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InPlay


6:59AM Plains Exploration beats by $0.23, beats on revs (PXP) 45.16 : Reports Q1 (Mar) earnings of $1.05 per share, excluding non-recurring items, $0.23 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 135.0% year/year to $1.23 bln vs the $1.2 bln consensus.

  • Total daily sales volumes averaged 170.4 thousand barrels of oil equivalent, a 92% increase per diluted share compared to first-quarter 2012
  • Oil daily sales volumes averaged 129.2 thousand barrels, a 158% increase per diluted share compared to first-quarter 2012
  • Phobos discovery well announced, encountering ~250 net feet of high-quality lower Tertiary oil pay in the Gulf of Mexico

6:58AM Liquidity Services reports EPS in-line, misses on revs; guides Q3 EPS below consensus; reaffirms FY13 EPS guidance (LQDT) 32.53 : Reports Q2 (Mar) earnings of $0.48 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.48; revenues rose 3.7% year/year to $130.32 mln vs the $140.14 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.49-0.54 vs. $0.55 Capital IQ Consensus Estimate. Co reaffirms guidance for FY13, sees EPS of $1.90-2.02 vs. $1.96 Capital IQ Consensus Estimate.

6:45AM On The Wires (WIRES) :

  • JAKKS Pacific (JAKK) has expanded its worldwide agreement with Lucasfilm to include the Revenge of the Sith 501st Legion Clone Trooper and Shock Trooper to its 31" Giant Figure lineup.
  • R. R. Donnelley & Sons (RRD) has been awarded a multi-year multi-million dollar agreement to provide catalog services to AmeriMark Direct and its Dr Leonard's Healthcare business. The agreement extends and significantly expands the cos' relationship.

6:42AM Applied Industrial beats by $0.02, reports revs in-line; reaffirms FY13 EPS guidance (AIT) 40.88 : Reports Q3 (Mar) earnings of $0.69 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 2.7% year/year to $621.7 mln vs the $623.5 mln consensus.

  • Co reaffirms guidance for FY13, sees EPS of $2.70-2.90 vs. $2.77 Capital IQ Consensus Estimate.
  • "While some economic uncertainty persisted in our third quarter, we translated modest sales growth into solid earnings -- benefiting from our business investments, efficiency gains and disciplined cost controls. While overall our third quarter sales trend remained similar to the prior quarter, we did see month-over-month increases in sales per day in our U.S. service center and fluid power businesses. Consistent with the current levels of various economic production and capacity utilization indices, we remain optimistic about the industrial economy for the 2013 calendar year."

6:42AM CBIZ misses by $0.02, misses on revs; reaffirms FY13 EPS guidance, revs guidance (CBZ) 6.37 : Reports Q1 (Mar) earnings of $0.37 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 6.3% year/year to $234.8 mln vs the $239.25 mln consensus. Co reaffirms guidance for FY13, sees EPS of +12-15% YoY to ~0.65-0.67 vs. $0.65 Capital IQ Consensus Estimate; sees FY13 revs of +7-9% YoY to ~$829.7-835.1 mln vs. $824.76 mln Capital IQ Consensus Estimate.

Commentary: "...Organic revenue growth was slower than expected in the first quarter primarily due to weather-related closures we experienced in several major offices in the Midwest and Northeast regions combined with a late start to tax-related work within our Financial Services group. Some of this work was deferred until April and we expect to recover the balance of this revenue throughout the remainder of the year. We continue to expect improving trends in organic revenue growth this year with total revenue growth in a range of 7% to 9% compared with 2012..."

6:39AM Catamaran beats by $0.01, misses on revs; reaffirms FY13 EPS, revs guidance (CTRX) 57.01 : Reports Q1 (Mar) earnings of $0.42 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 87.5% year/year to $3.22 bln vs the $3.52 bln consensus.

Co reaffirms guidance for FY13, sees EPS of $1.81-1.88, excluding non-recurring items, vs. $1.87 Capital IQ Consensus Estimate; sees FY13 revs of $14.2-14.6 bln vs. $14.51 bln Capital IQ Consensus Estimate.

