Earnings - 19th June 2009

11:01AM Steel Dynamics sees Q2 EPS of ($0.10)-(0.15) vs ($0.09) First Call consensus (STLD) 15.87 +0.62 : Co provides its Q2 outlook, now anticipates a Q2 loss of $0.10-0.15 per diluted share after taking into account the recent issuance of common stock and convertible securities. The effect of the increase in share count in calculating diluted earnings per share for the second quarter is predominantly offset by certain expenses related to the repayment of our term loan in June, resulting in little impact on diluted per-share earnings this quarter. Co had provided qualitative guidance in April suggesting the possibility of improving results in the second quarter, indicating that the second quarter could be close to breakeven, possibly showing a small loss or a small profit. "The outlook for the remainder of the year remains uncertain, but is improving, as demand is strengthening for some of our steel products and recycled metals. We now expect to be profitable in the third and fourth quarters of 2009 assuming only a modest increase in production volume. Steel Dynamics is in an excellent position to take advantage of any improvement in order flow in the second half as our operations are poised to increase production rates."

7:51AM CarMax beats by $0.07, beats on revs (KMX) 13.09 : Reports Q1 (May) earnings of $0.11 per share, excluding a $0.02 gain and including $0.11 per share for increased funding costs and other adjustments related to CarMax Auto Finance, $0.07 better than the First Call consensus of $0.04; revenues fell 17.0% year/year to $1.83 bln vs the $1.72 bln consensus. Co said, "While our customer traffic trend continued to be weak, we did see improvement in the first quarter compared with the fourth quarter of fiscal 2009".

7:20AM Perfect World raises Q2 rev guidance; sees revs of RMB489-510 mln vs the RMB437 mln consensus (PWRD) 26.68 : Co announces that, due to stronger than expected ramp-up and traction of the newly launched "Battle of the Immortals," especially in the past month, and better than anticipated results from recently launched expansion packs on some of the existing games during the second half of the quarter, the co now raises its Q2 rev guidance to be between RMB489-510 mln, which represents a sequential increase of 15% to 20%, vs previous sequential guidance of a 2% decline to a 2% increase in rev. Co says, "The visibility on our second quarter performance is increasing and we believe our results will come in ahead of our previous expectations. We are now beginning to benefit from our fine-tuned strategy of devoting more resources to longer-term projects. A good example is 'Battle of the Immortals,' our newly launched 2.5D mysterious adventure MMORPG, which has been very well-received as we devoted more resources to further developing the game prior to its debut. This successful launch also allows us to demonstrate our ability to leverage our leading technology and rich R&D and operating experience in the 3D market in penetrating into 2.5D and 2D markets more competitively. We are also seeing an encouraging outcome from our diversification strategy as we expand our game portfolio to benefit from multiple growth drivers... Going forward, we will continue to allocate more resources to longer-term projects and larger expansion packs to lengthen the growth cycle of our games."

7:19AM China Medical Tech guides Q3 EPS & revs above consensus (CMED) 22.90 : Co issues upside guidance for Q4 (Mar), sees EPS of $0.60 vs. $0.43 First Call consensus; sees Q4 (Mar) revs of $36 mln vs. $35.28 mln consensus.

6:15AM Sasol expects EPS for FY09 to decrease 40-50% from FY08 (SSL) 36.18 : Co reports attributable EPS and headline EPS for the year ending 30 June 2009 are estimated to decrease by 40-50% compared to the prior year. The expected decrease in earnings is mainly due to the lower crude oil and chemical prices, together with a considerable reduction in refining margins and a further deterioration in chemical markets. This earnings guidance includes the impact of the non-cash charges relating to the Sasol Inzalo BEE transaction and the administrative penalties paid to the European Commission and the South African Competition Commission. Overall group production volumes are up mainly due to increased production volumes at the Oryx GTL plant and the additional production volumes at the Arya Sasol Polymers plant. The Synfuels operations in Secunda, South Africa, are expecting production volumes to be about 4% lower than last year. The overall deterioration in market conditions will also result in negative stock effects, net realizable value stock write-downs and impairments.

