Earnings - 10th Feb 2009

5:02PM Hanger Orthopedic beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (HGR) 13.61 +0.04 : Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues rose 8.6% year/year to $185.5 mln vs the $179.9 mln consensus. Co issues in-line guidance for FY09, sees EPS of $0.96-0.98, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $750-760 mln vs. $756.50 mln consensus.

4:38PM CF Industries beats by $1.76, beats on revs (CF) 53.60 +0.16 : Reports Q4 (Dec) earnings of $3.87 per share, excluding a $0.70 non-recurring charge and $0.42 gain, $1.76 better than the First Call consensus of $2.11; revenues rose 25.5% year/year to $1.07 bln vs the $0.89 bln consensus. Nitrogen segment net sales totaled $705.6 mln, up 12% from $630.7 mln in Q4 2007. Volume for the 2008 Q4 was 1.48 mln tons, down substantially from 1.93 mln tons in the year-earlier quarter. Average selling prices for the segment's nitrogen products were significantly higher than in Q4 2007. For ammonia, the average selling price was $653 per ton, up from $410 in Q4 2007 and $571 in 2008's Q3. For urea, the price was $480 per ton, up from $357 in the year-earlier quarter but down from $596 in third quarter 2008. For urea ammonium nitrate (UAN) solution, the price was $352 per ton, up from $239 in Q4 2007 and from $339 in Q3 2008. The phosphate segment's net sales were $366.4 mln, a 65% increase from fourth quarter 2007 levels. Volume was 404,000 tons, down 23% from 526,000 tons in the year-earlier quarter. Average selling prices for phosphate products were more than twice Q4 2007 levels, reflecting the strong price increases seen throughout much of 2008. For diammonium phosphate (DAP), the price was $906 per ton, up from $420 per ton in the year-earlier quarter but down modestly from $943 per ton in Q3 2008. For monoammonium phosphate (MAP), the average selling price was $903 per ton, compared to $431 per ton in Q4 2007 and up from $771 per ton in 2008's third quarter. Co says, "Long-term fundamentals remain strong, but high inventories in the fertilizer supply chain and uncertainty over crop acreage could negatively affect performance heading into the spring planting season."

4:13PM NetSuite beats by $0.02, reports revs in-line (N) 7.91 +0.02 : Reports Q4 (Dec) earnings of $0.01 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.01); revenues rose 30.5% year/year to $41.4 mln vs the $41.6 mln consensus. Co said, "I'm delighted that NetSuite delivered one of our best quarters to date in what has been a very difficult economic environment. I am especially excited that we posted the first non-GAAP profitable quarter in the Company's history even against the headwinds of global economic challenges".

4:10PM V.F. Corp beats by $0.03, misses on revs; guides Q1 EPS below consensus (VFC) 54.34 -2.73 : Reports Q4 (Dec) earnings of $1.05 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.02; revenues fell 2.1% year/year to $1.89 bln vs the $1.92 bln consensus. Co issues downside guidance for Q1, sees EPS of $1.10-1.15, excluding non-recurring items, vs. $1.23 consensus. Co issues guidance for FY09, sees EPS of $5.42, includes charges, may not be comparable to $5.55 consensus. Co anticipate a low to mid single digit decline in revenues, with a 3 to 4% negative impact from foreign currency translation. Co says, "The first quarter is expected to be especially challenging, with revenues expected to be down by 5 to 7%, with a 4% impact from foreign currency translation."

4:05PM Cerner beats by $0.04, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CERN) 36.13 -0.49 : Reports Q4 (Dec) earnings of $0.65 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.61; revenues rose 18.1% year/year to $465.7 mln vs the $444.9 mln consensus. Co issuesin-line guidance for Q1, sees EPS of $0.48-0.54, excluding non-recurring items, vs. $0.54 consensus; sees Q1 revs of $410-430 mln vs. $424.29 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.48 consensus; sees FY09 revs of $1.75-1.80 bln vs. $1.79 bln consensus. Co said, "The large size and geographic diversity of our client base and the deep strategic relationships with those clients contributed to our ability to deliver solid results in a difficult environment. Cerner also benefits from a depth and breadth of solutions and services that help healthcare providers address the increasing complexity of delivering safe, efficient, and high-quality care. As a result, while the financial crisis may continue to have some impact on healthcare, we are cautiously optimistic that we will continue to generate solid results. In addition, with the Obama administration focused on healthcare reform and recognizing healthcare IT as a necessary component of reform, Cerner is well positioned to play a role in the transformation of healthcare envisioned in those initiatives".

