Earnings - 27th April 2009

6:02PM eFuture reports EPS of $0.89; revs grew 47.8% to $10.5 mln (EFUT) 8.40 +0.40 : Co expects its 2009 total revenues to be in the range of ~US$27-28 mln, representing annual growth of 33-38% over 2008. Adjusted EBITDA (non-GAAP) is expected to be in the range of ~ !US$4.9 mln to US$5.9 mln.

5:50PM SW Energy beats by $0.05, beats on revs (SWN) 33.47 -0.96 : Reports Q1 (Mar) earnings of $0.36 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.31; revenues rose 3.2% year/year to $540.8 mln vs the $450.3 mln consensus. Gas and oil production totaled 63.9 Bcfe in Q1 of 2009, up from 39.1 Bcfe in Q1 of 2008, and included 50.2 Bcf from the co's Fayetteville Shale play, up from 23.6 Bcf in Q1 of 2008. SWN has increased its production guidance for the remainder of 2009. Co sees Bcfe of 289-292, up from prior estimate of 280-284

5:02PM Compass Minerals Intl misses by $0.29, misses on revs (CMP) 51.54 -0.48 : Reports Q1 (Mar) earnings of $1.85 per share, $0.29 worse than the First Call consensus of $2.14; revenues fell 18.7% year/year to $309.1 mln vs the $384.5 mln consensus. Co says, "Looking forward, we believe our essential products, diverse end uses and competitive advantages, including our leadership positions, advantaged assets and lower operating costs, position us to continue to generate value for our stakeholders as we navigate through this challenging environment. Sulfate of potash prices should continue to be well above year-ago levels. However, we expect the current potash demand trend to extend into the second quarter, and we expect full-year sales volumes to be below normal with the second half of the year somewhat stronger than the first half. We also expect a more balanced supply and demand environment for highway deicing salt for the upcoming winter season. While salt demand is heavily influenced by weather, highway deicing products are essential to public safety and we expect a typical highway deicing bid season in 2009."

5:01PM Baidu.com beats by $0.10, beats on revs; guides Q2 revs above expectations (BIDU) : Reports Q1 (Mar) earnings of $0.86 per share, $0.10 better than the First Call consensus of $0.76; revenues rose 41.5% year/year to $118.6 mln vs the $116 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $157-161 mln vs. $145.92 mln consensus.

4:59PM U.S. Steel misses by $2.15, misses on revs, slashes dividend (X) 27.71 -1.32 : Reports Q1 (Mar) loss of $3.84 per share, excluding non-recurring items, $2.15 worse thanthe First Call consensus of ($1.69); revenues fell 47.1% year/year to $2.75 bln vs the $3.14 bln consensus. Co says weak customer demand for flat-rolled products, coupled with customers' efforts to reduce inventories, has resulted in very low order rates and further downward pressure on prices for its Flat-rolled and US Steel Europe segments. Its tubular operations have also experienced a severe downturn primarily as a result of reduced drilling activity due to lower oil and gas prices, high inventory levels and unprecedented levels of unfairly traded and subsidized tubular imports from China. Co says it continues to face an extremely difficult global economic environment. Co expects an operating loss in Q2 as its order book remains at low levels and idled facility carrying costs continue to be incurred. Co says extremely short lead times coupled with the uncertainty surrounding financial markets and key steel-consuming industries such as automotive and construction make it difficult to forecast beyond a very short horizon. Co also cuts quarterly dividend to $0.05/sh from $0.30/sh.

4:17PM Health Management beats by $0.03, beats on revs (HMA) 4.05 +0.23 : Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring gains, $0.03 better than the First Call consensus of $0.12; revenues rose 3.1% year/year to $1.19 bln vs the $1.17 bln consensus. HMA's provision for doubtful accounts, or bad debt expense, was $144.0 mln, or 12.1% of net revenue, for Q1 compared to $129.0 mln, or 11.2% of net revenue, for the same quarter a year ago. Co said, "HMA continues to deleverage its balance sheet by improving hospital operations and generating strong operating cash flow. HMA's total debt to EBITDA ratio and interest coverage ratio as of March 31, 2009 are well within the requirements of our loan agreements at 4.87x and 2.69x, respectively."

