Earnings - 14th July 2009

4:21PM Intel beats by $0.10, beats on revs; guides Q3 revs and gross margins above consensus (INTC) 16.83 +0.34 : Reports Q2 (Jun) earnings of $0.18 per share, ex-items, $0.10 better than the First Call consensus of $0.08; revenues fell 15.3% year/year to $8.02 bln vs the $7.28 bln consensus. INTC reports Q2 gross margin of 50.8% vs guidance of "mid-40s" and consensus of 46.4% Co issues upside guidance for Q3, sees Q3 revs of $8.1-8.9 bln vs. $7.81 bln consensus; sees Q3 gross margin of 51-55% vs 49.76% consensus. For FY09, co sees spending (R&D plus MG&A) of between $10.6-10.8 bln, up from the prior outlook of $10.4 to $10.6 bln. Sees capital spending of $4.7 bln plus or minus $200 mln, down from $5.2 bln in 2008... "Intel's second-quarter results reflect improving conditions in the PC market segment with our strongest first- to second-quarter growth since 1988 and a clear expectation for a seasonally stronger second half... Intel's strategy of investing in new technologies and innovative products, combined with ongoing focus on operating efficiencies, continues to yield benefits that are evident in our strengthening financial performance." (Stock is halted; set to resume trading at 16:35)

4:20PM YUM! Brands beats by $0.07, misses on revs (YUM) 36.23 +0.56 : Reports Q2 (Jun) earnings of $0.50 per share, ex-items, $0.07 better than the First Call consensus of $0.43; revenues fell 6.9% year/year to $2.48 bln vs the $2.5 bln consensus. Co states, "International development continued at a robust pace with 328 new restaurants including 118 new units in mainland China and 193 in Yum! Restaurants International. Worldwide system sales growth prior to foreign currency translation was +3%, including +8% in mainland China, +6% in YRI, and a 1% decline in the U.S. After foreign currency translation, worldwide system sales declined 4%. Worldwide restaurant margin improved 1.7 percentage points driven by the combination of prior year pricing, flat commodity costs and refranchising; all three divisions improved margins.

8:20AM Goldman Sachs beats by $1.39, beats on revs (GS) 149.44 : Reports Q2 (Jun) earnings of $4.93 per share, $1.39 better than the First Call consensus of $3.54; revenues rose 46.0% year/year to $13.76 bln vs the $10.66 bln consensus. Annualized return on average common shareholders' equity (ROE) was 23.0% for 2Q09 and 18.3% for the first half of 2009. Excluding a one-time preferred dividend of $426 million related to the repurchase of the firm's TARP preferred stock, diluted earnings per common share were $5.71 for the second quarter of 2009 and annualized ROE was 23.8% for the second quarter of 2009 and 19.2% for the first half of 2009... Fixed Income, Currency and Commodities (FICC) generated record quarterly net revenues of $6.80 bln, reflecting strength across most businesses, including record results in credit products. Net revenues in Trading and Principal Investments were $10.78 bln, 93% higher than the 2Q08 and 51% higher than the 1Q09... Book value per common share increased approximately 8% during the quarter to $106.41 and tangible book value per common share increased approximately 10% during the quarter to $96.94. As of June 26, 2009, total capital was $254.05 bln, consisting of $62.81 bln in total shareholders' equity (common shareholders' equity of $55.86 bln and preferred stock of $6.96 bln) and $191.24 bln in unsecured long-term borrowings. The Board of Directors of Group Inc. (the Board) declared a dividend of $0.35 per common share to be paid on September 24, 2009 to common shareholders of record on August 25, 2009... "While markets remain fragile and we recognize the challenges the broader economy faces, our second quarter results reflected the combination of improving financial market conditions and a deep and diverse client franchise... Our role as an intermediary focused on making markets for buyers and sellers helped drive our performance. We were also active as an underwriter of many significant debt and equity offerings for clients."

7:51AM Johnson & Johnson beats by $0.04, beats on revs; reaffirms FY09 EPS guidance (JNJ) 57.72 : Reports Q2 (Jun) earnings of $1.15 per share, $0.04 better thanthe First Call consensus of $1.11; revenues fell 7.4% year/year to $15.24 bln vs the $15.02 bln consensus. Co reaffirms guidance for FY09, sees EPS of $4.45-4.55, excluding non-recurring items, vs. $4.51 consensus. Worldwide consumer sales fell 4.5% YoY with an increase of 3.1% operationally and a negative impact from currency of 7.6% while worldwide Pharmaceutical sales fell 13.3% YoY with an operational decline of 8.5% and a negative impact from currency of 4.8%.