Earnings - 12th Dec 2008

9:21AM Steel Dynamics guides to a loss for Q4 (STLD) 10.77 : Co issues downside guidance for Q4 (Dec), sees EPS of ($0.35)-($0.40) vs. $0.15 First Call consensus. The company expects to achieve record annual revenues, operating income, and cash flow from operations during 2008. "We are cautiously optimistic about market conditions as we enter December... We believe that the precipitous decline in ferrous scrap prices has run its course, as prices rose slightly from November to December. A more stable recycled metallic market, combined with lower-cost ferrous scrap inventories at our flat and long product steel operations positions the company to achieve improved operating margins in the first quarter of 2009, as we believe that steel selling prices are at the bottom and could likely see modest increases." The company currently estimates 2009 capital spending to approach $350 million

9:05AM Harsco lowers FY08 EPS, reaffirms FY09 EPS above consensus (HSC) 23.53 : Co lowers FY08 EPS to $3.15-3.20, excluding a previously announced one-time restructuring charge expected in the fourth quarter 2008, vs $3.25 First Call consensus, down from $3.20-3.25, excluding the one-time restructuring charge; co reaffirms FY09 EPS of $3.20-3.30 vs $3.10 consensus. Co lowers its FY08 guidance given the current turmoil and uncertainty in the co's end markets. Co says they are evaluating selected bolt-on acquisition opportunities, and that the co's discretionary cash flows would also allow it to take advantage of opportunities to augment its organic growth in 2009. Co further pointed out that the co is aggressively reducing its cost structure and exiting certain underperforming contracts. Company expects these actions will be accretive to earnings in 2009 and beyond. Co also says Q4 2008 restructuring actions expected to generate savings of ~$30 mln in 2009

9:03AM H.B. Fuller pre-announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus (FUL) 14.05 : Co announces $0.24 vs $0.39 First Call consensus; revs $350 mln vs $367.58 mln First Call consensus; now sees FY08 EPS of $1.41 and revs of $1.391 bln

8:02AM InSteel Industries guides below consensus for Q1 (IIIN) 12.00 : Co issues downside guidance for Q1 (Dec), while the Company had not previously provided numerical guidance for the first quarter, it now expects to report a loss for the period vs $0.18 First Call consensus. The Company's order entry rate has continued to trend at severely depressed levels during the quarter due to the tightening in the credit markets, the weakening economic outlook and the inventory destocking measures being pursued by customers to increase their liquidity. Through the first two months of the quarter, shipments were down 39% from the prior year and all of the Company's manufacturing facilities operated on reduced schedules, which will continue through the remainder of the quarter.

8:01AM WW Grainger reports November 2008 sales results (GWW) 66.29 : Co reported sales results for the month of November 2008. Daily sales declined 2% versus November 2007. Sales benefited by ~1 percentage point due to Lab Safety's acquisition of Highsmith. Sales were negatively affected by ~3 percentage points due to foreign exchange. There were two fewer selling days in November 2008 (19) versus November 2007 (21). The 2008 Q4 will have 64 selling days, the same as the 2007 Q4.

Earnings - 22nd July 2008 (1)

8:05AM Forest Labs beats by $0.07, reports revs in-line; guides FY09 EPS in-line (FRX) 35.29 : Reports Q1 (Jun) earnings of $0.87 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.80; revenues rose 4.2% year/year to $966.8 mln vs the $974.1 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.20-3.30 vs. $3.23 consensus.

8:03AM Supervalu beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line (SVU) 27.82 : Reports Q1 (May) earnings of $0.79 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.76; revenues rose 0.4% year/year to $13.35 bln vs the $13.19 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.04-3.20, excluding non-recurring items, compared to previous guidance of $3.10-3.25, vs. $3.07 consensus; sees FY09 revs of approx $45 bln vs. $44.81 bln consensus.

8:02AM Precision Castparts beats by $0.02, reports revs in-line (PCP) 103.53 : Reports Q1 (Jun) earnings of $1.95 per share, $0.02 better than the First Call consensus of $1.93; revenues rose 11.2% year/year to $1.83 bln vs the $1.84 bln consensus. Co said, "Overall, we see solid demand from our core customers for the rest of the year... Our relentless focus on operational efficiencies will continue. However, it is worth noting once again that our Forged Products operation will be affected by scheduled downtime of its major forging equipment in the second quarter, reducing sales and impacting earnings due to lost leverage."

7:50AM UPS reports EPS in-line, beats on revs; guides FY08 EPS in-line (UPS) 59.46 : Reports Q2 (Jun) earnings of $0.85 per share, in-line with the First Call consensus of $0.85; revenues rose 6.7% year/year to $13 bln vs the $12.81 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.70 vs. $3.64 consensus. Co sees 2H EPS of $1.78-1.98 vs $1.84 consensus. Co says comparisons to last year's results would be more difficult in Q3 and moderate in Q4. "Slow U.S. economic activity and fuel price increases hit us and our customers during the quarter. Even though economists do not predict a recovery until 2009, we anticipate that the second half of 2008 will generate modestly better results than the first half, assuming business conditions do not worsen."