4:16PM Rent-A-Center beats by $0.11, reports revs in-line; guides Q2 revs below consensus (RCII) 21.59 -0.10 : Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.54; revenues fell 3.8% year/year to $728.2 mln vs the $733.9 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $679-694 mln vs. $706.91 mln consensus. Co issues mixed guidancefor FY09, sees EPS of $2.18-2.32 vs. $2.14 consensus; sees FY09 revs of $2.78-2.84 bln vs. $2.85 bln consensus.

4:10PM Plum Creek beats by $0.01, misses on revs; expects Q2 results to be approximately breakeven; guides FY09 EPS in-line (PCL) 34.90 -1.45 : Reports Q1 (Mar) earnings of $0.95 per share, $0.01 better than the First Call consensus of $0.94; revenues rose 29.5% year/year to $470 mln vs the $506.4 mln consensus. For Q2 the co expects results to be approx breakeven. Co issues in-line guidance for FY09, sees EPS of $1.20-$1.45 vs. $1.45 consensus. Manufacturing results are expected to remain weak as the company manages production to match current demand. Given the severity of the downturn in lumber demand, the company is rationalizing and consolidating its lumber operations. During the second quarter, the company will permanently close one lumber mill.

4:09PM Grand Canyon Education beats by $0.05, beats on revs; guides Q2 revs above consensus; guides FY09 above consensus (LOPE) 16.00 +0.46 : Reports Q1 (Mar) earnings of $0.15 per share, $0.05 better than the First Call consensus of $0.10; revenues rose 65.1% year/year to $59.0 mln vs the $56.9 mln consensus. For Q2, co sees EPS of $0.10 vs. $0.10 consensus; sees Q2 revs of $58.0 mln vs. $56.5 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.60-0.64 vs. $0.55 consensus; sees FY09 revs of $254-258 mln vs. $252.5 mln consensus.

4:08PM Aaron's reports Q1 EPS of $0.65 vs $0.52 First Call consensus; revs $474.0 mln vs $458.17 mln First Call consensus (AAN) 28.68 +0.02 : Co sees Q2 EPS of $0.45-0.50 vs $0.46 First Call consensus; sees revs of $430 mln vs $441.04 mln First Call consensus. Co increases FY09 EPS guidance to $1.90-2.05 vs $1.82 First Call consensus; increases rev guidance to $1.80 bln vs $1.77 bln First Call consensus. "Our business has been especially strong in recent quarters as more consumers are finding it extremely attractive to use the Aaron's option of obtaining basic home furnishings necessities with no credit checks and the ability to return the merchandise at any time. Although we have done well through the years in different economic environments, both good and challenging, we believe the current conditions have helped accelerate the number of customers coming into our stores. We currently see no indication that this trend will diminish in the foreseeable future."

4:06PM Edwards Lifesciences beats by $0.01, beats on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs in-line (EW) : Reports Q1 (Mar) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.69; revenues rose 5.6% year/year to $313.5 mln vs the $309.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.73-0.77, excluding non-recurring items, vs. $0.76 consensus. Co issues in-line guidance for FY09, sees EPS of $2.95-3.03 (a $0.02 increase of low end from prior guidance) vs. $2.97 consensus; sees FY09 revs of $1.24-1.30 bln vs. $1.28 bln consensus.

