Earnings - 28th April 2009 (1)

6:04PM Cabot Oil & Gas beats by $0.03, beats on revs (COG) 28.80 +0.67 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.38; revenues rose 6.5% year/year to $233.9 mln vs the $212.6 mln consensus.

5:36PM VisionChina Media misses by $0.03, misses on revs; guides Q2 revs below consensus; reaffirms FY09 revs guidance (VISN) 6.27 -0.31 : Reports Q1 (Mar) earnings of $0.09 per share, $0.03 worse than the First Call consensus of $0.12; revenues rose 100.7% year/year to $27.3 mln vs the $28.9 mln consensus. Co issues downside guidancefor Q2, sees Q2 revs of $29.2-32.2 mln vs. $34.08 mln consensus. Co reaffirms guidancefor FY09, sees FY09 revs of $141-157 mln vs. $151.79 mln consensus. Second quarter 2009 net income excluding share-based compensation expenses and amortization of intangible assets (non-GAAP) is expected to be between $6.5 mln and $9 mln. Net income in the full year 2009, excluding share-based compensation expenses and amortization of intangible assets (non-GAAP), is expected to be between $49 mln and $61 mln.

4:50PM American Commercial Lines misses by $0.06, misses on revs (ACLI) 4.23 -0.10 : Reports Q1 (Mar) loss of $0.03 per share, ex-items, $0.06 worse than the First Call consensus of $0.03; revenues fell 27.2% year/year to $196.8 mln vs the $252.4 mln consensus.

4:21PM Textron beats by $0.25, misses on revs; guides FY09 EPS below consensus, revs below consensus (TXT) 11.20 -0.19 : Reports Q1 (Mar) earnings of $0.26 per share, excluding non-recurring items, $0.25 better than the First Call consensus of $0.01; revenues fell 23.6% year/year to $2.53 bln vs the $2.78 bln consensus. Co issues downside guidancefor FY09, sees EPS of $0.45-0.75, excluding non-recurring items, vs. $0.97 consensus; sees FY09 revs of $11 bln vs. $11.8 bln consensus. "This lower earnings estimate primarily reflects lower expected demand at Cessna, and higher losses at TFC related to the current economic environment and the impact of faster liquidations. Manufacturing free cash flow is still expected to be about $400 million."

4:19PM CB&I beats by $0.06, beats on revs (CBI) 9.31 +0.08 : Reports Q1 (Mar) earnings of $0.51 per share, $0.06 better than the First Call consensus of $0.45; revenues fell 10.0% year/year to $1.3 bln vs the $1.25 bln consensus.

4:19PM V.F. Corp reports Q1 earnings, reports revs in-line; issues FY09 EPS guidance (VFC) 67.28 +1.18 : Reports Q1 (Mar) earnings of $1.01 per share, ex-items, may not compare to the First Call consensus of $0.94; revenues fell 6.6% year/year to $1.73 bln vs the $1.74 bln consensus. Co issues guidance for FY09, sees EPS of $5.50-$5.80, ex-items, vs. $5.31 consensus. Actions taken in the fourth quarter of 2008 to reduce costs by $100 mln beginning this year are on track, and we will continue to be vigilant about controlling costs across all businesses.

4:17PM Advent Software beats by $0.13, beats on revs; guides Q2 revs below consensus; guides FY09 revs in-line (ADVS) 32.36 -0.54 : Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.25; revenues rose 18.4% year/year to $72.8 mln vs the $69 mln consensus. Co issuesdownside guidance for Q2, sees Q2 revs of $68-70 mln vs. $71.03 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $280-290 mln vs. $289.10 mln consensus

