Earnings - 28th May 2009

4:04PM J. Crew beats by $0.23, beats on revs; guides Q2 EPS above consensus (JCG) 20.37 +0.20 : Reports Q1 (Apr) earnings of $0.34 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.11; revenues rose 1.5% year/year to $345.8 mln vs the $322.1 mln consensus. Co issues upside guidance for Q2, sees EPS of 0.08-0.12 vs. ($0.02) consensus. Inventories at the end of the quarter were $193.9 mln, reflecting the impact of 43 net stores opened since the first quarter of fiscal 2008. Inventory per square foot was flat to last year at the end of the first quarter of fiscal 2008.

8:06AM Trina Solar beats by $0.10, misses on revs (TSL) : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.10 better than the First Call consensus of ($0.08); revenues rose 9.5% year/year to $132.1 mln vs the $142.5 mln consensus. Gross margin was 17.2%, exceeding the Company's previous guidance of between 15% and 17%, compared to 9.6% in the fourth quarter of 2008 For the second quarter of 2009, the Company expects to ship between 60 MW to 65 MW of PV modules. The Company believes gross margin for the second quarter will likely be between 18% and 20%. For the full year of 2009 the Company reiterates the guidance for total PV module shipments between 350 MW to 400 MW, representing an increase of 74% to 99% from 2008. As of March 31, 2009, the Company had $194.1 million in cash and cash equivalents, and restricted cash. TheCompany's working capital balance was $81.8 million. Total bank borrowings stood at $320.2 million, of which $14.6 million were long-term borrowings. Shareholders' equity was $423.4 million, compared to $433.1 million as of December 31, 2008. As of April 30, 2009 the Company's total short term credit lines increased to approximately $523 million, which includes approximately $183 million of unused available credit line. The Company increased its foreign currency hedging program during the first quarter of 2009 using foreign currency forward contracts between the Euro and the US dollar, with the goal of mitigating, to some extent, the effects of exchange rate volatility.

8:02AM Freeseas beats by $0.04 (FREE) 2.19 : Reports Q1 (Mar) earnings of $0.29 per share, $0.04 better than the First Call consensus of $0.25; revenues rose 103.7% year/year to $17.6 mln vs the $17.9 mln consensus. Co said, "We have focused on securing attractive rates for our vessels currently operating in the spot market, and are benefiting from the favorable time charter agreements made by the Company last year and that were extended in the first quarter of 2009. We are also very pleased with the upward turn in the Baltic Dry Index, which we feel only begins to explain the potential rate of expansion for operators of Handysize vessels. According to available market data, the worldwide Handysize fleet has been shrinking since the third quarter of 2008. The Handysize segment in which FreeSeas operates is the only dry bulk segment where scrapping exceeded newbuildings, a trend we expect to continue due to the average older age of the segment's fleet. While we acknowledge that numerous challenges remain, we continue to see support in recent weeks towards more favorable rates and are encouraged by the improving strength in the charter market. As a result of this reasonable optimism, our solid results in the first quarter, and our existing charter agreements,we expect to achieve profitability throughout 2009."

7:35AM Genesco beats by $0.13, beats on revs; reaffirms FY10 EPS guidance (GCO)23.70 : Reports Q1 (Apr) earnings of $0.17 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.04; revenues rose 3.8% year/year to $370.4 mln vs the $355.7 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.70-1.80 vs. $1.59 consensus. Co said, "Given the current economic environment, we are pleased with our better than expected performance in the first quarter. Our ability to deliver these results in such turbulent times highlights the benefits of our diversified operating model and the strength and experience of our management team. Both the Journeys Group and Hat World posted strong comparable store sales and operating earnings increases during the quarter. Licensed brands sales were also solid, up 15%. However, Johnston & Murphy and Underground Station remained weak for the first quarter." 

7:03AM Monro Muffler reports EPS in-line, revs in-line; guides Q1 EPS in-line; guides FY10 EPS in-line (MNRO) 26.93 : Reports Q4 (Mar) earnings of $0.15 per share, in-line with the First Call consensus of $0.15; revenues rose 9.3% year/year to $117.1 mln vs the $117 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.42-0.47 vs. $0.46 consensus.  For Q1 co anticipates comparable store sales growth in the range of 4-7%.  Co issues in-line guidance for FY10, sees EPS of $1.30-1.45 vs. $1.44 consensus. For FY10 Co sees comparable store sales growth of 4-7%.

