ULTA Beats Top & Bottom Line Expectations
Ulta Salon (ULTA 23.74 -0.16) reported first quarter earnings per share of $0.23, $0.04 better than the consensus of $0.19.
The company reported that revenues rose 19.1% year-over-year to $320.2 million above the $315.2 million consensus.
The company issued upside guidance for the second quarter.
The company expects earnings per share of $0.16-0.18, which includes $0.03 per share of incremental compensation expense related to the recently announced addition of the company's President and COO, above the $0.15 consensus.
The company expects second quarter revenues of $311-317 million above the $308.06 million consensus.
The company also announced secondary common stock offering by selling stockholders of 9,758,721 shares of its common stock.
SAI Beats on EPS Misses on Revenue
SAIC (SAI 17.75 +0.14) reported first quarter earnings of $0.32 per share, $0.01 better than the consensus of $0.31.
The company reported that revenues rose 1.4% year-over-year to $2.69 billion below the $2.75 billion consensus.
The company reaffirmed guidance for fiscal year 2011, it expects earnings per share of $1.35-1.43 in-line with the $1.36 consensus.
MATK Guides Mixed Q3
Martek Biosci (MATK 20.64 +1.38) reported second quarter earnings of $0.37 per share, $0.04 better than the consensus of $0.33 per share.
The company reported that revenues rose 40.6% year-over-year to $124 million above the $114.9 million consensus.
The company issued mixed guidance for the third quarter, it expects earnings per share of $0.33-0.36 below the $0.39 per share consensus. It expects third quarter revenues of $113-118 million above the $112.58 million consensus.
The company issued in-line revenue guidance for fiscal year 2010, expecting fiscal year 2010 revenues of $440-445 million in-line with the $439.09 million consensus.
ZQK Beats Top & Bottom Line Expectations
Quiksilver (ZQK 4.90 +0.27) reported second quarter earnings of $0.11 per share, excluding non-recurring items, $0.08 better than the consensus of $0.03.
The company reported revenues fell 5.3% year-over-year to $468 million above the $455.5 million consensus.
Gross margin improved 600 basis points to 53.2% compared to 47.2% in the second quarter of fiscal 2009 led by a 970 basis point improvement in the Americas.
Employment Report a Major Disappointment
The latest payrolls data confirmed the stagnate labor market that was implied from yesterday's weak ADP report and the lackluster jobless figures over the past four weeks.
Nonfarm payrolls increased by 431,000 in May, a disappointment from the 500,000 increase expected by the Briefing.com consensus.
The details of the payroll numbers were even worse.
The consensus estimate expected government hires would increase by roughly 275,000: temporary Census hiring would push up employment by approximately 300,000 while other government employment would decline by 25,000. This leaves the more stable private payroll growth at 225,000 for the month. However, government hires exceeded expectations by 115,000. The private sector produced only 41,000 jobs in May, 184,000 less than the consensus estimate.
Further, out of the 41,000 new hires, 31,000 new jobs were deemed temporary. If consumer demand suddenly decelerates, these hires will lose their jobs quickly.
The only good take away from the payrolls data was that manufacturing payrolls increased by 29,000, its fifth consecutive monthly increase. The data confirm that the expansion in the manufacturing sector has not been impeded.
The unemployment rate ticked back down to 9.7% in May after temporarily increasing to 9.9%, and it beat the median estimate of 9.8%. However, like the payrolls data, the details of the move were a major disappointment.
Economists were expecting that the move down in unemployment would be due to healthy gains in private payrolls. Unfortunately, the number of people employed actually declined by 35,000 in May.
The reason for the drop in the unemployment rate was due to workers again leaving the labor market in droves. The labor forced declined by 322,000 for the month, its first monthly decline since December 2009. If the labor force remained at April's level, the unemployment rate would have remained at 9.9%.
On a positive note, personal incomes looked stronger in May. Average hourly earnings increased 0.3%, well above the consensus estimate of 0.1% growth. Weekly hours increased from 34.1 to 34.2. In all, average weekly earnings climbed an impressive 0.6%.
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