11:09 ET FDO Guides Q4 EPS Below Consensus
Family Dollar (FDO 36.55 -2.89) reported third quarter earnings this morning of $0.77 per share, $0.01 better than the Thomson Reuters consensus of $0.76.
On the top line, revenues rose 8.4% year-over-year to $2 billion versus the $2 billion consensus.
The gross profit margin, as a percentage of sales, was 36.6% in the third quarter of 2010 compared to 36.2% in the third quarter of 2009. June comparable store sales increased ~5.5%. The improvement in gross profit, as a percentage of sales, was a result of reductions in markdown expenses and inventory shrinkage.
For the company's fourth quarter, it expects to see earnings in the range of $0.46 to $0.51 per share, below the $0.53 Thomson Reuters consensus. The company is estimating that fourth quarter comparable store sales will increase 5.0% to 7.0%. For the full fiscal year 2010, the company expects earnings of $2.53 to $2.58 per share, below the $2.59 Thomson Reuters consensus.
SIRI Ends Q2 With Record Number of Subs
Sirius XM Radio (SIRI 1.00 +0.06) adds 583,249 net subscribers in the second quarter versus 186,000 in the second quarter of 2009.
Also, the company raised subscriber guidance, saying it sees net adds of approx. 1.1 million.
The company ended the second quarter with a record-high 19,527,448 subscribers, an increase of more than 1.1 million subscribers from June 30, 2009. Gross adds +46%, deactivations -8%; self-pay churn improved to 1.8% from 2.0% last year.
STT Sees Q2 Oper Earnings Above Consensus
State Street (STT 36.25 +2.91) guided second quarter operating EPS of $0.93, excluding non-recurring items, vs. $0.72 Thomson Reuters consensus. Operating revs are expected to be $2.2 billion versus $2.21 billion Thomson Reuters consensus.
The company announced that it recorded a second quarter 2010 after-tax charge of $251 million ($0.50 per share), including a related cash contribution to certain common and collective trust funds managed by State Street Global Advisors that engage in securities lending.
The company also announced a plan to increase client access to liquidity. By the end of 2010, STT intends to separate agency lending collateral pools, with total net assets of $51.6 billion and a weighted average NAV of $0.989 as of June 30, 2010, into two different pools. One pool will have complete liquidity, and the other pool, holding primarily longer-dated securities, will be subject to continued restrictions on redemptions.
SHPGY Announces FDA Approves Daytrana
Shire Plc (SHPGY 62.89 -0.42) announced the FDA approval of Daytrana (methylphenidate transdermal system) for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in adolescents aged 13 to 17 years.
Daytrana, the first and only transdermal ADHD patch, is already an FDA-approved ADHD treatment for children 6 to 12 years.
FCN Guides Earnings Well Below Consensus
FTI Consulting (FCN 34.70 -8.57) issued earnings guidance after the close yesterday, which is well below Wall Street estimates.The company guided second quarter earnings at $0.50 to $0.55 per share, well below the $0.75 Thomson Reuters consensus. On the top line, the company said it expects to see revenues in the range of $350 million to $360 million, below the $364.90 million Thomson Reuters consensus.
For its fiscal year 2010, FCN is expecting earnings, before special charges, of $2.50 to $2.80 per share, worse than the $3.09 Thomson Reuters consensus. Revenues are expected to be $1.4billion to $1.45 billion versus the $1.46 billion Thomson Reuters consensus.
The company said, "Currently, we are experiencing encouraging results in our 'pro cyclical' practices. However, with preliminary June results, it became apparent that, based on current economic conditions, progress in these segments would not be at the pace originally anticipated, and that the markets for bankruptcy, restructuring and M&A are significantly slower than we anticipated. Revenues in Corporate Finance/ Restructuring, our largest segment, decreased by approximately 18% compared to the record results last year. Technology revenues declined approximately 14% in the quarter from record levels a year ago as price pressure continued in the hosting and processing parts of the business and M&A 'second request' business lagged."
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