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 - 12th Feb 2009

6:35PM United Stationers beats by $0.23, beats on revs (USTR) 28.31 +0.30 : Reports Q4 (Dec) earnings of $0.95 per share, $0.23 better than the First Call consensus of $0.72; revenues rose 2.3% year/year to $1.15 bln vs the $1.12 bln consensus. Co says, "Business customers are reacting to the recessionary environment by reducing spending and employment, and we are seeing the effects in declining sales. First quarter revenues to date are down about 8%, and we expect the market to remain difficult throughout 2009. We have responded by accelerating cost reduction initiatives and adjusting staffing levels." Cost reduction actions announced in January included eliminating 250 positions, or 4% of the workforce." The co expects to take a charge of $2.5-3.5 mln in the first quarter as a result. Savings in 2009 before the charge are expected to be ~$13 mln . Other cost reductions targeting labor-related and other expenses are expected to save an additional $10 mln in 2009. Further savings are expected from ongoing War on Waste initiatives.

5:55PM Panera Bread beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (PNRA) 49.05 +2.62 : Reports Q4 (Dec) earnings of $0.86 per share, excluding $0.02 in non-recurring items, $0.02 better than the First Call consensus of $0.84; revenues rose 18.9% year/year to $357.8 mln vs the $352.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.53-0.59, excluding non-recurring items, vs. $0.56 consensus. Co issues in-line guidance for FY09, sees EPS of $2.55-2.71, excluding non-recurring items, vs. $2.61 consensus.

4:17PM Cephalon beats by $0.10, beats on revs; guides Q1 revs in-line; guides FY09 revs in-line (CEPH) 78.27 +0.76 : Reports Q4 (Dec) earnings of $1.46 per share, $0.10 better than the First Call consensus of $1.36; revenues rose 20.0% year/year to $540.1 mln vs the $527.9 mln consensus. Co issues guidance for Q1, sees EPS of $1.30-1.40, may not be comparable to $1.34 consensus; sees Q1 revs of $510-530 mln vs. $533.52 mln consensus. Co issues guidance for FY09, sees EPS of $6.50-6.60, may not be comparable to $5.66 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.25 bln consensus. Q4 Drug Sales: Actiq $38.8 mln vs. $54 mln First Call Consensus; Fentora $38.6 mln vs. $41 mln First Call Consensus; Provigil $281.2 mln vs. $267 mln First Call Consensus; Treanda $36.2 mln vs. $32 mln First Call Consensus.

4:16PM American Phys beats by $0.20, beats on revs; guides FY09 EPS above consensus (ACAP) 44.95 : Reports Q4 (Dec) earnings of $1.24 per share, $0.20 better than the First Call consensus of $1.04; revenues fell 10.2% year/year to $39.7 mln vs the $38.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $4.25 vs. $4.24 consensus. APCapital's Board of Directors elected to increase its quarterly cash dividend by 10% to $0.11 per common share payable on March 31, 2009 to shareholders of record on March 13, 2009. Co says, "While premium rates have come down in recent years and reduced interest rates have lowered our investment return, we still believe 2009 will be another strong year. If the current trends in frequency, severity and pricing remain stable in our book of business, we expect to again exceed the benchmark of $4.25 earnings per diluted share in 2009." In the fourth quarter of 2008, APCapital repurchased 788,370 shares at an average cost of $37.64 per share. For the full year, APCapital repurchased 1,333,970 shares utilizing $53.2 mln of equity.

8:38AM Natural Resource beats by $0.08, beats on revs (NRP) 23.30 : Reports Q4 (Dec) earnings of $0.55 per share, $0.08 better than the First Call consensus of $0.47; revenues rose 32.3% year/year to $75.8 mln vs the $73.7 mln consensus. Metallurgical coal accounted for 30% of NRP coal royalty revenues and 22% of its production for the full year 2008. Co states, "Although the industry has seen drops in demand and pricing for metallurgical coal over the last few months, our lessees have approximately 90% of their steam coal under contract for 2009, in most cases at prices higher than 2008. As reported in our 2009 guidance released last month, in spite of the downturn in the economy, NRP anticipates that 2009 revenues will exceed our 2008 revenues."