7:39AM Lockheed Martin beats by $0.13, beats on revs; guides FY08 EPS in-line, revs in-line (LMT) 101.59 : Reports Q2 (Jun) earnings of $2.01 per share, $0.13 better than the First Call consensus of $1.88; revenues rose 3.6% year/year to $11.04 bln vs the $10.86 bln consensus. Co issues in-line guidance for FY08, sees EPS of $7.45-7.60 vs. $7.47 consensus; sees FY08 revs of $41.9-42.9 bln vs. $42.87 bln consensus.

7:37AM Caterpillar beats by $0.20, beats on revs; guides FY08 (Dec) EPS in-line (CAT) 73.23 : Reports Q2 (Jun) earnings of $1.74 per share, $0.20 better than the First Call consensus of $1.54; revs of $13.62 bln vs $12.69 bln First Call consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of $6.00 vs. $6.03 consensus. Co sees 2008 sales and revenues of about $50 bln compared to previous guidance of $47.2-49.5 bln (First Call consensus is $50.1 bln). "Never in my 35 plus years with the company have I seen Caterpillar do so well in the face of such a difficult economic climate in the United States. We are on track to deliver our fifth straight year of record profits despite very tough conditions in the United States, declines in Europe and significantly higher material costs, particularly in the second half of the year. Still, for many of our products, supply is very tight, and we are producing as much as we can."

7:31AM Jefferies Group beats by $0.13, beats on revs (JEF) 17.32 : Reports Q2 (Jun) loss of $0.03 per share, $0.13 better than the First Call consensus of ($0.16); revenues fell 15.8% year/year to $392.1 mln vs the $275 mln consensus. "In the face of a market environment that continues to be challenging, Jefferies achieved significantly improved financial results in the second quarter... Our firm remains in a strong financial and market position with excess liquidity, a solid business base, and a platform positioned to perform as conditions improve. We thank our clients, employees and shareholders for their continued support."

7:29AM Western Union beats by $0.02; guides FY08 EPS above consensus, reaffirms rev guidance (WU) 25.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues rose 12.0% year/year to $1.35 bln vs the $1.33 bln consensus. Co issues upside guidance for FY08, sees EPS at the high end of $1.29-1.33, excluding non-recurring items, vs. $1.28 consensus; co reafffirms FY08 revenue growth of 9-11%.

7:09AM Rockwell Automation beats by $0.06, beats on revs; guides FY08 EPS in-line (ROK) 43.63 : Reports Q3 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 1051.8% year/year to $14.75 bln vs the $1.43 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00-4.10 vs. $4.02 consensus. ""For the remainder of the fiscal year we expect to see continued strength in Asia-Pacific and Latin America as well as in resource-based industries. However, macro-economic conditions in Europe and the U.S. are weakening. We have begun to see a change in buying behavior by some of our customers in consumer related industries, including project delays and curtailed capital spending."

7:08AM Waters beats by $0.05, beats on revs (WAT) 62.32 : Reports Q2 (Jun) earnings of $0.76 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.71; revenues rose 13.2% year/year to $399 mln vs the $394 mln consensus. "Though the first half of 2008 presented Waters with a challenging economic environment, solid sales of our technologically advanced systems solutions, as well as our recurring revenues, resulted in strong earnings growth and superior cash generation."

7:07AM BJ Services beats by $0.08, beats on revs; guides Q4 EPS above consensus (BJS) 30.01 +1.46 : Reports Q3 (Jun) earnings of $0.48 per share, $0.08 better than the First Call consensus of $0.40; revenues rose 15.2% year/year to $1.33 bln vs the $1.24 bln consensus. Co issues upside guidance for Q4, sees EPS of 0.54-0.57 vs. $0.50 consensus. "Looking at our fourth fiscal quarter, we expect drilling activity in the U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada, the spring break-up period is over, and we expect meaningful positive contribution sequentially from our operations there. We anticipate modest sequential revenue and margin improvement from our International Pressure Pumping and Oilfield Services operations."

7:06AM CardioNet beats by $0.01, beats on revs; reaffirms FY08 revs guidance (BEAT) 29.85 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the First Call consensus of $0.07; revenues rose 68.4% year/year to $29.3 mln vs the $28.4 mln consensus. Co reaffirms guidance for FY08, sees FY08 revs to the high end of $117-120 mln vs. $119.05 mln consensus. The strength of our second quarter increases our level of comfort toward the high-end of that range. We believe that the third quarter will be impacted by seasonality related to physician and patient schedules over the summer months, which will moderate our sequential growth."

