6:35PM United Stationers beats by $0.23, beats on revs (USTR) 28.31 +0.30 : Reports Q4 (Dec) earnings of $0.95 per share, $0.23 better than the First Call consensus of $0.72; revenues rose 2.3% year/year to $1.15 bln vs the $1.12 bln consensus. Co says, "Business customers are reacting to the recessionary environment by reducing spending and employment, and we are seeing the effects in declining sales. First quarter revenues to date are down about 8%, and we expect the market to remain difficult throughout 2009. We have responded by accelerating cost reduction initiatives and adjusting staffing levels." Cost reduction actions announced in January included eliminating 250 positions, or 4% of the workforce." The co expects to take a charge of $2.5-3.5 mln in the first quarter as a result. Savings in 2009 before the charge are expected to be ~$13 mln . Other cost reductions targeting labor-related and other expenses are expected to save an additional $10 mln in 2009. Further savings are expected from ongoing War on Waste initiatives.
5:55PM Panera Bread beats by $0.02, beats on revs; guides Q1 EPS in-line; guides FY09 EPS in-line (PNRA) 49.05 +2.62 : Reports Q4 (Dec) earnings of $0.86 per share, excluding $0.02 in non-recurring items, $0.02 better than the First Call consensus of $0.84; revenues rose 18.9% year/year to $357.8 mln vs the $352.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.53-0.59, excluding non-recurring items, vs. $0.56 consensus. Co issues in-line guidance for FY09, sees EPS of $2.55-2.71, excluding non-recurring items, vs. $2.61 consensus.
4:17PM Cephalon beats by $0.10, beats on revs; guides Q1 revs in-line; guides FY09 revs in-line (CEPH) 78.27 +0.76 : Reports Q4 (Dec) earnings of $1.46 per share, $0.10 better than the First Call consensus of $1.36; revenues rose 20.0% year/year to $540.1 mln vs the $527.9 mln consensus. Co issues guidance for Q1, sees EPS of $1.30-1.40, may not be comparable to $1.34 consensus; sees Q1 revs of $510-530 mln vs. $533.52 mln consensus. Co issues guidance for FY09, sees EPS of $6.50-6.60, may not be comparable to $5.66 consensus; sees FY09 revs of $2.175-2.225 bln vs. $2.25 bln consensus. Q4 Drug Sales: Actiq $38.8 mln vs. $54 mln First Call Consensus; Fentora $38.6 mln vs. $41 mln First Call Consensus; Provigil $281.2 mln vs. $267 mln First Call Consensus; Treanda $36.2 mln vs. $32 mln First Call Consensus.
4:16PM American Phys beats by $0.20, beats on revs; guides FY09 EPS above consensus (ACAP) 44.95 : Reports Q4 (Dec) earnings of $1.24 per share, $0.20 better than the First Call consensus of $1.04; revenues fell 10.2% year/year to $39.7 mln vs the $38.3 mln consensus. Co issues upside guidance for FY09, sees EPS of $4.25 vs. $4.24 consensus. APCapital's Board of Directors elected to increase its quarterly cash dividend by 10% to $0.11 per common share payable on March 31, 2009 to shareholders of record on March 13, 2009. Co says, "While premium rates have come down in recent years and reduced interest rates have lowered our investment return, we still believe 2009 will be another strong year. If the current trends in frequency, severity and pricing remain stable in our book of business, we expect to again exceed the benchmark of $4.25 earnings per diluted share in 2009." In the fourth quarter of 2008, APCapital repurchased 788,370 shares at an average cost of $37.64 per share. For the full year, APCapital repurchased 1,333,970 shares utilizing $53.2 mln of equity.
8:38AM Natural Resource beats by $0.08, beats on revs (NRP) 23.30 : Reports Q4 (Dec) earnings of $0.55 per share, $0.08 better than the First Call consensus of $0.47; revenues rose 32.3% year/year to $75.8 mln vs the $73.7 mln consensus. Metallurgical coal accounted for 30% of NRP coal royalty revenues and 22% of its production for the full year 2008. Co states, "Although the industry has seen drops in demand and pricing for metallurgical coal over the last few months, our lessees have approximately 90% of their steam coal under contract for 2009, in most cases at prices higher than 2008. As reported in our 2009 guidance released last month, in spite of the downturn in the economy, NRP anticipates that 2009 revenues will exceed our 2008 revenues."
8:28AM Teekay Shipping beats by $0.17, beats on revs (TK) 18.69 : Reports Q3 (Sep) earnings of $1.29 per share, ex-items, $0.17 better than the First Call consensus of $1.12; revenues rose 45.3% year/year to $672.5 mln vs the $643.7 mln consensus. During the third quarter of 2008, approximately 43% of the company's cash flow from vessel operations was generated from its fixed-rate businesses, compared to 83% in the third quarter of the prior year. This change is primarily due to the significant increase in spot tanker rates in the third quarter of 2008, partially offset by the continued growth of the Company's fixed-rate businesses.
