Earnings - 4th Feb 2009

6:14PM FMC Corp beats by $0.16, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (FMC) 44.47 -0.37 : Reports Q4 (Dec) earnings of $1.02 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.86; revenues rose 9.4% year/year to $737.7 mln vs the $761.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $1.15-1.30, excluding non-recurring items, vs. $1.50 consensus. Co issues in-line guidance for FY09, sees EPS of $4.60-5.00, excluding non-recurring items, vs. $4.97 consensus.

5:50PM Enersys beats by $0.23; sees Q4 EPS below consensus (ENS) 9.48 -0.18 : Reports Q3 (Dec) earnings of $0.63 per share, $0.23 better than the First Call consensus of $0.40; revenues fell 16.7% year/year to $460.9 mln vs the $460.7 mln consensus. Co issuesdownside guidance; co sees Q4 EPS of $0.30-0.34, excluding $0.25 in charges, vs $0.35 consensus.

5:43PM Atwood Oceanics beats by $0.07, beats on revs (ATW) 16.95 +0.35 : Reports Q1 (Dec) earnings of $1.22 per share, $0.07 better than the First Call consensus of $1.15; revenues rose 49.1% year/year to $165.5 mln vs the $162.9 mln consensus.

5:17PM WGL Holdings beats by $0.06, beats on revs; raises FY09 EPS above consensus (WGL) 33.25 -0.03 : Reports Q1 (Dec) earnings of $1.03 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.97; revenues rose 9.3% year/year to $821.5 mln vs the $761.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.41-2.53, excluding non-recurring items, vs. $2.34 consensus, up from prior $2.27-2.39.

4:43PM Visa beats by $0.12, beats on revs; sees 2009 rev growth in high single digits, reaffirms 2010 outlook (V) 49.13 +0.74 : Reports Q1 (Dec) earnings of $0.78 per share, $0.12 better than the First Call consensus of $0.66; revenues rose 16.8% year/year to $1.74 bln vs the $1.68 bln consensus. Payments volume grew 12% over the prior year to $701 bln; total volume, inclusive of cash volume was $1.1 trln, an increase of 16% over the prior year; total cards carrying the visa brands rose 10% worldwide over the prior year to 1.7 bln; and total payment transactions increased by 13% over the prior year to 14.5 bln... Cosees 2009 annual net revenue growth in the high single-digits (consensus is for rev growth of 8.5%). Co reaffirms its financial outlook through 2010, with the caveat that annual net revenue growth may be somewhat challenged in 2010 if the current economic environment in the U.S. and around the globe persists beyond 2009. Sees 2010 annual net revenue growth at the lower end of the 11% to 15% range; annual adjusted operating margin in the mid-to-high 40% range; annual adjusted diluted class a common earnings per share growth of greater than 20%; annual free cash flow in excess of $1 bln; and capital expenditures in the range of $300 to $350 mln in 2009 and representing 3 to 4% of gross revenues in 2010.

4:15PM Cisco Systems beats by $0.02, beats on revs (CSCO) 15.84 +0.22 : Reports Q2 (Jan) earnings of $0.32 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.30; revenues fell 7.1% year/year to $9.1 bln vs the $9.0 bln consensus. Q3 gross margins came in at ~63.0% vs ~64.0% company guidance. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."

4:10PM Dolby Labs beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (DLB) 25.87 +0.24 : Reports Q1 (Dec) earnings of $0.56 per share, excluding a $0.12 non-recurring gain, $0.13 better than the First Call consensus of $0.43; revenues rose 20.0% year/year to $180.3 mln vs the $165.6 mln consensus. Co issues in-line guidance for FY09, sees EPS of $1.57-1.82 vs. $1.68 consensus; sees FY09 revs of $630-700 vs. $690.59 mln consensus. "We are pleased with our first quarter performance, and we continue to position ourselves for the long-term by pursuing new innovations and opportunities. However, we are also very mindful of the worldwide economic slowdown, and have adjusted our outlook in light of reduced consumer spending."

4:07PM Badger Meter beats by $0.16, beats on revs (BMI) 24.09 -0.20 : Reports Q4 (Dec) earnings of $0.42 per share, $0.16 better than the First Call consensus of $0.26; revenues rose 18.2% year/year to $67.6 mln vs the $59.8 mln consensus.

4:06PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42 vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus.

4:06PM Akamai Tech beats by $0.04, beats on revs (AKAM) 14.17 -0.03 : Reports Q4 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 16.0% year/year to $212.6 mln vs the $205.5 mln consensus. "As the external environment has become more challenging, we're pleased that we were able to grow revenue and earnings throughout the year while broadening our portfolio of solutions to improve Internet performance for our customers." The number of customers under long-term service contracts at the end of the fourth quarter increased by 50 to a record 2,858, an 8 percent increase year-over-year.