8:05AM Monsanto reaffirms FY09 EPS of $4.40-$4.50 vs $4.69 First Call consensus; includes EPS growth in Q2 and Q3 to be in the 10-12% range (MON) : Co issuesreaffirms guidance for FY09, sees EPS of $4.40-$4.50 vs $4.69 First Call consensus. This includes expectations for EPS growth in Q2 and Q3 to both be in the 10-12% range. Co states, "The determined focus of Monsanto to successfully execute its industry-leading seeds and traits strategy is the key to helping the company achieve 20 percent-plus earnings growth and generate more than $1.8 bln in free cash for fiscal 2009. It also will more than offset any anticipated decline in the company's Roundup herbicide business over the next three years and move the company closer to reaching its goal of more than doubling its fiscal 2007 gross profit by 2012... The anticipated ongoing success of the company's seeds and traits businesses will more than offset the expected decline in its Roundup herbicide business to the $1.9 billion gross profit level by 2012... 2009 will likely be the peak of Roundup profitability, which is expected to be in the $2.4-$2.5 bln gross profit range as he expects current pricing based on added value to more than offset volume declines...'

7:38AM Terra Industries reports Q4 (Dec) results, beats on revs (TRA) 23.23 : Reports Q4 (Dec) earnings of $1.65 per share, including charges and gains, may not be comparable to the First Call consensus of $0.92; revenues rose 20.1% year/year to $683.5 mln vs the $544 mln consensus. Terra's forward purchase contracts at Dec. 31, 2008, fixed prices for about 29% of its next 12 months' natural gas needs at about $65.8 mln above the published forward market prices at that date. These forward positions hedge production costs primarily associated with product that Terra has sold and plans to ship in the 2009 first and second quarters. During the 2008 fourth quarter, Terra repurchased approximately 2.8 mln of its common shares under its share buyback program at an average price of $17.82 per share and a total cost of $50 mln. Co says, "Fundamentals appear to be improving for spring. Looking further ahead, if indeed planted corn acres are reduced this spring, it will likely cause corn inventories to slip lower, creating a stronger outlook for the 2009 second half and 2010 first half."

7:02AM Hercules Offshore beats by $0.16, beats on revs (HERO) 3.75 : Reports Q4 (Dec) earnings of $0.42 per share, excluding items, $0.16 better than the First Call consensus of $0.26; revenues rose 28.4% year/year to $313.5 mln vs the $299.2 mln consensus. "We have continued to experience a rapid decline in demand for our domestic drilling rigs due to the combined effects of the sharp decline in commodity prices, the reduced availability of credit in the wake of the global financial crisis, and the weak outlook for energy consumption over at least the short-term. We have responded aggressively by stacking a number of inland and domestic rigs. We have also reduced our overhead and operating costs in a focused and meaningful way. We will continue to be vigilant in managing our cost structure during this cyclical downturn. With the reduced level of activity, and other factors, we have also recognized a significant impairment charge to our goodwill and long-lived assets. These non-cash charges largely reflect the cyclical nature of our drilling related segments and take into account the significant decline in our equity market capitalization."

7:01AM Aecom Tech reports EPS in-line, misses on revs; guides FY09 EPS in-line (ACM) 27.30 : Reports Q1 (Dec) earnings of $0.38 per share, in-line with the First Call consensus of $0.38; revenues rose 34.6% year/year to $1.45 bln vs the $1.58 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.60-1.70 vs. $1.67 consensus.

3:14AM Skilled Healthcare beats by $0.01, reports revs in-line; guides FY09 EPS above consensus, revs above consensus (SKH) 8.78 : Reports Q4 (Dec) earnings of $0.28 per share, $0.01 better than the First Call consensus of $0.27; revenues rose 7.0% year/year to $189.8 mln vs the $191.1 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.08-1.14 vs. $1.08 consensus; sees FY09 revs of $792.0-802.0 mln vs. $785.94 mln consensus.

