>>> General Motors misses by $0.22, misses on revs

General Motors misses by $0.22, misses on revs

Reports Q4 (Dec) earnings of $0.67 per share, excluding non-recurring items, $0.22 worse than the Capital IQ Consensus Estimate of $0.89; revenues rose 3.1% year/year to $40.5 bln vs the $40.94 bln consensus.

EBIT-adjusted was $1.9 billion in the fourth quarter of 2013, compared with $1.2 billion in the fourth quarter of 2012. Fourth quarter EBIT-adjusted for 2013 includes the impact of restructuring charges of $(0.2) billion.
  • GM North America (GMNA) reported EBIT-adjusted of $1.9 billion in the fourth quarter of 2013 compared with $1.1 billion in 2012. Full-year EBIT-adjusted was $7.5 billion in 2013 compared to $6.5 billion in 2012, setting a record for earnings in North America. Based on GMNA's 2013 financial performance, the company will pay profit sharing of up to $7,500 to approximately 48,500 eligible GM U.S. hourly employees.
  • GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2013, compared to $(0.8) billion in 2012. Full-year EBIT-adjusted was $(0.8) billion in 2013, compared with $(1.9) billion in 2012.GM International Operations (GMIO) reported EBIT-adjusted of $0.2 billion in the fourth quarter of 2013 compared with $0.7 billion in 2012. Full-year EBIT-adjusted was $1.2 billion in 2013 compared with $2.5 billion in 2012.
  • GM South America (GMSA) reported EBIT-adjusted of $0.0 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBIT-adjusted was $0.3 billion in 2013 compared with EBIT-adjusted of $0.5 billion in 2012.
  • GM Financial reported earnings before taxes (EBT) of $0.2 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBT was $0.9 billion, compared to $0.7 billion in 2012.
  • For the fourth quarter of 2013, automotive cash flow from operating activities was $2.8 billion, compared to $0.5 billion in 2012. In the fourth quarter of 2013, adjusted automotive free cash flow was $1.1 billion, unchanged from 2012.
  • GM ended 2013 with strong total automotive liquidity of $38.3 billion compared with $37.2 billion at year-end in 2012. Automotive cash and marketable securities was $27.9 billion at the end of 2013, compared with $26.1 billion a year earlier.

>>> Cummins beats by $0.34, beats on revs; guides FY14 revs slightly below conse

Cummins beats by $0.34, beats on revs; guides FY14 revs slightly below consensus

Reports Q4 (Dec) earnings of $2.32 per share, $0.34 better than the Capital IQ Consensus Estimate of $1.98; revenues rose 6.9% year/year to $4.59 bln vs the $4.22 bln consensus. Co expects 2014 EBIT to be in the range of 12.75 to 13.25 percent of sales; sees FY14 revs of +4-8% to ~$17.99-18.68 bln vs. $18.75 bln Capital IQ Consensus Estimate. Co and plans to return 50 percent of Operating Cash Flow to shareholders in 2014.

>>> Apollo Investment beats by $0.01, beats on revs

Apollo Investment beats by $0.01, beats on revs

Reports Q3 (Dec) earnings of $0.22 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 13.7% year/year to $94.6 mln vs the $92.31 mln consensus.
  • Net asset value per share at the end of the quarter was $8.57, compared to $8.30 at September 30, 2013, a 3.3% increase.

>>> Noble Energy misses by $0.10, beats on revs; reaffirms FY14 guidance

Noble Energy misses by $0.10, beats on revs; reaffirms FY14 guidance

Reports Q4 (Dec) earnings of $0.50 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.60; revenues rose 13.8% year/year to $1.33 bln vs the $1.31 bln consensus.

The full year volume guidance range for 2014 remains at 302 to 322 MBoe/d. First quarter 2014 volumes are expected to average 280 to 288 MBoe/d. The midpoint of the first quarter range is an 18 percent increase from the same period in 2013, excluding volumes from divested assets. Volumes are expected to ramp up throughout the year from the acceleration of activity in the DJ Basin and the Marcellus Shale.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: GMCR +42.2%, GLUU +19.9%, AKAM +16.7%, ALU +10.8%, SNCR +10.6%, UHAL +9.6%, YELP +9%, YELP +9%, OSUR +8.1%, GPRE +6.6%, LNC +5.5%, CTIC +4.6%, SGU +3.7%, PDLI +3.5%, DIS +3.5%, QUIK +3.3%, OGE +3.3%, SPF +3%, COST +2.9%, BKD +2.7%, SWI +2.7%, PMT +2.7%, ALL +2.3%, AVNR +2.2%, MU +2.1%, FLT +2%, PTIE +1.9%, SNN +1.9%, KO +1.8%, VE +1.7%, PLNR +1.4%, HOG +1.3%, ARTC +1%

