Earnings - 23rd April 2009 (3)

4:02PM DeVRY beats by $0.03, beats on revs (DV) : Reports Q3 (Mar) earnings of $0.70 per share, $0.03 better than the First Call consensus of $0.67; revenues rose 34.7% year/year to $391.9 mln vs the $387.6 mln consensus.

8:55AM Reliance Steel misses by $0.22, misses on revs; guides Q2 EPS below consensus (RS) 36.52 : Reports Q1 (Mar) earnings of $0.27 per share, $0.22 worse thanthe First Call consensus of $0.49. Co issues downside guidance for Q2, sees EPS of $0.15-0.20 vs. $0.66 consensus. "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a "same-store" basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter. Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. "Business remains difficult across all of our products, evidenced by weak demand and soft prices. There is still a great deal of uncertainty regarding economic conditions and the timing of any recovery... believe that we should see the beginnings of improvement later in the quarter."

8:36AM Exelon beats by $0.07, beats on revs; guides Q2 and FY09 EPS in-line (EXC)45.52 : Reports Q1 (Mar) earnings of $1.20 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.13; adjusted non-GAAP revenue rose 3.6% year/year to $4.75 bln vs the $4.62 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.05, excluding non-recurring items, vs. $1.01 consensus. Co issues in-line guidance for FY09, sees EPS of $4.00-4.30, excluding non-recurring items, vs. $4.13 consensus.

8:35AM ConocoPhillips beats by $0.14, beats on revs (COP) 38.06 : Reports Q1 (Mar) earnings of $0.56 per share, $0.14 better than the First Call consensus of $0.42; revenues fell 44.1% year/year to $30.7 bln vs the $26.34 bln consensus. Co said, "Looking ahead to next quarter, we expect the company's second-quarter E&P segment production will be lower than the first quarter, primarily due to planned maintenance and seasonality. However, full-year production is expected to be slightly higher than 2008. Exploration expenses are anticipated to be approximately $325 million for the quarter. In our downstream refining business, we expect the worldwide refining crude oil capacity utilization rate to be in the upper-80-percent range during the second quarter and turnaround costs to be approximately $125 million before-tax for the quarter."

8:34AM Eagle Materials beats by $0.04, misses on revs (EXP) 26.63 : Reports Q4 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.11; revenues fell 24.8% year/year to $108.9 mln vs the $120.6 mln consensus.

8:31AM Life Time Fitness beats by $0.03, slight beat on revs; guides FY09 above consensus (LTM) 17.87 : Reports Q1 (Mar) earnings of $0.38 per share, $0.03 better thanthe First Call consensus of $0.35; revenues rose 11.9% year/year to $206.4 mln vs the $204.4 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.55-1.70 vs. $1.53 consensus; sees FY09 revs of $830-860 mln vs. $824.9 mln consensus.

8:31AM Supervalu beats by $0.08, reports revs in-line; guides FY10 EPS in-line, revs below consensus (SVU) 14.98 : Reports Q4 (Feb) earnings of $0.87 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.79; revenues rose 4.2% year/year to $10.82 bln vs the $10.86 bln consensus. Co issues mixed guidance for FY10, sees EPS of $2.50-2.65 vs. $2.59 consensus; sees FY10 revs of approximately $43 bln vs. $43.55 bln consensus. Co sees FY10 same store sales of -1 to +1%.

8:31AM Ensco beats by $0.04, reports revs in-line (ESV) 31.89 : Reports Q1 (Mar) earnings of $1.56 per share, $0.04 better than the First Call consensus of $1.52; revenues fell 9.6% year/year to $514.1 mln vs the $512.8 mln consensus. The average day rate for Ensco's 43-rig jackup fleet for the quarter ended March 31, 2009, increased 18% to $168,200, as compared to $142,800 in the prior year quarter. Utilization of the Company's jackup fleet was 80% in the first quarter of 2009 compared to 95% in the first quarter of 2008.

8:30AM Union Pacific beats by $0.06, misses on revs (UNP) : Reports Q1 (Mar) earnings of $0.72 per share, $0.06 better than the First Call consensus of $0.66; revenues fell 20.0% year/year to $3.42 bln vs the $3.55 bln consensus. "The difficult economic conditions continue to affect our business volumes. During this challenging time, we are reducing costs across the board, strengthening our operations and offering competitive supply chain solutions to our customers..."