4:11PM Panera Bread reports Q1 (Mar) results, revs slightly above consensus; reaffirms FY09 EPS guidance (PNRA) 62.93 -0.37 : Reports Q1 (Mar) earnings of $0.57 per share, including the impact of a $0.01 per diluted share charge for the write-off of smallwares related to the rollout of new china, may not compare directly to the First Call consensus of $0.57; revenues rose 5.1% year/year to $320.7 mln vs the $317.7 mln consensus. Coreaffirms guidance for FY09, sees EPS of 2.55-2.71 vs. $2.63 consensus. Comparable system-wide bakery-cafe sales increased 0.7% versus the comparable period in fiscal 2008 (0.3% in Company-owned and 1.0% in franchise-operated comparable bakery-cafes). These first quarter comparable sales results were impacted positively by approximately 0.5% from the shift of the Easter holiday from the first quarter of fiscal 2008 to the second quarter of fiscal 2009. Thus, excluding the impact of the Easter shift the Company experienced essentially flat comparable bakery-cafe sales growth for the first quarter of fiscal 2009. Similarly, net of the impact from the Easter shift, the Company and its franchisees experienced essentially flat comparable bakery-cafe sales growth in the first several weeks of the second quarter of fiscal 2009... In the first quarter of fiscal 2009, the Company generated operating margin improvement of approximately 200 basis points compared to the first quarter of fiscal 2008. This was primarily a result of the year-over-year benefits in wheat costs and franchise dough price increases implemented in fiscal 2008, the Company's continuing category management initiatives, and favorable comparisons against one-time charges in the 1Q08.

4:08PM Zoran beats by $0.16, beats on revs; guides Q2 above consensus (ZRAN) 9.10 +0.24 : Reports Q1 (Mar) loss of $0.34 per share, excluding non-recurring items, $0.16 better than the First Call consensus of ($0.50); revenues fell 37.2% year/year to $68.5 mln vs the $52.9 mln consensus. Co issues upside guidance for Q2, sees EPS of $(0.24)-(0.20), excluding non-recurring items, vs. ($0.36) consensus; sees Q2 revs of $85-90 mln vs. $64.5 mln consensus. Co says it achieved 39% sequential revenue growth in DTV, driven by increasing demand for low-to mid-range LCD TVs, where co has a leading position. Several of its largest customers have successfully expanded their presence in major US retail channels, a trend the co expects to continue to benefit from in the future. In digital cameras, co saw a strong increase in demand towards the end of the quarter, indicating that channel inventory has been substantially reduced. While consumer spending is far from previous levels and visibility into 2H09 remains limited, co is encouraged by these positive trends and is currently expecting a stronger Q2.

4:06PM Beckman Coulter beats by $0.12, misses on revs (BEC) 52.51 +1.04 : Reports Q1 (Mar) earnings of $0.71 per share, $0.12 better than the First Call consensus of $0.59; revenues fell 5.3% year/year to $691.5 mln vs the $705.6 mln consensus. "We are affirming our outlook, despite the potential for lower cash instrument sales in 2009. Solid constant currency recurring revenue gains are expected to continue with full year growth of 6% to 7%. As a result, on a constant currency basis, our 2009 full year outlook for revenue growth remains at 4% to 6%, or flat on a reported basis."

4:06PM Life Technologies beats by $0.15, beats on revs; guides FY09 EPS in-line (LIFE) 32.03 +1.22 : Reports Q1 (Mar) earnings of $0.72 per share, $0.15 better than the First Call consensus of $0.57; revenues rose 124.1% year/year to $784.9 mln vs the $749.4 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-$2.55 vs. $2.52 consensus.

4:05PM Cerner beats by $0.01, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY09 EPS in-line, revs in-line (CERN) 48.65 +0.96 : Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.51; revenues rose 1.9% year/year to $392.3 mln vs the $417.9 mln consensus. Co issuesin-line guidance for Q2, sees EPS of $0.52-0.58, excluding non-recurring items, vs. $0.56 consensus; sees Q2 revs of $415-435 mln vs. $432.90 mln consensus. Co issues in-line guidance for FY09, sees EPS of $2.40-2.50, excluding non-recurring items, vs. $2.42 consensus; sees FY09 revs of $1.75-1.80 bln vs. $1.76 bln consensus.

4:03PM Stericycle beats by $0.01, reports revs in-line (SRCL) 49.51 +0.67 : Reports Q1 (Mar) earnings of $0.47 per share, $0.01 better than the First Call consensus of $0.46; revenues rose 8.8% year/year to $277.1 mln vs the $277.7 mln consensus.

4:03PM Monolithic Power beats by $0.03, beats on revs; guides Q2 revs above consensus (MPWR) 18.02 +0.30 : Reports Q1 (Mar) earnings of $0.06 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.03; revenues fell 17.2% year/year to $29.3 mln vs the $26.8 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $36-40 mln vs. $29.2 mln consensus. Co says in the second half of the quarter, it saw increased turns activities. As a result, Q1 revenue was better than expected. Co is cautiously optimistic about Q2.

