>>> Tempur Sealy Int'l beats by $0.03, reports revs in-line; raises low-end of F

Tempur Sealy Int'l beats by $0.03, reports revs in-line; raises low-end of FY17 Adj-EBITDA guidance (56.85)
  • Reports Q2 (Jun) earnings of $0.45 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.42; revenues fell 18.0% year/year to $659.3 mln vs the $661.65 mln Capital IQ Consensus.
  • Gross margin was 40.7% as compared to 41.9% in the second quarter of 2016.
  • For the full year 2017, the Company currently expects adjusted EBITDA to range from $425-450 mln (Prior $400-450 mln).
  • "We are pleased with our sales and EBITDA performance, despite the loss of our largest customer, and, we are encouraged that our business trends accelerated throughout the quarter. While worldwide industry trends continue to be a bit sluggish, we have outperformed our expectations and are raising the midpoint of our 2017 financial guidance.

>>> Cliffs Natural Resources beats by $0.09, beats on revs

Cliffs Natural Resources beats by $0.09, beats on revs (7.73)
  • Reports Q2 (Jun) earnings of $0.26 per share, $0.09 better than the Capital IQ Consensus of $0.17; revenues rose 14.7% year/year to $569.3 mln vs the $485.93 mln Capital IQ Consensus.
  • Outlook
    • Based on the assumption that iron ore and steel prices will average for the remainder of 2017 their respective year-to-date averages, Cliffs would generate approximately $310 million of net income and $650 million of adjusted EBITDA1 for the full-year 2017.
    • U.S. Iron Ore Outlook: Cliffs full-year sales and production volumes expectation is unchanged at approximately 19 million long tons.
    • Asia Pacific Iron Ore Outlook: Cliffs' full-year 2017 Asia Pacific Iron Ore expected production volume is unchanged at approximately 11.5 million metric tons. Due to market conditions, sales volume outlook has been reduced by 500,000 metric tons to 11 million metric tons. The product mix is expected to contain 52 percent lump ore and 48 percent fines
    • Cliffs' full-year 2017 capital expenditures budget was increased by $10 million to $115 million, with the increase attributable to early spending related to the HBI production plant.
  • Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer, said, "Our second quarter results clearly demonstrate the true power of our U.S. Iron Ore business, in which we have unrivaled operational, commercial, logistical, and quality advantages. Even as iron ore prices in Asia dropped substantially during the second quarter, these unique advantages enabled us to achieve EBITDA margins that are at the peak of the industry in the United States." Mr. Goncalves added, "Going forward, we will further expand on our unquestionable strength as a supplier of customized iron units in the Great Lakes, with the development of our HBI production plant in Toledo, Ohio. The new plant will enable Cliffs to supply high-quality, customized HBI as feedstock to select Electric Arc Furnace steelmakers. As EAF's become Cliffs' clients, we expect the earnings power of U.S. Iron Ore will carry over to this new busines

>>> Johnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below cons

J ohnson Controls reports EPS in-line, revs in-line; guides Q4 EPS below consensus; lowers FY17 EPS below consensus (43.32)
  • Reports Q3 (Jun) earnings of $0.71 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.71; revenues rose 48.8% year/year to $7.67 bln vs the $7.72 bln Capital IQ Consensus.
  • Co issues downside guidance for Q4, sees EPS of $0.86-0.88, excluding non-recurring items, vs. $0.89 Capital IQ Consensus Estimate.
  • Co issues downside guidance for FY17, sees EPS of $2.60-2.62 (prior: $2.60-2.68), excluding non-recurring items, vs. $2.63 Capital IQ Consensus Estimate.
  • "Strong margin expansion, primarily related to the benefit of cost synergies and productivity initiatives, drove our year-over-year double-digit EPS growth in the quarter," said Alex Molinaroli, Johnson Controls chairman & CEO. "Although we continue to make significant strides with the merger integration, we have fallen short of our revenue growth expectations for the year and are guiding our full year adjusted earnings per share to the low end of the range previously provided. Given the very complex merger integration, I am very proud of what our global teams have accomplished to capture near term synergies and establish a strong strategic platform that will ultimately drive global growth and continued margin expansion across our businesses," Molinaroli added

