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The week ahead still offers enough earnings announcements to keep the market on it's heels. Below is a day-by-day preview:
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| | | {loadposition contentad} | | | | | August 17 For the quarter that witnessed electronics testing equipment maker Agilent Technologies Inc. (A) acquiring Varian Inc. (VARI) for $52 per share in cash or $1.5 billion, analysts are projecting earnings of $0.11 per share on revenues of $1.02 billion. In the year-ago period, the company posted non-GAAP earnings of $0.53 per share and revenues of $1.44 billion. The third-quarter results are due to be released on Monday.
While reporting second-quarter numbers, the company said it would expect fiscal year 2009 revenue to be down roughly 25% from the fiscal year 2008 level, implying fiscal year 2009 revenue of about $4.33 billion. Analysts currently expect the company to post revenue of $4.36 billion for the fiscal year 2009. Agilent CEO Sullivan noted that there are some indications that bio-analytical markets could begin to benefit from the global stimulus packages by year-end.
Trina Solar Ltd. (TSL), a manufacturer of solar photovoltaic products, is slated to release its second-quarter results after the market closes Monday, as analysts are expecting earnings of $0.32 per share. In the prior-year quarter, the company reported earnings per ADS of $0.68 per share and net revenues of $204.2 million. Most recently, Trina Solar said it projects second-quarter total net revenues to range between $148 million and $152 million. Ten Wall Street analysts expect revenues of $149.49 million. Total shipments for the quarter is estimated to be about 63 MW - 65 MW of PV modules, versus prior guidance of 60 MW - 65 MW.
ULURU Inc. (ULU), CDC Corp. (CHINA), Emcore (EMKR) are among others to roll out quarterly results Monday.
August 18 Analog Devices Inc. (ADI) will check in from the semiconductor industry to release third-quarter results after the market closes on Tuesday, with analysts expecting earnings of $0.20 per share on revenues of $479.03 million. In the year-earlier period, the company posted earnings from continuing operations of $0.44 per share and revenues of $659 million. While issuing first-quarter results, the chipmaker said it anticipates third-quarter earnings from continuing operations to range between $0.17 and $0.19 per share, and revenue to be approximately flat on a sequential basis.
Health care products and services company Cardinal Health Inc. (CAH) will issue forth its final quarter report card before the market opens, as analysts are forecasting earnings of $0.85 per share on revenues of $24.30 billion. In the previous year's fourth quarter, the company reported non-GAAP earnings from continuing operations of $0.97 per share and revenue of $23 billion. On April 30, the company said it continues to expect fiscal 2009 non-GAAP earnings outlook within, but at the low end of, its guidance range of $3.50 - $3.60 per share. The Street expects the company to report earnings of $3.50 per share for the year.
Computer and printer maker Hewlett-Packard Co. (HPQ) is set to publicize third-quarter upshot after the market closes Tuesday, with analysts expecting earnings of $0.90 per share on revenues of $27.25 billion. In the year-ago quarter, the company posted non-GAAP earnings of $0.86 per share and net revenue of $28.0 billion. In mid-May, HP said it expects third-quarter GAAP earnings to range between $0.64 and $0.68 per share and non-GAAP earnings in the range of $0.88 - $0.90 per share. Third-quarter revenue is projected to be about flat to down 2% sequentially, implying revenues of $26.80 billion - $27.35 billion.
Further, Hewlett-Packard reiterated its fiscal 2009 non-earnings guidance of $3.76 - $3.88 per share, but cut is GAAP earnings outlook for the year to $3.02 - $3.16 per share from its prior range of $3.19 - $3.31 per share. Wall Street analysts have a consensus earnings estimate of $3.75 per share on revenues of $113.15 billion for the full year. Home improvement retailer Home Depot Inc. (HD), which is also tottering under the financial whirlwind, will furnish second-quarter results Tuesday, as analysts are projecting earnings of $0.59 per share on revenues of $19.23 billion for the quarter. In the year-earlier period, the company reported earnings from continuing operations of $0.71 per share on sales of $21.0 billion. In mid-June, the company jacked up fiscal 2009 earnings forecast and reaffirmed its sales guidance, currently expecting 2009 earnings per share from continuing operations to be flat to down 7% from the previous year. On an adjusted basis, earnings per share from continuing operations are now estimated to decline by 20% - 26%.