1:10AM Vulcan Materials misses by $0.16, misses on revs (VMC) 49.29 : Reports Q4 (Dec) earnings of $0.14 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $0.30; revenues fell 6.3% year/year to $756.5 mln vs the $834.1 mln consensus. Asphalt earnings in Q4 were lower due mostly to lower sales volume. The average selling price for asphalt mix increased 27% from Q407, more than offsetting higher unit costs for raw materials. The average unit cost for purchased liquid asphalt increased 68% from Q407. The increase in the unit cost for liquid asphalt reduced net earnings by approx $0.12 per diluted share. Concrete earnings decreased from Q407 due to weaker demand and higher costs for key raw materials. Cement earnings were higher than Q407 due to the inclusion of the Florida Rock operations for the entire period in the current year. Full year aggregates pricing is expected to increase 6-8% from Q407. Full year aggregates shipments are expected to decline 5-10% from 2008 levels, excluding any incremental demand from the economic stimulus bill. The average selling price for asphalt mix in 2009 should increase from 2008 as lower-priced sales orders in the backlog are replaced with more recent higher-priced orders.Co expects capital spending in FY09 to be approx $200 mln, down from $401 mln spent in FY08.

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 - 25th June 2008

4:35PM Energen raises FY08 and FY09 EPS guidance on higher commodity price assumptions (EGN) 15.62 -0.38 : Co announced that it is raising the underlying commodity price assumptions applicable to the unhedged production of its oil and gas exploration and production unit for the remainder of 2008 and for 2009. Co sees FY08 $4.30-4.70 vs $4.50 First Call consensus, up from previous guidance of $4.15-4.55; sees FY09 $5.15-5.55 vs $5.03 First Call consensus, up from previous guidance of $4.65-5.05. Energen's revised NYMEX price assumptions for unhedged production for the rest of 2008 and for the year 2009 are $10 per thousand cubic feet of natural gas and $100 per barrel of oil; its new natural gas liquids price assumption is $1.30 per gallon for the remainder of 2008 and for 2009.

4:28PM Autodesk reaffirms Q2 guidance; narrows Q3 EPS, lowers Q3 revs; sees FY09 EPS in-line, revs above consensus (ADSK) 36.35 +0.61 : Co reaffirms Q2 EPS of $0.50-0.52 vs $0.53 consensus, sees revs of $600-610 mln vs $605.4 mln consensus; narrows Q3 EPS of $0.53-0.55 vs $0.55 consensus, from $0.53-0.56, lowers revs to $615-630 mln vs $611.8 mln consensus, down from $605-620 mln. Co sees FY09 EPS of $2.20-2.30 vs $2.25 consensus, revs of $2.48-2.53 bln vs $2.47 bln consensus. Co updated its financial guidance to reflect the anticipated effects of the acquisition of Moldflow. ADSK acquired Moldflow for $22 per share, or ~$297 million, less the amount in Moldflow's cash balance and proceeds from options exercises.

4:28PM CKE Restaurants beats by $0.04, reports revs in-line (CKR) 12.30 +0.54 : Reports Q1 (Apr) earnings of $0.31 per share, $0.04 better than the First Call consensus of $0.27; revenues fell 3.2% year/year to $466.2 mln vs the $465.5 mln consensus. Blended company-operated same-store sales for the first fiscal quarter of fiscal 2009 increased 1.8%. Same-store sales increased 3.9% at Carl's Jr. and decreased 0.6% at Hardee's company-operated restaurants.

4:20PM Nike beats by $0.02, beats on revs (NKE) 65.97 +0.00 : Reports Q4 (May) earnings of $0.98 per share, $0.02 better than the First Call consensus of $0.96; revenues rose 16.1% year/year to $5.09 bln vs the $4.95 bln consensus. "The Company reported worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June 2008 through November 2008, totaling $8.8 bln, 11 percent higher than such orders reported for the same period last year. Changes in currency exchange rates increased reported orders growth by 3 percentage points."

