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 - 12th Dec 2008

9:21AM Steel Dynamics guides to a loss for Q4 (STLD) 10.77 : Co issues downside guidance for Q4 (Dec), sees EPS of ($0.35)-($0.40) vs. $0.15 First Call consensus. The company expects to achieve record annual revenues, operating income, and cash flow from operations during 2008. "We are cautiously optimistic about market conditions as we enter December... We believe that the precipitous decline in ferrous scrap prices has run its course, as prices rose slightly from November to December. A more stable recycled metallic market, combined with lower-cost ferrous scrap inventories at our flat and long product steel operations positions the company to achieve improved operating margins in the first quarter of 2009, as we believe that steel selling prices are at the bottom and could likely see modest increases." The company currently estimates 2009 capital spending to approach $350 million

9:05AM Harsco lowers FY08 EPS, reaffirms FY09 EPS above consensus (HSC) 23.53 : Co lowers FY08 EPS to $3.15-3.20, excluding a previously announced one-time restructuring charge expected in the fourth quarter 2008, vs $3.25 First Call consensus, down from $3.20-3.25, excluding the one-time restructuring charge; co reaffirms FY09 EPS of $3.20-3.30 vs $3.10 consensus. Co lowers its FY08 guidance given the current turmoil and uncertainty in the co's end markets. Co says they are evaluating selected bolt-on acquisition opportunities, and that the co's discretionary cash flows would also allow it to take advantage of opportunities to augment its organic growth in 2009. Co further pointed out that the co is aggressively reducing its cost structure and exiting certain underperforming contracts. Company expects these actions will be accretive to earnings in 2009 and beyond. Co also says Q4 2008 restructuring actions expected to generate savings of ~$30 mln in 2009

9:03AM H.B. Fuller pre-announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus (FUL) 14.05 : Co announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus; now sees FY08 EPS of $1.41 and revs of $1.391 bln

8:02AM InSteel Industries guides below consensus for Q1 (IIIN) 12.00 : Co issues downside guidance for Q1 (Dec), while the Company had not previously provided numerical guidance for the first quarter, it now expects to report a loss for the period vs $0.18 First Call consensus. The Company's order entry rate has continued to trend at severely depressed levels during the quarter due to the tightening in the credit markets, the weakening economic outlook and the inventory destocking measures being pursued by customers to increase their liquidity. Through the first two months of the quarter, shipments were down 39% from the prior year and all of the Company's manufacturing facilities operated on reduced schedules, which will continue through the remainder of the quarter.

8:01AM WW Grainger reports November 2008 sales results (GWW) 66.29 : Co reported sales results for the month of November 2008. Daily sales declined 2% versus November 2007. Sales benefited by ~1 percentage point due to Lab Safety's acquisition of Highsmith. Sales were negatively affected by ~3 percentage points due to foreign exchange. There were two fewer selling days in November 2008 (19) versus November 2007 (21). The 2008 Q4 will have 64 selling days, the same as the 2007 Q4.

Earnings - 29th July 2008

8:19AM Concur Tech and American Express enter into exclusive alliance to offer corporate clients T&E expense management services (CNQR) 36.05 : American Express (AXP) and CNQR announces that they have entered into an alliance involving both an exclusive marketing partnership and a strategic investment by American Express in CNQR. AXP has also purchased 6.4 mln shares of newly issued common stock, representing 13% post issuance of the currently outstanding common equity voting interest in Concur, at a price per share of $39.27, for $251 mln in cash.

8:16AM Inverness Medical misses by $0.05, reports revs in-line (IMA) 30.00 : Reports Q2 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.42; revenues rose 158.8% year/year to $401.1 mln vs the $398 mln consensus.

8:12AM AGCO Corp beats by $0.37, beats on revs; guides FY08 EPS above consensus (AG) 52.30 : Reports Q2 (Jun) earnings of $1.34 per share, excluding non-recurring items, $0.37 better than the First Call consensus of $0.97; revenues rose 40.0% year/year to $2.4 bln vs the $2.17 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.60-3.70 vs. $3.41 consensus.

8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 74.11 : Reports Q2 (Jun) earnings of $1.20 per share, $0.07 better than the First Call consensus of $1.13; revenues rose 39.4% year/year to $3.32 bln vs the $3.2 bln consensus.