8:17AM L.B. Foster Company beats by $0.02, beats on revs (FSTR) 29.61 : Reports Q1 (Mar) earnings of $0.29 per share, $0.02 better than the First Call consensus of $0.27; revenues rose 4.6% year/year to $97.7 mln vs the $93.5 mln consensus. "On the positive side, we are beginning to see areas of opportunity generated from the recent stimulus legislation in our Transit, Piling and Precast Buildings businesses. Some of that work has already started to bid and we expect to begin to benefit from it in the second half of this year..."

8:14AM Royal Caribbean beats by $0.17, beats on revs; guides Q2 EPS in-line; guides FY09 EPS above consensus (RCL) 11.41 : Reports Q1 (Mar) loss of $0.17 per share, $0.17 better than the First Call consensus of ($0.34); revenues fell 7.2% year/year to $1.33 bln vs the $1.31 bln consensus. Co issues in-line guidance for Q2, sees EPS of 0.00-($0.05) vs. ($0.01) consensus. Co issues upside guidance for FY09, sees EPS of approx $1.35 vs. $0.97 consensus.  For the year, the company projects revenue yields to be toward the lower end of its previous guidance (12% - 13%). Co said, "Given the horrible economy, I am encouraged by a more stable revenue environment and I am proud that our people have been able to reduce expenses and deliver better than expected results."

8:09AM Harsco beats by $0.06, misses on revs; guides Q2 EPS below consensus; guides FY09 EPS below consensus (HSC) 26.83 : Reports Q1 (Mar) earnings of $0.25 per share, $0.06 better than the First Call consensus of $0.19; revenues fell 29.5% year/year to $697 mln vs the $786.1 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.40-0.50 vs. $0.58 consensus. Co issues downside guidance for FY09, sees EPS of $1.90-2.10 vs. $2.34 consensus, down from previous guidance of $2.80-3.00. The outlook for global steel production and non-residential construction markets continued to deteriorate throughout the quarter. The global economic recovery previously anticipated to begin in 2H09 cannot now be predicted with any certainty. Their markets have deteriorated more than they expected. Co says, "Given the negative impact from the continued strengthening of the U.S. dollar, and considering the challenging and uncertain global economic and financial environment we continue to face with no meaningful improvement expected in the major global economies in '09, we believe it is prudent to modify our guidance for 2009 diluted EPS from continuing operations."

8:02AM Natl Oilwell Varco beats by $0.07, beats on revs (NOV) 32.95 : Reports Q1 (Mar) earnings of $1.13 per share, $0.07 better than the First Call consensus of $1.06; revenues rose 29.6% year/year to $3.48 bln vs the $3.29 bln consensus.  New capital equipment orders during the quarter were $240 mln, net of orders removed from backlog of $32 mln. Backlog for capital equipment orders for the Company's Rig Technology segment was $9.6 bln at March 31, 2009 compared to $11.1 bln at December 31, 2008. Co says, "Our solid backlog for drilling equipment enabled our Company to generate strong earnings in the first quarter, despite a sharp downturn in drilling activity and available credit to our customers. Though the pace of new capital equipment orders has slowed in the short run, we believe investment in drilling equipment will resume, to enable the industry to explore new oil and gas frontiers. Nevertheless market conditions remain very challenging, and the timing of a recovery is uncertain. We are well positioned for this market, given our strong financial resources, high cash flow, and exceptional backlog through 2010. We plan to execute strategic opportunities arising from the current downturn, both internal and external, to further enhance our business."

7:49AM UPS misses by $0.04, misses on revs; guides Q2 EPS below consensus (UPS)54.75 : Reports Q1 (Mar) earnings of $0.52 per share, ex items, $0.04 worse than the First Call consensus of $0.56; revenues fell 13.7% year/year to $10.94 bln vs the $11.44 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.45-0.55 vs. $0.65 consensus. Co said, "Economic indicators tell us recovery in the U.S. might begin late this year, but more likely not until 2010... So we expect the second quarter will be another difficult one."

7:41AM Occidental Petro beats by $0.13, misses on revs (OXY) 55.56 : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.37; revenues fell 49.0% year/year to $3.07 bln vs the $3.18 bln consensus. 1Q09, daily oil and gas sales volumes averaged 654,000 barrels of oil equivalent (BOE), compared with 607,000 BOE per day in 1Q08. Oxy's realized price for worldwide crude oil was $39.29 per barrel for 1Q09, compared with $86.75 per barrel for 1Q08. Domestic realized gas prices decreased from $8.15 per thousand cubic feet (MCF) in 1Q08 to $3.54 per MCF for 1Q09. Co says, "In the first quarter, Occidental achieved a nearly eight percent growth in year-over-year oil and gas production. In addition, we have made significant progress in our continuing cost reduction efforts and we will continue to invest in the long-term growth of the co. I am pleased with our effectiveness in adjusting to the ongoing volatile market conditions."

