Earnings - 29th Jan 2009

6:32PM Lindsay Corp sees Q2 revs below consensus; co expects total Q2 revs to be ~30% to 40% lower YoY (LNN) 31.83 -1.15 : Co issues downside guidance; co announced that it expects total revs in Q2 of FY09 to be ~30-40% YoY, which equates to ~$65.31-75.9 mln vs $94.0 mln First Call consensus. Co says the primary factor for the expected decline in revenue is the significantly lower global, incoming order rate for irrigation equipment. While infrastructure revenues are also expected to be lower in the quarter than the same prior-year period, the Company believes this is due primarily to the timing of project-oriented business. The Company will continue to take appropriate actions in response to economic conditions, including reductions in workforce and discretionary spending and other cost-saving measures. As of mid-January, the Company had reduced its global headcount by 25% since the start of fiscal 2009.

5:23PM Quality Systems beats by $0.01, beats on revs (QSII) 39.15 +0.01 : Reports Q3 (Dec) earnings of $0.46 per share, $0.01 better than the First Call consensus of $0.45; revenues rose 36.2% year/year to $65.5 mln vs the $62.9 mln consensus. For the quarter, the co's NextGen Healthcare Information Systems division posted record revenue of $61.5 mln, up 40% when compared with the same quarter in the prior year and record operating income of $22.8 mln, up 28% over third quarter last year.

4:35PM Informatica beats by $0.01, misses on revs (INFA) 13.01 -0.20 : Reports Q4 (Dec) earnings of $0.24 per share, $0.01 better than the First Call consensus of $0.23; revenues rose 9.2% year/year to $124.4 mln vs the $127.4 mln consensus.

4:16PM Amazon.com beats by $0.13, beats on revs; guides Q1 revs in-line (AMZN)50.00 -0.36 : Reports Q4 (Dec) earnings of $0.52 per share, $0.13 better than the First Call consensus of $0.39; revenues rose 18.2% year/year to $6.7 bln vs the $6.44 bln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $4.525-4.925 bln vs. $4.57 bln consensus. Operating income for Q1 is expected to be between $125 million and $210 million, or between 37% decline and 6% growth compared with first quarter 2008. "We remain relentlessly focused on serving customers with low prices, great selection and free shipping offers, including Amazon Prime ... We're particularly grateful for the unusually strong demand for Kindle in the fourth quarter."

4:13PM Sunpower beats by $0.13, beats on revs; guides FY09 EPS in-line, revs in-line (SPWRA) : Reports Q4 (Dec) earnings of $0.70 per share, $0.13 better than the First Call consensus of $0.57; revenues rose 78.7% year/year to $401 mln vs the $396.8 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.20-2.80, ex items vs. $2.66 consensus; sees FY09 revs of $1.6-2.0 bln vs. $1.89 bln consensus. "Long-term solar market fundamentals remain in place and we are encouraged by the commitment to renewable energy by President Obama and Congressional leadership," continued Werner. "Given these factors, we are well positioned to take advantage of growing global demand for solar this year and in the future, despite uncertainty in today's economic and credit environment."

8:50AM Helmerich & Payne beats by $0.26, beats on revs (HP) 24.83 : Reports Q1 (Dec) earnings of $1.35 per share, excluding $0.01 in non-recurring items, $0.26 better than the First Call consensus of $1.09; revenues rose 36.6% year/year to $623.8 mln vs the $573.2 mln consensus. The significant increase as compared to the prior quarter was mostly driven by higher average revenue and margins per rig day during this year's first quarter. Average revenue per day rose by $2,032 over the previous quarter to $27,066, and average rig margin per day rose by $1,657 over the previous quarter to $14,820. Co says, "Exploration and production companies are currently being very aggressive about reducing their drilling plans in the near term, responding to the double blow of depressed energy prices and dysfunctional credit markets. Given the speed and severity of the current pullback, it is difficult to predict when supply and demand will return to a better balance. Until then, customers seem to be waiting to see where commodity prices stabilize before making final determinations concerning this year's spending plans."

