11:25 ET
SVU Guides FY12 Revs Above Consensus
Supervalu (SVU $10.55- 0.07) issues upside guidance for its fiscal year 2012.
The company reported that it is expecting to fall in the range of approx. $37.0 billion to $37.5 billion versus the $36.81 billion Thomson Reuters consensus.
The company reported that it is expecting to fall in the range of approx. $37.0 billion to $37.5 billion versus the $36.81 billion Thomson Reuters consensus.
HAL Tops Q1 Expectations
Halliburton (HAL $46.23 -0.59) reports first quarter earnings of $0.61 per share, excluding a $0.05 charge from Libya, $0.03 better than the Thomson Reuters consensus of $0.58.
Revenues rose 40.4% year-over-year to $5.28 billion versus the $4.89 bln consensus.
The company said, "North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality. In North America, rig activity increased 2% from the prior quarter, while revenue and operating income grew 13% and 16%, respectively. This is a result of our continued strategic investment in oil and liquids-rich growth areas where service intensity continues to grow... We expect our Eastern Hemisphere margins to improve in the second quarter but they will continue to be impacted by the situation in Libya and by competitive pricing. As activity accelerates during the second half of the year, we anticipate margins will return to the levels seen in 2010. In North Africa, we expect that Libya will continue to be challenged while Egypt appears to be returning to prior activity levels. In Iraq, our delayed integrated drilling projects are now scheduled to begin in the second or third quarter of this year. We remain very optimistic about this market and expect to be profitable in 2011."
Revenues rose 40.4% year-over-year to $5.28 billion versus the $4.89 bln consensus.
The company said, "North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality. In North America, rig activity increased 2% from the prior quarter, while revenue and operating income grew 13% and 16%, respectively. This is a result of our continued strategic investment in oil and liquids-rich growth areas where service intensity continues to grow... We expect our Eastern Hemisphere margins to improve in the second quarter but they will continue to be impacted by the situation in Libya and by competitive pricing. As activity accelerates during the second half of the year, we anticipate margins will return to the levels seen in 2010. In North Africa, we expect that Libya will continue to be challenged while Egypt appears to be returning to prior activity levels. In Iraq, our delayed integrated drilling projects are now scheduled to begin in the second or third quarter of this year. We remain very optimistic about this market and expect to be profitable in 2011."
GWW Raises FY11 EPS Guidance
WW Grainger (GWW $146.55 +3.69) reported first quarter earnings of $2.18 per share, may not be comparable to the Thomson Reuters consensus of $1.79.
Revenues rose 12.6% year-over-year to $1.88 billion versus the $1.85 bln consensus.
For fiscal year 2011, the company raised its earnings guidance to $8.10 to $8.60 versus the $7.90 Thomson Reuters consensus, up from $7.15 to $7.90 bln seen previously. The company also raised revenue growth to +7-10%, which calculates to $7.68 to $7.90 billion versus the $7.75 bln Thomson Reuters consensus, up from +5-9% growth seen previously, which calculated to $7.54 billion to $7.83 billion.
Revenues rose 12.6% year-over-year to $1.88 billion versus the $1.85 bln consensus.
For fiscal year 2011, the company raised its earnings guidance to $8.10 to $8.60 versus the $7.90 Thomson Reuters consensus, up from $7.15 to $7.90 bln seen previously. The company also raised revenue growth to +7-10%, which calculates to $7.68 to $7.90 billion versus the $7.75 bln Thomson Reuters consensus, up from +5-9% growth seen previously, which calculated to $7.54 billion to $7.83 billion.
LLY Reaffirms FY11 EPS Guidance
Eli Lilly (LLY $35.55 -0.46) reported first quarter earnings of $1.24 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $1.16.
Revenues rose 6.4% year-over-year to $5.84 billion versus the $5.7 billion consensus.
This 6% revenue growth was comprised of an increase of 5% in volume and 1% due to the impact of foreign exchange rates. Pricing changes had a negligible impact on rev growth. Total revenue in the U.S. increased 1% to $3.076 billion primarily due to higher prices, partially offset by lower volume. Total revenue outside the U.S. increased 13% to $2.763 billion due to increased volume and, to a lesser extent, the positive impact of foreign exchange rates, partially offset by lower prices.
For the fiscal year 2011, the company reaffirmed earnings in the range of $4.15 to $4.30, excluding non-recurring items, versus $4.24 Thomson Reuters consensus. Cash flows are still expected to be sufficient to fund capital expenditures of between $800-900 mln, as well as anticipated business development activity and the company's dividend.