4:05PM Heartland Finl beats by $0.32, beats on revs (HTLF) 11.75 -0.81 : Reports Q1 (Mar) earnings of $0.29 per share, $0.32 better than the First Call consensus of ($0.03). Earnings for the first quarter of 2009 were positively affected by increased net interest income, loan servicing income, securities gains and gains on sale of loans. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. The first quarter 2009 provision for loan losses was $6.7 mln compared to $1.8 mln for the first quarter 2008. Nonperforming loans were $67.1 mln or 2.85% of total loans and leases at March 31, 2009, compared to $78.0 mln or 3.24% of total loans and leases at December 31, 2008. Net charge-offs during the first quarter 2009 were $5.0 mln compared to $1.1 mln during the first quarter 2008. Co says, "Realizing that we are far from being out of the woods, we are encouraged that the rate of increase in our nonperforming assets slowed during the first quarter of 2009. We remain cautious, however, and are continuing to actively work with stressed borrowers to find solutions to their debt problems and are diligently working to find buyers for our repossessed real estate."

4:04PM Tyler Tech beats by $0.04, beats on revs; guides FY09 EPS in-line, revs in-line (TYL) 15.10 -0.43 : Reports Q1 (Mar) earnings of $0.16 per share, $0.04 better thanthe First Call consensus of $0.12; revenues rose 17.2% year/year to $69.6 mln vs the $67.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.66-0.72 vs. $0.69 consensus; sees FY09 revs of $292-298 mln vs. $292.94 mln consensus. "Broad economic conditions and the related effects on local government budgets remain a concern, and we are closely monitoring market conditions and the potential impact on our business, especially in the second half of the year. While we have not seen a significant effect on our results to date, the leading indicators that we follow are somewhat mixed, and our current annual guidance for 2009 is unchanged from that provided earlier this year."

4:01PM Int. Intelligence beats by $0.05, misses on revs (ININ) 11.06 -0.39 : Reports Q1 (Mar) earnings of $0.16 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.11; revenues rose 98.8% year/year to $29.5 mln vs the $29.9 mln consensus.

8:16AM Inverness Medical beats by $0.04, misses on revs (IMA) 27.62 : Reports Q1 (Mar) earnings of $0.61 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.57; revenues rose 22.8% year/year to $443.9 mln vs the $455.9 mln consensus.

7:47AM Travelzoo beats by $0.07, beats on revs (TZOO) 7.10 : Reports Q1 (Mar) earnings of $0.02 per share, $0.07 better than the First Call consensus of ($0.05); revenues rose 12.0% year/year to $23.4 mln vs the $20.1 mln consensus. Co says, "Travelzoo reports record revenue. The number of subscribers to our publications grew during the first quarter by 866,000, or 6%, to 15.5 million. This is the fastest quarter-over-quarter growth rate in subscribers that we have seen since 2005."

7:44AM Timken beats by $0.09, misses on revs; guides FY09 EPS below consensus (TKR) 16.85 : Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items,$0.09 better than the First Call consensus of ($0.02); revenues fell 33.1% year/year to $960.4 mln vs the $1.08 bln consensus. Co issues downside guidance for FY09, sees EPS of $(0.15)-0.15, excluding non-recurring items, vs. $0.78 consensus. Co now expects the impact of the global recession to continue through the rest of the year with sales in most of its market sectors being down significantly from last year.

6:09AM Humana beats by $0.04, reports revs in-line; guides Q2 EPS above consensus; guides FY09 EPS above consensus, revs in-line (HUM) 27.36 : Reports Q1 (Mar) earnings of $1.22 per share, $0.04 better than the First Call consensus of $1.18; revenues rose 10.8% year/year to $7.71 bln vs the $7.65 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.65-1.70 vs. $1.50 consensus. Co issues mixed guidance for FY09, sees EPS of $6.10-6.20 vs. $5.90 consensus; sees FY09 revs of $30.0-32.0 bln vs. $30.84 bln consensus. Higher FY09 EPS guidance range reflects improved Government Segment operating performance partially offset by lower expected investment income and commercial membership. The increase in premiums and administrative services fees primarily reflects an increase in average membership for the co's Medicare Advantage and commercial medical products together with continued pricing discipline across all of the co's lines of business. Benefit expenses:  The Q109 consolidated benefit ratio (benefit expenses as a percent of premium revenues) was lower than that for the prior year's quarter, as expected. The Q109 consolidated benefit ratio of 83.9% compares to 86.7% in Q108. This 280 basis point decrease was primarily driven by a 320 basis point decrease in the Government Segment benefit ratio together with a 210 basis point decrease in the Commercial Segment benefit ratio. For FY09, co anticipates Medicare Advantage revenue of $16.0-16.5 bln and Medicare stand-alone PDP revenue of approx $2.4 bln. Co predicts $1.2-1.4 bln in cash flow from operations.