8:28AM Teekay Shipping beats by $0.17, beats on revs (TK) 18.69 : Reports Q3 (Sep) earnings of $1.29 per share, ex-items, $0.17 better than the First Call consensus of $1.12; revenues rose 45.3% year/year to $672.5 mln vs the $643.7 mln consensus. During the third quarter of 2008, approximately 43% of the company's cash flow from vessel operations was generated from its fixed-rate businesses, compared to 83% in the third quarter of the prior year. This change is primarily due to the significant increase in spot tanker rates in the third quarter of 2008, partially offset by the continued growth of the Company's fixed-rate businesses.

8:26AM Martin Marietta misses by $0.03, misses on revs; guides FY09 EPS in-line (MLM) 79.94 : Reports Q4 (Dec) earnings of $0.80 per share, excluding non-recurring items,$0.03 worse than the First Call consensus of $0.83; revenues fell 12.2% year/year to $414.5 mln vs the $484.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.70-4.30 vs. $4.12 consensus. Co says, "We expect 2009 aggregates volumes to range from down 9% to 12%, excluding the effect of the proposed economic stimulus plan. The rate of price increase for the aggregates product line will be in a range from 4% to 6%. expect incremental aggregates volume of 8 million to 10 million tons and net earnings per diluted share of $0.50 to $0.75 for 2009 from an economic stimulus plan."

8:04AM Olympic Steel misses by $0.11, beats on revs (ZEUS) 17.45 : Reports Q4 (Dec) earnings of $0.07 per share, $0.11 worse than the First Call consensus of $0.18; revenues rose 7.4% year/year to $253.6 mln vs the $241.8 mln consensus. Tons sold in the fourth quarter of 2008 decreased 21.5% to 229 thousand from 291 thousand in the fourth quarter of 2007. "We are pleased with our record 2008 sales and earnings performance, and our ability to gain market share, even with the rapid and deep economic downturn of the fourth quarter. We enter 2009 with a particularly strong balance sheet, and a significantly lower operating expense base aligned with the industry-wide decline in sales volumes... Given the challenging and uncertain economic and financial environment, prospects for a quick recovery in business levels are remote. We believe we are in a position of strength and can weather the difficult economic climate with our strong, low-leveraged balance sheet, a proven disciplined approach to working capital management, and aggressive cost reductions. We believe that we are favorably positioned to take advantage of the market when demand returns."

8:03AM Coca-Cola beats by $0.03, misses on revs (KO) 41.27 : Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.61; revenues fell 2.8% year/year to $7.13 bln vs the $7.52 bln consensus. Co said, "While certainly not crisis proof, as no company is, I do believe our global business model is relatively resilient, as we bring simple moments of pleasure to our consumers, nearly 1.6 billion times a day, for cents at a time. We recognize that 2009 will bring many unique challenges to us and our consumers, customers, and bottling partners. Yet, I believe that our solid brand and business fundamentals - together with a fundamentally sound balance sheet, robust cash generating model and strong global bottling system - provide a sound foundation for our management team to continue driving long-term sustainable growth."

7:34AM Foundation Coal beats by $0.39, reports revs in-line (FCL) 18.08 : Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.39 better than the First Call consensus of $0.50; revenues rose 24.3% year/year to $456.5 mln vs the $453.5 mln consensus. Coal sales revenues were $450.7 mln, up 27% from Q407 primarily due to a 29% increase in average per ton sales realizations. The increase in average per ton sales realizations reflects higher realizations in all active production regions. Fourth quarter average realizations per ton in Central and Northern Appalachia rose 59% and 9%, respectively, compared to the same period last year, while average realizations per ton in the PRB increased 15%. The increase in Q4 net income compared to Q407 is primarily attributable to a 0.9 mln ton increase in shipments from Northern Appalachia and substantially higher average realizations in all regions, somewhat offset by a 0.8 mln ton decrease in shipments from the Powder River Basin, a 0.3 mln ton decrease in shipments from Central Appalachia, and higher operating expenses.