7:47AM Valero Energy beats by $0.04, beats on revs (VLO) 31.81 : Reports Q2 (Jun) earnings of $1.37 per share, $0.04 better than the First Call consensus of $1.33; revenues rose 51.4% year/year to $36.64 bln vs the $34.93 bln consensus. "Despite the difficult environment for margins on gasoline and many secondary products, Valero continued to be profitable. Wide differentials for the heavy and sour feedstocks that we can process in our refineries benefited us significantly in the second quarter... Looking at market fundamentals, we expect distillate margins should be strong for the rest of the year and next. However, we expect gasoline margins to continue to be weak and industry utilization rates to decline. We expect secondary products to have a margin recovery, particularly if the price of crude oil stabilizes or falls, as the prices of these products lag changes in the price of crude oil... Concerning asset sales, although we have received preliminary indications of interest from parties regarding our Ardmore and Memphis refineries, we have not yet received a proposal that we believe is in the best interest of our employees and shareholders, so these refineries remain under strategic review. Obviously, gasoline margins have weakened and the availability of financing is clearly lacking as the financial markets continue in turmoil. However, we plan to continue to pursue a potential transaction for Aruba."

7:33AM Waste Mgt beats by $0.04, misses on revs; reaffirms FY08 EPS guidance (WMI) 35.07 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.59; revenues rose 3.9% year/year to $3.5 bln vs the $3.43 bln consensus. Co reaffirms guidance for FY08, they are confident that they will meet the upper end of the range of their previously announced full-year earnings guidance of $2.19 to $2.23 per diluted share vs. $2.23 consensus. "We also expect to achieve our free cash flow guidance of $1.4 billion. In each case we exclude costs associated with our proposal to acquire Republic Services."

7:33AM Harsco beats by $0.05, beats on revs; guides Q3 EPS in-line; guides FY08 EPS in-line (HSC) 51.21 : Reports Q2 (Jun) earnings of $1.07 per share, $0.05 better than the First Call consensus of $1.02; revenues rose 16.2% year/year to $1.1 bln vs the $1.09 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.92-0.95 vs. $0.95 consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.55, compared to previous guidance of $3.45-3.55, vs. $3.55 consensus.

7:31AM EMCOR Group beats by $0.09, beats on revs; guides FY08 EPS in-line, revs in-line (EME) 27.46 : Reports Q2 (Jun) earnings of $0.65 per share, $0.09 better than the First Call consensus of $0.56; revenues rose 25.6% year/year to $1.72 bln vs the $1.64 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.32-2.47 vs. $2.35 consensus; sees FY08 revs of $6.8-7.0 bln vs. $6.86 bln consensus.

7:15AM Kaydon beats by $0.01, beats on revs (KDN) 55.95 : Reports Q2 (Jun) earnings of $0.64 per share, $0.01 better than the First Call consensus of $0.63; revenues rose 23.4% year/year to $139.9 mln vs the $132.9 mln consensus. Co raises quarterly cash dividend to $0.17 from $0.15. Co's Board of Directors has authorized the co to review options to add capacity in the wind energy industry. "While we continue to work towards our historical target of 10-12 percent earnings per share growth, attainment in 2008 will be more challenging than previously anticipated given current business conditions. Meeting our target in 2008 will be predicated upon an improved flow of immediately shippable orders, or 'book and ship' orders, to our general industrial markets in North America, and upon the funding and release of certain military orders previously expected in the fourth quarter, which are now expected to be delayed due to funding issues, and therefore fall into 2009."

7:13AM GrafTech Intl beats by $0.04, beats on revs; sees FY08 total net sales increasing approx 20-22% (GTI) 24.10 : Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the First Call consensus of $0.47; revenues rose 24.9% year/year to $319.5 mln vs the $295.9 mln consensus. Co says they remain encouraged by global steel industry conditions and expect solid demand from their steel end markets and the markets that drive their Engineered Solutions segment in 2008. As a result, the co is raising their full year 2008 guidance. Co sees total net sales increasing approx 20-22% (vs previous guidance of 16-18%); operating income targeted growth of approximately 35% to the range of $320-$330 mln (previous guidance $310-$320 mln).

7:10AM Hercules Offshore misses by $0.03, beats on revs (HERO) 29.18 : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 worse than the First Call consensus of $0.25; revenues rose 173.5% year/year to $270.8 mln vs the $260.3 mln consensus. "The domestic offshore environment is expected to remain positive as current commodity prices are driving attractive well economics and higher capital spending by our customers."