6:45AM Baker Hughes beats by $0.12 - Correction (BHI) 84.36 : Reports Q2 (Jun) earnings of $1.36 per share, excluding a $0.13 charge, $0.12 better than First Call consensus of $1.24; revenues rose 18.1% year/year to $3 bln vs the $2.76 bln consensus. Outside of North America, revenue for FY08 is expected to increase 14% to 16% compared to FY07. (Briefing.com note: Earlier we made an error in our reporting. The original comment has been removed.)

6:33AM CME Group beats by $0.08, reports revs in-line (CME) 325.53 : Reports Q2 (Jun) earnings of $3.93 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $3.85; revenues rose 71.1% year/year to $563 mln vs the $568.5 mln consensus. Co sees Y08 pro forma operating expense to be closer to the bottom end of previous guidance of $855-870 mln, excluding NYMEX. "We have seen record quarterly volumes in our foreign exchange and commodities product lines, and view current market conditions for interest rates as a cyclical slowdown rather than a long-term issue. We have a number of new interest rate and treasury products in the pipeline -- including cleared swaps and inter-commodity spreads -- and continue to innovate within all our product lines as we extend distribution and enhance speed and functionality. We also continue to expand globally, and are on schedule to launch order routing from CME Group to BM&FBOVESPA, the largest exchange in Latin America, in September."

6:12AM Halliburton reports EPS in-line, beats on revs (HAL) 48.91 : Reports Q2 (Jun) earnings of $0.68 per share, excludes discontinued operations and includes patent settlement and acquisition-related expense offset by investment gains, in-line with the First Call consensus of $0.68; revenues rose 20.1% year/year to $4.49 bln vs the $4.25 bln consensus.

6:05AM DuPont beats by $0.04, beats on revs; guides FY08 EPS in-line (DD) 44.05 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $1.07; revenues rose 12.2% year/year to $8.84 bln vs the $8.47 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.45-3.55 vs. $3.50 consensus. The company expects second half 2008 earnings per share to be modestly lower than last year due to the impact of higher energy and ingredient costs, lower demand in certain developed markets, lower income from asset sales, and a higher base tax rate. The company expects second half 2008 earnings per share to be about equally split between the third and fourth quarters.

6:03AM UnitedHealth beats by $0.03, beats on revs; guides FY08 EPS in-line (UNH) 23.83 : Reports Q2 (Jun) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $20.27 bln vs the $20.04 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $2.95 consensus.

6:02AM ICON plc beats by $0.03, beats on revs; guides FY08 EPS above consensus, revs above consensus (ICLR) 77.79 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the First Call consensus of $0.59; revenues rose 48.5% year/year to $218.3 mln vs the $209.3 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.46-2.52 vs. $2.44 consensus; sees FY08 revs of $870-890 mln vs. $852.73 mln consensus.

1:01AM Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (JEC) 83.53 : Reports Q3 (Jun) earnings of $0.87 per share, $0.05 better than the First Call consensus of $0.82; revenues rose 40.1% year/year to $2.92 bln vs the $2.75 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.15-3.40, includes one-time gain, vs. $3.25 consensus. Backlog increased $7.3 bln, or 65.8%, from Q207, to $18.3 bln.

12:53AM Steel Dynamics beats by $0.12, beats on revs; guides Q3 EPS above consensus; guides FY08 EPS above consensus (STLD) 32.96 : Reports Q2 (Jun) earnings of $1.05 per share, $0.12 better than the First Call consensus of $0.93; revenues rose 163.8% year/year to $2.4 bln vs the $2.35 bln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.15 vs. $0.97 consensus. Co issues upside guidance for FY08, sees EPS of $3.80-3.90 vs. $3.46 consensus. Chief executive Keith Busse commented, "third-quarter steel and scrap shipments could decline slightly as the result of seasonally planned mill outages and other consumer / provider industrial outages in July and August. Currently, though, order activity remains strong for steel products and metals recycling volumes are running at a record pace."

Earnings - 12th June, 2008

4:50PM Steel Dynamics raises Q2 EPS guidance above consensus (STLD) 36.75 -0.31 : Co raises Q2 EPS guidance to $0.90-0.95 vs $0.89 consensus, up from $0.80-0.90. Co said the increase in expectations is based primarily on stronger than anticipated shipping volume and selling values for flat-rolled steel products and stronger volume and margins in recycling. Co also said, "We continue to experience strong market conditions for our steel and recycled metals businesses. In addition to the improving performance of the Flat Rolled Division and The Techs, our long products divisions continue to perform well, with continued strong order activity and backlogs. Strong shipping volumes and profit margins of our OmniSource Corp subsidiary are expected to continue in the third quarter as well, as both internal and external demand for recycled metals remain strong."

