Earnings - 28th April 2009 (1)

6:04PM Cabot Oil & Gas beats by $0.03, beats on revs (COG) 28.80 +0.67 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.38; revenues rose 6.5% year/year to $233.9 mln vs the $212.6 mln consensus.

5:36PM VisionChina Media misses by $0.03, misses on revs; guides Q2 revs below consensus; reaffirms FY09 revs guidance (VISN) 6.27 -0.31 : Reports Q1 (Mar) earnings of $0.09 per share, $0.03 worse than the First Call consensus of $0.12; revenues rose 100.7% year/year to $27.3 mln vs the $28.9 mln consensus. Co issues downside guidancefor Q2, sees Q2 revs of $29.2-32.2 mln vs. $34.08 mln consensus. Co reaffirms guidancefor FY09, sees FY09 revs of $141-157 mln vs. $151.79 mln consensus. Second quarter 2009 net income excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is expected to be between $6.5 mln and $9 mln. Net income in the full year 2009, excluding share-based compensation expenses and amortization of intangible assets (non-GAAP), is expected to be between $49 mln and $61 mln.

4:50PM American Commercial Lines misses by $0.06, misses on revs (ACLI) 4.23 -0.10 : Reports Q1 (Mar) loss of $0.03 per share, ex-items, $0.06 worse than the First Call consensus of $0.03; revenues fell 27.2% year/year to $196.8 mln vs the $252.4 mln consensus.

4:21PM Textron beats by $0.25, misses on revs; guides FY09 EPS below consensus, revs below consensus (TXT) 11.20 -0.19 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.01; revenues fell 23.6% year/year to $2.53 bln vs the $2.78 bln consensus. Co issues downside guidancefor FY09, sees EPS of $0.45-0.75, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $11 bln vs. $11.8 bln consensus. "This lower earnings estimate primarily reflects lower expected demand at Cessna, and higher losses at TFC related to the current economic environment and the impact of faster liquidations. Manufacturing free cash flow is still expected to be about $400 million."

4:19PM CB&I beats by $0.06, beats on revs (CBI) 9.31 +0.08 : Reports Q1 (Mar) earnings of $0.51 per share, $0.06 better than the First Call consensus of $0.45; revenues fell 10.0% year/year to $1.3 bln vs the $1.25 bln consensus.

4:19PM V.F. Corp reports Q1 earnings, reports revs in-line; issues FY09 EPS guidance (VFC) 67.28 +1.18 : Reports Q1 (Mar) earnings of $1.01 per share, ex-items, may not compare to the First Call consensus of $0.94; revenues fell 6.6% year/year to $1.73 bln vs the $1.74 bln consensus. Co issues guidance for FY09, sees EPS of $5.50-$5.80, ex-items, vs. $5.31 consensus. Actions taken in the fourth quarter of 2008 to reduce costs by $100 mln beginning this year are on track, and we will continue to be vigilant about controlling costs across all businesses.

4:17PM Advent Software beats by $0.13, beats on revs; guides Q2 revs below consensus; guides FY09 revs in-line (ADVS) 32.36 -0.54 : Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.25; revenues rose 18.4% year/year to $72.8 mln vs the $69 mln consensus. Co issuesdownside guidance for Q2, sees Q2 revs of $68-70 mln vs. $71.03 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $280-290 mln vs. $289.10 mln consensus

4:11PM Panera Bread reports Q1 (Mar) results, revs slightly above consensus; reaffirms FY09 EPS guidance (PNRA) 62.93 -0.37 : Reports Q1 (Mar) earnings of $0.57 per share, including the impact of a $0.01 per diluted share charge for the write-off of smallwares related to the rollout of new china, may not compare directly to the First Call consensus of $0.57; revenues rose 5.1% year/year to $320.7 mln vs the $317.7 mln consensus. Coreaffirms guidance for FY09, sees EPS of 2.55-2.71 vs. $2.63 consensus. Comparable system-wide bakery-cafe sales increased 0.7% versus the comparable period in fiscal 2008 (0.3% in Company-owned and 1.0% in franchise-operated comparable bakery-cafes). These first quarter comparable sales results were impacted positively by approximately 0.5% from the shift of the Easter holiday from the first quarter of fiscal 2008 to the second quarter of fiscal 2009. Thus, excluding the impact of the Easter shift the Company experienced essentially flat comparable bakery-cafe sales growth for the first quarter of fiscal 2009. Similarly, net of the impact from the Easter shift, the Company and its franchisees experienced essentially flat comparable bakery-cafe sales growth in the first several weeks of the second quarter of fiscal 2009... In the first quarter of fiscal 2009, the Company generated operating margin improvement of approximately 200 basis points compared to the first quarter of fiscal 2008. This was primarily a result of the year-over-year benefits in wheat costs and franchise dough price increases implemented in fiscal 2008, the Company's continuing category management initiatives, and favorable comparisons against one-time charges in the 1Q08.