6:36AM Sanderson Farms beats by $0.72, beats on revs (SAFM) 42.04 : Reports Q2 (Apr) earnings of $1.27 per share, $0.72 better than the First Call consensus of $0.55; revenues fell 1.6% year/year to $426.8 mln vs the $408.7 mln consensus. Jumbo wing prices remained strong and averaged $1.39 per pound during 2Q09, compared with the average of $0.97 per pound during 2Q08. Co says, "Much of the market improvement is due to production cuts and resulting reduced supply of chicken in the market. Demand for chicken at retail grocery stores remains strong and the export market improved compared to our first quarter. However, as in the previous two quarters, demand from some food service customers has been adversely affected by the economic downturn, as demand for protein consumed away from home remains soft. We also benefited from lower feed costs during the quarter compared with a year ago. We are cautiously optimistic as we head into the summer months and what is typically a period of better demand for chicken. Broiler egg sets have continued to be lower, which indicates continued lower supply levels. While our industry has never gone through the summer demand season with 5-6% less chicken, we have also never gone through the summer months with the economy and the American consumers as uncertain and cautious as they are today."

5:59AM Big Lots beats by $0.04, reports revs in-line; guides Q2 EPS in-line; guides FY10 EPS in-line (BIG) 23.65 : Reports Q1 (Apr) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues fell 0.9% year/year to $1.14 bln vs the $1.13 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.26-0.32, excluding non-recurring items, vs. $0.30 consensus. Co anticipates Q2 comparable store sales will decrease 1-3%. Co issues in-line guidance for FY10, sees EPS of $1.85-1.95, excluding non-recurring items, vs. $1.88 consensus.

4:13AM Frontline beats by $0.27, beats on revs (FRO) 22.82 : Reports Q1 (Mar) earnings of $0.97 per share, excluding non-operating items, $0.27 better than the First Call consensus of $0.70; revenues fell 32.4% year/year to $356.6 mln vs the $299.8 mln consensus.

Earnings - 28th Aug 2008

5:56PM Citrix Systems guides Q3 and FY08 EPS in-line with consensus in an 8-K (CTXS) 30.47 +0.51 : Co guides, in an 8-K, Q3 EPS of $0.36-0.39 vs. $0.38 First Call consensus; guides FY08 EPs of $1.54-1.60 vs. First Call consensus of $1.57.

4:18PM OmniVision misses by $0.03, beats on revs; guides Q2 EPS below consensus, revs below consensus; Peter Leigh to retire as CFO (OVTI) 10.84 -0.35 : Reports Q1 (Jul) earnings of $0.25 per share, $0.03 worse than the First Call consensus of $0.28; revenues rose 3.1% year/year to $174.3 mln vs the $171.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.13-0.25 vs. $0.35 consensus; sees Q2 revs of $160-180 mln vs. $190.86 mln consensus. The co also announces that its chief financial officer, Peter Leigh, has informed the co of his intention to retire, effective September 30, 2008. In conjunction with Mr. Leigh's retirement, the co also announces that it has appointed Anson Chan, OmniVision's vice president of finance, to the position of chief financial officer.

4:10PM Marvell beats by $0.02, reports revs in-line (MRVL) 14.76 +0.32 : Reports Q2 (Jul) earnings of $0.24 per share, $0.02 better than the First Call consensus of $0.22; revenues rose 28.4% year/year to $843 mln vs the $836.7 mln consensus. Non-GAAP gross margin for the second quarter of fiscal 2009 was 52.3%, compared to non-GAAP gross margin of 52.0% for the first quarter of fiscal 2009 and non-GAAP gross margin of 49.4% for the second quarter of fiscal 2008.

4:10PM Dell misses by $0.05, beats on revs (DELL) 25.21 -0.42 : Reports Q2 (Jul) earnings of $0.31 per share, $0.05 worse than the First Call consensus of $0.36; revenues rose 11.2% year/year to $16.43 bln vs the $15.95 bln consensus. In the quarter, the company absorbed $27 mln of expense for the amortization of purchased intangibles and $25 mln in business realignment costs. Each expense was worth about $0.01 in earnings per share. The company remains committed to achieving annualized cost reductions of at least $3 bln by the end of fiscal year 2011. Worldwide shipments increased 53 percent and share was up 1.6 points to 9.1 percent. Co reported gross margins 17.2% vs 18.3% First Call consensus, and operating margins 4.9%. "Gross margins in the quarter were adversely affected by actions to drive growth in strategic areas like Global Consumer and EMEA, as well as an increase in deferred revenue from the sale of successful service offerings in EMEA, which will be recognized in subsequent periods... The company sees continued conservatism in IT spending in the U.S., which has extended into Western Europe and several countries in Asia. Demand also is impacted by currency fluctuations. Dell will continue to benefit from improving performance in areas such as emerging countries, notebooks, and enterprise and services, which collectively are driving a more diversified portfolio of geographies and products."

