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- 4th March 2009

4:50PM Giant Interactive beats by $0.08, beats on revs (GA) 6.57 +0.18 : Reports Q4 (Dec) earnings of $0.18 per share, $0.08 better than the First Call consensus of $0.10; revenues rose 33.2% year/year to $51.7 mln vs the $48.3 mln consensus. Co says based on the current estimates, GA expects to generate total net revenue for Q1 2009 in the range of RMB370-RMB388 mln.

4:36PM American Commercial Lines beats by $0.09, misses on revs (ACLI) 2.58 -0.12 : Reports Q4 (Dec) earnings of $0.47 per share, $0.09 better than the First Call consensus of $0.38; revenues fell 4.2% year/year to $289.9 mln vs the $310.5 mln consensus. Co said,  "We recognize that the economic environment is going to remain difficult, so we remain cautious about our 2009 outlook. As a consequence, we are continuing and accelerating efforts to drive costs out of the business in every area. We have frozen salaries for 2009. Last week we implemented a reduction of approximately 15% of our land-based salaried headcount which is expected to generate annualized savings of $9.1 million, and approximately $3.3 million in 2009 after related severance and other costs, including the estimated cost of approximately $2.5 million of closing the Houston office, primarily a non-cash charge for the write-off of office leasehold improvements. With the amendment of our credit facility, extending the term through March 31, 2011, we believe we have the flexibility and liquidity to operate strategically through today's challenging economic conditions, allowing us to concentrate on achieving our business objectives."

4:21PM Adobe Systems announces prelim Q1 results; sees Q1 EPS of $0.44-0.45 vs $0.42 First Call consensus; revs of $783-786 mln vs $792.02 mln First Call consensus (ADBE) 16.32 +0.34 : The co lowers Q1 guidance, sees Q1 EPS of $0.44-0.45 vs $0.42 First Call consensus; revs of $783-786 mln vs $792.02 mln First Call consensus. Sees Q2 revs $675-725 mln vs $776.27 mln First Call consensus. The co cited weakness in its creative and knowledge worker businesses as the primary reason for the revenue shortfall. Seasonal strength in Japan, as well as continued success with its LiveCycle enterprise business, helped to offset some of the weakness in the quarter. "Despite worsening market conditions, we were able to manage expenses to deliver earnings and margin results within the target ranges we provided at the outset of the quarter," said Shantanu Narayen, president and chief executive officer... Co is targeting a Q2 operating margin range of 21-26% on a GAAP basis, and 32-36% on a non-GAAP basis.

4:09PM Gymboree beats by $0.02, reports revs in-line; guides Q1 EPS below consensus (GYMB) 22.66 -1.37 : Reports Q4 (Jan) earnings of $1.00 per share, $0.02 better than the First Call consensus of $0.98. Co issues downside guidance for Q1, sees EPS of $0.18-0.25 vs. $0.76 consensus. Co expects the current challenging retail selling environment to continue throughout fiscal 2009 making it very difficult to anticipate quarterly sales. In light of this uncertainty, co plans to provide guidance only one quarter at a time during fiscal 2009. For the first quarter of fiscal year 2009, co is planning for negative comparable store sales in the range of 20 to 25% due in large part to the continuing difficult retail selling environment and the temporary impact of the recently enacted regulations on current product assortments.

4:07PM Sigma Designs beats by $0.20, beats on revs (SIGM) 14.21 +0.08 : Reports Q4 (Jan) earnings of $0.38 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $0.18; revenues fell 38.1% year/year to $47.3 mln vs the $43.5 mln consensus. Co says, "The IPTV market is showing resiliency to the current economic turmoil and we are confident that it will continue to demonstrate strength throughout this year. We are also pursuing design activity in the cable industry and helping to drive the transition to Tru2way IP cable solutions which we believe will increase our market opportunities. We are also pushing forward with our consumer products agenda by working with a wide range of vendors for Blu-ray player designs, digital media adapter products and UWB-based devices. Additionally, we are excited about our recent acquisition of the Z-Wave? brand home control products and anticipate a growing synergy within the set-top box market,"

7:32AM Almost Family beats by $0.06, beats on revs (AFAM) 18.10 : Reports Q4 (Dec) earnings of $0.62 per share, $0.06 better than the First Call consensus of $0.56; revenues rose 84.4% year/year to $66.2 mln vs the $59.7 mln consensus. "Our success during the quarter was highlighted by 84% total revenue growth and 47% growth in our VN segment. We have been extremely successful during the year rolling out our Senior Advocacy Mission to all of our existing and a branches."

7:03AM Joy Global beats by $0.07, misses on revs; reaffirms FY09 EPS guidance, revs guidance (JOYG) 15.85 : Reports Q1 (Jan) earnings of $0.83 per share, $0.07 better thanthe First Call consensus of $0.76; revenues rose 18.0% year/year to $755 mln vs the $782.3 mln consensus. Co reaffirms guidance for FY09, sees EPS of $3.60-4.00 vs. $3.51 consensus; sees FY09 revs of $3.5-3.7 bln vs. $3.45 bln consensus. Bookings in the first quarter were $538 million compared to $870 million in last year's first quarter. Although co continues to believe that the path toward industrialization of emerging markets will drive high rates of commodity demand over the long term, it also expects the near-term markets to remain uncertain and volatile. Co continues to take precautionary steps to reduce its risk exposure through expense controls and reduction of operating costs. These efforts include hiring freezes, control of discretionary expense, aggressive management of its supply chain, and more critical reviews of the financial stability of its operating partners, including suppliers, subcontractors and customers. Just as the Company expects the conditions of uncertainty and volatility to persist through 2009, it also expects the booking rates for its original equipment during this period to remain substantially below the comparable booking levels of 2008. The Company believes that lower demand for its original equipment could persist for a period longer than that covered by its current backlog, and is therefore developing plans to ensure it fulfills its commitments to customers and investors during 2009 while reducing the scale and scope of the business to be appropriate for the range of market conditions that could exist in fiscal 2010.

6:08AM Big Lots beats by $0.07, reports revs in-line; guides Q1 EPS above consensus; guides FY10 EPS above consensus (BIG) 14.54 : Reports Q4 (Jan) earnings of $1.00 per share, excluding discontinued operations, $0.07 better than the First Call consensus of $0.93; revenues fell 3.2% year/year to $1.37 bln vs the $1.36 bln consensus. Co issues upside guidance for Q1, sees EPS of 0.34-0.40, excluding non-recurring items, vs. $0.35 consensus. Co issues upside guidance for FY10, sees EPS of $1.75-1.90, excluding non-recurring items, vs. $1.74 consensus. Co estimates Q1 comparable store sales will decrease 1-3% which is consistent with quarter to date trends experienced through March 3, 2009.

3:50AM Costco misses by $0.04, reports revs in-line; reports February comparable store sales decreased 3.0% vs -3.8% consensus (COST) 40.69 : Reports Q2 (Feb) earnings of $0.55 per share, $0.04 worse than the First Call consensus of $0.59; revenues fell 0.7% year/year to $16.84 bln vs the $16.85 bln consensus. Comparable store sales for Q209 declined 3.0%. Excluding the negative impacts from gasoline and F/X, comparable sales for Q2 increased 5.0%. February comparable store sales decreased 3.0% vs -3.8% consensus. Excluding negative impacts from gasoline deflation and F/X, comparable store sales for February increased 5.0%.