4:08PM Zoran beats by $0.16, beats on revs; guides Q2 above consensus (ZRAN) 9.10 +0.24 : Reports Q1 (Mar) loss of $0.34 per share, excluding non-recurring items, $0.16 better than the First Call consensus of ($0.50); revenues fell 37.2% year/year to $68.5 mln vs the $52.9 mln consensus. Co issues upside guidance for Q2, sees EPS of $(0.24)-(0.20), excluding non-recurring items, vs. ($0.36) consensus; sees Q2 revs of $85-90 mln vs. $64.5 mln consensus. Co says it achieved 39% sequential revenue growth in DTV, driven by increasing demand for low-to mid-range LCD TVs, where co has a leading position. Several of its largest customers have successfully expanded their presence in major US retail channels, a trend the co expects to continue to benefit from in the future. In digital cameras, co saw a strong increase in demand towards the end of the quarter, indicating that channel inventory has been substantially reduced. While consumer spending is far from previous levels and visibility into 2H09 remains limited, co is encouraged by these positive trends and is currently expecting a stronger Q2.

4:06PM Beckman Coulter beats by $0.12, misses on revs (BEC) 52.51 +1.04 : Reports Q1 (Mar) earnings of $0.71 per share, $0.12 better than the First Call consensus of $0.59; revenues fell 5.3% year/year to $691.5 mln vs the $705.6 mln consensus. "We are affirming our outlook, despite the potential for lower cash instrument sales in 2009. Solid constant currency recurring revenue gains are expected to continue with full year growth of 6% to 7%. As a result, on a constant currency basis, our 2009 full year outlook for revenue growth remains at 4% to 6%, or flat on a reported basis."

4:06PM Life Technologies beats by $0.15, beats on revs; guides FY09 EPS in-line (LIFE) 32.03 +1.22 : Reports Q1 (Mar) earnings of $0.72 per share, $0.15 better than the First Call consensus of $0.57; revenues rose 124.1% year/year to $784.9 mln vs the $749.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-$2.55 vs. $2.52 consensus.

4:05PM Cerner beats by $0.01, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CERN) 48.65 +0.96 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.51; revenues rose 1.9% year/year to $392.3 mln vs the $417.9 mln consensus. Co issuesin-line guidance for Q2, sees EPS of $0.52-0.58, excluding non-recurring items, vs. $0.56 consensus; sees Q2 revs of $415-435 mln vs. $432.90 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.42 consensus; sees FY09 revs of $1.75-1.80 bln vs. $1.76 bln consensus.

4:03PM Stericycle beats by $0.01, reports revs in-line (SRCL) 49.51 +0.67 : Reports Q1 (Mar) earnings of $0.47 per share, $0.01 better than the First Call consensus of $0.46; revenues rose 8.8% year/year to $277.1 mln vs the $277.7 mln consensus.

4:03PM Monolithic Power beats by $0.03, beats on revs; guides Q2 revs above consensus (MPWR) 18.02 +0.30 : Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.03; revenues fell 17.2% year/year to $29.3 mln vs the $26.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $36-40 mln vs. $29.2 mln consensus. Co says in the second half of the quarter, it saw increased turns activities. As a result, Q1 revenue was better than expected. Co is cautiously optimistic about Q2.

