>>> Boeing beats by $0.20, beats on revs; raises FY14 EPS guidance, in-line, as

Boeing beats by $0.20, beats on revs; raises FY14 EPS guidance, in-line, as a result of a tax settlement; backlog at quarter-end was $440 bln

Reports Q1 (Mar) earnings of $1.76 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus Estimate of $1.56; revenues rose 8.3% year/year to $20.46 bln vs the $20.21 bln consensus.
  • Co raises EPS guidancefor FY14 to reflect a tax settlement , sees EPS of $7.15-7.35, excluding non-recurring items, vs. $7.29 Capital IQ Consensus Estimate, up from $7.00-7.20
  • Total co backlog at quarter-end was a $440 billion, down slightly from the beginning of the year, and included net orders for the quarter of $19 billion
  • "Our outlook for the full year remains positive on the strength of demand for our fuel-efficient new commercial airplanes, our solid position in global defense, space and security markets, and our enterprise focus on meeting customer commitments, improving productivity and profitably delivering the growth in our sizable backlog," McNerney said

>>> Manpower beats by $0.18, beats on revs; guides Q2 EPS above consensus

Manpower beats by $0.18, beats on revs; guides Q2 EPS above consensus

Reports Q1 (Mar) earnings of $0.86 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 2.9% year/year to $4.9 bln vs the $4.83 bln consensus.
  • Co issues upside guidance for Q2, sees EPS of $1.26-1.34, excluding non-recurring items, vs. $1.21 Capital IQ Consensus Estimate.
  • "Despite the slow start in January, we are experiencing more positive revenue trends as we enter the second quarter in almost all of the major geographies. Growth in our Europe business improved to over 4 percent in constant currency in the quarter, and exceeded 3 percent on an average daily basis".
--> +ve for adecco

>>> Delta Air Lines beats by $0.04, reports revs in-line

Delta Air Lines beats by $0.04, reports revs in-line

Reports Q1 (Mar) earnings of $0.33 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 4.9% year/year to $8.92 bln vs the $8.93 bln consensus.
  • Delta's operating revenue improved 5 percent, or $416 million, in the March 2014 quarter compared to the March 2013 quarter, despite $90 million of lost revenue due to weather-related cancellations.
  • Traffic increased 3.5 percent on a 1.7 percent increase in capacity.
  • Passenger revenue increased 5 percent, or $357 million, compared to the prior year period. Passenger unit revenue (PRASM) increased 3.2 percent year over year with a 1.3 percent improvement in yield.
  • "Our work is not finished, and there is great opportunity ahead as we expect the June quarter to produce 14% - 16% operating margins. We are transforming Delta into a high-quality S&P 500 company that consistently delivers strong earnings growth and shareholder returns."
  • Co slso guides for Q2 adj. unit costs +0-2%; capacity +2-3%.

>>> Owens Corning misses by $0.05, misses on revs --> -ve for SGO

Owens Corning misses by $0.05, misses on revs

Reports Q1 (Mar) earnings of $0.29 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.34; revenues fell 5.3% year/year to $1.28 bln vs the $1.34 bln consensus.

Highlights:
  • Adjusted EBIT Flat with Prior Year; Insulation and Composites Performance Continued to Strengthen, Offset by Weaker-than-Expected Roofing Volumes
  • Insulation delivered profitable quarter; marking the 11th consecutive quarter of EBIT improvement
  • Composites improved EBIT by $18 million on better pricing and operating performance
  • Roofing volumes weaker than expected; anticipate improvement as year progresses
Outlook
For the full year 2014, the co continues to expect to deliver $500 mln in adjusted EBIT based on the current outlook for an improving U.S. housing market and moderate global growth.

The Roofing business is expected to deliver another strong year in 2014 on market growth in new construction and flat to potentially improving re-roofing demand. The first-quarter volume weakness adds some additional risk to the company's financial outlook.

Insulation should continue to benefit from growth in U.S. residential new constructi

>>> Johnson Controls misses on the top line; guides Q3 EPS below consensus; guid

Johnson Controls misses on the top line; guides Q3 EPS below consensus; guides FY14 EPS below consensus (from cont ops)

Reports Q2 (Mar) earnings of $0.66 per share, excluding non-recurring items and including discontinued operations, $0.01 better than the Capital IQ Consensus Estimate of $0.65; revenues rose 3.6% year/year to $10.46 bln vs the $10.68 bln consensus. Co also reported earnings from cont ops of $0.64.

Co issues downside guidance for Q3, sees EPS of $0.81-0.84 vs. $0.86 Capital IQ Consensus Estimate.