Earlier, the company had expected 2009 earnings per share from continuing operations to be down 7% from 2008, and down 26% on an adjusted basis. Home Depot continues to expect fiscal 2009 sales to decline by about 9%, comparable store sales to be high single digit negative and for gross margin expansion to be flat to slightly positive. Fashion retail chain Saks Inc. (SKS) will annunciate second-quarter results before the market opens Tuesday, with analysts expecting the company to incur a loss of $0.52 per share. In the prior-year quarter, the company incurred a loss of $0.23 per share, on net sales of $669.2 million. For the second quarter ended August 1, 2009, Saks' owned sales decreased 14.6% to $555.9 million from $650.9 million in the same quarter of last year. Wall Street analysts have a consensus revenue estimate of $562.98 million. Comparable store sales decreased 15.5% for the quarter.
General merchandise and food discount retailer Target Corp. (TGT) will fork out second-quarter figures before the market opens. For the quarter-to-date period, Target's total net retail sales declined 2.7% to $14.57 billion. Comparable-store sales decreased 6.2%, in comparison with to the previous year's decline of 0.4%. For the second quarter ended August 2, 2008, the company earned $0.82 per share on sales of $14.9 billion.
While releasing the June monthly sales results, Target had noted that it expects second-quarter earnings to meet or exceed the then median FirstCall estimate of $0.64 per share. On average, 18 analysts polled by Thomson Reuters currently expect the company to post earnings of $0.66 per share, with estimates ranging between $0.63 and $0.70 per share. Analysts' estimates typically exclude special items.
Off-price retailer TJX Companies Inc. (TJX) will dole out second-quarter numbers before the market opens Tuesday, with analysts projecting earnings of $0.60 per share on revenues of $4.73 billion for the quarter. In the year-ago quarter, the company posted adjusted earnings of $0.47 per share on net sales of $4.6 billion. For the second quarter, boosted by consistently strong performance and better-than-expected sales and margins every month, TJX now anticipates earnings from continuing operations to be near the higher end of the prior forecast range of $0.56 - $0.59 per share.
August 19 Warehouse clubs owner BJ's Wholesale Club Inc. (BJ) is scheduled to issue second-quarter scorecard at 7:00 am ET Wednesday, as analysts are looking for earnings of $0.62 per share. For the second quarter ended August 1, 2009, total sales were down by 5.2% to $2.5 billion, while Wall Street analysts had a consensus revenue estimate of $2.56 billion for the quarter. Comparable club sales dropped by 7.7%, including a negative impact from sales of gasoline of 10.6%. Excluding the impact of gasoline, merchandise comparable club sales grew by 2.9%.
While releasing first-quarter results, BJ's Wholesale said it raised earnings guidance for the year ending January 30, 2010, to $2.44 - $2.54 per share from prior range of $2.42 - $2.52 per share.
For the world's largest agricultural equipment maker Deere & Co. (DE), analysts are looking for earnings of $0.57 per share on revenues of $5.25 billion for the third quarter. In the prior-year period, the company earned $1.32 per share, on net sales and revenues of $7.74 billion. The results are due to be released before the market opens Wednesday. In mid-May, the company said the outlook for the remainder of the year remains highly uncertain and the impact on the sales and earnings is difficult to assess. For the third quarter, the company expects equipment sales to be about 26%, including a negative currency-translation impact of about 6%.
Deere currently projects fiscal 2009 net income to be about $1.1 billion, with equipment sales declining about 19%, including a negative currency-translation impact of about 5%. Previously, the company had expected 2009 net income to be about $1.5 billion, and equipment sales to decline about 8%.