7:41AM Black & Decker beats by $0.14, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line (BDK) 33.02 : Reports Q1 (Mar) earnings of $0.22 per share, $0.14 better than the First Call consensus of $0.08; revenues fell 28.2% year/year to $1.07 bln vs the $1.16 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.35-$0.45 vs. $0.42 consensus. Co issues in-line guidance for FY09, sees EPS of $1.50-$1.90 vs. $1.79 consensus.

7:37AM Goodrich beats by $0.28, reports revs in-line; guides FY09 EPS in-line, revs below consensus (GR) 41.83 : Reports Q1 (Mar) earnings of $1.35 per share, $0.28 better than the First Call consensus of $1.07; revenues fell 2.8% year/year to $1.7 bln vs the $1.69 bln consensus. Co issues mixed guidance for FY09, lowers EPS to a range of $4.50-$4.75 (vs. $4.63 consensus), down from the co's previous range of $4.50-$4.90; sees FY09 revs of approx $6.9 bln (vs. $7.1 bln consensus), down from the previous range of $7.1-$7.2 bln.

7:35AM Steven Madden guides above consensus; sees Q1 EPS of $0.35-0.37 vs $0.24 First Call consensus; revs $106-107 mln vs $96.22 mln First Call consensus (SHOO)23.66 : Co raises FY09 EPS guidance to $1.85-1.95 vs $1.47 First Call consensus. For fiscal 2009, the Company now expects net sales to range from flat to a decline of 2% compared to 2008, again incorporating shifts in the Candies and International businesses. Excluding the impact of these shifts, sales are expected to decline 2% to 4% for the year. Net sales for the first quarter of 2009 will reflect shifts related to the co's Candies and International businesses. Candies has been transitioned to a "first cost" model from a wholesale model, and therefore revenue will now be recorded in other income. As a result of this change, net sales for the first quarter of 2009 will not reflect Candies revenue while net sales in the first quarter of 2008 reflected revenue of $4.9 mln for the Candies business. "We had a strong start to the year, with better than expected results driven by the performance of the Steve Madden Womens and Madden Girl brands within our wholesale division. Our updated full-year guidance reflects increased expectations for these two brands as well as for our Adesso Madden "first-cost" business, particularly our recently launched l.e.i. brand at Wal-Mart. While we are very pleased with our performance thus far, we will remain diligent in our inventory management and expense controls."

7:34AM Cash America beats by $0.04, beats on revs; guides Q2 EPS below consensus; guides FY09 EPS above consensus (CSH) 22.18 : Reports Q1 (Mar) earnings of $0.79 per share, $0.04 better than the First Call consensus of $0.75; revenues rose 6.9% year/year to $268.1 mln vs the $265.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $50-$0.53 vs. $0.60 consensus. Co issues upside guidancefor FY09, sees EPS of $3.10-3.30 vs. $3.10 consensus. Co says mgmt believes that the opportunities for sustained growth in revenue and earnings will be largely associated with the customer demand for the credit products provided by the co, which take the form of pawn loans and short-term cash advances. Other elements expected to affect the growth in revenue include the potential impact of the regulatory governance of loan products, the continued growth and development of the Mexican pawn operations and the development and expansion of the Company's online and card based distribution channels for its cash advance products. Co says the impact of regulatory changes in their Ohio storefront locations and the anticipated decrease in customers in Pennsylvania and Minnesota in the online channel will cause revenue and earnings for the cash advance segment to be down in the second quarter. In addition, the absence of Federal Stimulus Payments will likely cause revenue and earnings from U.S. pawn operations to be below the prior year. However, management believes the anniversary revenue challenges discussed for the first half of 2009 could begin to improve in the second half of the year if loan demand firms for both pawn and cash advance products. While the co intends to maintain its current underwriting standards, higher loan demand for the cash advance product could lead to higher loan losses associated with the difficult consumer economic environment.

7:33AM ITT Educational beats by $0.18, reports revs in-line; guides FY09 EPS above consensus (ESI) 101.96 : Reports Q1 (Mar) earnings of $1.59 per share, $0.18 better thanthe First Call consensus of $1.41; revenues rose 22.6% year/year to $288 mln vs the $285.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $7.00-7.25 vs. $6.61 consensus, up from previous guidance of $6.50-6.75. Co says, "Operating margin in the first quarter increased a very impressive 550 basis points to 34.8% compared to 29.3% in 1Q08, due to our ability to leverage fixed operating costs on total student enrollment that was substantially higher as of the end of the first quarter of 2009 compared to the same point in 2008... We entered the second quarter of '09 with a high level of confidence in our ability to efficiently execute our proven growth strategy, and we are very excited about the prospects for achieving our '09 internal goals."