9:04AM Franklin Resources misses by $0.14, beats on revs (BEN) 60.56 : Reports Q2 (Mar) earnings of $0.48 per share, $0.14 worse than the First Call consensus of $0.62; revenues fell 39.3% year/year to $912.3 mln vs the $898.2 mln consensus.  Total assets under management by the company's subsidiaries were $391.1 bln at March 31, 2009, as compared to $416.2 bln at December 31, 2008 and $591.1 bln at March 31, 2008. Simple monthly average assets under management during the quarter ended March 31, 2009 were $396.6 bln, as compared to $438.7 bln in the prior quarter and $610.2 bln in the same quarter a year ago. Equity assets comprised 44% of total assets under management at March 31, 2009, as compared to 47% of total assets under management at December 31, 2008 and 55% of total assets under management at March 31, 2008. Fixed-income assets comprised 35% of total assets under management at March 31, 2009, as compared to 32% of total assets under management at December 31, 2008 and 25% of total assets under management at March 31, 2008. Hybrid assets accounted for 19% of total assets under management at March 31, 2009, December 31, 2008 and March 31, 2008. Net new flows for the quarter ended March 31, 2009 were $(5.5) bln, as compared to $(18.2) bln for the prior quarter and $(6.1) bln for the same quarter a year ago.

8:11AM AGCO Corp beats by $0.13, reports revs in-line; guides FY09 EPS below consensus, revs below consensus (AG) 24.25 : Reports Q1 (Mar) earnings of $0.36 per share, $0.13 better than the First Call consensus of $0.23; revenues fell 11.6% year/year to $1.58 bln vs the $1.57 bln consensus. Co issues downside guidance for FY09, sees EPS of 2.00-2.50 vs. $2.76 consensus; sees FY09 revs of 6.7-7.0 bln vs. $7.34 bln consensus. AGCO's earnings are expected to be impacted by lower sales and production volumes and by increased engineering expenses for new product development and Tier 4 emission requirements. The largest impacts from production cuts and working capital reduction initiatives are expected to be incurred in the second quarter. As a result, AGCO's earnings per share in the second quarter are expected to be significantly lower than reported for the second quarter of 2008.

8:03AM Hecla Mining beats by $0.08, beats on revs (HL) 2.60 : Reports Q1 (Mar) earnings of $0.02 per share, $0.08 better than the First Call consensus of ($0.06); revenues rose 45.9% year/year to $54.7 mln vs the $48 mln consensus. Co says, "We had a much improved first quarter with all operational benchmarks showing significant improvement compared with the second half of 2008. More tons of higher-grade material coupled with lower costs drove the results combined with some positive one-time items. We are clearly on track to hit our production and cost targets reversing the trend of rising costs experienced in 2008. Our outlook is very positive given the solid operational performance, stronger balance sheet, higher prices, and the ongoing exploration success at the Lucky Friday."

8:02AM Northwest Pipe beats by $0.05, beats on revs (NWPX) 32.40 : Reports Q1 (Mar) earnings of $0.28 per share, $0.05 better than the First Call consensus of $0.23; revenues fell 13.4% year/year to $81.4 mln vs the $79.4 mln consensus. Co states, "Looking ahead, we expect another challenging quarter before seeing improvement in the second half of the year. "Our backlog grew to $205 million during the quarter and, while this is clearly a positive, we have a greater than usual amount of backlog that is not ready for current production. The backlog is also uneven across our plants. Some have substantial backlogs and others are relatively light. Accordingly, we expect our Water Transmission production will be slow in the second quarter, similar to the first quarter. We expect another good bookings quarter which should lead to a higher backlog at June 30th and stronger production schedules over the last half of the year."

8:01AM PACCAR beats by $0.02, misses on revs (PCAR) 34.16 : Reports Q1 (Mar) earnings of $0.07 per share, $0.02 better than the First Call consensus of $0.05; revenues fell 52.2% year/year to $1.73 bln vs the $1.95 bln consensus.