4:17PM Bed Bath & Beyond beats by $0.03, beats on revs (BBBY) 28.57 +0.27 : Reports Q1 (May) earnings of $0.30 per share, $0.03 better than the First Call consensus of $0.27; revenues rose 6.1% year/year to $1.65 bln vs the $1.62 bln consensus. Comparable store sales for the fiscal first quarter of 2008 increased by approximately 0.8%, compared with an increase of approximately 1.6% in last year's fiscal first quarter.

4:10PM Research In Motion misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs above consensus (RIMM) 142.33 +1.85 : Reports Q1 (May) earnings of $0.84 per share, $0.01 worse than the First Call consensus of $0.85; revenues rose 19.1% year/year to $2.24 bln vs the $2.27 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.84-0.89 vs. $0.90 consensus; sees Q2 revs of $2.55-2.65 bln vs. $2.44 bln consensus. RIMM Q1 (May) net Blackberry subscriber additions 2.3 mln vs. guidance of 2.20 mln. RIMM sees Q2 (Aug) net subs of 2.6 mln... The revenue breakdown for the quarter was approximately 82% for devices, 13% for service, 3% for software and 2% for other revenue. During the quarter, RIM shipped approximately 5.4 mln devices. "We are pleased to report another record quarter with revenue increasing 107% as the popularity of the BlackBerry platform continued to spread in business, government and consumer segments. Our comprehensive technology and business strategies continue to reap strong results in the market and RIMM is well positioned to build on its momentum throughout the remainder of fiscal 2009... As we prepare this summer to ship our 40 millionth BlackBerry smartphone, we continue to steadily scale our business and partnerships to support the opportunities ahead in this thriving sector."

4:07PM Herman Miller beats by $0.14, beats on revs; guides Q1 EPS in-line, revs in-line (MLHR) 23.99 +0.18 : Reports Q4 (May) earnings of $0.71 per share, $0.14 better than the First Call consensus of $0.57; revenues rose 7.0% year/year to $519.1 mln vs the $488.4 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.49-0.56 vs. $0.55 consensus; sees Q1 revs of $470-495 mln vs. $491.05 mln consensus. Co said, "Changing economic conditions required us to closely examine how and where we invest our resources to optimize our growth and minimize the impact of ongoing challenges in the U.S. market. As a result, we are well positioned for what we expect will continue to be a difficult near-term environment."

4:05PM Oracle beats by $0.03, beats on revs (ORCL) 22.47 +0.24 : Reports Q4 (May) earnings of $0.47 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.44; revenues rose 23.8% year/year to $7.28 bln vs the $6.85 bln consensus. "Non-GAAP operating margins were up 200 basis points in FY08 to a record 43.0%. Non-GAAP earnings per share were up 29% for the year and non-GAAP EPS has tripled over the last five years. Oracle has delivered solid results year-after-year." "Oracle's application new software license revenues grew 38% in FY08, while SAP's new software license revenues grew only 13% in their most recent fiscal year. This is the third consecutive year we've taken applications market share from SAP." "Four years ago we publicly announced a five year plan to deliver non-GAAP earnings per share at a compound annual growth rate of 20%. During the past four years we exceeded our plan and delivered a non-GAAP EPS CAGR of over 26%."

4:03PM Red Hat reports EPS in-line, beats on revs (RHT) 22.21 +0.72 : Reports Q1 (May) earnings of $0.18 per share, excluding non-recurring items, in-line with the First Call consensus of $0.18; revenues rose 52.0% year/year to $156.6 mln vs the $153 mln consensus.

11:23AM Industrial Services sees Q2 EPS of $0.42-0.44 vs $0.22 a year ago (IDSA) 15.99 +1.66 : Co provides financial guidance for the second quarter and first six months of 2008. Based on actual results from the first two months of the period and on projected trends, the company said Q2 2008 earnings are expected to be in the range of $0.42-0.44 per share vs $0.22 a year ago. For the first six months of 2008, co estimates EPS of $0.72-0.74 vs $0.44 a year ago. "Global demand for commodities continues to be strong, as does pricing for ferrous and non-ferrous materials. We are well positioned to benefit from these demand and pricing trends."