>>> Bristol-Myers beats by $0.01, beats on revs; raises low end of FY17 EPS

Bristol-Myers beats by $0.01, beats on revs; raises low end of FY17 EPS
  • Reports Q2 (Jun) earnings of $0.74 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.73; revenues rose 5.6% year/year to $5.14 bln vs the $5.09 bln Capital IQ Consensus. Revenues increased 7% when adjusted for foreign exchange impact. U.S. revenues increased 7% to $2.9 billion in the quarter compared to the same period a year ago. International revenues increased 4%. When adjusted for foreign exchange impact, international revenues increased 7%. Gross margin as a percentage of revenue decreased from 75.2% to 69.6% in the quarter primarily due to product mix and a $127 million impairment charge in connection with the expected sale of manufacturing operations in Swords, Ireland.
  • Co issues in-line guidance for FY17, sees EPS of $2.90-3.00 from $2.85-3.00, excluding non-recurring items, vs. $2.94 Capital IQ Consensus Estimate

>>> Raytheon beats by $0.22, reports revs in-line; raises FY17 EPS and revs guid

Raytheon beats by $0.22, reports revs in-line; raises FY17 EPS and revs guidance
  • Reports Q2 (Jun) earnings of $1.98 per share, excluding $0.09 in non-recurring items, $0.22 better than the Capital IQ Consensus of $1.76; revenues rose 4.2% year/year to $6.28 bln vs the $6.24 bln Capital IQ Consensus.
  • Co raises guidance for FY17, sees EPS of $7.35-7.50 vs. $7.49 Capital IQ Consensus Estimate, up from $7.25-7.40; raises FY17 revs to $25.1-25.6 bln vs. $25.18 bln Capital IQ Consensus Estimate, up from $24.9-25.4 bln.

>>> ConocoPhillips beats by $0.17

ConocoPhillips beats by $0.17
  • Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus of ($0.03).
    • Achieved second-quarter production excluding Libya of 1,425 MBOED; 3 percent year-over-year underlying production growth when excluding the impact of closed and signed dispositions. Increasing full-year underlying production, while also lowering capital expenditures guidance.
  • Outlook
    • Third-quarter 2017 production is expected to be 1,170 to 1,210 MBOED, which excludes Libya and reflects expected impacts from the San Juan, Barnett and Panhandle dispositions. The company's full-year production on the same basis is expected to be 1,340 to 1,370 MBOED.
    • Full-year guidance for capital expenditures has been lowered to $4.8 billion.
    • Full-year guidance for depreciation, depletion and amortization has been decreased to $7.0 billion, reflecting the impact of asset sales and decreased expense associated with price- and performance-related positive reserve revisions. Corporate segment net expense guidance is $1.3 billion, decreased to $1.0 billion on an adjusted basis, reflecting tax impacts following the announced dispositions and lower interest expense from early debt retirement.
    • Production and operating expenses are expected to be $5.0 billion, which results in adjusted operating costs of $5.7 billion, reflecting the impact of asset sales. Dry hole expense guidance is $400 million, which results in adjusted dry hole and leasehold impairment expense of $450 million.
    • The company expects to reduce debt to less than $20 billion by year-end 2017, and expects full-year share repurchases of $3 billion with accelerating production growth on a per-share basis.
  • "This quarter highlights the significant progress we've made in transforming our company. In just six months we've exceeded the three-year plan we laid out in late 2016. We've reset our portfolio through strategic dispositions that generated substantial proceeds, allowing us to accelerate key financial and operational priorities," said Ryan Lance, chairman and chief executive officer. "We are on track to far surpass our initial debt reduction and shareholder payout targets, while accelerating strong underlying financial and operational performance. We remain focused on lowering our breakeven price for the business, generating free cash flow and delivering strong per-share growth with improving returns through the price cycles. This is the right approach for value creation in the upstream sector, especially at a time of uncertainty in the commodity markets

>>> Twitter beats by $0.03, beats on revs; Beats on EBITDA (19.61)