7:54AM FPL Group beats by $0.13, beats on revs; guides FY09 EPS above consensus; guides FY10 EPS above consensus (FPL) 51.28 : Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.77; revenues rose 7.9% year/year to $3.71 bln vs the $3.57 bln consensus. Co issues upside guidance for FY09, sees EPS of $4.20-4.40 vs. $4.06 consensus. Co issues upside guidance for FY10, sees EPS of $4.65-5.05 vs. $4.56 consensus. Co says, "FPL Group had a very good first quarter, with adjusted earnings per share rising 18 percent year over year, largely as a result of strong results from our NextEra Energy Resources subsidiary. At Florida Power & Light, we announced proposed investments that will significantly improve the electrical system for our customers - specifically, a large-scale deployment of 'smart grid' technology in Miami, and a new natural gas pipeline to provide increased energy security. As pleased as we are with FPL Group's current results, we are even more optimistic about the future. The reason is simple: We believe that the policy climate in the nation is trending in a direction highly favorable to power companies with low emissions profiles and significant clean-energy fleets."

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.

Earnings - 17th July 2008 (1)

:48AM Knoll beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus (KNL) 13.46 : Reports Q2 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.40; revenues rose 7.5% year/year to $292.5 mln vs the $279.5 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.38-0.41 vs. $0.37 consensus; sees Q3 revs of $266-272 mln vs. $257.97 mln consensus.
7:44AM IDC says PC market growth continues, boosted by portable adoption in EMEA as growth in Asia/Pacific slows : Worldwide PC shipments continued to grow at a healthy pace in the Q2, according to IDC. Shipments were up 15.3% from a year ago - slightly more than second quarter projections and first quarter growth of 14.9%. Solid growth in the EMEA (Europe, Middle East, Africa) region helped offset slower growth in Asia/Pacific excluding Japan (APeJ). "Despite the economic headwinds, the PC market continued to show its resilience," said Loren Loverde, director of IDC's Worldwide Quarterly PC Tracker. "Product refreshes, vendor competition for channels, and aggressive pricing add to the ongoing trend toward Portable computing in attracting buyers. The steady growth, despite the pressure on consumer finances, reflects the increasingly important role of PCs within personal technology, and steady improvements in price and design. Nevertheless, economic pressures are mounting and PC market growth is expected to decline over the next year. The relatively strong PC market in recent quarters does not mean that the sector is immune to the changing economic environment."

7:40AM Fairchild Semi reports EPS in-line, beats on revs; guides Q3 revs above consensus (FCS) 11.78 : Reports Q2 (Jun) earnings of $0.17 per share, in-line with the First Call consensus of $0.17; revenues rose 3.1% year/year to $418.7 mln vs the $413.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs up 2-5% (which calculates to ~$427.07-439.63 mln vs. $425.88 mln consensus).

7:37AM Intl Game Tech misses by $0.01, reports revs in-line (IGT) 23.76 : Reports Q3 (Jun) earnings of $0.35 per share, $0.01 worse than the First Call consensus of $0.36. Although domestic shipments continued to be affected by the lower levels of North America replacement demand, shipments to new or expanded casinos improved 2,200 units compared to the prior year quarter. Internationally, fewer shipments, primarily into Japan and the UK, were partially offset by strong shipments into Latin America. Gross margin improvements for both the quarter and year-to-date periods are primarily due to fewer machine shipments into the lower margin Japan and UK markets combined with a stronger mix of non-machine sales. Unfavorable bad debt provisions totaled $4.4 mln for the quarter and $5.5 million year-to-date versus favorable provisions of $2.0 mln and $7.5 mln in the same prior year periods, respectively. During the third quarter, IGT repurchased 8.1 mln shares at an aggregate cost of $265.9 mln.

7:35AM TD Ameritrade beats by $0.02, beats on revs; guides FY08 EPS above consensus (AMTD) 18.63 : Reports Q3 (Jun) earnings of $0.34 per share, $0.02 better than the First Call consensus of $0.32; revenues rose 0.2% year/year to $624 mln vs the $610.1 mln consensus. Co increases guidance for FY08, sees EPS of midpoint $1.34, up from $1.32, vs. $1.35 consensus.

