Estimates; Raises FY08 EPS Guidance And Introduces FY09 EPS Guidance >RBI 9:59AM Sport Supply Group raises FY08 EPS guidance to $0.75 - $0.77 per share; introduces FY09 EPS guidance of $0.85 - $0.95 per share (RBI) 11.45 +1.25 : Co raised its FY08 EPS guidance to $0.75-0.77, up from $0.65-0.73, vs. $0.71 consensus. Co also introduced FY09 EPS guidance of $0.85-0.90 vs. $0.80 consensus. "Our Fourth Fiscal Quarter appears to have delivered an outstanding finish to what has been a very impressive year. Preliminary results for the Quarter ended June 30, 2008 indicate near 10% organic sales growth, significant gross margin expansion, and SG&A expenses lower than the prior year for the second straight quarterly period. We have continued to focus on bottom line performance as we expand market share. Results suggest the plan is working. The business is well positioned for continued organic growth and growth via acquisition or joint-venture opportunity. We continue to evaluate a number of options to expand our footprint in the space and further leverage our scalable business platform and ever strengthening balance sheet, which as of June 30, 2008 had approximately $20.5 Million cash on-hand, up 58% from $13.0 Million on March 30, 2008. Other uses of excess cash and our untapped credit facility may include the repurchase of common stock and/or the repurchase of outstanding convertible debentures as conditions merit. Fiscal 2008 will likely represent the second straight year of 100%+ earnings growth for the Company. This earnings expansion is a credit to our hard working employees across the Nation."

8:32AM Badger Meter beats by $0.05, beats on revs (BMI) 51.30 : Reports Q2 (Jun) earnings of $0.48 per share, $0.05 better than the First Call consensus of $0.43; revenues rose 20.1% year/year to $74.7 mln vs the $70.2 mln consensus. "While the current economic environment is a concern, to this point we have not seen an impact on sales of our utility products. We have seen some weakening in certain products in our industrial markets, however, which are being somewhat offset by increased sales of our small precision valves into the petroleum and certain other industries."

8:05AM China Wind Systems sees Q2 EPS of $0.023-0.026; expects Q2 revs to rise 143-150% YoY to $10.9-11.2 mln - no ests (CWSI) 4.05 : For the year ended December 31, 2008, CWSI.OB expects to report revenues of approximately $40 mln and net income of approximately $7 mln. The guidance reflects the expectation that the co's new large scale facility to manufacture high precision components for the wind energy industry will begin to contribute to results in the fourth quarter of fiscal 2008. ''We remain quite optimistic about achieving our long-term goal in becoming a leading provider of wind energy components in China. The planned rapid growth in wind generation capacity in China is creating strong demand for precision components such as forged rolled rings and shafts for use in the next generation of large scale windmills... We expect the pace of our involvement in the wind energy industry to increase dramatically over the course of the next few years, as we gain move into manufacturing critical wind components such as gear boxes and yaw bearings.''

7:36AM Timken rasies Q2 and FY08 EPS guidance above consensus (TKR) 28.68 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.96, excluding non-recurring items, vs. $0.78 First Call consensus, up from $0.73-0.83 previously. Co issues upside guidance for FY08 (Dec), sees EPS of $2.95-3.10 vs. $2.90 consensus, up from $2.75-2.95 previously. Q2 EPS guidance excludes manufacturing rationalization, impairment and restructuring charges, net of tax. Second-quarter performance benefited from the company's ability to capitalize on strong industrial markets, with higher volume, improved mix and better execution more than offsetting the impact of declining automotive demand. (Machine Tool Maker - Growing business globally - global growth play)

7:15AM Ametek beats by $0.11, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY08 EPS above consensus, revs above consensus (AME) 50.30 : Reports Q2 (Jun) earnings of $0.68 per share, excluding $0.07 charge of $0.07 related to the performance-based accelerated vesting of restricted stock, $0.11 better than the First Call consensus of $0.57; revenues rose 24.9% year/year to $648.8 mln vs the $626.7 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.61-0.63 vs. $0.62 consensus; sees Q3 rev growth of 20%, which equates to $634.2 mln vs. $619.50 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.54 vs. $2.47 consensus; sees FY08 rev growth of 20%, which equates to $2.564 bln vs. $2.51 bln consensus. (Industrial Equipment)

7:15AM Bank of America beats by $0.19, beats on revs (BAC) 27.49 : Reports Q2 (Jun) earnings of $0.72 per share, $0.19 better than the First Call consensus of $0.53; revenues rose 3.5% year/year to $20.32 bln vs the $18.37 bln consensus. Co reports $1.22 bln of market writedowns. Co reports provision expense of $5.83 bln, reflecting net charge-offs of $3.62 bln and additions to the allowance for loan and lease losses of $2.21 bln. The additions were mainly in consumer and commercial portfolios directly tied to housing, including home equity, residential mortgage and homebuilders. BAC has added $7.29 bln to the reserve through increased provision over the past 12 months. Co reports Countrywide had a Q2 net loss of $2.33 bln, and expects Countrywide to be accretive in 2008. Countrywide's results are not reflected in BAC's Q2 results. "Credit quality continued to weaken, particularly in markets that experienced the most significant home price declines. The slowing economy resulted in credit deterioration concentrated in the domestic consumer, small business and homebuilder portfolios. Both net charge-offs and nonperforming assets continued to increase."

7:08AM Weatherford misses by $0.02, reports revs in-line (WFT) 40.68 : Reports Q2 (Jun) earnings of $0.43 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.45; revenues rose 22.8% year/year to $2.23 bln vs the $2.21 bln consensus. The $0.09 non-recurring items in the second quarter of 2008 results include a gain on the restructuring of a Qatar operation into a JV, partially offset by investigation and exit costs incurred in connection with the company's withdrawal from sanctioned countries.

7:02AM Astec Industries misses by $0.02, beats on revs (ASTE) 34.93 : Reports Q2 (Jun) earnings of $0.93 per share, $0.02 worse than the First Call consensus of $0.95; revenues rose 22.7% year/year to $277.7 mln vs the $269.3 mln consensus.

6:32AM Hasbro beats by $0.03, beats on revs (HAS) 37.99 : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the First Call consensus of $0.22; revenues rose 13.4% year/year to $784.3 mln vs the $675.4 mln consensus. "I'm very pleased with the earnings we announced today, while input cost inflation continues to be challenging, thus far we have been able to mitigate most of the impact through cost savings initiatives and pricing actions."