7:22AM Laboratory Corp beats by $0.01, reports revs in-line; guides FY09 EPS in-line; reiterates FY09 rev growth (LH) 59.75 : Reports Q4 (Dec) earnings of $1.10 per share, excluding restructuring and other special items , $0.01 better than the First Call consensus of $1.09; revenues rose 11.3% year/year to $1.12 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95 vs. $4.84 consensus. The co continues to expect revenue growth of 2.0% to 4.0% which calculates to revs of $4.595-4.685 bln vs 4.641 bln.

7:13AM NRG Energy beats by $0.57, beats on revs (NRG) 23.49 : Reports Q4 (Dec) earnings of $0.98 per share, $0.57 better than the First Call consensus of $0.41; revenues rose 19.8% year/year to $1.66 bln vs the $1.25 bln consensus. NRG reaffirmed its 2009 adjusted EBITDA guidance of $2.2 bln and cash from operations of $1.5 bln. These targets remain unchanged from its January 22, 2009 news release. Financial results for 2008 were favorably impacted by both strong plant operating performance and a proactive commercial operations strategy implemented during the second quarter of the year.

7:04AM Emergency Medical Services beats by $0.01, reports revs in-line; guides FY09 EPS above consensus (EMS) 33.60 : Reports Q4 (Dec) earnings of $0.48 per share,$0.01 better than the First Call consensus of $0.47; revenues rose 10.5% year/year to $593.7 mln vs the $597.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.05-2.15 vs. $1.96 consensus. The increase in earnings is attributable primarily to the net impact of higher revenue on existing contracts, increased volume from net new contracts and acquisitions, and a decline in total expenses as a percentage of net revenue.

6:54AM Yucheng Technologies misses by $0.01, beats on revs; guides FY09 EPS below consensus, revs above consensus (YTEC) 4.75 : Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues rose 45.5% year/year to $34.2 mln vs the $32.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.86-0.90 vs. $0.93 consensus; sees FY09 revs of $117-122 mln vs. $115.44 mln consensus. Despite the current global financial and economic challenges and the general negative outlook for the Chinese economy, they believe that their growth will continue at a healthy rate of 18% to 23% in 2009. They are committed to growing their IT Solutions and Services business through their market leading products, which allow banks to serve customers more effectively and conveniently, and to manage their operations across multiple locations more efficiently. Co says, "Executive management is forgoing our 2008 bonuses and postponing a major portion of the performance-based shares due to us as selling shareholders to reflect our commitment to our existing shareholders and our confidence in the 2009 guidance despite challenging market conditions."

6:37AM Alexion Pharma beats by $0.15, beats on revs; guides FY09 EPS above consensus, revs below consensus (ALXN) 36.88 : Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.08; revenues rose 128.3% year/year to $77.4 mln vs the $76.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $1.00-1.05 vs. $0.87 consensus; sees FY09 revs of $360-375 mln vs. $381.63 mln consensus. Co says, "In 2008, the first full year of Soliris commercialization, Alexion achieved outstanding execution of its business initiatives and brought the clinical benefits of Soliris to patients in more than 18 countries."

6:32AM Strayer Education beats by $0.01, reports revs in-line; guides Q1 EPS slightly below consensus (STRA) 225.87 : Reports Q4 (Dec) earnings of $1.71 per share, $0.01 better than the First Call consensus of $1.70; revenues rose 28.2% year/year to $114.3 mln vs the $113.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $1.96-1.98 vs. $1.99 consensus. Total enrollment at Strayer University for the 2009 winter term increased 22% to 45,697 students compared to 37,323 students for the same term in 2008. Across the Strayer University campus network, new student enrollments increased 20% and continuing student enrollments increased 23%. Global (out of area) online students increased 47%, while students taking 100% of their classes online (including campus based students) increased 25%. The total number of students taking any courses online (including students at brick and mortar campuses taking at least one online course) in the 2009 winter term increased 24% to 32,771.