4:09PM Dollar Financial beats by $0.01, beats on revs; guides FY09 revs above consensus (DLLR) 16.55 +0.76 : Reports Q4 (Jun) earnings of $0.59 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.58; revenues rose 23.0% year/year to $150.3 mln vs the $136.3 mln consensus. Co issues guidance for FY09, sees EPS of $2.10-2.35, incl items, may not be comparable to $2.48 consensus; sees FY09 revs of $595-625 mln vs. $586.28 mln consensus.

4:06PM PETsMART beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY09 EPS above consensus (PETM) 24.42 +0.04 : Reports Q2 (Jul) earnings of $0.30 per share, $0.02 better than the First Call consensus of $0.28; revenues rose 11.2% year/year to $1.24 bln vs the $1.22 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.25-0.29 vs. $0.27 consensus. Co issues upside guidance for FY09, sees EPS of $1.51-1.59 vs. $1.49 consensus. "We expect current macro trends to continue throughout the year."


4:04PM Sigma Designs beats by $0.07, reports revs in-line (SIGM) 17.85 +0.55 : Reports Q2 (Jul) earnings of $0.47 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.40; revenues rose 36.9% year/year to $58.2 mln vs the $58.7 mln consensus. "We are pleased to report improved gross margins and GAAP net income while achieving our anticipated revenue goal for the second quarter. We continue to maintain a strong presence in the IPTV market, being the market leader for both the Microsoft Mediaroom and Linux-based platforms and pushing for new wins within emerging telco deployments. We are also pushing forward with our consumer products agenda by working with a wide range of vendors for Blu-ray player designs, successfully gaining ground with manufacturers from China and Taiwan. To further these positions, we are in the midst of completing a number of new chipset products that will increase our competitiveness in the marketplace. Moving forward, we are also executing a number of strategic growth initiatives designed to result in future revenue streams. These initiatives include penetration into the HDTV market, the Ultra-wideband (UWB) connectivity market and the cable-based IPTV set-top box market, as well as the growth of our VXP video processor products."

4:03PM Esterline Techs beats by $0.04, beats on revs; guides FY08 EPS in-line (ESL) 53.39 +0.63 : Reports Q3 (Jul) earnings of $0.68 per share, $0.04 better than the First Call consensus of $0.64; revenues rose 17.1% year/year to $382.1 mln vs the $374.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.60 vs. $3.58 consensus, up from $3.45-3.55 previously.


8:03AM Del Monte reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance, revs guidance (DLM) 8.59 : Reports Q1 (Jul) loss of $0.04 per share, in-line with the First Call consensus of ($0.04); revenues rose 15.9% year/year to $726.2 mln vs the $747.4 mln consensus. Co reaffirms guidance for FY09, sees EPS at the lower end of previous guidance of $0.58-0.62 vs. $0.58 consensus; sees FY09 revs up 6-8% yr/yr, which equates to approx $3.371-3.434 bln vs. $3.67 bln consensus.


8:02AM Netezza beats by $0.02, beats on revs; raises FY09 guidance (NZ) 14.03 : Reports Q2 (Jul) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03; revenues rose 65.5% year/year to $47 mln vs the $40.9 mln consensus. Co raises guidance for FY09, sees FY09 revs of $172-182 mln vs. $172.42 mln consensus.

7:44AM Williams-Sonoma beats by $0.01, misses on revs; guides FY09 EPS below consensus (WSM) 18.44 : Reports Q2 (Jul) earnings of $0.08 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.07; revenues fell 4.6% year/year to $819.6 mln vs the $832.6 mln consensus. Co issues downside guidance for FY09, sees EPS of $1.03-1.15 vs. $1.31 consensus; co sees net revs on a 52-week to 53-week basis to decline in a range of 7.8-9.5%.


7:37AM Genesco beats by $0.14, reports revs in-line; guides FY09 EPS above consensus (GCO) 32.99 : Reports Q2 (Jul) earnings of $0.18 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.04; revenues rose 7.7% year/year to $353.1 mln vs the $353.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.15-2.20 vs. $2.14 consensus.