PBM Revenue Q1 2013 PBM revenue increased $1.5 billion, or 89%, to $3.2 billion, compared to $1.7 billion in Q1 2012. The increase in revenue is primarily due to the recent merger with Catalyst, which was completed on July 2, 2012, as well as increased prescription claim volume as a result of implementation of new customer contracts in 2013. HCIT Revenue HCIT revenue increased $2.2 million, or 6%, to $38.2 million in Q1 2013 compared to $36.0 million in Q1 2012. The increase was primarily due to an increase in revenues earned from transaction processing and revenues generated from the HCIT customer base acquired from Catalyst.

6:37AM Becton Dickinson beats by $0.04, reports revs in-line; guides FY13 EPS above consensus (BDX) 93.58 : Reports Q2 (Mar) earnings of $1.39 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.35; revenues rose 3.7% year/year to $2 bln vs the $1.99 bln consensus. Excluding the medical device tax that went into effect in January 2013 under the U.S. healthcare reform law, adjusted diluted earnings per share from continuing operations were $1.44, which represents growth of 9.9 percent.

  • The Company is raising its previously communicated guidance for the full fiscal year 2013 on revenues and earnings per share growth. On a currency-neutral basis, revenue growth is expected to be between 4.5 and 5.0 percent, or an increase of 50 basis points. Reported revenue growth guidance remains consistent with the Company's previously guided range of 3.5 to 4.0 percent. Sees EPS of $5.72-5.75 vs. $5.71 Capital IQ Consensus Estimate.

6:37AM Manulife Financial reports EPS in-line (MFC) 14.65 : Reports Q1 (Mar) earnings of CAD$0.32 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of CAD$0.32.

6:36AM Valeant Pharma beats by $0.05, misses on revs; raises FY13 EPS guidance, reaffirms revs (VRX) 73.69 : Reports Q1 (Mar) earnings of $1.30 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.25; revenues rose 24.8% year/year to $1.07 bln vs the $1.09 bln consensus.

2013 First Quarter

  • Product Sales $1.039 bln, an increase of 38% over the prior year
  • Organic growth (same store sales) was 6%, excluding the impact from generics, primarily BenzaClin and Cesamet
  • Pro forma organic growth was 4%, excluding the impact from generics, primarily BenzaClin and Cesamet
Commentary: "Despite a slow January due to the integration of the Valeant and Medicis sales organizations, we delivered another solid quarter of strong growth in Cash EPS and adjusted cash flow to our shareholders...We were particularly pleased with the strong organic growth of our emerging market segment, which was primarily driven by Poland, Russia, Brazil, South East Asia, and South Africa, as well as the continued growth in many of our promoted brands."

Guidance:
  • Co raises guidance for FY13, sees EPS of $5.55-5.85 vs. $5.59 Capital IQ Consensus Estimate which is above its prior guidance of $5.45-5.75
  • Co reaffirms FY13 revs of $4.4-4.8 bln vs. $4.61 bln Capital IQ Consensus Estimate.

6:34AM Beazer Homes misses by $0.08, beats on revs (BZH) 16.79 : Reports Q2 (Mar) loss of $0.78 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus Estimate of ($0.70); revenues rose 50.3% year/year to $287.9 mln vs the $254.34 mln consensus. ASP +12.7% to $285K; LTM orders/month/community 2.7 vs. 2.0 last year; adj. gross margin +160 bps to 19.1%.

6:34AM Strayer Education beats by $0.13, misses on revs; guides Q2 EPS above consensus (STRA) 48.55 : Reports Q1 (Mar) earnings of $1.59 per share, $0.13 better than the Capital IQ Consensus Estimate of $1.46; revenues fell 8.0% year/year to $137.5 mln vs the $139.56 mln consensus.  

  • Total enrollments at Strayer University for the 2013 spring term decreased 9% to 46,130 students compared to 50,896 students for the same term in 2012. Across the Strayer University campus and online system, continuing student enrollments decreased 8%, while new student enrollments decreased 14%.
  • Co issues upside guidance for Q2, sees EPS of $1.37-1.39 vs. $1.35 Capital IQ Consensus Estimate.

6:32AM Quanta Services beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY13 EPS in-line, revs in-line (PWR) 27.02 : Reports Q1 (Mar) earnings of $0.38 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 19.4% year/year to $1.59 bln vs the $1.4 bln consensus.

Co issues in-line guidance for Q2, sees EPS ex items of $0.35-0.37 vs. $0.35 Capital IQ Consensus Estimate; sees Q2 revs of $1.45-1.55 bln vs. $1.5 bln Capital IQ Consensus Estimate.