6:06AM Aetna beats by $0.02, reports revs in-line; guides FY09 EPS in-line (AET) 32.24 : Reports Q4 (Dec) earnings of $0.96 per share, excluding net realized capital losses and other items, $0.02 better than the First Call consensus of $0.94; revenues rose 11.5% year/year to $7.98 bln vs the $7.96 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-3.95 vs. $3.87 consensus. Co said, "As we enter 2009, we are listening very closely to our customers to make sure we understand their needs and can respond appropriately... Our underlying business fundamentals remain strong because of our sound and flexible operating model and a value proposition that is resonating in the marketplace."

5:11AM New Oriental Education & Technology lowers Q309 revenue guidance (EDU)53.13 : Co issues downside guidance for Q3 (Feb), sees Q3 (Feb) revs of $62.0-65.0 mln vs. $67.36 mln First Call consensus. "The economic downturn in China has had a greater than anticipated effect on New Oriental's cash proceeds (cash collected from students in advance for course enrollments) over the past several weeks and we are therefore revising our third fiscal quarter 2009 revenue guidance downwards to reflect current expectations," said Louis T. Hsieh, CFO.

1:45AM Core Labs beats by $0.02, misses on revs; guides Q1 EPS in-line, revs below consensus (CLB) 63.91 : Reports Q4 (Dec) earnings of $1.66 per share, excluding gain from note repurchases and foreign exchange losses, $0.02 better than the First Call consensus of $1.64; revenues rose 14.1% year/year to $201.2 mln vs the $206.3 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.30-1.40, including excluding non-recurring items, vs. $1.37 consensus; sees Q1 revs of $180.0-185.0 mln vs. $196.38 mln consensus. Co reports 28.3% for operating margins, excluding the effects of currency translation exchange losses. Core states that it has benefited from its de-emphasis of Russian operations and its downsizing of Mexican, Venezuelan, and Nigerian operations over the past three years, as the co focused on development and production-related projects almost to the exclusion of volatile exploration-related activities. The 2009 capital expenditure total also will be below the expected 2009 annual depreciation total of approx $23.0 mln.

Earnings - 23rd July 2008 (1)

8:15AM Lincoln Electric beats by $0.24, beats on revs (LECO) 74.43 : Reports Q2 (Jun) earnings of $1.62 per share, $0.24 better than the First Call consensus of $1.38; revenues rose 19.3% year/year to $699.8 mln vs the $663.6 mln consensus.

8:13AM Affiliated Managers beats by $0.02, misses on revs (AMG) 86.13 : Reports Q2 (Jun) earnings of $1.43 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.41; revenues fell 6.8% year/year to $309 mln vs the $313.7 mln consensus. "Looking ahead, our pipeline of prospective new Affiliate investments continues to be very strong. Our proven track record of successful investments and established reputation as the partner of choice for growing boutique firms makes our competitive position stronger than ever. With our substantial financial capacity to execute upon the opportunities before us, we are uniquely well-positioned to generate meaningful incremental growth in earnings through accretive investments in outstanding boutique asset management firms."

8:07AM McDonald's beats by $0.08, beats on revs; reports global comparable sale +6.1% (MCD) 60.12 : Reports Q2 (Jun) earnings of $0.94 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.86; revenues rose 4.0% year/year to $6.08 bln vs the $5.92 bln consensus. MCD reports global comparable sales increased 6.1%.