4:05PM Hain Celestial misses by $0.08, misses on revs; guides FY09 EPS below consensus, revs below consensus (HAIN) 14.34 -0.49 : Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.44; revenues rose 14.3% year/year to $315.6 mln vs the $319.1 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $1.38-1.42, excluding non-recurring items, vs. $1.50 consensus; sees FY09 revs of $1.175-1.20 bln vs. $1.21 bln consensus. "Inventory reductions, grain costs at Hain Pure Protein ("HPP") and the lag in fully realizing our August price increase impacted our earnings by almost $0.11 per share this quarter."

4:04PM Rightnow Tech beats by $0.06, misses on revs; guides Q1 EPS above consensus, revs below consensus; guides FY09 EPS above consensus, revs below consensus (RNOW) : Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, $0.06 better than the First Call consensus of ($0.00); revenues rose 17.6% year/year to $36.1 mln vs the $36.9 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.04 vs. $0.01 consensus; sees Q1 revs of $36-37 mln vs. $37.84 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.15-0.23, excluding non-recurring items, vs. $0.12 consensus; sees FY09 revs of $150-155 mln vs. $160.74 mln consensus. "We're pleased with a second consecutive quarter of non-GAAP profitability, which was ahead of our guidance and driven by focused expense management. Our sales teams turned in a great quarter. Despite the fact total revenue was lowered by a $1.6 million foreign exchange impact, this was our eighth consecutive quarter of operating margin improvement, and a 300 basis point improvement over last quarter."

10:18AM Philip Morris International beats by $0.09, beats on revs; guides FY09 EPS below consensus (PM) 36.15 -2.17 : Reports Q4 (Dec) earnings of $0.71 per share, $0.09better than the First Call consensus of $0.62; revenues, excluding excise tax on products, rose 3.6% year/year to $6.12 bln vs the $5.54 bln consensus. Co issues downside guidance for FY09, sees EPS of $2.85-3.00 vs. $3.43 consensus. Co notes that excluding an adverse currency impact of $0.80 per share, 2009 guidance is projected to increase by 10%-14%. Co, "Our operating performance in 2008 was exceptionally strong and our results exceeded our constant currency growth targets for both the full year and the fourth quarter. Our first year as an independent company was also marked by significant progress on numerous strategic fronts and specifically behind our efforts to improve our speed to market and enhance the vibrancy and equity of our strong brand portfolio... The global economic crisis obviously results in uncertainty, particularly on the currency front, and at current exchange rates we face a steep hurdle."

9:01AM Allergan beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AGN) 39.80 : Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.73; revenues fell 3.1% year/year to $1.06 bln vs the $1.04 bln consensus. Co issues downside guidancefor Q1, sees EPS of $0.50-0.52 vs. $0.61 consensus. Co issues in-line guidance for FY09, sees EPS of $2.69-2.75 vs. $2.71 consensus.

8:32AM Clorox beats by $0.05, misses on revs; guides FY09 EPS in-line (CLX) 51.82 : Reports Q2 (Dec) earnings of $0.62 per share, $0.05 better than the First Call consensus of $0.57; revenues rose 2.5% year/year to $1.22 bln vs the $1.24 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.60-3.75 vs. $3.72 consensus. For fiscal year 2009, Clorox now anticipates total sales growth in the range of 3-5%, rather than the previously communicated range of 4-6% due to retailer inventory reductions and consumer reaction to the economic environment. The company now anticipates year-over-year gross margin improvement in the range of 50-100 basis points, rather than the previously communicated range of 25-75 basis points, due to anticipated lower commodity costs and higher cost savings.

8:02AM Natl Oilwell Varco beats by $0.11, beats on revs (NOV) 25.62 : Reports Q4 (Dec) earnings of $1.44 per share, excluding $0.04 charge related to its merger with Grant Prideco,$0.11 better than the First Call consensus of $1.33; revenues rose 43.3% year/year to $3.81 bln vs the $3.76 bln consensus.