Co raised guidance for FY13, raises EPS ex items to $1.37-1.57 from prior guidance of $1.23-1.53 vs. $1.43 Capital IQ Consensus Estimate; raises FY13 revs to $5.9-6.3 bln from prior guidance of $5.7-6.2 bln vs. $6.16 bln Capital IQ Consensus Estimate.

"We are off to a great start this year with record revenues, record profits and record backlog for the first quarter of 2013. Equally important, our employees continue to operate at high levels of safety and efficiency in a tight labor market...We expect the performance of our electric power segment to remain strong this year while our natural gas and pipeline segment builds momentum throughout the remainder of 2013, which bodes well for our overall business outlook for 2014 and beyond."

Outlook: The overall outlook for Quanta's business is positive. However, regulatory and permitting challenges may impact project timing. Therefore, Quanta's financial outlook for revenues and margins reflects management's efforts to properly align these uncertainties with the backlog the company is executing on and the opportunities expected to materialize in 2013. In addition, the company's outlook for 2013 reflects a reduction in emergency restoration revenues to more normalized levels, as 2012 results included record emergency restoration service revenues of over $250 million. Lastly, the company has not assumed any uncommitted mainline pipe construction work in its 2013 financial outlook. The following forward-looking statements are based on current expectations, and actual results may differ materially.

6:32AM Yahoo! acquires mobile app Astrid; financial terms not disclosed (YHOO) 24.30 :  

6:30AM MDC Holdings beats by $0.16, beats on revs (MDC) 36.97 : Reports Q1 (Mar) earnings of $0.45 per share, $0.16 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 78.1% year/year to $331.75 mln vs the $316.45 mln consensus.  Gross margin from home sales for the 2013 first quarter increased to 17.4% from 14.1% for the year-earlier period. On a sequential basis, our 2013 first quarter gross margin from home sales was up 70 basis points as compared to 16.7% for the 2012 fourth quarter. The increase was attributable to the Company's continued increases in pricing and decreased incentives in most of its markets over the prior 12 months.

6:29AM Western Refining misses by $0.02, beats on revs (WNR) 30.44 : Reports Q1 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.96; revenues fell 6.5% year/year to $2.19 bln vs the $2.15 bln consensus. Special items excluded in the first quarter of 2013 were $23.8 mln which primarily consisted of $22.0 mln in charges associated with the extinguishment of debt.

6:29AM Integra reports Q1 in-line wih April 10 warning; lowers FY13 guidance, in-line (IART) 34.62 : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, vs. co's $0.30-0.40 April 10 warning and $0.02 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 0.3% year/year to $196.7 mln vs $194-197 mln April 10 warning and the $195.2 mln consensus.

Co issues in-line guidance for FY13, lowers EPS to $2.40-2.70, excluding non-recurring items, from $3.08-3.27 vs. $2.56 Capital IQ Consensus Estimate; lowers FY13 rev to $840-852 mln from $865-880 mln vs. $847.08 mln Capital IQ Consensus Estimate.

The co reduced its revenue in the quarter by $2.9 million because of product returned in the voluntary recall announced on April 10, 2013, and estimates that it was unable to satisfy customer demand for an additional $6 million to $7 million.

"The recent voluntary product recall and related product shortages created a near-term challenge, driving our outlook for 2013 lower. However, we remain committed to delivering on our long-term strategy, including sustainable margin improvement and accelerating top line growth, and look forward to realizing our growth and margin objectives in the years to come."

6:26AM EPL Oil & Gas beats by $0.07, beats on revs (EPL) 31.28 : Reports Q1 (Mar) earnings of $0.91 per share, excluding non-cash costs, primarily attributable to unrealized losses on derivative instruments, $0.07 better than the Capital IQ Consensus Estimate of $0.84; revenues rose 84.5% year/year to $182.3 mln vs the $165.61 mln consensus.

Production
Oil production
for the first quarter of 2013 averaged 17,327 Barrels per day, which was above the co's guidance range and a new record high for the Company. Oil production volumes were 85% higher than in the comparable quarter last year, primarily as a result of the recent Hilcorp acquisition of oil-weighted properties that closed late last year and the continued focus on oil-weighted projects.

Natural gas production averaged 32.1 mln cubic feet per day in the first quarter of 2013, which was on the high end of the co's guidance range. EPL has continued its focus on oil development opportunities which have higher revenue generation capability than natural gas.