Co issues downside guidance for FY14, sees EPS of $3.10-3.15 versus prior guidance of $3.15-3.30 vs. $3.23 Capital IQ Consensus Estimate. The Company is providing updated guidance now that Electronics is reported as a discontinued operation. Previously, the Company provided full year earnings guidance including Electronics of $3.15 - $3.30 per diluted share. Excluding Electronics earnings of ~$0.10 - $0.12 per share, the adjusted range for continuing operations would be $3.05 to $3.18 per share. The Company's updated guidance for earnings from continuing operations is now $3.10 to $3.15 per share.

Automotive Experience segment income (excluding discontinued operations) of $241 million was up 226% compared to $74 million in the second quarter of 2013.

The 2013 results exclude an $82 million non-recurring equity income gain. The increase was primarily led by improvements in the company's Seating business, with segment income of $236 million in the current quarter, compared with $94 million last year.

The Company also reaffirmed its full fiscal year guidance for free cash flow of $1.6 billion and segment margin improvements in all three of its businesses. The updated guidance assumes that underlying earnings from the recently announced Air Distribution Technologies acquisition are neutral in 2014.

>>> Procter & Gamble beats by $0.03, reports revs in-line; r

Procter & Gamble beats by $0.03, reports revs in-line; reaffirms guidance (81.25)

Reports Q3 (Mar) earnings of $1.04 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.01; revenues fell 0.2% year/year to $20.56 bln vs the $20.69 bln consensus. The Company continues to expect organic sales growth of three percent to four percent. All-in sales growth is expected to be ~one percent, including a negative foreign exchange impact of two to three percent. Co reaffirms guidance for FY14, sees EPS of +3-5% to ~$4.17-4.25, excluding non-recurring items, vs. $4.21 Capital IQ Consensus Estimate; sees FY14 revs of +1% to ~$85.01 bln vs. $85.02 bln Capital IQ Consensus Estimate.  Core earnings per share are expected to grow three percent to five percent for the fiscal year, and reported earnings per share are expected to grow in the range of one percent to four percent. Organic sales grew three percent. Organic sales were at or above year ago levels in each reporting segment. Volume grew three percent. Pricing increased sales by one percent with higher pricing in each reporting segment, and unfavorable geographic and product mix decreased sales by one percent. Co lowered FY14 guidance on Feb 11.

>>> Plug Power discloses that prelim results indicate revs will be approximately

Plug Power discloses that prelim results indicate revs will be approximately at or moderately higher than mid-point of previously announced range

  • On March 13, 2014, the Company announced that the Company expects total revenues for the three month period ended March 31, 2014 to be between $5.0 -6.0 million (vs $5.35 two analyst estimate). The Company also announced on that date that the Company expects its EBITDAS for the three month period ended March 31, 2014 to be a loss of between $5.0 -6.0 million.
  • Based on preliminary internal financial reports, the Company currently expect that its total revenues for the three month period ended March 31, 2014 will be approximately at or moderately higher than the mid-point of the previously announced range, and that the Company's EBITDAS for the same period will be moderately lower than the mid-point of the previously announced range.

>>> Air Products misses by $0.03, beats on revs; guides Q3 EPS below consensus;

Air Products misses by $0.03, beats on revs; guides Q3 EPS below consensus; guides FY14 EPS in-line

Reports Q2 (Mar) earnings of $1.32 per share, $0.03 worse than the Capital IQ Consensus Estimate of $1.35; revenues rose 3.9% year/year to $2.58 bln vs the $2.54 bln consensus.
  • Co issues downside guidance for Q3, sees EPS of $1.42-1.47 vs. $1.50 Capital IQ Consensus Estimate.
  • Co issues in-line guidance for FY14, lowers top end of EPS to $5.70-5.85 from prior guidance of $5.70-5.90 vs. $5.78 Capital IQ Consensus Estimate.
  • Merchant Gases sales of $1,040 million increased four percent versus prior year, primarily on higher volumes in U.S./Canada, Asia and Latin America, partially offset by lower helium volumes due to continued global supply constraints. Operating income of $143 million was down 15 percent versus prior year and operating margin of 13.8% was down 300 basis points, primarily due to higher costs, including weather-related impacts in U.S./Canada.
  • Outlook Details: Capital expenditure forecast for the current fiscal year is unchanged at approximately $2.0 billion...Air Products' momentum will continue to increase as we load assets, win new business and bring projects on-stream. Going forward, we remain focused on continuing to increase productivity and generate benefits from further price and cost actions. We are confident in our ability to deliver strong earnings growth in the second half of this year."