8:05AM Peabody Energy beats by $0.35; guides Q3 EPS in-line; guides FY08 EPS in-line (BTU) 65.03 : Reports Q2 (Jun) earnings of $0.89 per share, $0.35 better than the First Call consensus of $0.54; revenues rose 43.2% year/year to $1.53 bln vs the $1.5 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.80-1.05 vs. $0.87 consensus. Co issues in-line guidance for FY08, sees EPS of $2.50-3.00 vs. $2.58 consensus. Full-year EBITDA is now targeted to be $1.6-1.8 bln. The company is reaffirming production volume targets of 220 to 240 million tons with sales of 240 to 260 million tons, including 22 to 24 million tons in Australia.

8:01AM Palomar Medical expands its product portfolio through a distribution agreement with Astron Clinica (PMTI) 12.15 : Co announces that it has entered into a Distribution Agreement with Astron Clinica to distribute a range of aesthetic imaging products in the United States and Canada. The agreement gives Palomar exclusive distribution rights to sell Beau Visage, a clinically proven skin imaging and consultation system, to medical professionals.

7:59AM Ryder System beats by $0.06, beats on revs; guides Q3 EPS in-line; narrows FY08 EPS guidance (R) 75.09 : Reports Q2 (Jun) earnings of $1.22 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $1.16; revenues rose 0.1% year/year to $1.66 bln vs the $1.6 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.25-1.30 vs. $1.27 consensus. Co issues in-line guidance for FY08, sees EPS of $4.60-4.70 vs. $4.68 consensus, prior guidance $4.55-4.75.

7:48AM Allegheny Tech beats by $0.01, beats on revs; guides FY08 EPS below consensus (ATI) 54.62 : Reports Q2 (Jun) earnings of $1.55 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.54; revenues fell 0.7% year/year to $1.46 bln vs the $1.41 bln consensus. Co issues downside guidance for FY08, sees EPS of $5.80-6.10 vs. $6.42 consensus. Co says demand for its titanium alloys, nickel-based superalloys, and specialty alloys was good for jet engine applications. Demand for its airframe titanium alloys was steady. Demand for its exotic alloys was strong from the chemical process industry and is growing from the nuclear energy market.
7:44AM AT&T reports EPS in-line, revs in-line (T) 31.82 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, in-line with the First Call consensus of $0.76; revenues rose 4.7% year/year to $30.87 bln vs the $31.15 bln consensus. Co reports consolidated operating income margin expansion to 21.3% reported from 16.8% in the year-earlier quarter and 25.1% adjusted versus 23.9%. Co reports 15.8% increase in wireless revenues with wireless data revenues from areas such as Internet access, messaging and e-mail up a robust 52.0%. Reports more than 1.3 mln net gain in wireless subscribers to reach 72.9 mlnin service; postpaid subscriber churn down to 1.1%, lowest level in company's history. Co reports 16.1% growth in wireline IP data revenue. AT&T U-verse net subscriber gain of 170,000 to reach 549,000 in service; on trajectory to exceed 1 million subscribers in service by the end of this year.


7:36AM General Dynamics beats by $0.16, beats on revs; guides FY08 EPS above consensus (GD) 83.45 : Reports Q2 (Jun) earnings of $1.60 per share, $0.16 better than the First Call consensus of $1.44; revenues rose 10.8% year/year to $7.30 bln vs the $7.23 bln consensus. Co issues upside guidance for FY08, sees EPS of $6.00-6.05 vs. $5.91 consensus. Co says cash generation was exceptionally strong and the robust backlog suggests continued healthy demand for each business area. Growth in the Aerospace backlog is a reflection of continued demand for the entire existing product line and extremely strong demand for the new Gulfstream G650. Co says it is very pleased to see this interest in the new plane.

7:04AM PepsiCo beats by $0.03, beats on revs; guides FY08 EPS in-line (PEP) 66.19 +1.74 : Reports Q2 (Jun) earnings of $1.05 per share, $0.03 better than the First Call consensus of $1.02; revenues rose 13.9% year/year to $10.95 bln vs the $10.55 bln consensus. Co issues in-line guidance for FY08, sees EPS of at least $3.72 vs. $3.73 consensus and low-double-digit net revenue growth (including acquisitions and foreign exchange).