7:39AM Goodrich beats by $0.21, misses on revs; guides FY09 EPS below consensus, revs below consensus (GR) 38.97 : Reports Q4 (Dec) earnings of $1.23 per share, excluding $0.12 of income from a Rolls-Royce joint venture, $0.21 better than the First Call consensus of $1.02; revenues rose 1.6% year/year to $1.7 bln vs the $1.73 bln consensus. Co issues downside guidance for FY09, sees EPS of $4.50-$4.90 vs. $4.94 consensus; sees FY09 revs of $7.1-7.2 bln vs. $7.57 bln consensus. For 2009: Large commercial airplane original equipment sales are expected to increase by about 3 - 5 percent; regional, business and general aviation airplane original equipment sales are expected to decrease by approximately 10 percent; defense and space sales of both original equipment and aftermarket products and services are expected to increase by about 5 percent; co expects cap-ex to be in range of $230-270 mln, vs $275-3000 previously.

7:07AM ITT Industries beats by $0.05, beats on revs (ITT) 43.13 : Reports Q4 (Dec) earnings of $0.82 per share, excluding items, $0.05 better than the First Call consensus of $0.77; revenues rose 16.5% year/year to $2.94 bln vs the $2.74 bln consensus. "And while we expect 2009 to be more difficult, we take great pride in having achieved another record year of revenue and earnings growth in 2008."

7:02AM Snap-On beats by $0.01, misses on revs (SNA) 29.11 : Reports Q4 (Dec) earnings of $1.01 per share, $0.01 better than the First Call consensus of $1.00; revenues fell 10.1% year/year to $667.8 mln vs the $721.6 mln consensus. The challenges posed by the global economy increased significantly during the fourth quarter, furthering the impact on Snap-on's sales of higher priced products, such as tool storage and vehicle repair equipment. Additional slowdowns in the economies of Europe, particularly Southern Europe, negatively impacted volume at the European-based tools business. Furthermore, the general economic difficulties are now spreading across more industries and to additional geographies, creating more widespread pressure on business activity. In the near term, Snap-on anticipates no change in this environment and, as a result, expects sales and credit originations in the first quarter of 2009 to be down year over year. Additional headwinds in 2009 now include ~$3.0 mln per quarter of higher year-over-year pension expense due to declines in pension asset values. Assuming foreign currency exchange rates remain at recent levels, the company also anticipates approximately $8.0 million of unfavorable foreign exchange impact on first quarter operating earnings.

Earnings - 26th Aug 2008

4:07PM J. Crew misses by $0.04, reports revs in-line; guides Q3 EPS below consensus; lowers FY09 EPS guidance (JCG) 26.64 +1.03 : Reports Q2 (Jul) earnings of $0.28 per share, $0.04 worse than the First Call consensus of $0.32; revenues rose 10.3% year/year to $336.2 mln vs the $337.9 mln consensus. Co says gross margin decreased to 41.0% of revenues from 43.7% of revenues in the second quarter of fiscal 2007. Co issues downside guidance for Q3, sees EPS of $0.28-0.33 vs. $0.46 consensus. Co issues downside guidance for FY09, sees EPS of $1.44-1.54 down from previous guidance of $1.70-1.75 vs. $1.71 consensus. Co says " ... based upon the disruption to our Direct business, as well as the continued softness in our Stores business due to the macro economic environment, we are revising our guidance for fiscal 2008. The Direct systems upgrades impacted our Direct sales trend, limited our ability to leverage our multi-channel platform and resulted in incremental expenses..." The co's revised expectations for 2H08 include comparable store sales growth in the range of flat to slightly negative, Direct sales growth in the high single-digits and net square footage expansion of approx 10% to 11%.

4:04PM Hain Celestial beats by $0.02, beats on revs; guides FY09 EPS in-line, revs above consensus (HAIN) 24.99 +0.15 : Reports Q4 (Jun) earnings of $0.34 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.32; revenues rose 25.2% year/year to $278.3 mln vs the $264.3 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.54-1.61 vs. $1.60 consensus; sees FY09 revs of $1.2-1.3 bln vs. $1.17 bln consensus. Similar to fiscal year 2008, the Company expects to incur $0.08 per share in stock compensation expense to amortize equity grants made this past fiscal year in fiscal year 2009. A recently announced price increase in the United States is expected to have a positive impact on margin beginning with the Company's second quarter of fiscal year 2009.

4:03PM Applied Signal beats by $0.01, beats on revs (APSG) 14.72 -0.59 : Reports Q3 (Jul) earnings of $0.15 per share, $0.01 better than the First Call consensus of $0.14; revenues rose 26.3% year/year to $49.9 mln vs the $46.4 mln consensus.