Earnings - 13th April 2009

4:20PM Goldman Sachs beats on top and bottom line; announces $5 bln equity offering (GS) 130.15 +5.82 : Reports Q1 (Mar) earnings of $3.39 per share, $1.79 better than the First Call consensus of $1.60; revenues rose 13.1% year/year to $9.43 bln vs the $7.09 bln consensus. Annualized return on average common shareholders' equity was 14.3% for the first quarter of 2009. The firm's Tier 1 Ratio under Basel II was 16.0% at the end of the first quarter of 2009, up from 15.6% as of November 28, 2008. The firm's Tier 1 Ratio under Basel I was 13.7% at the end of the first quarter of 2009. The firm's average global core excess liquidity was $163.74 bln for the first quarter of 2009, up from $111.43 bln for the fourth quarter of 2008... Net revenues in Trading and Principal Investments were $7.15 bln, compared with net revenues of $5.12 bln for the first quarter of 2008 and negative net revenues of $4.36 bln for the fourth quarter of 2008. As of March 27, 2009, total capital was $252.08 bln, consisting of $63.55 bln in total shareholders' equity (common shareholders' equity of $47.05 bln and preferred stock of $16.51 bln) and $188.53 bln in unsecured long-term borrowings. Book value per common share was $98.82 and tangible book value per common share (8) was $88.02, both essentially unchanged from November 28, 2008...  "Given the difficult market conditions, we are pleased with this quarter's performance... Our results reflect the strength and diversity of our client franchise, the resilience of our business model and the dedication and focus of our people. We believe these attributes position the firm to continue to create value for our clients and actively fulfill our role in the capital markets." The Board declared a dividend of $0.35 per common share to be paid on June 25, 2009 to common shareholders of record on May 26, 2009. (On Dec 16, The Board declared a dividend of $0.4666666 per common share to be paid on March 26, 2009 to common shareholders of record on February 24, 2009. The dividend of $0.4666666 per common share is reflective of a four month period (December 2008 through March 2009), due to the change in the firm's fiscal year end... Separately, the co announced a $5 bln public offering of common equity.

8:58AM SPX Corp sees 1Q09 EPS at low end of range of $0.75-0.85 vs. $0.77 First Call consensus; sees FY09 EPS of $4.40-4.80 vs. $5.11 consensus (SPW) 53.63 : Co issuesguidance for Q1 (Mar), sees EPS at low end of previous range of $0.75-0.85 vs. $0.77 First Call consensus. Co issues downside guidance for FY09 (Dec), sees EPS of $4.40-4.80 vs. $5.11 consensus; previous guidance called for EPS of $5.40-5.80; co sees FY09 (Dec) revs of $4.9-5.1 bln vs. $5.27 bln consensus. Full year organic revenues are expected to decline between 8% and 12% from 2008, compared to the co's previous target of flat to down 5%, while the impact of currency fluctuations is expected to reduce reported revenues by 4% to 5% at current rates. Co says, "Global economic conditions continued to deteriorate in the first quarter of 2009, resulting in these lowered expectations for the year. In particular, demand in our short cycle flow technology end markets has been lower than our expectations. Additionally, sales in our tools and diagnostics business have been lower than expected due to the continued stress being experienced by global vehicle manufacturers and their dealer service networks."

8:04AM Seagate Tech preannounces revs above consensus for Q3; guides above consensus for Q4 (STX) 6.65 : Co issues upside guidance for Q3 (Mar), sees Q3 (Mar) revs of $2.1 bln vs. $1.88 bln First Call consensus. Co sees Q4 revs of $1.9-2.2 bln vs $1.86 bln consensus.

7:46AM Kona Grill raises Q1 EPS and revenue guidance (KONA) 1.98 : Co raises guidance for Q1, sees loss per share of ($0.17)-($0.21) vs ($0.27) First Call consensus, and vs prior guidance of ($0.22)-($0.29). Co sees revs of $19.5 mln vs $18.9 mln First Call consensus and vs prior guidance of $18.3-$19.3 mln. Co states, "Our updated guidance reflects higher sales during the first quarter than we had originally forecasted. Additionally, we were able to successfully control operating costs, which translated into additional bottom line savings. These cost control initiatives provide us with opportunities to improve our margins once sales stabilize."