Apparel and personal care products retailer Limited Brands Inc. (LTD) will handout second-quarter numbers after the market closes Wednesday, as analysts are expecting earnings of $0.16 per share. In the prior-year period, the company reported non-GAAP earnings of $0.27 per share. For the second quarter, the company's comparable store sales declined 9%. Net sales dropped to $2.067 billion from $2.284 billion last year, while Wall Street analysts had a consensus revenue estimate of $2.06 billion for the quarter. While issuing first-quarter results, the company said it expects second-quarter earnings to range between $0.11 and $0.16 per share. Also, the company raised its full-year 2009 earnings guidance to a range of $0.67 - $0.87 per share from its previous guidance of $0.60 - $0.85 per share. Photovoltaic products maker Yingli Green Energy Holding Co. Ltd. (YGE) is expected to report second-quarter earnings of $0.04 per share on revenues of $213.53 million, according to the Street estimates. The second-quarter results are slated to announce before the market opens Wednesday.
Wednesday's earnings schedule includes Eaton Vance Corp. (EV), Hot Topic (HOTT), Harman International Industries (HAR), JDSU (JDSU), NetApp Inc. (NTAP), Phillips-Van Heusen (PVH), Synopsys (SNPS).
August 20 Teen apparel retailer Aeropostale Inc. (ARO) currently projects second-quarter earnings to range between $0.54 and $0.55 per share, versus the prior range of $0.45 - $0.47 per share. In the second quarter last year, the company reported net earnings of $0.31 per share on total net sales of $377.1 million. For the second quarter, the results of which are slated to be released after the market closes Thursday, analysts are projecting earnings of $0.56 per share on revenues of $451.27 million.
In mid-May, Gamestop Corp. (GME) said it projects second-quarter earnings to range between $0.28 and $0.33 per share. Comparable store sales are expected to decline 8% - 11%. The company will relay second-quarter results before the market opens on August 20, with analysts estimating earnings of $0.31 per share on revenues of $1.81 billion. For the second-quarter ended August 2, 2008, the company posted earnings of $0.34 per share on sales of $1.80 billion.
For fiscal 2009, Gamestop continues to anticipate earnings in the range of $2.83 - $2.93 per share, representing an 18% - 22% increase from last year. The Street is looking for full-year 2009 earnings of $2.81 per share. Comparable store sales for the year are now expected to be between flat and an increase of 2%. Gamestop earlier projected comparable store sales to increase 4% - 6%. Comparable store sales for fiscal 2008 increased 12.3%.
Specialty retailer Gap Inc. (GPS) will post second-quarter results at 4:00 pm ET Thursday, with analysts projecting earnings of $0.32 per share on revenues of $3.24 billion. The company expects second-quarter GAAP earnings to range between $0.30 and $0.32 per share. In the year-ago period, the company posted non-GAAP earnings of $0.21 per share on net sales of $3.50 billion.
Financial software developer Intuit Inc. (INTU) is scheduled to release fourth-quarter results after the market closes Thursday. Wall Street analysts expect the company to incur a loss of $0.12 per share on revenues of $468.79 million for the quarter. In the year-ago period, the company posted non-GAAP loss of $1.60 per share, on revenues of $478 million.
Intuit, on May 20, said it currently expects GAAP earnings of $1.31 - $1.35 per share and non-GAAP earnings of $1.78 - $1.82 per share, with revenue between $3.16 billion and $3.19 billion for the fiscal year 2009. Previously, Intuit expected revenue of $3.13 billion - $3.25 billion, GAAP earnings of $1.32 - $1.43 per share and non-GAAP earnings of $1.78 - $1.89 per share for the fiscal year.