7:03AM Wyeth beats by $0.04, beats on revs; guides FY08 EPS above consensus (WYE) 44.68 : Reports Q2 (Jun) earnings of $0.91 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.87; revenues rose 5.3% year/year to $5.95 bln vs the $5.69 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.47-3.55, excluding non-recurring items, compared to previous guidance of $3.35-3.42, vs. $3.45 consensus.

7:01AM Philip Morris International beats by $0.03; guides FY08 EPS above consensus (PM) 52.05 : Reports Q2 (Jun) earnings of $0.86 per share, $0.03 better than the First Call consensus of $0.83; net revenues rose 15.0% year/year to $6.71 bln. Co issues upside guidance for FY08, sees EPS of $3.32-3.38, excluding non-recurring items, compared to previous guidance of $3.18-3.24, vs. $3.25 consensus.

6:08AM Praxair beats by $0.02, beats on revs; guides in-line; authorizes $1 bln buyback (PX) 91.95 : Reports Q2 (Jun) earnings of $1.08 per share, $0.02 better than the First Call consensus of $1.06; revenues rose 23.4% year/year to $2.88 bln vs the $2.72 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.06-1.10 vs. $1.08 consensus. Co issues in-line guidance for FY08, sees EPS of $4.20-4.30 vs. $4.24 consensus. Co also announces that the board has authorized a new repurchase program for up to $1 bln of its common stock.

6:06AM Air Products beats by $0.01, beats on revs; guides Q4 EPS above consensus (APD) 98.68 : Reports Q3 (Jun) earnings of $1.32 per share, excluding impairment charge and income from discontinued operations, $0.01 better than the First Call consensus of $1.31; revenues rose 16.2% year/year to $2.81 bln vs the $2.71 bln consensus. Co issues upside guidance for Q4, sees EPS of $1.37-1.42 vs. $1.35 consensus.

6:05AM Whirlpool beats by $0.16, reports revs in-line; reaffirms FY08 EPS guidance (WHR) 68.15 : Reports Q2 (Jun) earnings of $1.53 per share, $0.16 better than the First Call consensus of $1.37; revenues rose 4.6% year/year to $5.08 bln vs the $5.03 bln consensus. Co reaffirms guidance for FY08, sees EPS of $7.00-7.50 vs. $6.71 consensus. The company continues to expect full-year 2008 industry unit shipments to increase 5 percent to 10 percent from 2007 levels.

6:03AM WellPoint beats by $0.08, reports revs in-line; guides FY08 EPS in-line (WLP) 48.75 : Reports Q2 (Jun) earnings of $1.44 per share, $0.08 better than the First Call consensus of $1.36; revenues rose 3.1% year/year to $15.48 bln vs the $15.61 bln consensus. Co issues in-line guidance for FY08, sees EPS of $5.42-5.57 vs. $5.48 consensus.

2:28AM CNH Global beats by $0.33, beats on revs; guides FY08 EPS above consensus (CNH) 31.00 : Reports Q2 (Jun) earnings of $1.48 per share, excluding non-recurring items, $0.33 better than the First Call consensus of $1.15; revenues rose 28.9% year/year to $5.28 bln vs the $4.85 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.37 consensus.

2:16AM Panera Bread beats by $0.06, reports revs in-line; guides Q3 EPS above consensus; guides Q4 (Dec) EPS in-line; guides FY08 EPS above consensus (PNRA) 51.00 : Reports Q2 (Jun) earnings of $0.55 per share, excluding unfavorable tax adjustment and write-down, $0.06 better than the First Call consensus of $0.49; revenues rose 26.8% year/year to $320.9 mln vs the $318.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.42-0.44 vs. $0.41 consensus. Co issues in-line guidance for Q4 (Dec), sees EPS of $0.82-0.86 vs. $0.84 consensus. Co issues upside guidance for FY08, sees EPS of $2.17-2.23 vs. $2.15 consensus. Comparable co-owned bakery-cafe sales increased 6.5% in Q2 and comparable bakery-cafe sales in franchise-operated bakery-cafes increased 4.8% in Q2. Co believes that estimates reflecting a growth rate for FY09 of >20% aren't prudent at this time given anticipated commodity cost inflation of 5% to 6%.