8:38AM Daktronics beats by $0.05, beats on revs; reaffirms FY09 rev guidance (DAKT) 18.11 : Reports Q1 (Jul) earnings of $0.22 per share, excluding $977K gain on property sale, vs consensus of $0.17; revenues rose 33.3% year/year to $161.2 mln vs the $141.5 mln consensus. The co is reiterating its financial guidance for fiscal 2009. Daktronics expects that net sales will increase by more than 20% over fiscal 2008 (equates to ~$599.60 mln vs. $598.87 mln consensus) and operating margin will range from 8.0-9.5%. The growth of net sales depends on a number of large contracts, particularly in our live events and international business units, which could cause this growth level to change. Operating margin may vary, primarily as a result of fluctuations in gross profit levels. This guidance is subject to a number of factors that could cause it to vary, and investors should refer to our filings with the Securities and Exchange Commission for a more complete list of risk factors.

7:48AM Corinthian Colleges beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY09 EPS above consensus, revs in-line (COCO) 16.21 : Reports Q4 (Jun) earnings of $0.11 per share, ex-items, $0.02 better than the First Call consensus of $0.09; revenues rose 18.3% year/year to $274 mln vs the $276.6 mln consensus. Total student population at fiscal year-end was 69,211 versus 61,332, an increase of 12.8%. Total student starts were 23,015 versus 20,643, an increase of 11.5%. Including discontinued operations, starts increased 7.2%. Co issues mixed guidance for Q1, sees EPS of $0.06-$0.08 vs. $0.08 consensus; sees Q1 revs of $285-$290 mln vs. $283.31 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.58-$0.63 vs. $0.55 consensus; sees FY09 revs of $1.21-$1.25 bln vs. $1.22 bln consensus.

7:47AM American Eagle beats by $0.01, misses on revs; guides Q3 EPS below consensus (AEO) 13.74 : Reports Q2 (Jul) earnings of $0.29 per share, $0.01 better than the First Call consensus of $0.28; revenues fell 2.0% year/year to $688.8 mln vs the $705.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.31-0.36 vs. $0.39 consensus, with the view that the business environment remains challenging through the 2H. "While the consumer environment is clearly challenging, we are taking steps to invigorate our business. We are strengthening our competitive position by underscoring AE's value pricing, which is consistent with our heritage of great value together with excellent quality. Additionally, we are driving improvements within our merchandise assortments. Yet, we are managing to the current macro environment, with tight inventories and we continue to pursue expense opportunities. As I look ahead to 2009 and beyond, I have tremendous confidence in the strength of our brands, our teams, and that we are positioning our company for improved financial performance, future growth and success."

7:33AM Chico's FAS beats by $0.01, reports revs in-line (CHS) 4.98 : Reports Q2 (Jul) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues fell 7.1% year/year to $405.2 mln vs the $405.3 mln consensus. "The retail environment continues to be challenging as customers remain increasingly cautious in their spending across the entire retail sector, especially in the missy category. While we anticipate consolidated comparable store sales for the fall season to remain negative, we expect to see an improvement in trend and continue to believe we will be profitable in the second half."


7:04AM Smithfield Foods beats by $0.02, beats on revs (SFD) 23.53 : Reports Q1 (Jul) loss of $0.02 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.04); revenues rose 20.1% year/year to $3.14 bln vs the $2.87 bln consensus. "Looking forward to the remainder of fiscal 2009, the future is uncertain. Even as hog prices recently have risen and grain markets have moderated somewhat, the delayed impact of grain costs will result in continued elevated raising costs," he said. The volatile nature of both the domestic and world markets for meat prices and grains, combined with uncertainty surrounding the economy and the U.S. dollar, make any prediction of future results very difficult. However, we continue to pursue our long-term strategy of emphasizing our packaged meats business and improving our fresh meat operations. This strategy is working and is improving the base of our business."

6:39AM Sanderson Farms misses by $0.09, reports revs in-line (SAFM) 39.49 : Reports Q3 (Jul) loss of $0.09 per share, excluding settlement payment, $0.09 worse than the First Call consensus of ($0.00); revenues rose 18.3% year/year to $466.9 mln vs the $464.8 mln consensus.

6:06AM Big Lots beats by $0.05, reports revs in-line; guides Q3 EPS in-line; guides Q4 (Jan) EPS in-line; guides FY09 EPS in-line (BIG) 33.06 : Reports Q2 (Jul) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 1.9% year/year to $1.11 bln vs the $1.1 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.15-0.19, excluding non-recurring items, vs. $0.18 consensus. Co issues in-line guidance for Q4 (Jan), sees EPS of $1.02-1.09, excluding non-recurring items, vs. $1.03 consensus. Co issues in-line guidance for FY09, sees EPS of $1.90-2.00, excluding non-recurring items, vs. $1.90 consensus. For Q308 and Q408, co anticipates a 1%-2% comparable store sales increase.