7:12AM Tiffany & Co beats by $0.08, beats on revs; guides FY09 EPS in-line (TIF) 39.61 : Reports Q2 (Jul) earnings of $0.63 per share, $0.08 better than the First Call consensus of $0.55; revenues rose 10.5% year/year to $732.4 mln vs the $720.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.82-2.92, compared to previous guidance of $2.80-2.90, vs. $2.83 consensus. This expectation includes worldwide sales growth of approx 9%, based on continued strong growth in Europe and Asia-Pacific (other than Japan) and a return to growth in comparable U.S. store sales in Q4 due to an easier yr/yr comparison. Co now also expects the full-year operating margin to increase slightly over the prior year.

7:09AM LaBarge beats by $0.01, beats on revs (LB) 15.17 : Reports Q4 (Jun) earnings of $0.28 per share, $0.01 better than the First Call consensus of $0.27; revenues rose 19.9% year/year to $77.8 mln vs the $65.5 mln consensus. "Robust order flow, improving operating efficiencies and broad-based strength in the markets we serve contributed to an outstanding 2008 fiscal year for LaBarge. The Company's sales, earnings and bookings reached record highs in fiscal 2008. Fiscal 2008 fourth-quarter sales and earnings also represented new quarterly records for the Company. In addition, improved operating efficiencies and product mix in the current-year periods generated year-over-year gross margin expansion of 150 basis points in the fiscal 2008 fourth quarter and 20 basis points in the full fiscal year. Looking forward, we anticipate fiscal 2009 first-quarter sales and earnings will be up from the comparable period a year earlier. Our current backlog, healthy pipeline of opportunities and diverse mix of business continue to give us confidence in the positive prospects for LaBarge."

7:09AM Layne Christensen beats by $0.16, beats on revs (LAYN) 48.06 : Reports Q2 (Jul) earnings of $0.78 per share, $0.16 better than the First Call consensus of $0.62; revenues rose 23.8% year/year to $269.6 mln vs the $252.6 mln consensus. "Overall, the economy has been getting increasingly difficult and presents a continuing challenge for the Company going forward."

7:08AM Zale beats by $0.09, beats on revs; guides FY09 EPS above consensus (ZLC) 23.15 : Reports Q4 (Jul) loss of $0.48 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.57); revenues rose 6.1% year/year to $456.2 mln vs the $448.9 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.10-1.25 vs. $0.90 consensus.

7:06AM Energy Conversion beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY09 revs above consensus (ENER) 78.34 : Reports Q4 (Jun) earnings of $0.24 per share, $0.08 better than the First Call consensus of $0.16; revenues rose 128.9% year/year to $82.4 mln vs the $77.5 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $95-98 mln vs. $87.86 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $455-485 mln vs. $443.06 mln consensus. Co also says first quarter gross margin is expected to be about 31%, and between 33 and 35 percent for the second half of the fiscal year. Restructuring costs are expected to be between $1.7 and $2.0 mlnfor the first quarter and $2.5 to $3.0 mln for fiscal 2009. Preproduction costs are expected to be between $1.5 and $1.9 mlnfor the first quarter and between $7.0 and $9.0 mln for fiscal 2009.

7:04AM DSW beats by $0.15, reports revs in-line; reaffirms FY09 EPS guidance (DSW) 14.95 : Reports Q2 (Jul) earnings of $0.25 per share, $0.15 better than the First Call consensus of $0.10; revenues rose 2.4% year/year to $357.2 mln vs the $355.8 mln consensus. Co reaffirms guidance for FY09, sees EPS of $0.75-0.85 vs. $0.77 consensus; reaffirms annual same store sales in the negative mid-single digits.

6:08AM Sears Hldg misses by $0.12, reports revs in-line (SHLD) 86.98 : Reports Q2 (Jul) earnings of $0.21 per share, excluding reserve, $0.12 worse than the First Call consensus of $0.33; revenues fell 4.1% year/year to $11.76 bln vs the $11.71 bln consensus. Comparable store sales declined 6.7% while Kmart's comparable store sales declined 5.6%. Total domestic comparable store sales declined 6.2%.

1:41AM Chunghwa Telecom reports Q208 results (CHT) 24.76 : Co reports total consolidated revenue decreased by 0.6% to NT$50.0 bln. Internet and data revenue grew by 0.8%; ADSL & FTTB revenue decreased by 0.7%. Mobile revenue decreased by 2.7%; Mobile VAS revenue increased by 28.3%. Net income totaled NT$12.5 bln, an increase of 0.1%. Basic EPS increased by 12.0% to NT$1.31.