9:04AM Franklin Resources misses by $0.14, beats on revs (BEN) 60.56 : Reports Q2 (Mar) earnings of $0.48 per share, $0.14 worse than the First Call consensus of $0.62; revenues fell 39.3% year/year to $912.3 mln vs the $898.2 mln consensus.  Total assets under management by the company's subsidiaries were $391.1 bln at March 31, 2009, as compared to $416.2 bln at December 31, 2008 and $591.1 bln at March 31, 2008. Simple monthly average assets under management during the quarter ended March 31, 2009 were $396.6 bln, as compared to $438.7 bln in the prior quarter and $610.2 bln in the same quarter a year ago. Equity assets comprised 44% of total assets under management at March 31, 2009, as compared to 47% of total assets under management at December 31, 2008 and 55% of total assets under management at March 31, 2008. Fixed-income assets comprised 35% of total assets under management at March 31, 2009, as compared to 32% of total assets under management at December 31, 2008 and 25% of total assets under management at March 31, 2008. Hybrid assets accounted for 19% of total assets under management at March 31, 2009, December 31, 2008 and March 31, 2008. Net new flows for the quarter ended March 31, 2009 were $(5.5) bln, as compared to $(18.2) bln for the prior quarter and $(6.1) bln for the same quarter a year ago.

8:11AM AGCO Corp beats by $0.13, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (AG) 24.25 : Reports Q1 (Mar) earnings of $0.36 per share, $0.13 better than the First Call consensus of $0.23; revenues fell 11.6% year/year to $1.58 bln vs the $1.57 bln consensus. Co issues downside guidance for FY09, sees EPS of 2.00-2.50 vs. $2.76 consensus; sees FY09 revs of 6.7-7.0 bln vs. $7.34 bln consensus. AGCO's earnings are expected to be impacted by lower sales and production volumes and by increased engineering expenses for new product development and Tier 4 emission requirements. The largest impacts from production cuts and working capital reduction initiatives are expected to be incurred in the second quarter. As a result, AGCO's earnings per share in the second quarter are expected to be significantly lower than reported for the second quarter of 2008.

8:03AM Hecla Mining beats by $0.08, beats on revs (HL) 2.60 : Reports Q1 (Mar) earnings of $0.02 per share, $0.08 better than the First Call consensus of ($0.06); revenues rose 45.9% year/year to $54.7 mln vs the $48 mln consensus. Co says, "We had a much improved first quarter with all operational benchmarks showing significant improvement compared with the second half of 2008. More tons of higher-grade material coupled with lower costs drove the results combined with some positive one-time items. We are clearly on track to hit our production and cost targets reversing the trend of rising costs experienced in 2008. Our outlook is very positive given the solid operational performance, stronger balance sheet, higher prices, and the ongoing exploration success at the Lucky Friday."

8:02AM Northwest Pipe beats by $0.05, beats on revs (NWPX) 32.40 : Reports Q1 (Mar) earnings of $0.28 per share, $0.05 better than the First Call consensus of $0.23; revenues fell 13.4% year/year to $81.4 mln vs the $79.4 mln consensus. Co states, "Looking ahead, we expect another challenging quarter before seeing improvement in the second half of the year. "Our backlog grew to $205 million during the quarter and, while this is clearly a positive, we have a greater than usual amount of backlog that is not ready for current production. The backlog is also uneven across our plants. Some have substantial backlogs and others are relatively light. Accordingly, we expect our Water Transmission production will be slow in the second quarter, similar to the first quarter. We expect another good bookings quarter which should lead to a higher backlog at June 30th and stronger production schedules over the last half of the year."

8:01AM PACCAR beats by $0.02, misses on revs (PCAR) 34.16 : Reports Q1 (Mar) earnings of $0.07 per share, $0.02 better than the First Call consensus of $0.05; revenues fell 52.2% year/year to $1.73 bln vs the $1.95 bln consensus.

7:54AM FPL Group beats by $0.13, beats on revs; guides FY09 EPS above consensus; guides FY10 EPS above consensus (FPL) 51.28 : Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.77; revenues rose 7.9% year/year to $3.71 bln vs the $3.57 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.20-4.40 vs. $4.06 consensus. Co issues upside guidance for FY10, sees EPS of $4.65-5.05 vs. $4.56 consensus. Co says, "FPL Group had a very good first quarter, with adjusted earnings per share rising 18 percent year over year, largely as a result of strong results from our NextEra Energy Resources subsidiary. At Florida Power & Light, we announced proposed investments that will significantly improve the electrical system for our customers - specifically, a large-scale deployment of 'smart grid' technology in Miami, and a new natural gas pipeline to provide increased energy security. As pleased as we are with FPL Group's current results, we are even more optimistic about the future. The reason is simple: We believe that the policy climate in the nation is trending in a direction highly favorable to power companies with low emissions profiles and significant clean-energy fleets."