8:26AM Martin Marietta misses by $0.03, misses on revs; guides FY09 EPS in-line (MLM) 79.94 : Reports Q4 (Dec) earnings of $0.80 per share, excluding non-recurring items,$0.03 worse than the First Call consensus of $0.83; revenues fell 12.2% year/year to $414.5 mln vs the $484.2 mln consensus. Co issues in-line guidance for FY09, sees EPS of $3.70-4.30 vs. $4.12 consensus. Co says, "We expect 2009 aggregates volumes to range from down 9% to 12%, excluding the effect of the proposed economic stimulus plan. The rate of price increase for the aggregates product line will be in a range from 4% to 6%. expect incremental aggregates volume of 8 million to 10 million tons and net earnings per diluted share of $0.50 to $0.75 for 2009 from an economic stimulus plan."
8:04AM Olympic Steel misses by $0.11, beats on revs (ZEUS) 17.45 : Reports Q4 (Dec) earnings of $0.07 per share, $0.11 worse than the First Call consensus of $0.18; revenues rose 7.4% year/year to $253.6 mln vs the $241.8 mln consensus. Tons sold in the fourth quarter of 2008 decreased 21.5% to 229 thousand from 291 thousand in the fourth quarter of 2007. "We are pleased with our record 2008 sales and earnings performance, and our ability to gain market share, even with the rapid and deep economic downturn of the fourth quarter. We enter 2009 with a particularly strong balance sheet, and a significantly lower operating expense base aligned with the industry-wide decline in sales volumes... Given the challenging and uncertain economic and financial environment, prospects for a quick recovery in business levels are remote. We believe we are in a position of strength and can weather the difficult economic climate with our strong, low-leveraged balance sheet, a proven disciplined approach to working capital management, and aggressive cost reductions. We believe that we are favorably positioned to take advantage of the market when demand returns."
8:03AM Coca-Cola beats by $0.03, misses on revs (KO) 41.27 : Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.61; revenues fell 2.8% year/year to $7.13 bln vs the $7.52 bln consensus. Co said, "While certainly not crisis proof, as no company is, I do believe our global business model is relatively resilient, as we bring simple moments of pleasure to our consumers, nearly 1.6 billion times a day, for cents at a time. We recognize that 2009 will bring many unique challenges to us and our consumers, customers, and bottling partners. Yet, I believe that our solid brand and business fundamentals - together with a fundamentally sound balance sheet, robust cash generating model and strong global bottling system - provide a sound foundation for our management team to continue driving long-term sustainable growth."
7:34AM Foundation Coal beats by $0.39, reports revs in-line (FCL) 18.08 : Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.39 better than the First Call consensus of $0.50; revenues rose 24.3% year/year to $456.5 mln vs the $453.5 mln consensus. Coal sales revenues were $450.7 mln, up 27% from Q407 primarily due to a 29% increase in average per ton sales realizations. The increase in average per ton sales realizations reflects higher realizations in all active production regions. Fourth quarter average realizations per ton in Central and Northern Appalachia rose 59% and 9%, respectively, compared to the same period last year, while average realizations per ton in the PRB increased 15%. The increase in Q4 net income compared to Q407 is primarily attributable to a 0.9 mln ton increase in shipments from Northern Appalachia and substantially higher average realizations in all regions, somewhat offset by a 0.8 mln ton decrease in shipments from the Powder River Basin, a 0.3 mln ton decrease in shipments from Central Appalachia, and higher operating expenses.
7:22AM Laboratory Corp beats by $0.01, reports revs in-line; guides FY09 EPS in-line; reiterates FY09 rev growth (LH) 59.75 : Reports Q4 (Dec) earnings of $1.10 per share, excluding restructuring and other special items , $0.01 better than the First Call consensus of $1.09; revenues rose 11.3% year/year to $1.12 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY09, sees EPS of $4.75-4.95 vs. $4.84 consensus. The co continues to expect revenue growth of 2.0% to 4.0% which calculates to revs of $4.595-4.685 bln vs 4.641 bln.
7:13AM NRG Energy beats by $0.57, beats on revs (NRG) 23.49 : Reports Q4 (Dec) earnings of $0.98 per share, $0.57 better than the First Call consensus of $0.41; revenues rose 19.8% year/year to $1.66 bln vs the $1.25 bln consensus. NRG reaffirmed its 2009 adjusted EBITDA guidance of $2.2 bln and cash from operations of $1.5 bln. These targets remain unchanged from its January 22, 2009 news release. Financial results for 2008 were favorably impacted by both strong plant operating performance and a proactive commercial operations strategy implemented during the second quarter of the year.
