Earnings - 30th Jan 2009

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Earnings - 28th July 2008

CMP: Compass Minerals International Inc. reported its first second-quarter profit, and sales rose 27 percent compared with the same period last year. In a release after the market closed on Monday, the Overland Park-based company (NYSE: CMP) reported earnings of $1.6 million, or 5 cents a share, for the quarter that ended June 30. This compares with a loss of $3.2 million, or 10 cents a share, last year. The company typically records a loss in the second quarter, when it builds rock salt inventories for the winter season. Five analysts surveyed by Thomson First Call reported a consensus earnings estimate of 26 cents a share for the quarter. “This significant achievement illustrates the success of our strategies to strengthen our non-winter, non-seasonal applications coupled with the company’s minimal exposure to economic cycles,” company CEO Angelo Brisimitzakis said in the release. Sales for the quarter were $162 million, up from $127.5 million last year. Four analysts reported a consensus revenue estimate of $158 million for the quarter. Compass ranks No. 18 on the Kansas City Business Journal’s list of area public companies

6:38PM SL Green Rlty beats by $0.29, beats on revs (SLG) 78.90 -4.10 : Reports Q2 (Jun) funds from operations of $2.00 per share, $0.29 better than the First Call consensus of $1.71; revenues rose 21.4% year/year to $305.8 mln vs the $262.4 mln consensus.

5:16PM Mosaic beats by $0.24, beats on revs (MOS) 122.66 +0.61 : Reports Q4 (May) earnings of $1.88 per share, excluding non $0.05 gain, $0.24 better than the First Call consensus of $1.64; revenues rose 105.8% year/year to $3.47 bln vs the $2.85 bln consensus. The average Q4 DAP price, FOB plant, was $754 per tonne, which is a $416 per tonne increase compared with a year ago and a $267 per tonne increase compared with the third quarter of fiscal 2008. The average Q4 MOP price, FOB plant, was $335 per tonne, which is a $181 per tonne increase compared with a year ago and a $114 per tonne increase compared with Q3 of FY08. Co gives outlook saying, Sales volumes for the Phosphates segment are expected to range from 9.0-9.4 mln tonnes for FY09. Potash segment sales volumes are expected to range from 8.2-8.6 mln tonnes in FY09. Mosaic's realized DAP price, FOB plant, for Q1 of FY09 is estimated to be $1,020-1,080 per tonne. Co's Q1 FY09 average realized MOP price, FOB plant, is estimated to be $460-510 per tonne.

5:11PM Manitowoc beats by $0.12, beats on revs; raises bottom-end of FY08 EPS guidance (MTW) 28.98 -0.08 : Reports Q2 (Jun) earnings of $1.01 per share, ex items, $0.12 better than the First Call consensus of $0.89; revenues rose 28.1% year/year to $1.3 bln vs the $1.23 bln consensus. Co raises bottom-end of guidance for FY08, sees EPS of $3.30-3.40, from $3.20-3.40, ex items, vs. $3.42 consensus. "The company continues to see brisk global demand for its mobile telescopic, crawler, and high-capacity tower cranes; however, we are noticing slower demand for lower capacity tower cranes in western Europe. We expect to realize better-than- industry growth with Foodservice revenue increases in the mid-single-digits range and improving margins in the mid-teens," Co also noted that it is closely monitoring and managing the impact of higher steel and commodity costs across each of its businesses.

5:03PM Walter Inds beats by $0.37, beats on revs (WLT) 86.28 +1.77 : Reports Q2 (Jun) earnings of $0.94 per share, $0.37 better than the First Call consensus of $0.57; revenues rose 24.8% year/year to $370 mln vs the $304.7 mln consensus. Changes in metallurgical coal sales volumes between the third and fourth quarter reflect a change in the anticipated timing of shipments for approximately 100,000 tons versus prior expectations. The average metallurgical coal operating margin per ton is expected to improve by approximately $5 per ton in the fourth quarter compared to previously communicated expectations, driven largely by higher metallurgical coal sales prices. The coke sales outlook for the second half of the year also reflects a shift in tons between the third and fourth quarter as coke oven repairs in the third quarter will reduce tonnage volumes slightly that will be made up in the fourth quarter. The operating margin per ton ranges are consistent with prior expectations and reflect favorable spot sales prices, offset by higher coal input costs.