Earnings - 30th Jan 2009

9:06AM Overstock.com beats by $0.07, reports revs in-line (OSTK) 9.76 : Reports Q4 (Dec) earnings of $0.04 per share, $0.07 better than the First Call consensus of ($0.03); revenues fell 13.1% year/year to $255.9 mln vs the $258.2 mln single estimate. Co said, "We are preparing for a glut of supply as companies and stores around the country go out of business or close over the near term. We recently leased a large warehouse in Salt Lake City. We are developing a consignment model, where manufacturers and distributors desirous of reducing costs will be able to consign their slow-moving inventory to us, and we will provide handling, storage, sales and fulfillment for these companies. We have the capacity and the expertise to make this work, and the timing is perfect."

8:36AM Chevron reports Q4 results, misses on revs (CVX) 70.62 : Reports Q4 (Dec) earnings of $2.44 per share, including a $600 mln gain from an asset exchange, may not compare to the First Call consensus of $1.81; revenues fell 28.0% year/year to $43.15 bln vs the $47.9 bln consensus. Worldwide oil-equivalent production averaged 2.54 mln barrels per day in the fourth quarter 2008, compared with 2.61 mln barrels per day in the corresponding 2007 period. The decline between periods was primarily associated with the ongoing effect of damage to production facilities caused by hurricanes in the Gulf of Mexico in September 2008. U.S. downstream earned approximately $1.03 bln in the fourth quarter 2008, compared with a loss of $55 mln a year earlier. The improvement between periods was mainly the result of significantly higher margins on the sale of refined products, improved refinery operations and gains on commodity derivative instruments. Refinery crude-input of 930,000 barrels per day in the fourth quarter 2008 was 92,000 higher than the corresponding 2007 period. Co says, "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products. Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago. We achieved much success in 2008. Record earnings and strong cash flows for the year enabled us to invest $23 bln in an attractive portfolio of capital and exploratory projects, buy back $8 bln of our common stock and increase the dividend payment on our common shares for the 21st consecutive year. We enter 2009 with the financial strength to meet the challenges of a difficult economy and with a continued focus on cost management and capital stewardship."

8:22AM L.B. Foster Company beats by $0.06, beats on revs (FSTR) 25.96 : Reports Q4 (Dec) earnings of $0.55 per share, $0.06 better than the First Call consensus of $0.49; revenues rose 26.1% year/year to $143.8 mln vs the $116.5 mln consensus.

8:09AM Exxon Mobil beats by $0.10 (XOM) 77.00 : Reports Q4 (Dec) earnings of $1.55 per share, $0.10 better than the First Call consensus of $1.45; revenues fell 27.4% year/year to $84.7 bln. Oil-equivalent production decreased 3% from the fourth quarter of 2007. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production was down about 1%.

8:06AM American Axle reports Q4 loss of $2.17/share, misses on revs (AXL) 1.40 : Reports Q4 (Dec) loss of $2.17 per share, including tax expense provision, may not compare to the First Call consensus of ($0.60); revenues fell 33.4% year/year to $503 mln vs the $525.2 mln consensus. For '08, there was a 43% year-over-year decline in total light truck production volumes as compared to the full year 2007. Non-GM sales were $544.6 mln, or 26% of total net sales. Co states, "The U.S. automotive industry has been pushed to the verge of collapse due to numerous adverse market, economic and competitive forces. As a result, 2008 proved to be a brutally difficult and demanding year for the entire domestic automotive industry. AAM accepted these challenges head-on and is making the hard, necessary and structural changes to return to profitability."

8:05AM PACCAR beats by $0.01, beats on revs (PCAR) 24.92 : Reports Q4 (Dec) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues fell 10.8% year/year to $2.92 bln vs the $2.77 bln consensus. "One of the positive benefits for all manufacturing industries worldwide is the reduction of commodity prices, such as steel, oil, natural rubber, aluminum and copper. The average cost of these commodities has reduced by approximately one third compared to the levels during the commodity price bubble in 2008, but should further reduce to reach the normalized commodity cost trend of the last ten years. We are working closely with our suppliers who are judiciously managing their businesses through these difficult markets."