7:04AM Emergency Medical Services beats by $0.01, reports revs in-line; guides FY09 EPS above consensus (EMS) 33.60 : Reports Q4 (Dec) earnings of $0.48 per share,$0.01 better than the First Call consensus of $0.47; revenues rose 10.5% year/year to $593.7 mln vs the $597.2 mln consensus. Co issues upside guidance for FY09, sees EPS of $2.05-2.15 vs. $1.96 consensus. The increase in earnings is attributable primarily to the net impact of higher revenue on existing contracts, increased volume from net new contracts and acquisitions, and a decline in total expenses as a percentage of net revenue.
6:54AM Yucheng Technologies misses by $0.01, beats on revs; guides FY09 EPS below consensus, revs above consensus (YTEC) 4.75 : Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; revenues rose 45.5% year/year to $34.2 mln vs the $32.9 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.86-0.90 vs. $0.93 consensus; sees FY09 revs of $117-122 mln vs. $115.44 mln consensus. Despite the current global financial and economic challenges and the general negative outlook for the Chinese economy, they believe that their growth will continue at a healthy rate of 18% to 23% in 2009. They are committed to growing their IT Solutions and Services business through their market leading products, which allow banks to serve customers more effectively and conveniently, and to manage their operations across multiple locations more efficiently. Co says, "Executive management is forgoing our 2008 bonuses and postponing a major portion of the performance-based shares due to us as selling shareholders to reflect our commitment to our existing shareholders and our confidence in the 2009 guidance despite challenging market conditions."
6:37AM Alexion Pharma beats by $0.15, beats on revs; guides FY09 EPS above consensus, revs below consensus (ALXN) 36.88 : Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $0.08; revenues rose 128.3% year/year to $77.4 mln vs the $76.6 mln consensus. Co issuesmixed guidance for FY09, sees EPS of $1.00-1.05 vs. $0.87 consensus; sees FY09 revs of $360-375 mln vs. $381.63 mln consensus. Co says, "In 2008, the first full year of Soliris commercialization, Alexion achieved outstanding execution of its business initiatives and brought the clinical benefits of Soliris to patients in more than 18 countries."
6:32AM Strayer Education beats by $0.01, reports revs in-line; guides Q1 EPS slightly below consensus (STRA) 225.87 : Reports Q4 (Dec) earnings of $1.71 per share, $0.01 better than the First Call consensus of $1.70; revenues rose 28.2% year/year to $114.3 mln vs the $113.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $1.96-1.98 vs. $1.99 consensus. Total enrollment at Strayer University for the 2009 winter term increased 22% to 45,697 students compared to 37,323 students for the same term in 2008. Across the Strayer University campus network, new student enrollments increased 20% and continuing student enrollments increased 23%. Global (out of area) online students increased 47%, while students taking 100% of their classes online (including campus based students) increased 25%. The total number of students taking any courses online (including students at brick and mortar campuses taking at least one online course) in the 2009 winter term increased 24% to 32,771.
6:06AM Aetna beats by $0.02, reports revs in-line; guides FY09 EPS in-line (AET) 32.24 : Reports Q4 (Dec) earnings of $0.96 per share, excluding net realized capital losses and other items, $0.02 better than the First Call consensus of $0.94; revenues rose 11.5% year/year to $7.98 bln vs the $7.96 bln consensus. Co issues in-line guidance for FY09, sees EPS of $3.85-3.95 vs. $3.87 consensus. Co said, "As we enter 2009, we are listening very closely to our customers to make sure we understand their needs and can respond appropriately... Our underlying business fundamentals remain strong because of our sound and flexible operating model and a value proposition that is resonating in the marketplace."
5:11AM New Oriental Education & Technology lowers Q309 revenue guidance (EDU)53.13 : Co issues downside guidance for Q3 (Feb), sees Q3 (Feb) revs of $62.0-65.0 mln vs. $67.36 mln First Call consensus. "The economic downturn in China has had a greater than anticipated effect on New Oriental's cash proceeds (cash collected from students in advance for course enrollments) over the past several weeks and we are therefore revising our third fiscal quarter 2009 revenue guidance downwards to reflect current expectations," said Louis T. Hsieh, CFO.
1:45AM Core Labs beats by $0.02, misses on revs; guides Q1 EPS in-line, revs below consensus (CLB) 63.91 : Reports Q4 (Dec) earnings of $1.66 per share, excluding gain from note repurchases and foreign exchange losses, $0.02 better than the First Call consensus of $1.64; revenues rose 14.1% year/year to $201.2 mln vs the $206.3 mln consensus. Co issuesmixed guidance for Q1, sees EPS of $1.30-1.40, including excluding non-recurring items, vs. $1.37 consensus; sees Q1 revs of $180.0-185.0 mln vs. $196.38 mln consensus. Co reports 28.3% for operating margins, excluding the effects of currency translation exchange losses. Core states that it has benefited from its de-emphasis of Russian operations and its downsizing of Mexican, Venezuelan, and Nigerian operations over the past three years, as the co focused on development and production-related projects almost to the exclusion of volatile exploration-related activities. The 2009 capital expenditure total also will be below the expected 2009 annual depreciation total of approx $23.0 mln.