Earnings - 17th July 2008 (2)

4:34PM Skyworks beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus (SWKS) 10.85 +0.55 : Reports Q3 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.17; revenues rose 22.9% year/year to $215.2 mln vs the $210.6 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.20 vs. $0.19 consensus; sees Q4 revs of $225 mln vs. $222.07 mln consensus.

4:23PM Microsoft misses by $0.01, beats on revs; guides Q1 EPS below consensus, revs below consensus; lowers Y09 guidance by $0.01 (MSFT) 27.52 : Reports Q4 (Jun) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 18.4% year/year to $15.84 bln vs the $15.65 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.47-0.48 vs. $0.49 consensus; sees Q1 revs of $14.7-14.9 bln vs. $15.06 bln consensus. Co issues lowers EPS guidance for FY09 by $0.01, sees EPS of $2.12-2.18, compared to previous guidance of $2.13-2.19, vs. $2.16 consensus; sees FY09 revs of $67.3-68.1 bln, compared to previous guidance of $66.9-68.0 bln, vs. $67.29 bln consensus.

4:20PM Merrill Lynch reports wider than expected loss; confirms sale of Bloomberg stake (MER) 30.73 +2.73 : Reports Q2 (Jun) loss of $4.95 per share, $3.04 worse than the First Call consensus of ($1.91). Co confirms it completed the sale of its 20% ownership stake in Bloomberg, L.P. to Bloomberg Inc., for $4.425 bln, and as part of this transaction has entered into a long-term service agreement. Merrill Lynch is also in negotiations and has signed a non-binding letter of intent to sell a controlling interest in Financial Data Services, based on an enterprise value for FDS in excess of $3.5 bln... Amidst a challenging market environment, Merrill Lynch's core businesses continued to perform well; however, second quarter 2008 net revenues were negative $2.1 bln, compared with positive $9.5 bln in the prior-year period. The revenue decline was driven by net losses totaling $3.5 bln related to U.S. super senior ABS CDOs and credit valuation adjustments of negative $2.9 bln related to hedges with financial guarantors, about half of which related to U.S. super senior ABS CDOs. Other significant net losses included $1.7 bln in the investment portfolio of Merrill Lynch's U.S. banks, as well as $1.3 bln from certain residential mortgage exposures. Active efforts to reduce risk through asset sales combined with these net losses, resulted in meaningful exposure reductions for many of these asset classes. "Our core franchise continues to perform well despite the extremely challenging market environment... Against this backdrop, we increased our excess liquidity pool to a record level of $92 bln and significantly reduced our exposures in key asset classes. Importantly, with the transactions we announced today, we are bolstering our capital base and continue to move forward on our risk management and strategic growth initiatives." The firm's liquidity position remained strong with the holding company's excess liquidity pool at a record level of approximately $92 bln, up from $82 bln at the end of 1Q08 and well in excess of debt maturing in less than one year. At the end of the second quarter of 2008, estimated book value per share was $21.43, down from $25.93 at the end of the first quarter.

4:12PM Capital One misses by $0.10 (COF) 42.80 +5.52 : Reports Q2 (Jun) earnings of $1.21 per share, including discontinued operations, $0.10 worse than the First Call consensus of $1.31; co missed on revs reporting $3.35 bln vs $4.37 bln consensus. Charge-offs rose in the second qtr of 2008 to 6.26% from 5.85% in the first qtr of 2008, and from 3.56% in the second qtr of 2007. The company expects the charge-off rate to be in the low six% range in the third qtr, rising to around seven% in the fourth qtr. Delinquencies improved in the second qtr of 2008 to 3.85% from 4.04% in the previous qtr but rose from 2.98% in the year ago qtr. Credit performance in the qtr was largely in line with previous expectations and reflects expected continued weakening as suggested by US economic indicators. Available liquidity increased in the qtr by $3.0 bln to $33.0 bln. "Going forward, we will continue our 37.5 cent quarterly dividend while at the same time maintaining our TCE ratio above our long-term target range."