1:02AM Boston Prpts beats by $0.04, beats on revs; guides Q3 FFO above consensus; guides FY08 FFO above consensus (BXP) 99.88 : Reports Q2 (Jun) funds from operations of $1.21 per share, $0.04 better than the First Call consensus of $1.17; revenues fell 1.0% year/year to $368.5 mln vs the $364.1 mln consensus. Co issues upside guidance for Q3, sees FFO of $1.22-1.23 vs. $1.19 consensus. Co issues upside guidance for FY08, sees FFO of $4.86-4.92 vs. $4.68 consensus.

12:00AM CEMEX S.A. misses by $0.14, reports revs in-line (CX) 23.29 : Reports Q2 (Jun) earnings of $0.59 per share, $0.14 worse than the First Call consensus of $0.73; revenues rose 29.2% year/year to $6.35 bln vs the $6.38 bln consensus.

Earnings - 18th June 2008

6:30PM USANA raises Q2 EPS and revs above consensus (USNA) 25.99 +0.05 : Co raises Q2 EPS to $0.60-0.63 vs $ 0.48 consensus, up from $0.48-0.51; raises revs to $107-109 mln vs $103.9 consensus, up from $103-106 mln. Co says "the higher than expected net sales increase can primarily be attributed to better than expected results from promotional and incentive programs offered during Q2. The success of these programs has boosted results in both the North America and Asia Pacific regions. The expected increase to EPS is primarily due to higher than expected sales and decreased Selling General and Administrative expense."

5:02PM John Wiley reports Q4 EPS and revs above consensus (JW.A) 46.79 -0.15 : JW.A reports Q4 EPS of $0.49 vs $0.35 First Call consensus and revs of $433 mln vs $427.14 mln First Call consensus. On the Higher Education segment, online sales directly to students grew significantly during the year. Blackwell Q4 revs increased to $138 million from $106 million in the same period of the previous year. The improvement was principally driven by increased subscription revenue and higher backfile sales.

4:13PM Coventry Health Care issues quarterly and full year 2008 guidance well below consensus (CVH) 40.00 -0.97 : Co gives 2008 guidance below consensus, now sees sees Q2 EPS of $0.55-0.57 vs $1.04 First Call consensus. Sees Q3 EPS of $1.05-1.09 vs $1.22 First Call consensus. Co now sees FY08 EPS of $3.65-3.75 vs $4.43 First Call consensus, down from $4.44 prior guidance; sees FY08 consolidated revs of $11.8-12.045 bln vs $12.31 bln First Call consensus. Based upon a review of each line of business, the co has observed and quantified the following developments contributing to the revised expectations and guidance: 1) Medicare Advantage Medical Loss Ratio (M.L.R.): The co expects the 2008 Medicare Advantage medical loss ratio to be between 85.5% and 85.9%, an increase of approximately 300 to 340 bps from the Company's prior estimate. The driver of this change is the Company's Medicare Advantage Private Fee-for-Service business. The Company has received a much higher than expected level of PFFS claims related to prior periods, which is inconsistent with claims submission patterns of network-based Medicare Advantage products... 2) Commercial Group Risk M.L.R.: The commercial group risk M.L.R. is being pressured by higher than expected levels of outpatient utilization and, to a lesser extent, a higher than expected inpatient unit cost trend caused by an increased severity level of facility claims. The Company's revised 2008 health plan commercial group risk M.L.R. forecast is approximately 80.3% versus previous guidance of approximately 78.8%... 3) Other Modifications: The co is revising its revenue outlook from a midpoint of 23.9% growth over the prior year to a midpoint of 20.7%. The reduction in risk revenue guidance is primarily driven by the full year outlook on commercial group risk membership which is expected to be down by approximately 4.0% from prior year (although slightly up for the remainder of 2008 as compared to Q108), and an anticipation of Medicare Advantage membership growth in 2008 of approximately 90,000 members compared to a previous forecast for growth of 100,000 members. "We have implemented corrective actions that we anticipate will put us back on an acceptable EPS growth path for 2009 and beyond."