Casual apparel retailer Buckle Inc. (BKE) will announce dollars-and-cents details for the second quarter on August 20, with analysts expecting earnings of $0.52 per share. In the year-ago period, the company posted earnings of $0.72 per share on net sales of $169.8 million. Comparable store net sales for the second quarter advanced 8.6% from the previous year. Net sales for the quarter were up 13.6% to $192.9 million from $169.8 million last year. Wall Street analysts have a consensus revenue estimate of $193.15 million for the quarter.
Specialty retailer Children's Place Retail Stores Inc. (PLCE) will dispense second-quarter results Thursday, with analysts forecasting a loss of $0.44 per share. In the year-earlier period, the company reported adjusted loss from continuing operations of $0.03 per share on net sales of $338.0 million. For the second quarter, net sales declined 7% to $315.6 million, and fell behind Wall Street analysts' consensus revenue estimate of $316.38 million. Comparable retail sales, which include online sales, declined 9% in the second quarter of 2009, following a 10% increase for the same period last year. During the second quarter of 2009, comparable store sales declined 11% in the U.S. and declined 8% in Canada, while online sales increased 24%.
Bookseller Barnes and Noble Inc. (BKS) will read out second-quarter numbers before the market opens Thursday, with analysts expecting earnings of $0.09 per share on revenues of $1.16 billion. The New York-based Fortune 500 company expects to post earnings in the range of $0.05 - $0.15 per share, with comparable store sales at Barnes & Noble stores estimated to decline 5% - 7%. In the prior year period, the company reported non-GAAP earnings of $0.15 per share on sales of $1.2 billion.
For fiscal 2009, Barnes and Noble hiked its earnings forecast to a range of $1.10 - $1.40 per share, from the previous guidance of $0.95 - $1.25 per share. Comparable store sales at Barnes & Noble stores are now expected to drop between 3% and 5%, a better 4% - 6% decline previously estimated.
Apparel and home accessories retailer Ross Stores Inc. (ROST) is expected to publicize second-quarter results on August 20, with Wall Street analysts having a consensus earnings estimate of $0.82 per share on revenues of $1.75 billion. In the prior-year period, the company earned $0.54 per share on sales of $1.640 billion. Ross Stores currently expects second-quarter earnings to range between $0.81 and $0.82 per share, compared with prior outlook of $0.73 - $0.75 per share. On May 21, the company said it currently expects fiscal 2009 earnings in a range of $2.62 - $2.72 per share, up from the previous forecast of $2.25 - $2.45 per share. Analysts' currently anticipates earnings of $2.94 per share for the year.
Thursday features quarterly earnings figures from Rio Tinto plc (RTP), H.J. Heinz Co. (HNZ), Brocade Communications Systems Inc. (BRCD), Suntech Power Holdings Co. Ltd. (STP), Sears Holdings Corp. (SHLD), Foot Locker Inc. (FL), Wet Seal Inc. (WTSLA) among others.
August 21 Women's specialty retailer Ann Taylor Stores Corp. (ANN) will denote second-quarter results at 8:00am ET Friday, with analysts projecting earnings of $0.02 per share on revenues of $472.21 million. Ann Taylor expects sales to continue to remain under significant pressure, primarily at its namesake stores, and expects only modest improvement.
Branded food products maker J. M. Smucker Co. (SJM) is set to trump out first-quarter figures before the market opens Friday, as analysts are looking for earnings of $0.80 per share on revenues of $1.05 billion. In the prior-year quarter, the company earned $0.71 per share on net sales of $561.5 million. While releasing final quarter results, J.M. Smucker updated fiscal 2010 outlook provided at the announcement of Folgers transaction, currently expecting income per share, excluding merger and integration costs of $0.17 - $0.19, to range between $3.65 and $3.80, higher than the previous forecast of $3.62 - $3.72 per share. Fiscal 2010 net sales are expected to increase to about $4.5 billion, up 20% over fiscal 2009.
Stay tuned to RTTNews to get the latest updates on winners and losers of the earnings season as it winds down.
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