4:11PM Evergreen Solar beats by $0.02, beats on revs; guides Q3 EPS below consensus, revs below consensus (ESLR) 10.32 : Reports Q2 (Jun) loss of $0.08 per share, $0.02 better than the First Call consensus of ($0.10); revenues rose 47.8% year/year to $22.8 mln vs the $22.1 mln consensus. ESLR guides Q3 gross margin is expected to be in the range of 6% to 8%. Co issues downside guidance for Q3, sees EPS of ($0.10) vs. ($0.08) consensus; sees Q3 revs of $24.5-25.5 mln vs. $26.51 mln consensus. Operating expenses, excluding factory startup costs, are expected to be approximately $12.0 mln to $12.5 mln. Factory startup costs are expected to be in the range of $8.0 mln to $8.5 mln, including approximately $2.7 mln of accelerated depreciation associated with the Marlboro ramp down.

4:09PM PMC-Sierra beats by $0.01, beats on revs (PMCS) 7.93 +0.62 : Reports Q2 (Jun) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.12; revenues rose 33.5% year/year to $139.8 mln vs the $137.3 mln consensus. "In the second quarter, we experienced strong demand for our fiber to the home products in Asia as well as growth in our wireline infrastructure products... We are very focused on product execution in the second half of the year to further penetrate the enterprise storage and communications markets."

4:08PM Stryker reports EPS in-line, beats on revs; guides FY08 EPS in-line, revs below consensus (SYK) 68.41 -0.08 : Reports Q2 (Jun) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 17.0% year/year to $1.71 bln vs the $1.68 bln consensus. Co issues mixed guidance for FY08, sees EPS of $2.88 vs. $2.88 consensus. The financial forecast for 2008 remains unchanged, with a constant currency net sales increase in the range of 11% to 13%, equates to $6.661-6.781 bln vs. $6.85 bln consensus, as a result of growth in shipments of Orthopaedic Implants and MedSurg Equipment. If foreign currency exchange rates hold near June 30, 2008 levels, the Company anticipates a favorable impact on net sales of approximately 2.5% to 3% in the third quarter of 2008 and a favorable impact on net sales of approximately 3% to 3.5% for the full year of 2008.

4:06PM Google misses by $0.11, reports revs in-line (GOOG) 533.44 : Reports Q2 (Jun) earnings of $4.63 per share, $0.11 worse than the First Call consensus of $4.74; revenues after deducting TAC rose 43.2% year/year to $3.9 bln vs the $3.87 bln consensus. Co reports Q2 Paid Clicks increased ~19% yr/yr, compares to Q1 yr/yr increase of ~20%. Co said, "Strong international growth as well as sustained traffic increases on Google's web properties propelled us to another strong quarter, despite a more challenging economic environment... As we continue to focus on innovating in our core business of search, ads and apps, we also look forward to enhancing the experience of our users and expanding the reach of our advertisers and partners with new technologies and formats, particularly as our integration of DoubleClick gains momentum and creates new opportunities in display advertising and elsewhere."

9:06AM Nucor beats by $0.11, beats on revs; guides Q3 EPS below consensus (NUE) 67.26 : Reports Q2 (Jun) earnings of $1.94 per share, $0.11 better than the First Call consensus of $1.83; revenues rose 70.1% year/year to $7.09 bln vs the $6.37 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.80-1.85 vs. $1.95 consensus. Co expects continued strength in its sheet, plate, beam and bar businesses due to the solid global demand for steel. Although downstream businesses will be challenged by rising steel prices, the co expects continued good results from this segment. Note, the Q3 guidance an increase in the diluted share count by 6% vs Q2 due to Nucor's recent stock offering on May 29.

9:04AM Sherwin-Williams beats by $0.07, beats on revs; guides Q3 EPS in-line; reaffirms FY08 EPS guidance (SHW) 47.95 : Reports Q2 (Jun) earnings of $1.45 per share, $0.07 better than the First Call consensus of $1.38; revenues rose 1.4% year/year to $2.23 bln vs the $2.19 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.20-1.45 vs. $1.20 consensus. Co reaffirms guidance for FY08, sees EPS of $3.60-4.10 vs. $3.79 consensus.

9:04AM Safeway beats by $0.01, misses on revs; guides FY08 EPS in-line (SWY) 30.01 : Reports Q2 (Jun) earnings of $0.53 per share, $0.01 better than the First Call consensus of $0.52; revenues rose 3.0% year/year to $10.12 bln vs the $10.25 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.25-2.35 vs. $2.28 consensus. Safeway revised guidance for identical-store sales growth, excluding fuel, from a range of 2.0% to 2.3% to a range of 1.0% to 2.0%.