6:24AM NW Natural Gas misses by $0.09; reaffirms FY13 EPS guidance (NWN) 43.38 : Reports Q1 (Mar) earnings of $1.40 per share, $0.09 worse than the Capital IQ Consensus Estimate of $1.49. Co reaffirms guidance for FY13, sees EPS of $2.15-2.35 vs. $2.27 Capital IQ Consensus Estimate.

The decrease in net income was primarily due to impacts from the 2012 Oregon rate case, including a decrease in utility margin related to the revenue timing impact of changes in fixed monthly charges and the decoupling baseline in rates, neither of which is expected to impact annual revenues or net income. In addition, the overall revenue reduction was also tied partly to the lower authorized return on equity from the rate case. Partly offsetting these decreases were utility margin gains from customer growth and gas reserve investments, as well as higher net income from gas storage operations.

6:19AM On The Wires (WIRES) :

  • Northern Trust (NTRS) has established an office in Frankfurt, Germany.
  • Salesforce.com (CRM) has signed an agreement with NTT Europe to establish a European data centre in the U.K.
  • Acacia Research (ACTG) announced that its Criminal Activity Surveillance subsidiary has entered into a license and settlement agreement with Pelco, resolving patent litigation that was pending in the U.S. District Court for the Eastern District of California. Also, co's subsidiary has acquired the rights to an automotive illumination patent portfolio from Rambus (RMBS). Rambus received an initial upfront payment and is expected to receive subsequent payments.
  • China Automotive Systems (CAAS) announced that its subsidiary, Jingzhou Henglong Automotive Parts, has entered into a multi-year agreement to supply the SAIC-GM-Wuling JV with its rack and pinion power steering systems.
  • TomTom (TMOAY) has made its traffic information, TomTom Traffic, available in Russia.
  • Fiserv (FISV) announced the extension of its strategic partnership with Investance, a global management consulting firm, into the European, Middle Eastern and African regions to help financial institutions transform their control and reconciliations technology and processes.

6:16AM Swift Energy beats by $0.03, beats on revs (SFY) 12.48 : Reports Q1 (Mar) earnings of $0.16 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 7.6% year/year to $146.2 mln vs the $136.49 mln consensus. Adjusted cash flow for the first quarter of 2013 increased 5% to $72.6 million, or $1.67 per diluted share, compared to $69.1 million, or $1.61 per diluted share, for the first quarter of 2012, and decreased 21% when compared to adjusted cash flow of $91.4 million, or $2.13 per diluted share, for the fourth quarter of 2012.

Swift Energy produced 2.82 million barrels of oil equivalent during the first quarter of 2013, a 1% increase over first quarter 2012 production of 2.80 MMBoe, and down 9% compared to fourth quarter 2012 production of 3.11 MMBoe.

"Swift Energy delivered strong operational results during the first quarter. Our refined drilling and completion techniques in the Eagle Ford shale and the strong performance of our base production in Lake Washington resulted in higher than forecast production volumes. We're encouraged by our progress so far this year. "Near term, our focus remains on improving performance, cost efficiencies and results throughout our active operational areas. We are also taking steps to introduce new, high value opportunities to our operations through horizontal drilling in the Louisiana Wilcox, horizontal drilling in the Southwestern Colorado Niobrara and Subsalt exploration in South Louisiana. Finally, as demonstrated by the sale of our Brookeland field, we will be looking at monetizing assets we control that are not a focus of our operations to bring forward unrecognized value in our portfolio."

6:16AM NII Holdings names Steve Shindler CEO (NIHD) 8.33 : Co announced that its Board of Directors has appointed Steven M. Shindler to the permanent position of chief executive officer, effective immediately. Mr. Shindler had been holding the dual role of chairman of the Board and interim chief executive officer while the Board conducted an extensive search for a chief executive. In connection with Mr. Shindler's appointment on a permanent basis, the Board of Directors is considering whether to separate the positions of chairman of the Board and chief executive officer. Although the Board believes many factors are relevant to this decision and continues to consider these factors, the Board currently expects to separate the positions of chairman and chief executive officer and to appoint a non-executive chairman in the near future.

6:14AM Acorda Therapeutics misses by $0.11, misses on revs; reaffirms FY13 AMPYRA sales guidance (ACOR) 15.67 : Reports Q1 (Mar) adj. earnings of $0.09 per share, $0.11 worse than the Capital IQ Consensus Estimate of $0.20; revenues rose 1.0% year/year to $71.9 mln vs the $80.77 mln consensus.