7:06AM Under Armour beats by $0.02, reports revs in-line; reaffirms FY08 revs guidance (UA) 26.63 : Reports Q2 (Jun) earnings of $0.03 per share, $0.02 better than the First Call consensus of $0.01; revenues rose 30.0% year/year to $156.7 mln vs the $156.3 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $765-775 mln vs. $767.07 mln consensus. The co also raised its 2008 income from operations outlook to $104.5 - $105.5 mln from $103.5 - $104.5 mln. The co said gross margin for the second quarter of 2008 was 45.3% compared to 49.0% in the prior year's quarter. The decline in gross margin was primarily driven by the higher proportion of footwear sales in the quarter, which have lower gross margins than apparel. Co says inventory totaled $183.9 million at June 30, 2008, compared to $166.1 million at December 31, 2007 and $128.8 million at June 30, 2007. As the Company had anticipated, the inventory growth rate in the second quarter of 2008 marked a deceleration from the inventory growth reported for the first quarter.

6:34AM Alexion Pharm beats by $0.20, beats on revs; raises Soliris product guidance (ALXN) 79.95 : Reports Q2 (Jun) GAAP earnings of $0.06 per share, $0.20 better than the First Call consensus of ($0.14); total/Soliris revenues rose 508.2% year/year to $59.6 mln vs the $54 mln consensus. Co raises worldwide Soliris net product sales to $235-245 mln from previous guidance of $215-225 mln. Co sees cost of sales unchanged at 12-14% of net product sales. Co maintains its forecast of a non-GAAP profit for Y08, and additionally now expects to report a GAAP profit for Q3 and Q4. Co's Board of Directors has a approved a two-for-one stock split.

6:26AM Patriot Coal reports Q208 results; misses by $0.09 and beats on revenue (PCX) 134.70 : Reports Q2 (Jun) earnings of $0.44 per share, $0.09 worse than the First Call consensus of $0.53; revenues increased 32.6% year/year to $339.68 mln vs the $324.37 mln consensus. For 2008, including Magnum beginning July 23, co anticipates sales volumes in the range of 30.0 to 32.0 mln tons and EBITDA between $165 and $185 mln. EPS for 2008 will substantially increase over prior guidance. This increase is a direct result of the positive impact from purchase accounting adjustments related to the valuation of existing sales contracts. Accretion related to below-market sales contracts resulting from the acquisition of Magnum will be included in the net income, but will not be reflected in EBITDA. For 2009, including Magnum for the full year, PCX anticipates sales volumes in the range of 41.0 to 44.0 mln tons and EBITDA between $750 and $950 mln.


6:08AM Continental Resources beats by $0.05, beats on revs (CLR) 63.72 : Reports Q2 (Jun) earnings of $0.75 per share, $0.05 better than the First Call consensus of $0.70; revenues rose 108.8% year/year to $303.4 mln vs the $280.3 mln consensus. Co also announces that President and Chief Operating Officer Mark Monroe will retire effective October 31, 2008.

6:05AM Amedisys beats by $0.07, beats on revs (AMED) 60.91 : Reports Q2 (Jun) earnings of
$0.76 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.69; revenues rose 84.5% year/year to $312.7 mln vs the $288.3 mln consensus.

4:40AM CTC Media beats by $0.01, beats on revs; guides FY08 revs in-line (CTCM) 21.25 : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 54.1% year/year to $172.8 mln vs the $164 mln consensus. Co issues in-line guidance for FY08, sees FY08 consolidated total operating revs of $650-700 mln vs. $657.04 mln consensus. For FY08, co reaffirms its guidance for organic total operating revenues in the range of $600-650 mln.

2:33AM Sony beats by $0.09, misses on revs; guides FY09 revs lower (SNE) 39.93 : Reports Q1 (Jun) earnings of $0.31 per share, $0.09 worse than the First Call consensus of $0.40; revenues increased 0.1% year/year to $18.67 bln vs the $19.60 bln consensus. Reports net income decreased 47.4% to $330.0 mln. Co issues downside guidance for FY09, sees FY09 revs of Y9.2 trln vs. Y9.71 trln consensus.

2:20AM BE Aerospace beats by $0.02, beats on revs; guides FY08 EPS in-line; reaffirms FY09 EPS below consensus (BEAV) 24.83 : Reports Q2 (Jun) earnings of $0.59 per share, $0.02 better than the First Call consensus of $0.57; revenues rose 31.1% year/year to $522.2 mln vs the $499.3 mln consensus. Co issues in line guidance for FY08, sees EPS of approx $2.37, excluding non-recurring items, vs. $2.40 consensus. Co reaffirms downside guidance for FY09, sees EPS of approx $2.85, excluding impact from HCS transaction, vs. $2.98 consensus. Co see EPS of $3.65, excluding HCS transaction impact, for FY10.

1:16AM Teva Pharm beats by $0.01, beats on revs (TEVA) 45.77 : Reports Q2 (Jun) earnings of $0.65 per share, $0.01 better than the First Call consensus of $0.64; revenues rose 18.3% year/year to $2.82 bln vs the $2.68 bln consensus.