8:58AM Reliance Steel beats by $0.02, slight miss on revs; guides Q3 EPS below consensus (RS) 71.79 : Reports Q2 (Jun) earnings of $2.12 per share, $0.02 better than the First Call consensus of $2.10; revenues rose 10.5% year/year to $2.10 bln vs the $2.12 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.80-1.90 vs. $1.94 consensus. Co says Q2 turned out to be quite a bit better than originally anticipated primarily as a result of higher carbon steel prices, which resulted in higher gross profit margins as the co quickly passed through the increases to its customers. The price increases were larger than anticipated. Looking at Q3, the co expects pricing to be slightly above Q2 levels. While the co does not expect any unusual changes in demand, it does expect normal seasonal softness. As a result, the co expects volume to decrease slightly and its gross margin to be a bit lower because the rate of carbon steel price increases will be below that of Q2.

8:37AM InSteel Industries beats by $0.33, beats on revs (IIIN) 19.72 : Reports Q3 (Jun) earnings of $0.97 per share, $0.33 better than the First Call consensus of $0.64; revenues rose 32.0% year/year to $104.3 mln vs the $92.9 mln consensus. "We expect business conditions to become increasingly challenging in view of the anticipated softening in nonresidential construction, particularly for commercial projects. In addition, we foresee further increases in raw material costs in the coming months driven by tight supply in the domestic market and limited availability of imports at competitive prices. It may become more difficult for us to pass on these additional costs depending upon the magnitude of the drop-off in demand and competitive dynamics. We also expect spreads and margins to narrow to more sustainable levels when the pricing for wire rod and our products levels out and the higher cost material begins to be reflected in cost of sales."

8:12AM PPG Industries beats by $0.08, beats on revs (PPG) 55.79 : Reports Q2 (Jun) earnings of $1.62 per share ex-items, $0.08 better than the First Call consensus of $1.54; revenues rose 41.8% year/year to $4.47 bln vs the $4.17 bln consensus. "Looking ahead, we expect our growth to be sustained, due in part to these same factors," Chairman and CEO, Bunch said. He added that announced price increases in the commodity chemicals business are being implemented, along with price actions in other businesses, with the intent of offsetting further inflationary pressures. "We expect our future operating results to remain solid and to compare favorably within our industry groups," Bunch concluded.

8:12AM Sonoco Products beats by $0.02, reports revs in-line; guides Q3 EPS below consensus; guides FY08 EPS in-line (SON) 30.84 : Reports Q2 (Jun) earnings of $0.62 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.60; revenues rose 9.3% year/year to $1.09 bln vs the $1.08 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.63-0.65 vs. $0.66 consensus. Co reaffirms guidance for FY08, sees EPS of $2.44-2.47 vs. $2.46 consensus.

8:12AM Cypress Semi beats by $0.07, beats on revs (CY) 26.47 : Reports Q2 (Jun) earnings of $0.28 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.21; revenues rose 58.9% year/year to $592.3 mln vs the $540 mln consensus. "Cypress achieved record quarterly revenue and exceeded guidance in both our core semiconductor and SunPower businesses. Despite a very challenging economic environment, our semiconductor business grew solidly across all divisions driven by the strength of our programmable solutions.... While we remain cautious about the macro economic environment for the second half of 2008, we anticipate strong sequential growth in our semiconductor business, driven mainly by our flagship programmable products, our PSoC Programmable-System-on-Chip solution and by our WestBridge peripheral controllers. Both of these products are expected to achieve record quarterly revenues in our seasonally strong Q3." Non-GAAP consolidated gross margin for the second quarter was 35.0%, up 0.8 percentage points from the previous quarter. Non-GAAP semiconductor gross margin for the second quarter was 50.7%, matching the previous quarter... Separately, the co announced that its Board of Directors has authorized management to proceed with a spin-off to Cypress's shareholders of the Class B common shares of SunPower (SPWR) held by Cypress, with the objective of having the transaction completed by the end of 2008, or sooner if possible. Cypress previously announced that on April 16, 2008, it had received a favorable ruling from the Internal Revenue Service with respect to certain tax issues arising under Section 355 of the Internal Revenue Code in connection with a potential spin-off transaction. In connection with the proposed spin-off, the Cypress Board contemplates adjusting outstanding employee equity awards in a manner intended to preserve their intrinsic value as well as a possible tender offer for all or a portion of the company's outstanding 1.00% convertible senior notes due September 2009.