8:05AM Simon Properties beats by $0.08, beats on revs; guides FY09 FFO in-line and declares dividend (SPG) 44.44 : Reports Q4 (Dec) funds from operations of $1.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.85; revenues fell 0.6% year/year to $1.03 bln vs the $1.01 bln consensus. Co issues in-line guidance for FY09, sees FFO of $6.40-6.60, excluding non-recurring items, vs. $6.56 consensus. Co declares quarterly dividend of $0.90 per share (unchanged from previous quarter) in a combination of 10% cash and 90% common stock. SPG believes this change in composition will permit them to retain over $925 mln of cash if adopted for all of 2009.

8:03AM Arch Coal beats by $0.05, beats on revs; maintains cautious outlook (ACI)16.79 : Reports Q4 (Dec) earnings of $0.44 per share, $0.05 better than the First Call consensus of $0.39; revenues rose 13.3% year/year to $729.9 mln vs the $713.9 mln consensus. Given the current weakness in U.S. coal markets, Arch has reduced its production targets in 2009. "It is extremely difficult to forecast 2009 with any precision at this time due to the current state of flux in the economy and in global steam and metallurgical coal markets. As such, Arch is adopting a cautious approach to 2009 and has elected against attempts to project earnings per share or EBITDA at this time." Arch expects the first quarter of 2009 to be the weakest operating period of the year -- and substantially below the fourth quarter of 2008 -- given the challenges already experienced at West Elk.

7:36AM Flowserve expects '08 EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50" (FLS) 50.27 : Co issues guidance for '08, says it expects EPS to be "somewhat above the high end of the previously announced target range of $7.20 to $7.50", vs First Call consensus of $7.42. Co also announces its 2009 EPS target range of $7.25-$8.00, excluding $0.50/share of restructruing charges, vs First Call consensus is $7.53. Co states,"We are extremely pleased with our record full year bookings, our record year end backlog, our strong cash flow and our strong balance sheet. And, while we have seen some customers delay orders because of the current global financial conditions or re-bid large projects to attain lower commodity prices, like those of steel, we continue to see generally solid levels of quote activity."

7:13AM Procter & Gamble reports EPS in-line, misses on revs; guides Q3 EPS in-line; guides FY09 EPS in-line (PG) 58.22 : Reports Q2 (Dec) earnings of $1.58 per share, in-line with the First Call consensus of $1.58; revenues fell 3.2% year/year to $20.37 bln vs the $20.64 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.78-0.86 vs. $0.85 consensus. Co issues in-line guidance for FY09, sees EPS of $4.20-4.35 vs. $4.29 consensus. The Co modified the Q3 guidance range to reflect the high level of market volatility and uncertainty that exists today. Operating margin, which includes the impact of incremental Folgers-related restructuring charges, is expected to be consistent with the prior fiscal year. The Co's tax rate on continuing operations is expected to be between 27 and 28%. For the January - March quarter, organic sales are expected to grow 2 to 5%. Organic volume is expected to decline 2 to 3%. Foreign exchange is estimated to reduce net sales by high-single-digits, and the net impact of acquisitions and divestitures is expected to be neutral to net sales growth for the quarter. Total sales are expected to be down 2 to 7%. For the 2009 fiscal year, the Co expects organic sales to grow by 2 to 5%. Organic volume is expected to be flat to down 2%. Foreign exchange remains highly volatile and is expected to reduce sales by about 5%. The net impact of acquisitions and divestitures is estimated to be flat to negative 1%. Total sales growth is expected to be flat to negative 4%.

7:04AM Ametek reports EPS in-line, misses on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line (AME) 31.82 : Reports Q4 (Dec) earnings of $0.66 per share, excluding restructuring charge, in-line with the First Call consensus of $0.66; revenues rose 6.9% year/year to $623.7 mln vs the $660.2 mln consensus. Co issuesdownside guidance for Q1, sees EPS of $0.54-0.58 vs. $0.59 consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.60 vs. $2.45 consensus. Co estimates Q109 and FY09 revenue to be down slightly from Q108 and FY08, respectively.