7:35AM Huntington Banc beats by $0.02; lowers FY08 EPS guidance, remains above consensus (HBAN) 5.69 : Reports Q2 (Jun) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23. Co lowers FY08 guidance, sees EPS of 1.25-1.35 vs. $1.04 consensus, down from the previously targeted amount of $1.45-$1.50 per common share -- the reduction primarily reflected an assumed higher provision for loan and lease losses. Co cites $120.8 mln of provision for credit losses, up from $88.7 mln in the first quarter, and $55.6 mln higher than net charge-offs of $65.2 mln, or an annualized 0.64% of average total loans and leases. "Our period end Tier 1 risk-based capital ratio improved to 9.03%, up from 7.56% at the end of the first quarter. This improvement reflected the convertible preferred securities that we issued in April, the impact of strategic asset sales and securitizations, and our second quarter retained earnings. We believe our capital level is well-positioned to navigate the current credit environment. Our Tier 1 capital ratio is one of the highest among our peer group... Our credit quality performance was consistent with the expectations we announced on June 19," he continued... Our allowance for credit losses increased $56 mln, or 13 basis points, and our net charge-offs ratio was 64 basis points, which is slightly less than our current 2008 full year net charge-off targeted range of 65-70 basis points. The economy remains weak in our markets and this continues to put stress on borrowers. As we entered this year, our expectation was that the economy would remain under stress and it is increasingly likely that we will not see any improvement until we are well into next year. We do not think the economic environment will get materially worse, but neither do we expect any near term relief. As such, we expect to continue to build our reserves and estimate that our year-end allowance for credit losses will be 10-20 basis points higher than June's 1.80% level."

7:16AM CIT Group reports Q2 (Jun) results (CIT) 7.23 : Reports Q2 (Jun) loss of $7.88 per share, includes charges, may not be comparable to the First Call consensus of ($3.45). Income from continuing operations reflects losses on asset sales completed for liquidity purposes and other related charges in both quarters, though the first quarter results were impacted to a greater degree. "We believe that our completed liquidity initiatives, combined with potential secured financings, additional asset sales and cash flow from operations, position the Company well to meet liquidity needs through the end of 2009." The ratio of total tangible equity to managed assets at June 30, 2008 improved to 9.02% (excluding home lending assets) from 8.33% at March 31, 2008, and is above the co's 8.5% target. Approximately 80% of commercial assets remain unencumbered ($44 bln).

7:12AM Bank of NY reports Q2 (Jun) results (BK) 38.20 : Reports Q2 (Jun) earnings of $0.26 per share, includes charges, may not be comparable to the First Call consensus of $0.75, on revs of $3.412 bln. "Our capital position remains strong and capital ratios strengthened materially versus the first quarter.

7:12AM BlackRock beats by $0.17, beats on revs (BLK) 178.95 : Reports Q2 (Jun) earnings of $2.14 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.97; revenues rose 26.4% year/year to $1.39 bln vs the $1.32 bln consensus. "BlackRock and Merrill Lynch worked together over the past weeks to reinforce our partnership. The outcome of our collective efforts is a strong reaffirmation of our strategic relationship. Merrill Lynch decided not to sell any of their stake in BlackRock, and we jointly agreed to extend and strengthen our global distribution agreement to reinforce our mutual commitment to serve investors globally and create value for our respective shareholders."

7:11AM Harley-Davidson beats by $0.19, beats on revs; reaffirms FY08 EPS guidance (HOG) 36.18 : Reports Q2 (Jun) earnings of $0.95 per share, $0.19 better than the First Call consensus of $0.76; revenues fell 3.0% year/year to $1.57 bln vs the $1.4 bln consensus. HOG shipped 80,326 Harley-Davidson motorcycles in Q2 to their dealers and distributors exceeding guidance range of 76,000 to 80,000 units. The co expects to ship between 74,000-78,000 Harley-Davidson motorcycles during Q3, and reaffirms FY08 shipments of 303,500 - 307,500 units. Co reaffirms guidance for FY08, sees EPS of $3.00-3.18 vs. $3.05 consensus. Harley-Davidson Financial Services reported Q2 operating income of $37.1 mln, a decrease of $28.1 mln or 43% compared to the year-ago quarter. The co says the decrease is primarily due to a $19.5 mln reduction in securitization gain and a $6.3 mln write-down of retained securitization interests. Last year's Q2 benefited from a $950 mln securitization transaction compared to no securitization transaction during the second quarter of 2008. The co also announced on July 16, 2008, Harley-Davidson Financial Services entered into new bank credit facilities totaling $1.9 bln which replace existing bank credit facilities of $1.7 bln. The new facilities are comprised of a $950 mln, 364-day facility and a $950 mln, 3-year facility.

7:09AM Coca-Cola beats by $0.05, beats on revs (KO) 52.34 : Reports Q2 (Jun) earnings of $1.01 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.96; revenues rose 17.0% year/year to $9.05 bln vs the $8.93 bln consensus. Worldwide unit case volume increased 3 percent in the quarter, led by 5 percent growth in International while maintaining unit case volume in North America in a difficult operating environment. Operating income up 18 percent on a reported basis in the quarter; increased 20 percent after considering items impacting comparability.