8:11AM ValueClick lowers Q2 rev and FY08 EPS and rev guidance; issues upside Q2 EPS (VCLK) 13.77 : Co issues mixed guidance for Q2 (Jun), sees EPS of $0.17-0.18 vs. $0.16 First Call consensus, up from $0.15-0.16 previously; sees Q2 (Jun) revs of $163-164 mln vs. $169.84 mln consensus, down from $166-170 mln previously. Co issues downside guidance for FY08 (Dec), sees EPS of $0.69-0.71 vs. $0.81 consensus, down from $0.81-0.83 previously; sees FY08 (Dec) revs of $655-675 mln vs. $738.52 mln consensus, down from $730-745 mln previously. "Due to increasing macroeconomic uncertainty, we no longer anticipate the seasonal strength in ad spending we typically see in the second half of the year. However, we continue to focus on gross margins and operating expenses such that we expect to maintain an adjusted-EBITDA margin for fiscal year 2008 that is consistent with our prior guidance. The Company currently has $101 million in authorization in its share repurchase program, and we plan to be actively buying back stock in the coming weeks."

8:07AM Illinois Tool beats by $0.04; guides Q3 EPS in-line (ITW) 46.55 : Reports Q2 (Jun) earnings of $1.01 per share, $0.04 better than the First Call consensus of $0.97; revenues rose 10.5% year/year to $4.57 bln vs the $4.58 bln consensus. Co issues in-line guidance for Q3, sees EPS of 0.93-0.99 vs. $0.95 consensus. Co issues guidance for FY08, sees EPS of 3.40-3.52, includes 22 cent after-tax charge, may not be comparable to $3.64 consensus.

8:04AM Sunpower beats by $0.10, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs above consensus; guides FY09 EPS above consensus, revs above consensus (SPWR) : Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $0.51; revenues rose 120.3% year/year to $382.8 mln vs the $343.1 mln consensus. SPWR reported total gross margin of 26.4%, Co issues in-line guidance for Q3, sees EPS of $0.53-0.57 vs. $0.57 consensus; sees Q3 revs of $340-355 mln vs. $346.86 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.26-2.36 vs. $2.17 consensus; sees FY08 revs of $1.39-1.44 bln vs. $1.36 bln consensus. Co issues upside guidance for FY09, sees EPS of $3.50 vs. $3.41 consensus; sees FY09 revs of $2.0-2.1 bln vs. $1.94 bln consensus.

8:02AM Compass Minerals Intl announces price increase on sulfate of potash specialty fertilizer (CMP) 72.28 : Great Salt Lake Minerals, a subsidiary of Compass Minerals (CMP), announces a $255 per-ton price increase on all sulfate of potash specialty fertilizer products effective with shipments on August 15, 2008. The new list price for standard, non-granulated S.O.P. will be $988 per short ton and granular SOP will be $1000 per short ton at the company's solar evaporation plant at Ogden, Utah.

Earnings - 24th June 2008

5:04PM Sonic misses by $0.03, misses on revs; guides FY08 EPS below consensus (SONC) 16.51 +0.22 : Reports Q3 (May) earnings of $0.28 per share, $0.03 worse than the First Call consensus of $0.31; revenues rose 1.5% year/year to $213 mln vs the $220 mln consensus. Co issues downside guidance for FY08, sees EPS growth of 4-6%, which equates to ~$1.00-1.02 vs. $1.05 consensus.

4:44PM Darden Restaurants beats by $0.03, reports revs in-line; guides FY09 EPS in-line, revs above consensus (DRI) 31.60 +0.95 : Reports Q4 (May) earnings of $0.78 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.75; revenues rose 25.1% year/year to $1.83 bln vs the $1.82 bln consensus. Co issues in-line guidance for FY09, sees EPS growth of 9-10%, excluding items, which equates to ~$2.98-3.01 vs. $2.99 consensus; sees FY09 revs growth of 14-15%, which equate as ~$7.56-7.62 bln vs. $7.39 bln consensus.

4:07PM Silicon Labs raises Q2 EPS and revs guidance (SLAB) 35.84 +0.02 : Co sees Q2 EPS of $0.40-0.42, up from $0.37-0.39 vs $0.38 First Call consensus; revs $102-104 mln, up from $98-101 mln vs $100.00 mln First Call consensus. Co cites stronger than expected demand, particularly in the voice and embedded modem businesses. The guidance revision was provided as an update concurrent with the announcement of the acquisition of Integration Associates, also made today.

4:06PM 3Com beats by $0.04, beats on revs (COMS) 2.37 -0.02 : Reports Q4 (May) earnings of $0.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.05; revenues rose 3.3% year/year to $321.3 mln vs the $315.3 mln consensus.