7:01AM Honeywell reports EPS in-line, misses on revs; reaffirms FY09 EPS guidance (HON) 32.67 : Reports Q4 (Dec) earnings of $0.97 per share, in-line with the First Call consensus of $0.97; revenues fell 6.1% year/year to $8.71 bln vs the $8.97 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.20-3.55 vs. $3.20 consensus.

2:07AM 3Par beats by $0.03, beats on revs (PAR) 8.35 : Reports Q3 (Dec) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues rose 56.5% year/year to $48.2 mln vs the $44 mln consensus.

1:45AM CEMEX reports Q408 results (CX) 7.98 : Reports Q4 (Dec) revenues decreased 23% year/year to $4.5 bln vs the $4.793 bln First Call consensus. Co reports a Q408 majority net loss of $707 mln compared with a net profit of $538 mln a year ago. A 35% decline in operating income, losses on financial instruments and an impairment expense all contributed to weak net results, the co said in a statement. "Lower sales in the quarter were primarily attributable to lower volumes, which were partially mitigated by better price resiliency in most of our markets," Cemex added. "The infrastructure sector was the main driver of demand in most of the markets we serve," the co said.

Earnings - 22nd July 2008 (2)

4:59PM Zimmer Hldgs misses by $0.04, reports revs in-line; lowers FY08 EPS and revs guidance (ZMH) 70.88 +0.52 : Reports Q2 (Jun) earnings of $0.99 per share, $0.04 worse than the First Call consensus of $1.03; revenues rose 11.3% year/year to $1.08 bln vs the $1.07 bln consensus. Co lowers guidance for FY08, sees EPS of $4.05-4.10, down from previous guidance of $4.20-4.25, vs. $4.19 consensus; sees FY08 revs growth of 8.5-9% (which calculates to ~$4.23-4.25 bln vs. $4.28 bln consensus), down from previous guidacne of 10-11%.

4:59PM Broadcom on call sees Q3 revs of $1.25-1.3 bln vs $1.16 bln First Call consensus (BRCM) 27.64 +0.20 :

4:30PM Axsys Technologies beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (AXYS) 63.32 -1.43 : Reports Q2 (Jun) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues rose 40.4% year/year to $60.3 mln vs the $56.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.09-2.15, previous $1.88-1.92, vs. $1.92 consensus; sees FY08 revs of $237-241 mln, previous $224-228 mln, vs. $227.91 mln consensus.

4:23PM ADC Telecom lowers FY08 revenue guidance, sees Q3 revs below Q2 revs; lowers FY08 EPS (ADCT) 13.37 +0.24 : Co lowers FY08 revs guidance to $1.50-1.52 bln vs $1.53 bln consensus, down from $1.52-1.54 bln prior guidance. Co sees Q3 revs 3-5% below Q2 revw, which equates to ~$383.2-391.3 vs $403.9 mln consensus. Co lowers FY08 GAAP EPS to $1.12-1.20, excludes $0.94 in charges, vs $1.33 consensus. Co says due to the change in sales volume and product mix, ADC's gross margins in 2008 are now expected to be around 34% for the second half and around 35% for the full year compared to previous guidance of 36% for the full year... says "the updated financial outlook primarily reflects lower sales of copper and fiber connectivity products in the United States resulting mainly from customers' recent budget reviews and ordering patterns, as well as the resulting effects on original equipment manufacturers' demand for ADC products. "We remain firmly committed to managing our business strategically for the long term, but the inherent short-lead time nature of our business sometimes results in quarter-to-quarter market-related movements, up or down, in our sales expectations."

4:22PM PPD Inc. beats by $0.02, beats on revs (PPDI) 40.95 : Reports Q2 (Jun) earnings of $0.41 per share, $0.02 better than the First Call consensus of $0.39; revenues rose 16.3% year/year to $407 mln vs the $374.2 mln consensus. "I am very pleased with our financial and operating performance for the quarter," said Fred Eshelman, chief executive officer of PPDI. "The management team made substantial progress on various internal initiatives, as evidenced by the expansion in our development segment operating margin, robust cash flow, improved DSO and solid earnings." Eshelman added, "We believe the market for CRO services is strong, even though our new authorizations came in lower than expected for the quarter. Request-for-proposal volume remains high, and we will continue to focus our efforts on operational excellence and sales execution."