8:07AM Illinois Tool beats by $0.06, reports revs in-line; guides Q1 EPS below consensus; guides FY09 EPS in-line (ITW) : Reports Q4 (Dec) earnings of $0.54 per share, $0.06 better than the First Call consensus of $0.48; revenues fell 5.9% year/year to $3.68 bln vs the $3.67 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.26-$0.42 vs. $0.47 consensus. The 1Q09 forecast assumes a total company revenue range of -17% to -11%. Co issues in-line guidance for FY09, sees EPS of $1.84-$2.48 vs. $2.35 consensus. Co states, The full-year forecast assumes a total company revenue range of -12% to -6%. Briefing Note: This would equate to a range of approx $13.97-$14.92 bln vs $14.72 bln.

8:04AM Kennametal misses by $0.01, misses on revs; guides Q3 EPS below consensus; guides FY09 EPS below consensus (KMT) 18.69 : Reports Q2 (Dec) earnings of $0.35 per share, $0.01 worse than the First Call consensus of $0.36; revenues fell 12.1% year/year to $569 mln vs the $579.7 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.05-0.15 vs. $0.40 consensus. Co issues downside guidance for FY09, sees EPS of $1.30-1.50 vs. $1.89 consensus. Organic sales for fiscal 2009 are expected to be 14-15% lower than for the previous fiscal year.

7:42AM Cash America misses by $0.03, beats on revs; reaffirms FY09 EPS guidance (CSH) 19.75 : Reports Q4 (Dec) earnings of $0.74 per share, excluding restructuring and severance charges, $0.03 worse than the First Call consensus of $0.77; revenues rose 7.1% year/year to $279.7 mln vs the $274.3 mln consensus. Co reaffirms guidance as announced on Jan 22 for FY09, sees EPS of 3.10-3.30 vs. $3.08 consensus. Mgmt enters the first quarter of fiscal 2009 without the earnings attributable to certain markets for its cash advance product that added significant incremental profitability in fiscal 2008. Mgmt has estimated that the net effect of lost earnings due to changes in and the elimination of cash advance markets during 2008 equates to $20 to $25 mln after taxes on an annualized basis (between 66 and 83 cents per share). Mgmt believes that growth in its existing and new markets for its cash advance product will combine with growth from its pawn lending business and will overcome this decrease in contribution but not until the second half of 2009. While mgmt believes that the demand for its credit products will remain intact in 2009, it feels there is a likelihood it will experience higher loan losses associated with the difficult consumer economic environment and it expects pressure on retail margins to support sales activities during the year. Co says, "We experienced an increase in loss rates early in the quarter within our online cash advance portfolio reversing a trend of lower loss rates through September. While we were disappointed by this change, we believe that we have addressed it appropriately and we are still within an acceptable range for this line of business."

7:36AM Alliant Tech beats by $0.04, misses on revs; guides FY09 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs in-line (ATK) : Reports Q3 (Dec) earnings of $1.96 per share, $0.04 better than the First Call consensus of $1.92; revenues rose 5.2% year/year to $1.11 bln vs the $1.14 bln consensus. Co issues downside guidance for FY09, sees EPS of $7.40-7.50 vs. $7.56 consensus; sees FY09 revs of $4.5 bln (previously expected $4.55) vs. $4.55 bln consensus. ATK continues to expect full-year FY09 operating margins to be approximately 10.5 percent, with free cash flow of approximately $260 million. Co issues mixed guidance for FY10, sees EPS of $7.75-7.95 vs. $8.36 consensus; sees FY10 revs of $4.55-4.65 bln vs. $4.87 bln consensus.  ATK expects to generate free cash flow in the range of $130 million to $150 million, which includes the impact of making the $150 million prepayment contribution to the company's pension plans, and approximately $120 million of capital expenditures