5:03AM Smith Intl misses by $0.05, misses on revs (SII) 27.77 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.57; revenues rose 1.7% year/year to $2.41 bln vs the $2.56 bln consensus.

12:57AM Gulfmark Offshore misses by $0.01, misses on revs (GLF) 29.56 : Reports Q1 (Mar) earnings of $1.32 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $1.33; revenues rose 30.5% year/year to $108.8 mln vs the $112.1 mln consensus. Commenting on the results, Bruce Streeter, President and CEO, said, "This year, as in most past years, we anticipated lower first quarter demand in the North Sea. We took advantage of the seasonal weakness through a number of actions designed enhance the North Sea fleet position for future periods including: (1) mobilization of two vessels back to the North Sea from Egypt; (2) maintenance actions on two vessels; (3) completion of three planned dry docks; (4) upgrade of two vessels to DP2 (dynamic positioning); and (5) the completion of DP1 installation on a third vessel. Although we experienced a slight improvement in the consolidated average day rate as compared to the fourth quarter of 2008, the impact of currency and the actions mentioned above resulted in a minor reduction in the North Sea average day rate. In the Gulf of Mexico, contract cover allowed rates and utilization to hold until late in the quarter when day rates and utilization opportunities for the smaller PSVs and the FSV/crewboats came under significant pressure. We took delivery of two vessels during the quarter: the Swordfish, a Gulf of Mexico crewboat that we announced in the last earnings release; and late in the quarter we took delivery of the Cherokee, a 250 foot AHTS vessel that went immediately on a long term contract in Southeast Asia. In addition, we took delivery of the Blacktip, a 181 foot FSV, in mid-April that went immediately to work in the Gulf of Mexico..."

Earnings - 18th Feb 2009

6:40PM Exactech beats by $0.06, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY09 EPS above consensus, revs above consensus (EXAC) 12.68 -0.42 : Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.20; revenues rose 21.8% year/year to $40.3 mln vs the $39.9 mln consensus. Co issues upside EPS guidance for Q1, sees EPS of $0.24-0.26, excluding non-recurring items, vs. $0.20 consensus; sees Q1 revs of $42-45 mln vs. $43.77 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.06-1.14, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $184-194 mln vs. $179.73 mln consensus.

5:06PM Oceaneering Intl reports EPS in-line, revs in-line; guides Q1 EPS below consensus; guides FY09 EPS in-line (OII) 30.49 -0.12 : Reports Q4 (Dec) earnings of $0.93 per share, in-line with the First Call consensus of $0.93; revenues rose 9.2% year/year to $525.7 mln vs the $521.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.60-0.70 vs. $0.76 consensus. Co issues in-line guidance for FY09, sees EPS of $3.00-3.60 vs. $3.48 consensus.

5:02PM Baidu.com misses by $0.01, reports revs in-line; guides Q1 revs in-line (BIDU): Reports Q4 (Dec) earnings of $1.31 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $1.32. Co issues in-line guidance for Q1, sees Q1 revs of $114-117 mln vs. $117.66 mln consensus. The number of active online marketing customers during the fourth quarter was over 197,000, an increase of 1.5% from the previous quarter.