Earnings - 16th Sept 2008

4:36PM Darden Restaurants reports EPS in-line, revs in-line; guides FY09 revs in-line (DRI) 29.89 +0.37 : Reports Q1 (Aug) earnings of $0.61 per share, in-line with the First Call consensus of $0.61; revenues rose 20.9% year/year to $1.77 bln vs the $1.76 bln consensus. Co issues in-line guidance for FY09, sees FY09 revs growth of 12-13%, which equates to ~$7.43-7.49 bln vs. $7.44 bln consensus; sees FY09 EPS growth of 5-10%. On a blended basis, same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse were down 1.0% compared to prior year.

4:19PM Morgan Stanley beats on top and bottom line (MS) 28.70 -3.49 : Reports Q3 (Aug) earnings of $1.32 per share, $0.54 better than the First Call consensus of $0.78; revenues rose 1.1% year/year to $8.05 bln vs the $6.32 bln consensus. The annualized return on average common equity from continuing operations was 16.5% in the current quarter, compared with 17.2% in the prior year. Co cites strong results in commodities, foreign exchange and equity trading, including a record in prime brokerage. The Firm continued to maintain strong liquidity and capital positions in the quarter with average total and parent liquidity of $175 billion and $81 billion, respectively, and leverage and adjusted leverage ratios of 23.5x and 12.9x, respectively. "Despite unprecedented market conditions, Morgan Stanley's core client franchise achieved solid revenue growth, profitability and ROE this quarter. Our people delivered particularly strong performance across our prime brokerage, commodities, foreign exchange and equities businesses, and we saw continued growth in our international business. We have continued to actively reduce our legacy positions and carefully manage our risk, capital and liquidity. I am confident that Morgan Stanley's strong balance sheet and product and geographic diversification leave us well-positioned to serve our clients and realize opportunities in these challenging markets." Equity sales and trading net revenues of $2.7 bln were 42% above last year's third quarter and included $0.5 bln from the widening of Morgan Stanley's credit spreads on certain long-term debt. The quarter's results reflect a decrease in the Company's annual effective tax rate from 30.0% in the second quarter to 29.0%, reflecting higher domestic tax credits. As of August 31, 2008, the co has not repurchased any shares of its common stock this fiscal year as part of its capital management share repurchase program. Total capital as of August 31, 2008 was $202.6 bln, including $46.1 billion of common equity, preferred equity and junior subordinated debt issued to capital trusts. Book value per common share was $31.25, based on 1.1 bln shares outstanding. The Company announced that its Board of Directors declared a $0.27 quarterly dividend per common share (unchanged from prior qtr).

4:07PM Adobe Systems beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line (ADBE) 38.35 +0.27 : Reports Q3 (Aug) earnings of $0.50 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.46; revenues rose 4.2% year/year to $887.3 mln vs the $876.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of 0.51-0.53 vs. $0.51 consensus; sees Q4 revs of 925-955 vs. $939.41 mln consensus. The co also stated it is targeting an operating margin of ~39.5% on a non-GAAP basis.

9:07AM Monsanto raises guidance (MON) 105.04 : Mon raises FY08 ongoing EPS guidance to $3.58-3.60 vs $3.45 consensus; up from prior guidance of $3.37. The change in ongoing earnings reflected higher-than-expected sales and gross profit in the co's seeds and traits business and its Roundup and other glyphosate- based herbicide business. The ongoing EPS represents approximately 80% growth over last year's ongoing EPS of $1.99, and last year's reported EPS of $1.79 had even greater growth. Monsanto now expects its seeds and genomics segment will generate above $3.8 bln in gross profit for its 2008 fiscal year, up from the earlier expectation of $3.7 bln, representing a growth rate of more than 25% compared with 2007 gross profit. The increased expectation for segment gross profit reflects higher than expected sales from the company's corn, soybean and vegetable platforms... CFO Crews will indicate that Monsanto's Roundup and other glyphosate-based herbicides business is on track to be above $1.9 bln of gross profit for the 2008 fiscal year, ahead of the previous forecast. During Crews's presentation, he will also announce that Monsanto's guidance for free cash for fiscal year 2008 is now at approximately $750 mln, compared with previous guidance of $550 mln. Higher collections from accounts receivable and customer prepayments contributed to the increase in free cash flow. The co's free cash flow guidance for the 2008 fiscal year reflects the cash effect of Monsanto's acquisitions of the De Ruiter vegetable seed business and the Semillas Cristiani Burkard corn seed business.