4:37PM CF Industries beats by $1.42, misses on revs (CF) 145.68 +1.96 : Reports Q2 (Jun) earnings of $5.02 per share, includes as $0.92 mark-to-market gain, $1.42 better than the First Call consensus of $3.60; revenues rose 36.8% year/year to $1.16 bln vs the $1.21 bln consensus. Average selling prices for all nitrogen products increased from both the year-earlier quarter and Q1 of 2008. For ammonia, the average selling price was $513 per ton, up from $390 in Q2 2007 and $428 in Q1 of 2008. For urea, average selling price was $417 per ton, up from $331 in the year-earlier quarter and $387 in 2008's Q1. For UAN, the average selling price was $313 per ton, up from $206 in the year-earlier quarter and $285 in Q1 2008. Co says, "Unfortunately, the cold, wet spring and flooding delayed planting or required replanting throughout large portions of the Corn Belt. It also limited the application of pre-plant and side-dress ammonia, used to maximize yield on corn... Fertilizer producers should begin seeing the positive effects of that acreage increase during this year's third and fourth quarters, as customers are expected to restock inventories in anticipation of a robust fall application season... while demand for this fall and the spring of 2009 appears strong, there are issues facing domestic producers, including uncertainty regarding export tax levels in China and the cost of sulfur. Co also noted that the impact of fertilizer prices on demand and U.S. ethanol policy bear watching."

4:12PM Advanced Analogic Tech misses by $0.02, reports revs in-line; guides Q3 EPS, guides Q3 revs in-line with consensus (AATI) 4.27 -0.36 : Reports Q2 (Jun) loss of $0.04 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of ($0.02); revenues fell 17.8% year/year to $21.2 mln vs the $21.1 mln consensus. Co issues guidance for Q3, sees GAAP EPS of ($0.03)-(0.01), may not be comparable to $0.02 consensus; sees Q3 revs of $24-26 mln vs. $24.52 mln consensus.

4:09PM Atheros Communications beats by $0.01, reports revs in-line (ATHR) : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 better than the First Call consensus of $0.30; revenues rose 20.5% year/year to $121.5 mln vs the $120.8 mln consensus.

4:02PM AuthenTec beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY08 revs in-line (AUTH) 9.90 -0.30 : Reports Q2 (Jun) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues rose 49.6% year/year to $18.4 mln vs the $17.4 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.04-0.05 vs. $0.05 consensus; sees Q3 revs of $19-20 mln vs. $20.22 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $72-78 mln vs. $77.08 mln consensus.

4:02PM Ladish misses by $0.11, misses on revs (LDSH) 21.99 -0.53 : Reports Q2 (Jun) earnings of $0.43 per share, $0.11 worse than the First Call consensus of $0.54; revenues rose 4.8% year/year to $119 mln vs the $123.5 mln consensus.

8:39AM Wrigley beats by $0.06, beats on revs (WWY) 78.99 : Reports Q2 (Jun) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.68; revenues rose 14.0% year/year to $1.57 bln vs the $1.53 bln consensus.

7:32AM Simon Properties beats by $0.07, beats on revs; guides FY08 FFO above consensus (SPG) 90.59 : Reports Q2 (Jun) funds from operations of $1.56 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $1.49; revenues rose 7.8% year/year to $922.9 mln vs the $885 mln consensus. Co issues upside guidance for FY08, sees FFO of $6.45-6.52, excluding non-recurring items, vs. $6.44 consensus.

7:28AM Verizon beats by $0.02, reports revs in-line (VZ) 34.45 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 3.7% year/year to $24.12 bln vs the $24.18 bln consensus. Co reports Q2 net adds of 1.5 mln customers, with 68.7 mln total customers. Co reports 1.12% total churn and 0.83% retail post-paid churn. Co reports 176k net new FiOS TV customers and 187k net new FiOS Internet customers. Co reports 10.4% increase in consumer ARPU in legacy telecom markets and 18.7% increase in Verizon Business strategic services revenue.

7:08AM Kraft Foods beats by $0.08, beats on revs; guides FY08 EPS above consensus (KFT) 29.38 : Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.50; revenues rose 21.4% year/year to $11.18 bln vs the $10.7 bln consensus. Co issues upside guidance for FY08, sees EPS of at least $1.92 vs. $1.89 consensus. The company continues to expect cumulative annualized savings from the restructuring program to reach approximately $1.0 bln by year-end and $1.2 bln by the end of 2009. To date, cumulative annualized savings from this cost restructuring program totaled approximately $927 mln, up from approximately $785 mlnat the end of 2007.

3:22AM Elbit Systems anticipates positive impact on Q208 results due to higher level of revenues from short-term delivery contracts (ESLT) 53.87 : Co announces that it anticipates an impact on its Q208 results of additional net after tax profit of approx $8-11 mln, due mainly to a higher level of revenues generated from short-term delivery contracts in the quarter. Conversely, the co notes, as indicated in its announcement on July 2, 2008, that its financial results for Q208 will also be negatively impacted in a net after tax amount of approx $10 mln, as a result of a recent court ruling in the U.S. Both developments will be reflected in Q208 results.

1:28AM Sohu.com beats by $0.25, beats on revs; guides Q3 EPS above consensus, revs above consensus (SOHU) 82.82 : Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.67; revenues rose 161.6% year/year to $102 mln vs the $96.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.00-1.05, excluding non-recurring items, vs. $0.71 consensus; sees Q3 revs of $112.0-116.0 mln vs. $106.75 mln consensus.