4:34PM Moog announces investment in wind energy business; raises FY08 EPS by $0.01, still below consensus (MOG.A) 40.32 +0.12 : Co announced that it has acquired 40% ownership of privately held LTi REEnergy GmbH of Unna, Germany for 18 mln euro (~$28 mln) from available cash balances. The co expects to acquire the remaining 60% in twelve months subject to conventional conditions of closing. The investment will be accounted for under the equity method and, accordingly, the co will record 40% of the earnings of LTi REEnergy in MOG.A's Industrial Systems segment. As a result of this investment, MOG.A increased its FY08 EPS to $2.72, vs $2.74 consensus, up from $2.71.

4:19PM Capstone Turbine reports Q4 EPS of ($0.07) vs ($0.05) First Call consensus; revs rose 60% YoY to $9.3 mln vs $9.27 mln First Call consensus (CPST) 3.41 +0.05 : Capstone's backlog for the fiscal year ended March 31, 2008 was $27.9 mln, an increase of 458% from the prior fiscal year and 113% from the prior quarter.

4:13PM Smith & Wesson beats by $0.03, beats on revs (SWHC) 5.20 +0.10 : Reports Q4 (Apr) earnings of $0.08 per share, $0.03 better than the First Call consensus of $0.05; revenues were unchanged from the year-ago period at $82.6 mln. Co said, "In January 2008, we suspended providing financial guidance based upon the uncertain business and economic environments that existed at that time. Since then, we have seen several encouraging signs. Those include an increase in the number of background checks conducted at retail over the past several months, as well as feedback from our distributors, indicating that excess handgun inventories have cleared out of the channel. In fact, sales of our handguns into the sporting goods channel grew 12% in Q4 2008 compared with Q4 of FY07. Despite these encouraging signs, distributor feedback also indicates that inventories of hunting rifles and shotguns in the channel remain high. As a result, demand for hunting rifles and shotguns in FY09 remains uncertain. In addition, we have received no indications that the overall economic environment has improved since our suspension of guidance in January or that it will improve as our new fiscal year progresses. Therefore, overall retail demand in fiscal 2009 also remains uncertain. We are optimistic about our opportunities in FY09 and the signs we are seeing. We intend to remain focused on our long-term strategy, and we intend to resume providing financial guidance when trends in our business environment become clearer."

4:02PM Benihana beats by $0.02, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (BNHN) 7.94 +0.36 : Reports Q4 (Mar) earnings of $0.17 per share, $0.02 better than the First Call consensus of $0.15; revenues fell 2.0% year/year to $70.2 mln vs the $70.8 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.60-0.65 vs. $0.82 consensus; sees FY09 revs of $313-318 mln vs. $325.54 mln consensus.

9:09AM Qualcomm raises Q3 guidance; raises Y08 guidance (QCOM) 46.31 : Co issues upside guidance for Q3 (Jun), sees EPS of $0.54-0.55, excluding non-recurring items, compared to previous guidance of $0.50-0.52, vs. $0.52 First Call consensus; sees Q3 (Jun) revs of slightly above high end of previous guidance of $2.5-2.7 bln, vs. $2.61 bln consensus. Co sees Q3 shipments of approx 86 mln Mobile Station Modem chips, compared to previous guidance of 85-88 mln units. Co sees March quarter shpments of approx 107 mln CDMA devices at an average selling price of approx $226 per unit, compared to previous guidance of 105-109 mln devices at $223 per unit. Co raises guidance for FY08 (Sep), sees EPS of $2.09-2.13, excluding non-recurring items, compared to previous guidance of $2.04-2.09, vs. $2.11 consensus. Co is engaged in a dispute with Nokia regarding Nokia's obligation to pay royalties for the use of certain patents, and as a result, QCOM is not recording royalty revs attributable to Nokia's sales after April 9, 2007 until a court awards damages or the dispute is otherwise resolved. Co has excluded from Y08 revs and earnings guidance co's estimate of royalties co believes Nokia is required to report and pay.

12:44AM EnerSys reports Q408 results, beats by $0.04 (ENS) 30.90 : Reports Q4 (Mar) earnings of $0.42 per share, excluding charge for European restructuring plan and fees related to stock offering, $0.04 better than the First Call consensus of $0.38; revenues rose 41% year/year to $581.9 mln vs the $573.79 mln consensus. (Popped)