8:04AM Barrick Gold misses by $0.02, beats on revs (ABX) 28.97 : Reports Q1 (Mar) earnings of $0.34 per share, $0.02 worse than the First Call consensus of $0.36; revenues fell 6.7% year/year to $1.83 bln vs the $1.76 bln consensus. Q1 was a lower production and higher cost quarter as expected due to planned mine sequencing. Higher production is expected in subsequent quarters and lower cash costs anticipated in the second half of the year as higher grades are accessed at a number of operations and with the benefit of new production from Buzwagi. The Company is on track with its full year production guidance of 7.2-7.6 mln ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce. The Company is on track with full year copper production guidance of 375-400 mln pounds at total cash costs of $1.25-$1.35 per pound. Q1 copper production was 95 mln pounds at total cash costs of $1.32 per pound. The Company benefited from its copper hedge position, realizing $2.93 per pound, $1.37 per pound higher than the average spot price.
8:01AM Silicon Labs beats by $0.09, beats on revs; guides Q2 revs above consensus (SLAB) 29.02 : Reports Q1 (Mar) earnings of $0.22 per share, excluding non-recurring items,$0.09 better than the First Call consensus of $0.13; revenues fell 14.7% year/year to $83.7 mln vs the $77.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $92-97 mln vs. $81.24 mln consensus.
7:35AM Reynolds American beats by $0.05, misses on revs; guides FY09 EPS in-line (RAI) 20.36 : Reports Q1 (Mar) earnings of $1.00 per share, excluding items, $0.05 better than the First Call consensus of $0.95; revenues fell 6.6% year/year to $1.92 bln vs the $1.97 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.15-4.45, excluding items but including negative impact from $0.40 increase in pension expense, vs. $4.38 consensus.
7:33AM General Dynamics beats by $0.08, beats on revs (GD) 50.61 : Reports Q1 (Mar) earnings of $1.54 per share, $0.08 better than the First Call consensus of $1.46; revenues rose 18.0% year/year to $8.26 bln vs the $7.82 bln consensus. "Revenues grew at double-digit rates in all four segments of the company, with double-digit organic growth in our defense businesses, demonstrating the continued strength of demand among government customers for the products and services we deliver. The growth in Aerospace revenues is attributable to the acquisition late last year of Jet Aviation... Looking ahead, we remain confident that General Dynamics is well-positioned to maximize the value of our $71 bln backlog as we continue to focus on excellent program execution and value creation for our shareholders." Funded backlog at the end of first-quarter 2009 increased 23 percent from one year ago, to $49.2 bln. The company's total backlog at the end of the quarter was $71.1 bln, 43% higher than the $49.8 bln total backlog reported at the end of the year-ago period. In addition to the backlog, the estimated potential contract value, which represents management's estimate of value under unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $17.9 bln at the end of first-quarter 2009.
7:31AM Southern Co beats by $0.01, beats on revs (SO) 30.03 : Reports Q1 (Mar) earnings of $0.42 per share, ex-items, $0.01 better than the First Call consensus of $0.41; revenues fell 0.3% year/year to $3.67 bln vs the $3.5 bln consensus.
7:31AM Hess beats by $0.09 (HES) 54.89 : Reports Q1 (Mar) loss of $0.18 per share, $0.09 better than the First Call consensus of ($0.27); revenues fell 35.8% year/year to $6.87 bln vs the $5.66 bln consensus.
7:07AM Burger King reports EPS in-line, misses on revs; guides Q4 EPS in-line; guides FY09 EPS in-line (BKC) 17.11 : Reports Q3 (Mar) earnings of $0.34 per share, in-line with the First Call consensus of $0.34; revenues rose 1.0% year/year to $600 mln vs the $607.1 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.34-0.37 vs. $0.37 consensus. Co issues in-line guidance for FY09, sees EPS of $1.39-1.42, includes $0.10/share negative impact due to movements in currency exchange rates, vs. $1.41 consensus.
7:07AM Wyndham Worldwide beats by $0.06, beats on revs; guides Q2 EPS in-line; reaffirms FY09 EPS guidance, revs guidance (WYN) 8.76 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.35; revenues fell 11.0% year/year to $901 mln vs the $838.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36-0.41, excluding non-recurring items, vs. $0.36 consensus. Co reaffirms guidance for FY09, sees EPS of $1.61-1.85, excluding non-recurring items, vs. $1.60 consensus; sees FY09 revs of $3.5-3.9 bln vs. $3.44 bln consensus. In constant currency, 1Q09 system-wide RevPAR decreased 11.3%, reflecting declines of 13.4% and 5.5% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system-wide RevPAR declined 14.0% in 1Q09.
7:03AM FTI Consulting beats by $0.08, beats on revs (FCN) 49.97 : Reports Q1 (Mar) earnings of $0.60 per share, $0.08 better than the First Call consensus of $0.52; revenues rose 13.3% year/year to $347.9 mln vs the $341.2 mln consensus.
7:03AM Jones Apparel beats by $0.18, beats on revs (JNY) 8.06 : Reports Q1 (Mar) earnings of $0.28 per share, $0.18 better than the First Call consensus of $0.10; revenues fell 8.6% year/year to $891 mln vs the $875.3 mln consensus. "Given the overall economic environment, we were satisfied with our first quarter results, which reflect the actions we have taken to control expenses and manage our capital. Our wholesale jeanswear segment performed well; however, our other wholesale businesses were impacted by reduced orders and higher markdown support in the continuing promotional environment. Our own chain of retail stores was impacted by the slowing retail sales trend and promotional environment and registered a 10.6% decrease in comparable store sales during the quarter... We remain cautious in our outlook for 2009, and as the year progresses, our focus will be on financial stability, maintaining our market share and positioning the Company for the ultimate recovery."