7:34AM Celgene beats by $0.01, reports revs in-line; guides FY09 EPS below consensus, revs below consensus; co reports drug numbers (CELG) 52.20 : Reports Q4 (Dec) earnings of $0.43 per share, $0.01 better than the First Call consensus of $0.42; revenues rose 52.3% year/year to $623 mln vs the $621.7 mln consensus. Co issuesdownside guidance for FY09, sees EPS of $2.05-2.15 vs. $2.18 consensus; sees FY09 revs of $2.6-2.7 bln vs. $2.85 bln consensus. Q4 Drug sales: Revlimid $369 mln vs. $371.2 mln First Call Consensus; Thalomid $126.8 mln vs. $132.9 mln First Call Consensus; Vidaza $69.7 mln vs. $70.6 mln First Call Consensus; Alkeran $24.4 mln vs. $19.8 mln First Call Consensus.

7:34AM CONSOL Energy beats by $0.34, reports revs in-line (CNX) 28.94 : Reports Q4 (Dec) earnings of $0.97 per share, $0.34 better than the First Call consensus of $0.63; revenues rose 35.3% year/year to $1.24 bln vs the $1.24 bln consensus. Because of uncertainties surrounding the U.S. and global economies, CONSOL Energy plans to adopt a cautious approach to capital expenditures and cash management, and therefore is altering its usual practice of issuing annual capital expenditure and production projections. Co expects to limit capital spending in the early part of the year in order to retain the ability to adjust spending to prevailing economic conditions. Furthermore, co expects to continue expenditures on projects, such as overland belt projects or longwall face extensions. However, the CNX doesn't expect to commit the entire authorized capital budget for coal until it has a clearer understanding of the state of the economy and demand for coal.

7:18AM Dominion beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY09 EPS in-line, FY10 above consensus (D) 35.69 : Reports Q4 (Dec) earnings of $0.72 per share, $0.03 better than the First Call consensus of $0.69; revenues rose 14.4% year/year to $4.17 bln vs the $3.51 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.85-0.90 vs. $0.99 consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.26 consensus. Sees 2010 EPS of $3.33-3.50 vs $3.31 consensus . Assuming a return to normal economic conditions, we expect to again grow operating earnings per share 6 percent or more annually beginning in 2011. The increase in fourth-quarter 2008 operating earnings is primarily attributable to lower outage costs at the company's generating units; a lower effective tax rate; lower operating and maintenance expenses at the regulated electric utility; and higher contributions from the company's merchant generation business. These positives were partially offset by the exclusion of Peoples Natural Gas and Hope Gas, Inc. from operating earnings beginning in 2008.

7:18AM L-3 Comms beats by $0.10, beats on revs; guides FY09 EPS below consensus, revs in-line (LLL) 79.83 : Reports Q4 (Dec) earnings of $2.04 per share, excluding non-recurring items, $0.10 better than the First Call consensus of $1.94; revenues rose 5.4% year/year to $4.01 bln vs the $3.87 bln consensus. Co issues mixed guidance for FY09, sees EPS of $7.12-7.32 vs. $7.41 consensus (previous range $7.30-7.50); sees FY09 revs of $15.5-15.7 bln vs. $15.65 bln consensus (previous range $15.4-15.7 bln). Co estimates FY09 operating margin at 10.4% vs previous estimate of 10.7%. Co records funded Q408 orders of $4.3 bn vs $3.8 bln in Q407. Funded backlog increased 21% to $11.6 bln at Dec. 31, 2008 from $9.6 bln at Dec. 31, 2007.