8:55AM Kroger beats by $0.01, beats on revs; reaffirms FY09 EPS guidance, slightly below consensus (KR) 26.59 : Reports Q2 (Jul) earnings of $0.42 per share, $0.01 better than the First Call consensus of $0.41; revenues rose 12.4% year/year to $18.1 mln vs the $17625.9 mln consensus. Co reaffirms FY09 guidance, sees EPS of $1.80-$1.90 vs. $1.91 consensus. As stated in previous guidance, the Company anticipates that its lowest year-over-year earnings per share growth rate will occur in the third quarter. As a result, the Company anticipates its third quarter 2008 earnings per share results will range from slightly below to slightly above prior year results. Kroger expects its fourth quarter earnings per share growth rate will be higher than its annual growth rate.

8:22AM Goldman Sachs beats by $0.10, misses on revs (GS) 135.50 : Reports Q3 (Aug) earnings of $1.81 per share, $0.10 better than the First Call consensus of $1.71; revenues fell 35.9% year/year to $6.04 bln vs the $6.23 bln consensus. Annualized return on average tangible common shareholders' equity was 8.8% for the third quarter of 2008 and 16.3% for the first nine months of 2008. Annualized return on average common shareholders' equity was 7.7% for the third quarter of 2008 and 14.2% for the first nine months of 2008. Book value per common share increased 2% during the quarter to $99.30. The firm's Tier 1 Ratio was 11.6% at the end of the quarter. "This was a challenging quarter as we saw a marked decrease in client activity and declining asset valuations... Despite the deteriorating market conditions, the focus of our people and strength and breadth of our client franchise produced a solid performance in a tough environment. We remain well-positioned to meet the needs of our clients and identify and act on the right market opportunities." The firm repurchased 1.5 mln shares of its common stock at an average cost per share of $180.07, for a total cost of $271 mln during the quarter. The remaining share authorization under the firm's existing share repurchase program is 60.9 mln shares. Stock is trading at 128.39 in pre-mkt following earnings.

Earnings - 17th June 2008

Union Pacific Cuts 2Q EPS View By 5c Due To Midwest Weather ::: Union Pacific Corp. (UNP) expects the severe weather in the Midwest will reduce its second-quarter earnings by about 5 cents a share. The railroad operator now expects earnings will fall towards the bottom half of the 90 cents to 98 cents a share it expected in April, according to a filing Tuesday with the Securities and Exchange Commission. The Omaha, Neb., company said the weather caused network outages and other disruptions.

4:29PM YRC Worldwide reaffirms Q2 EPS of $0.30-0.40, ex -items vs $0.29 consensus (YRCW) 16.77 +0.77 : As mentioned at 16:25, co reaffirms Q2 2008 earnings. Co sees net curtailment gains of $0.34 per share and a charge for a significant accident of $0.09 per share. Excluding the curtailment gains and the accident charge, Q2 2008 earnings from core operations are expected to be consistent with previously issued guidance of $0.30-0.40 per share vs $0.29 consensus.

8:29AM Goldman Sachs beats by $1.16, beats on revs (GS) 182.09 : Reports Q2 (May) earnings of $4.58 per share, $1.16 better than the First Call consensus of $3.42; revenues fell 7.5% year/year to $9.42 bln vs the $8.74 bln consensus. Annualized return on average tangible common shareholders' equity was 23.5% for the Q2 and 20.2% for the first half of 2008. Annualized return on average common shareholders' equity was 20.4% for the second quarter of 2008 and 17.6% for the first half of 2008. Book value per common share increased 5% during the quarter to $97.49. Credit products included a loss of approximately $775 mln (including a loss of approximately $500 mln from hedges) related to non-investment-grade credit origination activities, and lower results from investments compared with the second quarter of 2007. "We continue to benefit from our strong client franchise, a broad and diverse set of businesses and the deep commitment and experience of our people. We are realistic about the market challenges we face, but times of market dislocation also produce opportunities, and we will continue to take advantage of the most attractive of these as they arise."