4:05PM Casella Waste beats by $0.04, beats on revs; guides FY09 revs above consensus (CWST) 12.09 -0.42 : Reports Q4 (Apr) loss of $0.18 per share, excluding non-recurring items, $0.04 better than the First Call consensus of ($0.22); revenues rose 10.2% year/year to $139.6 mln vs the $137.7 mln consensus. Co issues upside guidance for FY09, sees FY09 revs of $610-628 mln vs. $605.67 mln consensus.

8:33AM General Mills guides Q4 & FY08 above consensus; guides FY09 in-line (GIS) 60.73 : Co issues upside guidance for Q4 (May), sees EPS of $0.73 vs. $0.68 First Call consensus. Co issues upside guidance for FY08 (May), sees EPS of $3.52 vs. $3.48 consensus; sees FY08 (May) revs of $13.7 bln vs. $13.44 bln consensus. Co issues in-line guidance for FY09 (May), sees EPS of $3.78-3.83 vs. $3.81 consensus.

7:58AM FedEx misses by $0.02, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS below consensus (FDX) 84.33 : Reports Q4 (May) earnings of $1.45 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $1.47; revenues rose 7.8% year/year to $9.87 bln vs the $9.6 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.80-1.00 vs. $1.27 consensus. Co issues downside guidance for FY09, sees EPS of $4.75-5.25 vs. $5.92 consensus. This guidance incorporates the current high fuel prices and the related impact on fuel surcharges, which are reducing demand for FedEx services and impacting yield across the company's transportation segments. This outlook assumes no additional increases to current fuel prices and no further weakening in the economy. Co said, "The operating environment for fiscal 2009 is expected to be very difficult due to the weak U.S. economy and extremely high fuel prices.. However, we will focus on reducing expenses and remaining cash flow positive, and will continue to take positive steps to improve the customer experience across our portfolio of services."

7:32AM Somanetics beats by $0.05, beats on revs; reaffirms FY08 guidance (SMTS) 20.55 : Reports Q2 (May) earnings of $0.21 per share, $0.05 better than the First Call consensus of $0.16; revenues rose 39.3% year/year to $12.7 mln vs the $11 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs of $46.2-50 mln vs. $45.79 mln consensus; reaffirms Income before income taxes in the range of $15.3-17.5 mln.

Canadian Solar raises revenue forecast (CSIQ 47.00, +4.54, +10.7%) on Tuesday raised its 2008 revenue forecast to a range of $750 million to $870 million, from its previous view of $650 million to $750 million. The Jiangsu, China-based solar panel manufacturer cited sales of its e-Module products, which will be realized in the second half of the year, for the increase. Shares of Canadian Solar closed Monday at $42.46.

12:00AM Panera Bread raises Q208 PES guidance (PNRA) 45.56 : Co issues upside guidance for Q2 (Jun), sees EPS of $0.48-0.50 vs. $0.42 First Call consensus. The increase is driven by projected co-owned comparable bakery-cafe sales growth of 6.1% to 6.4% (versus its previously targeted range of 5% to 6%), and better than expected margin improvement on higher growth in gross profit per transaction. Panera also announces that with the continuing rise in gasoline prices, they expect an incremental $(0.02) to $(0.03) per diluted share of negative impact on the previously announced EPS target range for 2H08.