4:18PM VMware reports EPS in-line, revs in-line; guides Q3 & FY08 revs below consensus (VMW) 37.97 +1.03 : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues rose 53.7% year/year to $456.1 mln vs the $458.6 mln consensus. Q2 non-GAAP operating margins 24.6% vs. the 24.4% Street expectation and 24.3% in Q1. Co issues downside guidance for Q3, sees Q3 revs of $462-468 vs. $497.34 mln consensus. VMW says 2008 revenues are targeted to grow approximately 42-45% compared to 2007 vs consensus ests of ~48% (42-45% growth equates to $1.88-1.92 bln vs $1.96 bln consensus). VMW says Q3 GAAP operating margin is targeted to be between 11-13% (no ests).

4:17PM Washington Mutual misses by $2.29 (WM) 5.86 +0.38 : Reports Q2 (Jun) loss of $3.34 per share, excluding $3.24 related to the co's capital issuance in April, $2.29 worse than the First Call consensus of ($1.05). Co increased its loan loss reserves by $3.74 bln to $8.46 bln. The quarter's provision was $5.9 bln compared with $2.2 bln of net charge-offs. The co now expects the remaining cumulative losses in its residential mortgage portfolios to be toward the upper end of the range it disclosed in April, and continues to expect 2008 to be the peak year for provisioning. Co now expects to realize annualized cost savings of approx $1 bln which will contribute to improved pretax, pre-provision earnings. The co's tangible equity to total tangible assets capital ratio increased during Q2 to 7.79% from 6.40% in Q1, resulting in approx $7 bln of capital in excess of its targeted 5.50%. The increase reflects the effects of the $7.2 bln capital raise, the reduction of the co's balance sheet by $10 bln and the loss for the quarter. The co had over $40 bln of readily available liquidity at quarter end.

4:17PM Norfolk Southern beats by $0.13, beats on revs (NSC) 65.69 +2.15 : Reports Q2 (Jun) earnings of $1.18 per share, $0.13 better than the First Call consensus of $1.05; revenues rose 16.3% year/year to $2.77 bln vs the $2.65 bln consensus. "Norfolk Southern delivered record financial results during the quarter, reporting continuing strength in our coal, agriculture, and metals markets," said Norfolk Southern CEO Wick Moorman. "Looking ahead, our franchise should continue to benefit from a broad and balanced customer base as well as from rail's inherent advantages over other transportation modes - safety and reliability, fuel efficiency, and environmental sustainability."

4:11PM E*TRADE misses by $0.05, beats on revs (ETFC) 4.05 : Reports Q2 (Jun) loss of $0.19 per share, $0.05 worse than the First Call consensus of ($0.14); revenues fell 15.9% year/year to $342.8 mln vs the $332.5 mln consensus. "While economic conditions are still challenging, we consider loan delinquency trends to be encouraging." Total delinquencies increased by 9 percent or $111 mln during the quarter, representing the slowest increase in four quarters. Home equity loan delinquencies increased by 4% or $25 mln during the quarter, down from an increase of 8 percent in the prior quarter. Provision for loan losses increased by $85 mln quarter over quarter, driven primarily by an increase in home equity-related charge-offs. Total allowance for loan losses increased to $636 mln, as provision exceeded charge-offs by $70 mln during the quarter. The Company increased its allowance for loan losses across all three categories of its loan portfolio. "While the current economic environment may impede our expectations to return to profitability from continuing operations this year, we are executing well on our Turnaround Plan and continue to make progress toward returning to profitability."

4:06PM Intuitive Surgical beats by $0.10, beats on revs (ISRG) : Reports Q2 (Jun) earnings of $1.28 per share, $0.10 better than the First Call consensus of $1.18; revenues rose 56.3% year/year to $219.2 mln vs the $208.6 mln consensus. Intuitive ended the second quarter of 2008 with cash, cash equivalents and investments of $740 million, up $104 million from December 31, 2007.