Gapping down: TWTR -20.4%, SFLY -12.4%, EMAN -12%, P -10.7%, S -9.4%, WNC -7.6%, SODA -7.4%, IRBT -6.6%, NLST -6.5%, SWM -5.8%, SNE -5.7%, TYL -4.9%, TTMI -4.7%, SRI -4.6%, NXPI -4.4%, TSO -3.9%, ATML -3.5%, ATML -3.5%, MRO -3.4%, TQNT -3.3%, CALD -3.1%, CALD -3.1%, ENTR -3.1%, SQNS -3.1%, PPHM -3%, SCSS -2.9%, AZN -2.8%, RNWK -2.2%, PAA -2.1%, FMC -2%, FISV -1.8%, SWIR -1.5%, EPD -1.4%, PRU -1.2%, CS -1.2%, LNKD -1.1%, FB -0.9%, ZUMZ -0.9%

>>> Hercules Offshore beats by $0.06, beats on revs

Hercules Offshore beats by $0.06, beats on revs

Reports Q4 (Dec) adj earnings of $0.14 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 34.7% year/year to $235.3 mln vs the $232.71 mln consensus.
  • Co reported a loss from continuing operations of $100.8 million, or $0.63 per diluted share, on revenue of $235.3 million for the fourth quarter 2013, compared to income from continuing operations of $2.4 million, or $0.01 per diluted share, on revenue of $174.7 million for the fourth quarter 2012.
  • As outlined in the Reconciliation of GAAP to Non-GAAP Financial Measures, fourth quarter 2013 results include the following pre-tax items: $114.2 million non-cash impairment charge related to the cold stacked Hercules 153, Hercules 203, Hercules 206 and Hercules 250; $11.5 million loss on the sale of Hercules 170; $31.6 million gain from the insurance settlement on Hercules 265; and $29.3 million charge related to the early retirement of the Company's 10.5% senior notes and issuance of the Company's 7.5% senior notes.
  • Revenue generated from Domestic Offshore for the fourth quarter 2013 increased by 48.9% to $135.6 million from $91.1 million in the fourth quarter 2012, as a result of higher dayrates. International Offshore revenue increased to $63.5 million in the fourth quarter 2013 from $49.8 million in the fourth quarter 2012, which included a $10.0 million payment from Angola Drilling Company related to a prior contract on the Hercules 185.

>>> Teva Pharma beats by $0.02, beats on revs; Company reaffirms 2014 financial

Teva Pharma beats by $0.02, beats on revs; Company reaffirms 2014 financial outlook

Reports Q4 (Dec) earnings of $1.42 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.40; revenues rose 2.9% year/year to $5.4 bln vs the $5.19 bln consensus.
  • Reaffirms 2014 financial outlook
  • Global revenues recorded by Teva for COPAXONE, increased 8% during the quarter both in U.S. dollar terms and in local currency terms to $1,142 million, compared to $1,059 million in the fourth quarter of 2012. The increase primarily resulted from higher sales in Russia and Germany. In the U.S., sales decreased 2% to $805 million, as a result of increased competition from oral MS therapies, partially offset by a price increase. Sales outside the U.S. were $337 million, an increase of 42%, or 43% in local currency terms, compared to the fourth quarter of 2012, primarily due to the timing of tenders in Russia and higher sales in Germany.
  • AZILECT revenues recorded by Teva this quarter increased 14% to $98 million, while global in-market revenues increased 18% to $133 million, primarily due to increased demand in the U.S. and Europe.
  • TREANDA revenues amounted to $177 million in the quarter, an increase of 10% over the comparable quarter, due to increases in both volume and price.
  • "Teva is reporting today strong results for the fourth quarter of 2013, bringing to close a year largely in-line with our expectations. During 2013, we had several key product launches, driven by a strong pipeline, which will continue to bear notable results in 2014, starting with the launch of COPAXONE 40mg/mL," stated Eyal Desheh, Acting President and CEO of Teva."
  • "We continue to focus our efforts on our core R&D programs and go-to-market activities while increasing organizational effectiveness through our cost-reduction program to ensure Teva's growth and its role as a leader in the ever-changing pharmaceutical industry. 2013 was an important year for Teva and its shareholders. Many seeds were planted to ensure our long-term success and prosperity. 2014 will be a pivotal year in terms of execution and further enhancement of our strategic direction."
  • 5% Increase in Quarterly Dividend: The Board of Directors, at its meeting on February 4, 2014, declared a cash dividend for the fourth quarter of 2013 of NIS 1.21 (approximately 34 cents according to the rate of exchange on February 4, 2014) per share , a 5% increase from the third quarter 2013 dividend of NIS 1.15.