7:04AM Johnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below consensus; guides FY08 EPS below consensus (JCI) 29.61 : Reports Q3 (Jun) earnings of $0.73 per share, in-line with the First Call consensus of $0.73; revenues rose 10.7% year/year to $9.87 bln vs the $9.84 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.72-0.74 vs. $0.84 consensus. Co issues downside guidance for FY08, sees EPS of $2.32-2.34, compared to previous guidance of $2.45-2.50, vs. $2.42 consensus. Co says earnings over the next 2 quarters will be negative impacted by the acquisition of Plastech Engineered Products and higher commodity costs. Co is also expected to be impacted by lower yr/yr levels of North American automotive production and weak residential construction.

7:04AM United Tech beats by $0.08, beats on revs; guides FY08 EPS in-line, revs above consensus (UTX) 61.11 : Reports Q2 (Jun) earnings of $1.38 per share, $0.08 better than the First Call consensus of $1.30; revenues rose 12.7% year/year to $15.67 bln vs the $15.33 bln consensus. Co issues mixed guidance for FY08, sees EPS of $4.80-4.98, up from $4.65-4.85, vs. $4.89 consensus; sees FY08 revs of $60+ bln vs. $59.78 bln consensus.

6:48AM PNC Bank beats by $0.21, beats on revs (PNC) 57.91 : Reports Q2 (Jun) earnings of $1.37 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $1.16; revenues rose 12.0% year/year to $2.04 bln vs the $1.85 bln consensus.

6:31AM Textron beats by $0.06, beats on revs; guides Q3 EPS below consensus; reaffirms FY08 EPS guidance (TXT) 45.98 : Reports Q2 (Jun) earnings of $1.03 per share, $0.06 better than the First Call consensus of $0.97; revenues rose 21.1% year/year to $3.92 bln vs the $3.75 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.80-0.90 vs. $0.99 consensus. Co reaffirms guidance for FY08, sees EPS of $3.80-4.00 vs. $3.98 consensus.

6:21AM Continental Air beats by $0.24, reports revs in-line (CAL) 9.19 : Reports Q2 (Jun) loss of $0.25 per share, excluding non-recurring items, $0.24 better than the First Call consensus of ($0.49); revenues rose 9.0% year/year to $4.04 bln vs the $4.04 bln consensus. Consolidated revenue passenger miles for the quarter increased 0.5 percent year-over-year on a capacity increase of 2.7 percent, resulting in a second quarter consolidated load factor of 81.4 percent, 1.8 points below the second quarter record set in 2007.

6:14AM Nokia beats by $0.01, beats on revs (NOK) 25.13 : Reports Q2 (Jun) earnings of Euro 0.36 per share, ex items, $0.01 better than the First Call consensus of Euro 0.35; revenues rose 4.5% year/year to Euro 13.15 bln vs the Euro 12.55 bln consensus. Co reports Mobile device shipments of 122 mln vs 120 mln street expectation. Nokia expects industry mobile device volumes in the third quarter 2008 to be up sequentially. Nokia expects its mobile device market share in the third quarter 2008 to be approximately at the same level sequentially. Nokia now expects industry mobile device volumes in 2008 to grow 10% or more from the approximately 1.14 billion units Nokia estimated for 2007. This is an update to Nokia's earlier estimation that industry mobile device volumes would grow approximately 10% in 2008. Nokia continues to target an increase in its market share in mobile devices in 2008.

6:06AM Orbital Sciences beats by $0.12, beats on revs; guides FY08 EPS above consensus, revs in-line (ORB) 24.40 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.23; revenues rose 15.3% year/year to $301.2 mln vs the $293.8 mln consensus. Co guides for FY08, sees EPS of $0.93-0.97 vs. $0.89 consensus; sees FY08 revs of $1.10-1.125 bln vs. $1.18 bln consensus.

6:04AM AMEDISYS raises guidance above consensus for FY08 (AMED) 55.74 : Co issues upside guidance for FY08 (Dec), sees EPS of $3.00-3.10 vs. $2.75 First Call consensus, prior guidance $2.70-2.80; sees FY08 (Dec) revs of $1.15-1.15 bln vs. $1.09 bln consensus, prior guidance $1.05-1.10 bln.