4:04PM Edwards Lifesci beats by $0.02, beats on revs; guides Q3 EPS in-line; guides FY08 EPS above consensus, revs above consensus (EW) 65.25 +0.10 : Reports Q2 (Jun) earnings of $0.66 per share, $0.02 better than the First Call consensus of $0.64; revenues rose 20.2% year/year to $327.6 mln vs the $311.9 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.56 consensus. Co issues upside guidance for FY08, sees EPS of $2.50-2.58 vs. $2.50 consensus; sees FY08 revs of $1.24-1.28 bln vs. $1.23 bln consensus. "... all of our franchises reported double-digit sales growth. This quarter was also highlighted by the strong uptake of our Edwards SAPIEN valve in Europe where procedural success continues to be impressive. Our base heart valve business, which excludes transcatheter heart valve sales, performed well this quarter, driven by strong double-digit international sales growth and improved U.S. performance..."

8:38AM Avery Dennison beats by $0.03, beats on revs; guides FY08 EPS below consensus (AVY) 45.24 : Reports Q2 (Jun) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.00; revenues rose 20.0% year/year to $1.83 bln vs the $1.8 bln consensus. Co issues downside guidance for FY08, sees EPS of $3.75-3.95, excluding non-recurring items, compared to previous guidance of $4.00-4.30, vs. $4.03 consensus. Co is reducing its Y08 guidance primarily due to a significant increase in inflation expectations coupled with greater economic weakness. To help offset the impact of inflation, co accelerated productivity efforts and is raising prices. However, expectations for raw material inflation in Y08 have risen to approx $110 mln, representing a 60% increase since April. Because the majority of the benefit from pricing actions is expected to materialize later in the year, raw material inflation will significantly outpace price increases realized in the full year. Co's earnings expectations reflect revenue flat to slightly down on an organic basis for Y08. Slowing in European and Asian markets is expected, in addition to the slower U.S. market.

8:37AM AK Steel beats by $0.14, beats on revs (AKS) 51.06 : Reports Q2 (Jun) earnings of $1.29 per share, $0.14 better than the First Call consensus of $1.15; revenues rose 19.6% year/year to $2.24 bln vs the $2.10 bln consensus. Co says the yr-over-yr operating profit improvement was primarily due to higher spot market shipments and overall higher selling prices in all markets, coupled with continued strong cost controls. Co does not provide specific EPS guidance for Q3, but says it expects shipments of 1.55 mln tons which will be lower than Q2 due to seasonally lower automotive shipments and a planned five-day outage at its Middletown Works hot strip mill. The co also expects higher raw material and energy costs in Q3. Average per-ton selling prices should rise 10% sequentially in Q3.

8:36AM XTO Energy beats by $0.04, beats on revs (XTO) 57.98 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.05; revenues rose 45.7% year/year to $1.94 bln vs the $1.85 bln consensus. Second quarter 2008 daily gas production averaged 1.80 Bcf, up 35% from second quarter 2007 daily production of 1.33 Bcf. Daily oil production for the second quarter was 51.3 thousand barrels, an 11% increase from the second quarter 2007 level of 46.1 thousand barrels. During the quarter, natural gas liquids production was 15.6 thousand barrels per day, a 3% increase from the prior year quarter rate of 15.2 thousand barrels per day.

8:32AM USG Corp beats by $0.09, beats on revs (USG) 26.02 : Reports Q2 (Jun) loss of $0.27 per share, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.36); revenues fell 11.2% year/year to $1.25 bln vs the $1.21 bln consensus. Co said, "The steep decline in the U.S. housing market, combined with unprecedented increases in the cost of key raw materials and energy, resulted in losses in our core wallboard business... Our other businesses are performing reasonably well, despite their own challenging market conditions."

8:11AM PACCAR beats by $0.02, beats on revs (PCAR) 42.72 : Reports Q2 (Jun) earnings of $0.86 per share, $0.02 better than the First Call consensus of $0.84; revenues rose 10.3% year/year to $3.78 bln vs the $3.72 bln consensus.

8:08AM Wabtec beats by $0.04, beats on revs; guides FY08 EPS above consensus, revs in-line (WAB) 53.40 : Reports Q2 (Jun) earnings of $0.69 per share, $0.04 better than the First Call consensus of $0.65. Co raises guidance for FY08, sees EPS of $2.65 vs. $2.61 consensus, from $2.55 previously; sees FY08 revs of $1.52-1.55 bln vs. $1.55 bln consensus, from high-single-digits previously. "Although we remain cautious about the economic outlook in the U.S. and abroad, we are confident in our growth prospects for the rest of 2008 and beyond."