4:05PM AeroVironment beats by $0.03, beats on revs; guides FY09 revs in-line (AVAV) 25.01 +0.24 : Reports Q4 (Apr) earnings of $0.30 per share, $0.03 better than the First Call consensus of $0.27; revenues rose 26.8% year/year to $64.3 mln vs the $59.3 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs growth of 20-25%, which equates to ~$258.9-269.7 mln vs. $259.44 mln consensus.

4:04PM Jabil Circuit beats by $0.06, reports revs in-line; guides Q4 EPS in-line, guides Q4 revs (JBL) 14.29 +0.05 : Reports Q3 (May) earnings of $0.26 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.20; revenues rose 2.9% year/year to $3.09 bln vs the $3.08 bln consensus. Co issues guidance for Q4, sees EPS of $0.29-0.33, excluding non-recurring items, vs. $0.29 consensus; sees Q4 revs of $3.2-3.3 bln vs. $3.19 bln consensus.

4:03PM L-1 Identity Solutions reaffirms Q2 EPS guidance of $0.04 vs $0.03 consensus; revs $140-145 mln vs $138.34 mln consensus (ID) 13.19 -0.25 : Co reaffirms Q2 EPS guidance of $0.04 vs $0.03 First Call consensus; revs $140-145 mln vs $138.34 mln First Call consensus. Sees Adjusted EBITDA at the top end of the range at approximately $22.0 mln (consensus $19.9 mln). "Regarding the Digimarc transaction and the recently announced unsolicited offer from Safran, we are assessing our options. However, I want to reassure our investors that the merger agreement is still intact and that we will use all of our resources in Washington, within the Department of Defense, Department of Homeland Security and the State and Local Governments to prevent sensitive data and information of our citizens from falling into the hands of a foreign entity, particularly one that is 30 percent owned and controlled by the French Government."

8:51AM Reliance Steel guides Q2 EPS above prior guidance and consensus; sees Q2 EPS of $2.00-2.10 vs $1.64 consensus (RS) 73.48 : Co said, "Because the prices for carbon steel products have increased more significantly and more rapidly than we had anticipated and because we have been successful in expanding our gross profit margins more than anticipated in the current environment, we have increased our earnings guidance."

8:33AM Kroger beats by $0.03; raises low end of FY09 EPS guidance; raises same store sales guidance (KR) 26.00 : Reports Q1 (Apr) earnings of $0.58 per share, $0.03 better than the First Call consensus of $0.55; revenues rose 11.5% year/year to $23.11 bln vs the $22.32 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.90 vs. $1.90 consensus, prior guidance $1.83-1.90. Company raised its identical sales and earnings guidance for fiscal 2008. Based on the strength of its first quarter results, Kroger now expects identical sales growth of 4.0% to 5.5%, excluding fuel, for fiscal 2008. Previous guidance was 3.0% to 5.0%.

8:33AM ConAgra Q4 EPS to be higher than planned (CAG) 22.22 : Co sees Q4 EPS to be higher than the co's original EPS estimate of $0.30-0.35, ex-items, vs $0.36 consensus. The higher-than-planned EPS primarily reflects very strong Trading & Merchandising profits, which are now classified within discontinued operations. The co is also pleased with the overall performance of the Food & Ingredients segment, as well as improved execution with regard to pricing in the Consumer Foods segment.

7:03AM Centurytel announces increased dividend and acceleration of share repurchase program; expects to meet or exceed its previously announced Q2 operating revs and diluted EPS guidance of $647-$657 mln and $0.78-$0.82 (CTL) 31.25 : Co announces that its Board of Directors determined to: 1) increase it's annual cash dividend to $2.80 from $.27 per share; 2) declare a one-time dividend of $.6325 per share, payable on July 21, 2008, to shareholders of record on July 7, 2008, effectively adjusting the total second quarter dividend to the new $.70 quarterly dividend rate; 3) utilize future share buybacks to target net debt at 2.75 times operating cash flow; 4) accelerate purchases under the current $750 mln share repurchase program to complete the remaining balance of approximately $385 mln by year end 2008 or early 2009, which is expected to increase the co's ratio of net debt to operating cash flow; and 5) continue to distribute substantially all of CenturyTel's free cash flow to shareholders. The co also expects to meet or exceed its previously announced Q2 operating revs and diluted EPS, excluding nonrecurring items, of $647 to $657 mln (consensus of $652.7 mln) and $0.78-$0.82 (vs $0.80 consensus), respectively.