For the quarter ended March 31, 2013, the co reported AMPYRA net revenue of $62.3 million, compared to $57.4 million in net revenue for the same quarter in 2012. AMPYRA revenue is recognized following shipment of the product from the Company's distribution facility to its network of specialty pharmacies. AMPYRA net sales were lower in the first quarter compared to the fourth quarter of 2012, affected by several recurring first quarter factors. These included patients switching healthcare plans resulting in a delay in refilling prescriptions, inventory stocking in the fourth quarter and increased discounts and allowances resulting from Medicare patients entering the "donut hole" at the start of the new year. Sales rebounded strongly in March, and the Company is reiterating 2013 AMPYRA net sales guidance of $285-$315 million.

6:11AM MEDNAX beats by $0.01, reports revs in-line; guides Q2 EPS below (MD) 89.13 : Reports Q1 (Mar) earnings of $1.10 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.09; revenues rose 19.0% year/year to $502.7 mln vs the $503.3 mln consensus. MEDNAX's revenue growth attributable to contributions from recently acquired practices was 16.8%, while overall same-unit revenue grew by 2.2% when compared to the prior year period, or 3.2% when adjusted to exclude the leap-year impact of an extra day in the 2012 first quarter results. Same-unit growth from net reimbursement-related factors was 2.0%. This was principally due to continued modest improvements in reimbursements received from third-party commercial payors as a result of the Company's ongoing contract renewal processes, partially offset by a shift in payor mix to government payors, from commercial payors, year-over-year. The%age of services reimbursed under government programs shifted by 140 basis points toward a higher%age of services reimbursed under government programs for the 2013 first quarter, when compared with the prior-year period. On a sequential basis, same-unit payor mix remained unchanged. Same-unit growth attributable to patient volume grew by 0.2% for the 2013 first quarter when compared to the prior-year period, driven by growth in our other pediatric physician services, primarily newborn nursery and pediatric intensive care services, as well as anesthesia services, partially offset by a decline in our office-based pediatric cardiology services. Volume in our neonatal and maternal-fetal medicine services was essentially flat. For the 2013 first quarter, compared to the 2012 period, same-unit neonatal intensive care unit (NICU) patient days were essentially flat, or up 1.1%, when adjusted to exclude the leap-year impact of an extra day in the 2012 first quarter results.

Co issues downside guidance for Q2, sees EPS of $1.32-1.37 vs. $1.39 Capital IQ Consensus Estimate. "This outlook assumes that total same-unit revenue growth for the three months ended June 30, 2013 will grow by 1.5% to 3.5% from the prior-year period. This same-unit growth forecast is expected to be divided evenly between patient volume, assuming growth across all MEDNAX physician specialties and net reimbursement growth, including improvements from commercial payor contracts, offset by variability in the mix of our services reimbursed under government payor programs. As a reminder, we have experienced increases in the%age of patient services being reimbursed under government payor programs in recent periods. Regarding the Medicaid parity rule, we do expect this rule to have a positive impact on our practices. However, our 2013 second quarter forecast does not include the benefit of Medicaid parity, given the uncertainty surrounding the timing and frequency of any payments."

6:05AM CIGNA beats by $0.29, beats on revs; raises FY13 EPS in-line with consnsus (CI) 65.38 : Reports Q1 (Mar) earnings of $1.72 per share, excluding non-recurring items, $0.29 better than the Capital IQ Consensus Estimate of $1.43; revenues rose 20.6% year/year to $8.18 bln vs the $7.86 bln consensus. Co issues in-line guidance for FY13, raises EPS ex items to $6.00-6.45 from prior guidance of $5.85-6.30 vs. $6.36 Capital IQ Consensus Estimate.

First quarter premiums and fees increased approximately 20% relative to first quarter 2012, due to an additional month of HealthSpring premium reflecting the timing of the acquisition on January 31, 2012.

"Cigna's strong first quarter results reflect continued execution of our strategy to deliver value to our customers and clients around the world...Our diversified portfolio of individual and employer-based solutions that focus on quality and affordability, positions us well for continued growth through 2013 and beyond."