9:13AM Airmedia raises Q2 rev guidance above consensus (AMCN) 13.47 : Co issues upside guidance for Q2 (Jun), raises Q2 (Jun) revenue guidance to $29-30 mln from $26-28 mln vs. $26.86 mln First Call consensus. Co said that despite the impact of the Sichuan earthquake and the slowdown of air passenger volume growth, they are able to raise guidance due to stronger than expected results of all products lines, especially the digital frame business

8:10AM Monsanto beats by $0.11, misses on revs; guides FY08 EPS above consensus (MON) 135.79 : Reports Q3 (May) earnings of $1.45 per share, $0.11 better than the First Call consensus of $1.34; revenues rose 26.2% year/year to $3.59 bln vs the $3.71 bln consensus. Co raised guidance for FY08, sees EPS of ~$3.40 vs. $3.39 consensus, up from $3.15-3.25. Co now expects that its free cash flow for fiscal year 2008 will be $550 million. The co expects net cash provided by operating activities to be in the range of $2.6 bln. As part of today's announcement, MON also published a preliminary report on the co's biotech trait acreage for fiscal year 2008 on its website.

8:06AM Dean Foods guides Q2 EPS above consensus; reaffirms FY08 guidance (DF) 18.39 : Co issues upside guidance for Q2 (Jun), sees EPS of at least $0.32, excluding non-recurring items, vs. $0.29 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of at least $1.20 vs. $1.25 consensus. Co said, "Our DSD Dairy business is performing particularly well in the second quarter... Our team's efforts to reduce the cost of production and distribution, combined with effective management of the pass through of increased dairy commodity and energy costs through this inflationary period, is resulting in a strong overall performance in the second quarter."

7:37AM Williams Cos raised FY08 and FY09 EPS guidance above consensus (WMB) 39.13 : Co raises FY08 EPS guidance to $2.30-2.80 vs $2.21 consensus, up from prior $1.70-2.10; raises FY09 EPS to $2.05-2.90 vs $2.48 consensus, up from $1.80-2.30. Co says, "The increase in earnings guidance primarily reflects the co's more favorable outlook for commodity prices during 2008 and 2009. The more favorable prices are expected to benefit the company's exploration & production and midstream businesses. A chart attached to the end of this press release includes the guidance updates for the business segments and WMB in total. For 2008 the company now expects unhedged natural gas prices ranging from $9.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $100-120 per barrel (West Texas Intermediate). For 2009, the co now expects unhedged natural gas prices ranging from $8.00-10.50 per Mcfe (Henry Hub) and crude oil pricing in the range of $80-120 per barrel (WTI). WMB also is updating its capital expenditure guidance for 2008 and 2009. The new range for 2008 is $3.03-3.38 bln, up from the previous range of $2.6-2.95 bln. For 2009, the new range is $2.63-3.03 bln, compared with the previous range of $2.3-2.7 bln.

7:31AM EMCOR Group raises guidance for FY08 (EME) 27.75 : Co raises guidance for FY08 (Dec), to EPS of $2.22-2.42 from $2.08-2.28 vs. $2.31 First Call consensus; raises FY08 (Dec) revenue guidance to $6.8-7.0 bln from $6.3-6.5 bln vs. $6.76 bln consensus. The increased guidance reflects continuing indications of strong demand for the Company's services in many of its markets.

7:02AM Rockwell Automation guides Q3 below consensus; will not meet previous FY08 guidance (ROK) 52.19 : Co issues downside guidance for Q3 (Jun), sees EPS of $0.93-1.00 vs. $1.13 First Call consensus. Given the expected third quarter earnings, and what appear to be less favorable market conditions in the U.S. and Europe, the Company no longer believes that full year EPS will fall within the previous annual guidance range of $4.25-4.45 (consensus $4.29).

6:32AM General Mills reports EPS in-line, beats on revs; guides FY09 EPS below consensus (GIS) 62.40 : Reports Q4 (May) earnings of $0.73 per share, excluding non-recurring items, in-line with the First Call consensus of $0.73; revenues rose 13.4% year/year to $3.47 bln vs the $3.37 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.78-3.83 vs. $3.84 consensus.