7:12AM Textron beats by $0.05, misses on revs; guides FY09 EPS below consensus, revs below consensus (TXT) 13.30 : Reports Q4 (Dec) earnings of $0.40 per share, excluding a number of special charges, $0.05 better than the First Call consensus of $0.35; revenues rose 0.4% year/year to $3.61 bln vs the $3.68 bln consensus. Co issues downside guidance for FY09, sees EPS of $1.00-1.50, excluding restructuring charges of ~$40 mln, vs. $2.39 consensus; sees FY09 revs of $12.50 bln vs. $13.63 bln consensus. Co says, "Economic conditions continued to weaken during the fourth quarter, significantly impacting our Industrial and TFC businesses; however, for the year, we had strong performance at Bell, Cessna and Textron Systems... Economic conditions continued to weaken during the fourth quarter, significantly impacting our Industrial and TFC businesses. However, for the year, we had strong performance at Bell, Cessna and Textron Systems. Combined backlog at Cessna, Bell and Textron Systems was $23.2 billion at the end of the fourth quarter, up $4.4 billion from the end of last year."

7:08AM Raytheon beats by $0.02, reports revs in-line; guides FY09 EPS in-line, revs in-line (RTN) 49.67 : Reports Q4 (Dec) earnings of $1.13 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.11; revenues rose 2.6% year/year to $6.16 bln vs the $6.21 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.45-4.60, excluding non-recurring items, vs. $4.57 consensus; sees FY09 revs of $24.3-24.8 bln vs. $24.68 bln consensus (unchanged from 10/08 guidance). Co ended FY08 with a backlog of $38.9 bln, up 6% compared to $36.6 bln at end of 2007.

7:06AM Zimmer Hldgs reports EPS in-line, misses on revs; guides FY09 EPS below consensus (ZMH) 43.05 : Reports Q4 (Dec) earnings of $1.00 per share, in-line with the First Call consensus of $1.00; revenues fell 4.0% year/year to $1.03 bln vs the $1.09 bln consensus. Co issues downside guidance for FY09, sees EPS of $3.85-4.00 vs. $4.23 consensus. The Company expects full-year revenues for 2009 to increase between 1% and 3% on a constant currency basis, with revenues anticipated to be flat in the first half of the year and improving thereafter. Assuming foreign currency exchange rates remain near year-end 2008 levels, the Company estimates that foreign currency translation will reduce revenue by approximately 4% for the full year 2009. Adjusted diluted earnings per share are expected to show negative growth in the first three quarters with positive growth in the fourth quarter.

6:48AM AutoNation beats by $0.01, misses on revs (AN) 9.24 : Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues fell 33.9% year/year to $2.74 bln vs the $3.06 bln consensus. Co said, "We agree with industry projections that the 2009 SAAR will be in the range of 11 million new vehicle units with obvious weakness in the first half of the year. In this environment, we believe we will be able to manage within all financial covenants." The Company also announced that it has obtained consents under its framework agreements with manufacturers in order to eliminate any potentially adverse consequences under such agreements in the event that ESL Investments, Inc., the Company's largest stockholder, were to acquire over 50% of the Company's common stock. ESL currently owns approximately 45% of the Company's outstanding common stock.

Great Article on Solar players - NanoSolar Inc. et al.

Nanosolar Rides Solar Thin-Film Wave To $300M Round
Last update: 8/27/2008 11:48:07 AM
By Jonathan Shieber
Of DOW JONES NEWSLETTERS