5:53AM Ford Motor adding 2,000-plus jobs at Kansas City assembly to support F-150 demand, Ford Transit launch (F) 13.38 : Ford is adding 900 jobs and a third crew in the third quarter to build F-150. U.S. sales of Ford's F-Series trucks increased 24 percent in April and 19 percent year to date. Ford also is adding another 1,100 jobs starting in the fourth quarter to prepare for the introduction of the all-new Ford Transit full-size van in 2014.

5:28AM Orion Marine beats by $0.03, beats on revs (ORN) 8.90 : Reports Q1 (Mar) loss of $0.04 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 47.5% year/year to $75.1 mln vs the $73.26 mln consensus.

Backlog:
Backlog of work under contract as of March 31, 2013 was $150.4 mln, which compares with backlog under contract at March 31, 2012 of $215.4 mln. Additionally, the Company is currently the apparent low bidder on ~$117 mln of work.

Commentary on oder activity: ""During the first quarter we bid on approximately $340 mln worth of opportunities and were successful on approximately $41 mln...This represents an approximate 12% win rate or a book-to-bill ratio of 0.55 times for the quarter. We strategically pushed up bid margins on certain projects during the quarter, which was met with limited success. This contributed to a win rate that was below that of recent quarters; however, we are comfortable with our current backlog level, low bids outstanding, and bid market outlook. Currently, we have over $280 mln worth of bids outstanding, including approximately $117 mln on which we are apparent low bidder. We are confident in the way 2013 is shaping up across all our operating regions as we continue to see a healthy amount of bid opportunities..."

5:23AM Dolan beats by $0.05, reports revs in-line (DM) 1.76 : Reports Q1 (Mar) earnings of $0.01 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.04); revenues fell 18.0% year/year to $54.7 mln vs the $54.36 mln consensus.

2013 Guidance
Due to the lack of near-term visibility into its NDeX default processing operation and the overall foreclosure-related environment, the company has provided only partial 2013 guidance. The company has provided revenue and adjusted EBITDA guidance only for its Business Information Division and litigation support segment, including corporate costs. The company's 2013 financial guidance for these segments is:

  • Total revenues (excluding NDeX operations) $160-$170 million
  • Adjusted EBITDA (excluding NDeX operations) $30-$35 million

4:34AM Royal Dutch Shell beats by $0.06; CEO to retire in 2014 (RDS.A) 2,216.50 : Reports Q1 EPS of $1.19 vs $1.13 CIQ est. Cash flow from operating activities for the first quarter 2013 was $11.6 bln. Excluding working capital movements, cash flow from operating activities for the first quarter 2013 was $11.5 bln.

Key metrics:

  • Capital investment for the first quarter 2013 was $8.8 bln. Net capital investment for the quarter was $8.2 bln.
  • Gearing was 9.1% at the end of the first quarter 2013 versus 10.5% at the end of the first quarter 2012 (see Note 2).
  • Oil and gas production for the first quarter 2013 was 3,559 thousand boe/d.
    • Excluding the impact of divestments, PSC price effects and security impacts onshore Nigeria, first quarter 2013 production was 2% higher than in the same period last year.
  • Equity LNG sales volumes of 5.15 million tonnes for the first quarter 2013 were broadly similar to the same quarter a year ago.
  • Oil products sales volumes were 1% higher than for the first quarter 2012.
  • Chemicals sales volumes for the first quarter 2013 decreased by 11% compared with the same quarter a year ago.
CEO update:
Additionally, co announces that Peter Voser, as Chief Executive Officer, has elected to retire from the Company in the first half of 2014. "The Nomination and Succession Committee of the Board will now lead a structured and comprehensive review of internal and external candidates to enable an orderly transition to a new CEO." 

4:25AM Zebra Tech misses by $0.13, misses on revs; guides Q2 EPS below consensus, revs in-line (ZBRA) 45.95 : Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items, $0.13 worse than the Capital IQ Consensus Estimate of $0.63; revenues fell 2.9% year/year to $236.9 mln vs the $248.26 mln consensus.

  • Net sales for the first quarter were affected by the ongoing challenged conditions in Europe and Asia, along with a slowdown in business during the first few weeks of the quarter in North America.
  • Sales increases of 3.8% in Latin America and 0.9% in North America were offset by sales declines of 0.7% in Asia Pacific and 9.8% in the Europe, Middle East and Africa  region.
  • On a constant-currency basis, sales in EMEA declined 2.8%.
  • Sales of supplies -- thermal ribbons, labels, wristbands and receipts -- increased by 14.3%.
  • Gross profit margin of 47.7%, versus 49.2% in 2012
    • reflects lower sales across Europe, Middle East and Africa, and Asia Pacific regions in addition to unfavorable movements in product mix.
Stock Purchase Update
During the first quarter of 2013, Zebra returned $3.9 mln to shareholders through the repurchase of 87,254 shares of Zebra Technologies Corporation Class A Common Stock at an average price of $44.56 per share. At March 30, 2013, the company had 1,935,082 shares remaining in its stock buyback authorization, and 51,017,867 shares of common stock were outstanding.