6:03AM Danaher beats by $0.03, beats on revs (DHR) 76.21 : Reports Q2 (Jun) earnings of $1.09 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $1.06; revenues rose 24.8% year/year to $3.28 bln vs the $3.17 bln consensus.

4:20AM New Oriental Education & Technology beats by $0.04, beats on revs; guides Q1 revs in-line (EDU) 68.44 : Reports Q4 (May) earnings of $0.05 per share, includes share-based compensation, $0.04 better than the First Call consensus of $0.01; revenues rose 62.6% year/year to $40.2 mln vs the $34.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $103.8-109.5 vs. $106.75 mln consensus.

Earnings - 13th June, 2008

4:01PM Textron narrows Q2 EPS $0.93 to $0.98, compared to its previous forecast of $0.90 to $1.00. (TXT) 58.11 +0.69 : Co narrow guidance for Q2 (Jun), sees EPS of $0.93-0.98, from $0.90-1.00 vs. $0.98 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $3.80-4.00 vs. $3.98 consensus. Co also sees FY08 and free cash flow of $700 - $750 mln. The co said that profit in its Finance segment would be significantly less than previously forecast. Lower profitability in Finance will result from higher second quarter pre-tax loan loss provisions of about $20 million and a pre-tax charge of about $10 mln that will be recorded in the quarter related to Sale-In, Lease-Out transactions previously challenged by the IRS. Weaker profit at Finance in the second quarter and for the full-year is expected to be offset primarily by higher profits in the aircraft and defense businesses.

2:31PM IRIS Intl says it "expects to more than triple revenues and profits in the new five year growth initiative instituted as of the beginning of this year" (IRIS) 16.56 +0.49 : Co says it "expects to more than triple revenues and profits in the new five year growth initiative instituted as of the beginning of this year," Cesar Garcia, Chairman, President and Chief Executive Officer told the Annual Meeting of Shareholders today. "In the five years ended December 31, 2007 the Company achieved a 28% compound revenue growth and in that 20-quarter period invested $37 mln in research and development while still exceeding comparable quarter revenues 18 times, comparable quarter profits and earnings per share 14 times and saw cash grow 12-fold to $28 million after two technology acquisitions. We expect to more than exceed that growth pattern as we go forward." "We believe we have the scientific, financial and human resources to produce a company that in five years will be much larger and more profitable than IRIS is today, and one that also will be a world leader in quality in each of its selected categories. We intend to not only introduce a range of what we believe are paradigm changing technologies, but our strategy calls for aligning ourselves through joint ventures and licensing with the most respected international names in these arenas."

8:30AM Origin Agritech announces new seed approvals: 3 new corn hybrid seeds and 1 GM cotton seed (SEED) 6.10 : The co announces it has approved three new corn hybrid varieties and one new GM cotton variety for distribution during the 2009 sales season in five provinces throughout China. The Company has a total of 68 corn seeds and 15 cotton seeds approved for sale in China. The new corn seed products include Ao Nuo 1, Yu Ao 6, and Li Yu 16. Ao Nuo 1 is approved for provincial distribution in Beijing and Liaoning. Yu Ao 6 is approved for provincial distribution in Inner Mongolia, and Li Yu 16 is approved for distribution in Hubei province. Of the three new corn seed products approved for distribution, we are especially excited about the acceptance of Li Yu 16 in Hubei province, as it is one of our top selling corn seeds in our product line. With these additional approvals, the Company will provide even broader product coverage throughout China. (Popped)

8:12AM Perfect World raises Q2 guidance (PWRD) 21.89 : Co sees Q2 revs of RMB333-348 mln, up 10-15% q/q, compared to previous guidance of up 0-5% q/q, vs RMB305.65 consensus. Co is able to raise guidance due to stronger than expected results from the launch of new expansion packs in the domestic market and favorable results from recent marketing campaigns. "Our second quarter is tracking well and we believe our results will come in ahead of our previous expectations. Our powerful technology is allowing us to not only accelerate the game development cycle, but also the roll out of expansion packs that are designed to cater to changing customer preferences and market trends. Continued expansion and diversification of our game portfolio combined with our powerful game development platform and strong operation platform have helped us maintain our rapid pace of growth. We continue to effectively execute our growth strategies in an effort to deliver strong results and maximize shareholder value."