6:34AM SPX Corp beats by $0.06, reports revs in-line (SPW) 46.55 : Reports Q1 (Mar) earnings of $0.81 per share, excluding restructuring charges and tax benefit and includes F/X fluctuations, $0.06 better than the First Call consensus of $0.75; revenues fell 13.9% year/year to $1.16 bln vs the $1.17 bln consensus.
6:33AM Medco Health Solutions reports EPS in-line, beats on revs; guides FY09 EPS in-line (MHS) 43.66 : Reports Q1 (Mar) earnings of $0.63 per share, excluding non-recurring items, in-line with the First Call consensus of $0.63; revenues rose 14.4% year/year to $14.83 bln vs the $13.71 bln consensus. Co issues in-line guidance for FY09, sees EPS of $2.67-2.77 vs. $2.73 consensus. Co said, "Looking forward, the 2010 selling season has already yielded meaningful early wins, including Coventry's commercial and workers compensation business - an incremental win to the Coventry Medicare business, which we installed successfully on January 1, 2009. This brings our total annualized new-named sales for 2010, at this early date, to $2.0 billion".
6:30AM Range Resources beats by $0.03, misses on revs (RRC) 41.13 : On 4.28 co reports Q1 (Mar) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.21; revenues fell 33.9% year/year to $203.2 mln vs the $252.9 mln consensus. Co anticipatea exiting 2009 at a net Marcellus production rate of 80 - 100 Mmcfe per day and expects to double production in 2010.
6:14AM Praxair beats by $0.01, misses on revs; guides Q2 EPS in-line; guides FY09 EPS in-line, revs below consensus (PX) 71.47 : Reports Q1 (Mar) earnings of $0.93 per share, $0.01 better than the First Call consensus of $0.92; revenues fell 20.3% year/year to $2.12 bln vs the $2.38 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.95-1.00 vs. $1.00 consensus. Co issues mixed guidance for FY09, sees EPS of $3.85-4.15 vs. $3.99 consensus; sees FY09 revs of ~$9 bln vs. $10.01 bln consensus.
6:08AM Aetna beats by $0.03, beats on revs; reaffirms FY09 EPS guidance (AET) 24.40 : Reports Q1 (Mar) earnings of $0.96 per share, $0.03 better than the First Call consensus of $0.93; revenues rose 10.5% year/year to $8.62 bln vs the $8.49 bln consensus. Coreaffirms guidance for FY09, sees EPS of $3.85-3.95 vs. $3.85 consensus.
5:09AM Medifast beats by $0.05, beats on revs (MED) 5.65 : Reports Q1 (Mar) earnings of $0.17 per share, $0.05 better than the First Call consensus of $0.12; revenues rose 33.7% year/year to $33.7 mln vs the $31.4 mln consensus. The gross margins increased to 76.1% during the first quarter of 2009 versus 75.8% a year ago.
5:08AM Baker Hughes beats by $0.06, beats on revs (BHI) 33.94 : Reports Q1 (Mar) earnings of $0.82 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.76; revenues fell 0.1% year/year to $2.67 bln vs the $2.58 bln consensus.
2:27AM Arcelor Mittal misses by $0.39, misses on revs (MT) 24.06 : Reports Q1 (Mar) loss of $0.78 per share, $0.39 worse than the First Call consensus of ($0.39); revenues fell 49.3% year/year to $15.12 bln vs the $15.95 bln consensus. Total steel shipments for the three months ended March 31, 2009 were 16.0 mln metric tonnes as compared with steel shipments of 17.1 mln metric tonnes for the three months ended December 31, 2008 and 29.2 mln metric tonnes for the three months ended March 31, 2008. The decrease year-on-year resulted from reduced steel production in response to falling demand amid the global economic crisis. Total steel shipments in the Flat Carbon Americas segment were 3.6 mln metric tonnes for the three months ended March 31, 2009, as compared with steel shipments of 3.9 mln metric tonnes for the three months ended December 31, 2008. The decrease is due to the deterioration of global steel markets and the continuation of production cuts into Q109. Sales also declined to $3.2 bln for the three months ended March 31, 2009 as compared with sales of $4.5 bln for the three months ended December 31, 2008, due to both lower volumes and prices (a 25.4% decrease in average steel selling price). For Q209, co expects EBITDA of $1.2-1.5 bln.
12:59AM Massey Energy misses by $0.02, beats on revs (MEE) 12.53 : Reports Q1 (Mar) earnings of $0.51 per share, $0.02 worse than the First Call consensus of $0.53; revenues rose 19.2% year/year to $768.1 mln vs the $738.7 mln consensus. In response to the current market conditions, Massey has taken meaningful action to reduce overall costs and expects to see measurable cost improvement going forward. These actions include the idling of several higher cost mines, limitation of overtime, selective general and administrative cost reductions, renegotiation of supply contracts, and the implementation of significant wage and benefit reductions beginning on May 1, 2009. Additional cost cutting initiatives are under way. Co projects produced coal shipments for FY09 will be 38-41 mln tons, with average produced coal realization between $60-63 per ton. Guidance for average cash cost per ton in 2009 remains unchanged and is expected to be between $50-53. Other income is expected to be between $40-80 mln. For 2010, Massey presently has approx 20 mln tons of coal sold and priced, 2 mln tons sold with pricing collars and 8 mln tons sold but currently unpriced. Based on management's current market views, Massey's produced coal shipments for 2010 are currently expected to be in the range of 35-40 mln tons, with average sales prices in the range of $60-65 per ton. Cash cost per ton is anticipated to be in the range of $48-52. Co also anticipates significantly reducing capital expenditures to a range of $100-200 mlnfor the FY10. With results in these ranges, co believes it would generate solid positive free cash flow for the year.