Twitter beats by $0.03, beats on revs; Beats on EBITDA (19.61)
  • Reports Q2 (Jun) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.05; revenues fell 4.7% year/year to $574 mln vs the $536.63 mln Capital IQ Consensus.
  • Adjusted EBITDA was $178 million (Guidance was $95-115 mln) or 31% of total revenue, compared to $175 million or 29% of total revenue in the second quarter of 2016.
  • Average MAU was 328 million for the quarter, up 5% y/y and compared to 328 million in the previous quarter.
  • Average DAU grew 12% y/y.
  • Q3 Outlook
    • Adjusted EBITDA to be between $130 million and $150 million;
    • Adjusted EBITDA margin to be between 25% and 26%;
    • Stock-based compensation to be between $100 million and $110 million.
  • FY17 Outlook
    • Total non-GAAP expenses to be down 3% to down 6%, compared to full year 2016 (Prior Flat to down 5%)
    • Stock-based compensation to be down 25% to down 30%, compared to full year 2016 (Prior guidance Down 20-25%)
    • Capital expenditures to be between $300 million and $400 million (Reaffirm

>>> Procter & Gamble beats by $0.07, reports revs in-line; mid-point of FY18 EPS

Procter & Gamble beats by $0.07, reports revs in-line; mid-point of FY18 EPS guidance above consensus, revs above consensus (89.24)
  • Reports Q4 (Jun) core earnings of $0.85 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.78; revenues fell 0.1% year/year to $16.08 bln vs the $16.01 bln Capital IQ Consensus.
  • Co issues upside guidance for FY18, sees core EPS growth of +5-7%, which we compute as $4.12-4.19, excluding non-recurring items, vs. $4.12 Capital IQ Consensus Estimate; sees FY18 revenue growth of +3%, which we compute as approximately $67.00 bln vs. $66.69 bln Capital IQ Consensus Estimate.
  • "We met or exceeded each of our going-in objectives for fiscal year 2017 in a challenging macro and competitive environment.

>>> Comcast beats by $0.03, beats on revs

Comcast beats by $0.03, beats on revs
  • Reports Q2 (Jun) earnings of $0.52 per share, $0.03 better than the Capital IQ Consensus of $0.49; revenues rose 9.8% year/year to $21.16 bln vs the $20.85 bln Capital IQ Consensus.
  • Consolidated Adjusted EBITDA increased 10.0% to $7.1 billion.
  • Cable Communications 2nd Quarter 2017 Highlights:
    • Cable Communications Revenue Increased 5.5% and Adjusted EBITDA Increased 5.4%; High-speed Internet revenue increased 9.2%, driven by an increase in the number of residential high-speed Internet customers and rate adjustments. Video revenue increased 3.9%, reflecting rate adjustments and an increase in the number of customers subscribing to additional services. Business services revenue increased 12.6%, primarily due to increases in the number of customers receiving our small and medium-sized business services offerings. Advertising revenue decreased 2.1%, reflecting a decrease in political advertising revenue and softness in core linear advertising across several categories, partially offset by growth in interactive advertising.
    • Customer Relationships Increased by 114,000; Total Revenue per Customer Relationship Increased 2.2%
    • High-Speed Internet Residential Revenue Increased 9.2%; Total Customers Increased by 175,000
    • Video Residential Revenue Increased 3.9% and 55% of Residential Video Customers Now Have X1; Total Customer Net Losses were 34,000
    • Business Services Revenue Increased 12.6%, Over $6.0 Billion in Annualized Revenue
  • NBCUniversal 2nd Quarter 2017 Highlights:
    • NBCUniversal Revenue Increased 17.3% and Adjusted EBITDA Increased 22.6%
    • Theme Parks Revenue Increased 15.6% and Adjusted EBITDA Increased 17.3%
    • Filmed Entertainment Revenue Increased 59.6% and Adjusted EBITDA Increased $229 Million to $285 Million, Driven by Strong Box Office Performance and Home Entertainment
    • Cable Networks and Broadcast Television Adjusted EBITDA Increased 11.7% and 5.5%, Respectively, Driven by Increases in Affiliate and Retransmission Revenue