Guidance
Co issues mixed guidance for Q2, sees EPS of $0.58-0.67 vs. $0.69 Capital IQ Consensus Estimate; sees Q2 revs of 246.0-258.0 mln vs. $254.31 mln Capital IQ Consensus Estimate.

3:59AM General Comm beats on top and bottom lines (GNCMA) 9.55 : Reports Q1 EPS of $0.08 vs $0.06 CIQ est; revs increased YoY to 186.2 vs 180.43 CIQ est.

Wireless

  • Wireless revenues of $33.8 mln, for the first quarter of 2013, increased $4.4 mln or 14.9% when compared to the prior year quarter and $1.2 mln or 3.5% on a --sequential basis.
  • The increase is primarily due to increases in roaming revenue and retail non-Lifeline wireless subscribers. GCI served 141,600 wireless subscribers at the end of the first quarter 2013.
  • GCI served 32,700 Lifeline customers at the end of the first quarter of 2013, a decrease of 8,700 when compared to the prior year quarter and an increase of 300 on a sequential basis.

3:45AM Aqua America beats by $0.02, reports revs in-line (WTR) 31.43 : Reports Q1 (Mar) earnings of $0.29 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.27; revenues rose 5.8% year/year to $180 mln vs the $179.35 mln consensus.

3:41AM Freightcar America misses by $0.24, misses on revs (RAIL) 20.20 : Reports Q1 (Mar) loss of $0.18 per share, $0.24 worse than the Capital IQ Consensus Estimate of $0.06; revenues fell 60.0% year/year to $87.6 mln vs the $112.34 mln consensus.

  • The Company delivered 1,073 railcars in the first quarter of 2013, which included 448 new railcars and 625 rebuilt railcars.
    • This compares to 2,613 railcars delivered in the first quarter of 2012 and 1,308 railcars delivered in the fourth quarter of 2012.
  • There were 274 units ordered in the first quarter of 2013. This compares to 1,244 units ordered in the first quarter of 2012 and 473 units ordered in the fourth quarter of 2012.
  • Total manufacturing backlog was 2,082 units at March 31, 2013, compared to 6,934 units at March 31, 2012 and 2,881 units at December 31, 2012.

3:38AM Dynamics Research misses by $0.02, reports revs in-line; guides Q2 EPS below consensus, revs in-line (DRCO) 5.90 : Reports Q1 (Mar) earnings of $0.12 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.14; revenues fell 14.3% year/year to $73.6 mln vs the $73.49 mln consensus.

Co issues mixed guidance for Q2, sees EPS of $0.10-0.12 vs. $0.14 Capital IQ Consensus Estimate; sees Q2 revs of $71-74 mln vs. $73.15 mln Capital IQ Consensus Estimate.

3:35AM BioMed Realty beats by $0.05, beats on revs; guides FY13 FFO above consensus (BMR) 22.34 : Reports Q1 (Mar) funds from operations of $0.41 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.36; revenues rose 33.7% year/year to $160.5 mln vs the $144.82 mln consensus. Co issues upside guidance for FY13, sees FFO of $1.44-1.52 vs. $1.42 Capital IQ Consensus Estimate.

3:32AM Triumph Group beats by $0.09, beats on revs; guides FY14 EPS below consensus, revs below consensus (TGI) 79.67 : Reports Q4 (Mar) earnings of $1.68 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.59; revenues rose 4.2% year/year to $986.3 mln vs the $942.92 mln consensus.

Segments Aerostructures
The Aerostructures segment reported net sales for the fourth quarter of fiscal year 2013 of $720.7 million compared to $714.2 million for the prior fiscal year period, an increase of one percent, all of which was organic.

Aerospace Systems
The Aerospace Systems segment reported net sales for the fourth quarter of fiscal year 2013 of $184.1 million compared to $151.7 million for the prior fiscal year period, an increase of twenty-one percent.