5:02PM NCI Building Sys updates Q1 outlook, sees Q1 EPS loss of $0.40-0.45 per diluted share vs ($0.06) First Call consensus (NCS) 10.39 -0.11 : Co announced today that as a result of the continued economic downturn and rapid decline in steel prices, the aggregate volume of tonnage shipped in the 2009 fiscal first quarter by the Buildings and Components groups was 49% lower than in the Q4 of fiscal 2008. Consequently, overall tonnage volume declined 45% sequentially, compared to the 40% previously expected, and was down 40% compared to last year's first quarter. Historically, seasonal factors have resulted in an approximate 25% decline in first quarter volume compared to fourth quarter levels. Revenues are expected to be ~$260 million for the 2009 first quarter. Margin compression caused by significantly lower-than-expected utilization rates and high inventory costs is expected to result in a net loss for the period in the range of $0.40-0.45 per diluted share vs ($0.06) First Call consensus, exclusive of special charges. Co expects that the margin impact from higher inventory costs will be mitigated by the middle of the second quarter. Additionally, steel prices have stabilized at levels that should promote increased utilization of steel as compared to other traditional building materials. In fact, after declining for seven consecutive months, NCI's Buildings group's backlog stabilized at $302 million in December and January.

4:32PM Nutrisystem misses by $0.04, misses on revs (NTRI) 12.42 -0.48 : Reports Q4 (Dec) earnings of $0.16 per share, excluding a $0.27 impairment loss, $0.04 worse than the First Call consensus of $0.20; revenues fell 16.5% year/year to $114.6 mln vs the $121.1 mln consensus. For Q1 of 2009, the co ests Adjusted EBITDA will be between $19 and $23 mln, not comparable to consensus; co defines Adjusted EBITDA as income from continuing operations excluding non-cash employee compensation, other expense, equity and impairment loss, interest, income taxes and depreciation and amortization. Co says, "Current full year visibility, during a period fraught with consumer uncertainty and rising unemployment countered by the potential impact of various stimulus programs, is very limited. With this lack of visibility, we will not offer full year guidance at this time. However, with the flexibility of our eCommerce model, our expanded product line and the depth and experience of our management team, I remain confident that we will emerge from this period a stronger co."

4:21PM Hewlett-Packard reports EPS in-line, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY09 EPS in-line, revs below consensus (HPQ) 34.08 -0.26 : Reports Q1 (Jan) earnings of $0.93 per share, excluding non-recurring items, in-line with the First Call consensus of $0.93; revenues rose 1.1% year/year to $28.8 bln vs the $31.93 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.84-0.85, excluding non-recurring items, vs. $0.89 consensus; sees Q2 revs down 2-3%, equates to $27.4-27.7 bln vs. $30.95 bln consensus. Co issues mixed guidance for FY09, sees EPS of $3.76-3.88 vs. $3.77 consensus; sees FY09 revs down 2-5% year/year, equates to $112.45-117.3 bln vs. $126.52 bln consensus. Revenue grew 11% in the Americas to $12.4 billion. Revenue declined 3% in Europe, the Middle East and Africa and 11% in Asia Pacific to $12.0 billion and $4.4 billion, respectively.

4:19PM Advance Auto beats by $0.14, beats on revs (AAP) 32.63 +0.49 : Reports Q4 (Dec) earnings of $0.51 per share, ex-items, $0.14 better than the First Call consensus of $0.37; revenues rose 8.0% year/year to $1.19 bln vs the $1.15 bln consensus. For 2009, co expects 105 new stores and capex of $180-$200 mln. Also for fiscal 2009, the company assumes that each 1% increase in comparable store sales from the company's fiscal 2008 52 week EPS results of $2.65 adds approximately $0.07 in EPS. In addition, a 10 basis point improvement in operating margin is expected to add approximately $0.03 in EPS.

4:16PM priceline.com beats by $0.24, beats on revs; guides Q1 EPS above consensus, revs above consensus (PCLN) 68.74 -0.13 : Reports Q4 (Dec) earnings of $1.29 per share, excluding non-recurring items, $0.24 better than the First Call consensus of $1.05; revenues rose 21.2% year/year to $406 mln vs the $377.8 mln consensus. Co issuesupside guidance for Q1, sees EPS of $0.85-0.95, excluding non-recurring items, vs. $0.81 consensus; sees Q1 revs growth YoY of 5-10%, which equates to ~$423.3-443.5 mln vs. $412.64 mln consensus.