NEW YORK (Dow Jones)--A second wave of venture-backed photovoltaic technologies is poised to make its mark on the growing solar industry, and Nanosolar Inc., which raised more than $300 million in its most recent financing, may be leading the way.
The Palo Alto, Calif., company is using the capital for a massive build-out of its manufacturing capacity in both Palo Alto and Berlin, according to an email from Nanosolar Chief Executive Martin Roscheisen.
"In March of this year we closed a major strategic equity financing as part of which we aligned with several of the world's leading power producers to jointly execute on utility scale solar," Roscheisen wrote.
(This story also appeared in Clean Technology Investor, a newsletter and information service published by Dow Jones & Co.)
Nanosolar will have 430 megawatts of available cells in its San Jose, Calif., plant and another 620 MW in Berlin after the completion of its first phase of construction.
"We have a plan of expanding production at these sites to more than a gigawatt in a subsequent phase," Roscheisen wrote.
Investors in the massive private equity financing include Greenwich, Conn.-based Lone Pine Capital LLC, a hedge fund whose long investment portfolio is worth $8.6 billion, and Paris-based EDF Energies Nouvelles SA (EEN.FR), an independent renewable energy power producer, according to Roscheisen and a previous announcement from EDF.
Sources with knowledge of the investment said additional backers in the round include AES Solar, the $1 billion joint venture of independent power producer AES Corp. (AES), and multibillion-dollar energy buyout investor Riverstone Holdings LLC (AP4.SG). Sources said buyout firm Energy Capital Partners, which owns the San Francisco-based utility scale solar power project developer NextLight Renewable Power LLC, also participated in the financing.
Neither AES Solar nor NextLight returned requests for comment. Energy Capital Partners and Riverstone declined to comment about their involvement in the round. Roscheisen declined to confirm additional investors.
"The financing is basically just a side effect of the strategic partnership conversations we have had based on our focus on solar utility power, the interest of our partners to scale availability from us even more aggressively, and the ready access to capital that they have to help us execute on this," Roscheisen wrote.
Nanosolar's thin-film technology presents an attractive alternative to traditional polysilicon-based solar cells because it uses a variant on the photovoltaic material called copper indium gallium selenide, or CIGS.
Many venture-backed start-up companies have raised millions of dollars to bring CIGS cells to market because they reportedly can convert more sunlight into electricity than other types of thin-film materials. At Nanosolar the company has managed to achieve efficiencies of 14.5% with its process.
Earlier this year the stealthy Roseville, Calif.-based thin-film manufacturer Solyndra Inc. quietly announced that it had signed over $1.2 billion in supply contracts. That company is currently out on the fund-raising trail looking for $350 million in new financing. News of that financing was earlier reported by Greentech Media.
Meanwhile Intel Capital-backed Sulfurcell Solartechnik GmbH, a Berlin-based thin-film manufacturer, has raised $130 million to build out its own capacity, and Santa Clara, Calif.-based Miasole is in the process of wrapping up a $220 million round for its own expansion plans.
At the same time, there are publicly traded makers of CIGS-based solar cells like DayStar Technologies Inc. (DSTI), listed on Nasdaq. It's building a 25-megawatt line in California and has a market capitalization of just $107.8 million. Ascent Solar Technologies Inc. (ASTI), also trading on the Nasdaq, has a market cap of $164 million.
Fanning the flames of investors' desire to back start-up solar thin-film companies is the success of publicly held First Solar Inc. (FSLR).
The Phoenix thin-film solar manufacturer uses a different material composition based on a combination of cadmium and telluride for its cells. As the first thin-film solar to make it to the public markets with a low-cost manufacturing process, First Solar has been rewarded with a $21.8 billion market capitalization.
According to a recent institutional research report by the Stanford Group, First Solar has the lowest cost per watt in the industry. First Solar can manufacture cells at a cost per watt of $1.14, which is less than half that of the average crystalline silicon cost per watt.
Even as the start-ups surge on the strength of new capital, silicon manufacturers also are beginning to diversify into thin-film technologies.
Low-cost silicon photovoltaic manufacturer Suntech Power Holdings Co. (STP) has said that it will build a 50-megawatt thin-film production line in the second half of the year, according to the Stanford Group report, and SunPower Corp. (SPWR) may soon follow Suntech Power's lead, the report said.
"First Solar has made it all too clear by now to everyone - after the usual cycle of disbelief and denial by the legacy competitors - that thin films can be in a different world of cost efficiency relative to wafered silicon and other conventional solar technologies, and that this enables a very profitable and scalable business," Roscheisen wrote.

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.