Aftermarket Services
The Aftermarket Services segment reported net sales for the fourth quarter of fiscal year 2013 of $83.9 million, compared to $83.1 million for the prior fiscal year period, an increase of one percent, all of which was organic.

Guidance:
Co issues downside guidance for FY14, sees EPS of $6.30-6.40 vs. $6.85 Capital IQ Consensus Estimate; sees FY14 revs of $3.8-4.0 bln vs. $4.07 bln Capital IQ Consensus Estimate.

From a segment perspective, the company expects the following:

  • Aerostructures- revenue down slightly as a result of reductions in 767 and 747-8. Excluding Jefferson Street move related costs, operating income and operating margin will increase
  • Aerospace Systems- revenue up significantly due to fiscal year 2013 acquisitions with modest increase organically. Operating income up with expected margin impact from fiscal year 2013 acquisitions
  • Aftermarket Services- revenues essentially flat- organic growth offsetting the impact of the sale of the Instrument Companies with growth in operating income and margins

1:33AM Hess Comments on Glass Lewis Report (HES) 70.71 : Co commented on the report issued by Glass Lewis & Co. Co states: "Glass Lewis's flawed recommendations do not reflect the overwhelmingly positive support Hess' transformation plan has received from its shareholders and independent Wall Street analysts. Glass Lewis also undermines the integrity of its own analysis by raising serious concerns about the highly problematic compensation scheme put in place for Elliott Management's director candidates, questioning the independence of the same dissident nominees it supports. Hess disagrees with Glass Lewis' recommendation and believes that shareholders who follow its recommendation at a time when Hess is executing on a market-endorsed transformation plan will put the value of their investment at risk. Hess continues to urge shareholders to vote on the WHITE proxy card FOR all of its new, highly qualified, independent director nominees at the Company's 2013 Annual Shareholders Meeting, which will be held on May 16, 2013."

1:31AM Hess endorses full slate of elliott nominees at Hess (HES) 70.71 : Elliott Management announces that Glass Lewis, a leading independent proxy voting advisory firm, has recommended that Hess shareholders vote on the GREEN proxy card to support all of Elliott's independent nominees: Rodney Chase, Harvey Golub, Karl Kurz, David McManus and Mark Smith. Glass Lewis recommended that Hess shareholders "DO NOT VOTE" on the Company's white proxy card.

1:30AM Idera Pharma prices public offering of common $5 mln stock and warrants (IDRA) 0.70 : Co announces pricing of (i) for a combined public offering price of $0.50 per share of common stock and related warrant, 17,500,000 shares of common stock and related warrants to purchase up to 17,500,000 shares of common stock at an exercise price of $0.47 per share, and (ii) for a combined public offering price of $0.49 per pre-funded warrant and related warrant, pre-funded warrants to purchase up to 15,816,327 shares of common stock at an exercise price of $0.01 per share and related warrants to purchase up to 15,816,327 shares of common stock at an exercise price of $0.47 per share.

1:28AM ADTRAN authorizes the repurchase of an additional 5 mln shares of the common stock to commence upon completion of the repurchase plan announced Oct. 11, 2011. (ADTN) 20.43 :  

1:25AM Chevron issues statement on Canadian Jurisdictional decision in Ecuador Enforcement Proceeding (CVX) 8.90 :

The Ontario Superior Court of Justice has stayed an action initiated by a group of Ecuadorian plaintiffs seeking to have a judgment of an Ecuadorian court against Chevron recognized and enforced in Ontario. In doing so, the court stated: "the plaintiffs have no hope of success in their assertion that the corporate veil of Chevron Canada should be pierced and ignored so that its assets become exigible to satisfy a judgment against its ultimate parent. There is no basis in law or fact for such a claim.... Ontario courts should be reluctant to dedicate their resources to disputes where, in dollar and cents terms, there is nothing to fight over. In my view, the parties should take their fight elsewhere to some jurisdiction where any ultimate recognition of the Ecuadorean judgment will have a practical effect."

In response, Chevron issued the following statement: "We are pleased with today's decision from Justice Brown. The Ontario Superior Court ruled that it ought not to entertain the plaintiffs' claims on the evidence before the court. This is a significant setback to the Ecuadorian plaintiffs' worldwide enforcement strategy given that it is premised on seeking to enforce the judgment against assets of Chevron Corporation subsidiaries that were not even parties to the Ecuadorian litigation."