12:35PM HJ Heinz reaffirms FY09 EPS guidance of $2.87-2.91 vs $2.89 First Call consensus (HNZ) 32.70 -0.30 : Co reaffirms FY09 EPS outlook of $2.87-2.91 vs $2.89 First Call consensus at Annual Consumer Analyst Group. "We expect to deliver Heinz's key financial targets for Fiscal 2009: Organic sales growth (combined volume and net price) of 6%; EPS in a range of $2.87-2.91, a growth rate of 9-11%; and operating free cash flow (cash from operations less capital expenditures net of proceeds from disposal of PP&E) of around $850 mln."

8:49AM Altria reaffirms FY09 EPS will grow to a range of $1.70-$1.75 (vs $1.72 consensus ) (MO) 15.57 : Co reaffirms its FY09 EPS of $1.70-$1.75 (vs $1.72 consensus). This forecast reflects higher tobacco excise taxes, investment spending on U.S. Smokeless Tobacco Company's brands, ongoing cost reduction initiatives, increased pension expenses and no share repurchases.

8:19AM Inverness Medical beats by $0.07, beats on revs (IMA) 25.08 : Reports Q4 (Dec) earnings of $0.66 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.59; revenues rose 59.5% year/year to $459.3 mln vs the $451.5 mln consensus. The revenue increase was primarily due to $114.0 mln of incremental revenue provided by their Health Management segment, along with $34.6 mln of incremental revenue contributed by their other recently acquired businesses and organic growth which, on a currency adjusted basis, was approximately 10.7% in their Professional Diagnostics segment.

7:17AM Genpact reports Q4 adjusted EPS of $0.76 (no estimates) vs $0.50 year ago; revs increased 26% y/y to $1.04 bln (G) 8.21 : "Based on our current view of our markets and feedback from our clients, we expect revenue growth of 10% to 15%, from a base of $1.04 billion in 2008, and adjusted operating income margin of 16% to 17%, compared to 17.1% in 2008. We are still very optimistic about the opportunities for Genpact, both with existing clients and potential new ones, but we are taking a cautious approach to the current and anticipated environment."

7:04AM Gentiva Health Svcs beats by $0.04, beats on revs; guides FY09 EPS above consensus, revs in-line (GTIV) 26.82 : Reports Q4 (Dec) earnings of $0.43 per share,$0.04 better than the First Call consensus of $0.39; revenues rose 19.3% year/year to $282.9 mln vs the $273 mln consensus. Co issues guidance for FY09, sees EPS of $1.72-1.80 up from $1.62-1.72 vs. $1.65 consensus; sees FY09 revs of $1.14-1.18 bln - up from 1.12-1.17 bln vs. $1.15 bln consensus. Gentiva's 2009 outlook represents an increase in diluted earnings per share of 20% to 30% when compared with 2008 pro forma financial results, which reflect the Company's performance as if the CareCentrix divestiture had occurred at the beginning of fiscal 2008. The 2009 outlook excludes the impact of special items, restructuring or non-recurring charges and any future acquisitions.

6:40AM Suntech Power misses by $0.01, beats on revs; guides Q1 revs in-line (STP)9.14 : Reports Q4 (Dec) loss of $0.27 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of ($0.26); revenues rose 4.3% year/year to $414.4 mln vs the $379.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $340-380 mln, assuming an exchange rate of $1.28 US dollars to the Euro in Q109, vs. $370.48 mln consensus. Suntech expects full-year 2009 shipments of more than 800MW. Suntech intends to hold PV cell production capacity at 1GW in 2009 until credit market visibility improves. Suntech expects capital expenditures of approximately $100 mln in 2009. The majority of 2009 capital expenditures will be utilized to retrofit existing production capacity to the high efficiency Pluto technology and the completion of the thin film facility.

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.