Revenues rose 6.4% year-over-year to $5.84 billion versus the $5.7 billion consensus.
This 6% revenue growth was comprised of an increase of 5% in volume and 1% due to the impact of foreign exchange rates. Pricing changes had a negligible impact on rev growth. Total revenue in the U.S. increased 1% to $3.076 billion primarily due to higher prices, partially offset by lower volume. Total revenue outside the U.S. increased 13% to $2.763 billion due to increased volume and, to a lesser extent, the positive impact of foreign exchange rates, partially offset by lower prices.
For the fiscal year 2011, the company reaffirmed earnings in the range of $4.15 to $4.30, excluding non-recurring items, versus $4.24 Thomson Reuters consensus. Cash flows are still expected to be sufficient to fund capital expenditures of between $800-900 mln, as well as anticipated business development activity and the company's dividend.
C Tops Q1 EPS Expectations by $0.01
Citigroup (C $4.47 +0.05) reported first quarter earnings of $0.10 per share, $0.01 better than the Thomson Reuters consensus of $0.09; Citigroup net income was $3.0 billion, compared to $1.3 billion in the fourth quarter and $4.4 billion in the first quarter 2010.
Revenues rose 7.4% year/year to $19.73 billion versus the $20.55 billion consensus. Revenues were down 22% q/q; The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA. Citicorp revs of $16.5 billion were up 16% sequentially, driven by a 70% increase in Securities and Banking. Citi Holdings revs of $3.3 billion declined 17% sequentially, driven primarily by the impact of the asset transfer in Special Asset.
Citicorp generated 62% of its revenues and 72% of its net income from its international operations in the first quarter. Citicorp end of period loans grew 10% year-over-year, with 6% growth in consumer loans and 16% growth in corporate loans.
In the first quarter 2011, Citigroup transferred $12.7 billion of assets in the Special Asset Pool in Citi Holdings from HTM to trading. This transfer permits the sale of those assets, which have disproportionately higher risk-weightings under Basel III. The transfer resulted in a net $709 million pre-tax charge to revenues, from the recognition of $1.7 billion in pre-tax losses ($1.0 after-tax) which were previously reflected in accumulated other comprehensive income (AOCI), partially offset by $946 million of mark-to-market and realized gains on those assets.
Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 billion release of allowance for loan losses and unfunded lending commitments. Citigroup expenses of $12.3 billion were down 1% sequentially. Expenses increased 7% year over year reflecting higher legal and related costs, the impact of foreign exchange2, continued investment spending and increased business volumes, partially offset by productivity saves and a decline in Citi Holdings. Citigroup provisions for credit losses and for benefits and claims improved by $5.4 billion, or 63%, year over year to $3.2 billion. Consumer net credit losses declined 32% from the prior year period. Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.
Revenues rose 7.4% year/year to $19.73 billion versus the $20.55 billion consensus. Revenues were down 22% q/q; The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA. Citicorp revs of $16.5 billion were up 16% sequentially, driven by a 70% increase in Securities and Banking. Citi Holdings revs of $3.3 billion declined 17% sequentially, driven primarily by the impact of the asset transfer in Special Asset.
Citicorp generated 62% of its revenues and 72% of its net income from its international operations in the first quarter. Citicorp end of period loans grew 10% year-over-year, with 6% growth in consumer loans and 16% growth in corporate loans.
In the first quarter 2011, Citigroup transferred $12.7 billion of assets in the Special Asset Pool in Citi Holdings from HTM to trading. This transfer permits the sale of those assets, which have disproportionately higher risk-weightings under Basel III. The transfer resulted in a net $709 million pre-tax charge to revenues, from the recognition of $1.7 billion in pre-tax losses ($1.0 after-tax) which were previously reflected in accumulated other comprehensive income (AOCI), partially offset by $946 million of mark-to-market and realized gains on those assets.
Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 billion release of allowance for loan losses and unfunded lending commitments. Citigroup expenses of $12.3 billion were down 1% sequentially. Expenses increased 7% year over year reflecting higher legal and related costs, the impact of foreign exchange2, continued investment spending and increased business volumes, partially offset by productivity saves and a decline in Citi Holdings. Citigroup provisions for credit losses and for benefits and claims improved by $5.4 billion, or 63%, year over year to $3.2 billion. Consumer net credit losses declined 32% from the prior year period. Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.
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