>>> Och-Ziff Capital misses by $0.01, beats on revs; Appoints William P. Barr to

Och-Ziff Capital misses by $0.01, beats on revs; Appoints William P. Barr to Board of Directors
  • Reports Q2 (Jun) economic net income of $0.06 per share, $0.01 worse than the Capital IQ Consensus of $0.07; revenues fell 52.5% year/year to $152.55 mln vs the $144.4 mln Capital IQ Consensus.
  • As of June 30, 2016, assets under management totaled $42.0 bln, a decrease of $6.0 bln, or 12%, from June 30, 2015, which was driven by capital net outflows of $3.1 bln and $637.5 mln of distributions to investors and other reductions in the Company's closed-end opportunistic credit and real estate funds. Also contributing to the decline was performance-related depreciation of $2.2 bln. During the month of June, the Company had approximately $127.0 mln of intra-month capital net outflows, which are included in the $42.0 bln of assets under management as of June 30, 2016.
  • Assets under management decreased to an estimated $39.1 bln as of August 1, 2016. This decrease reflected estimated performance-related appreciation of approximately $214.0 mln in July and capital net outflowsof approximately $3.0 bln, which was comprised of approximately $2.8 bln of capital net outflows on July 1, 2016 and approximately $277.0 mln of capital net outflows from July 2, 2016 to August 1, 2016.
  • Och-Ziff Capital Management Group announced that it has appointed William P. Barr to its Board of Directors. The addition of Mr. Barr expands Och-Ziff's Board to eight directors

>>> Hyatt Hotels beats by $0.18; Lowers 2016 RevPar guidance

Hyatt Hotels beats by $0.18; Lowers 2016 RevPar guidance
  • Reports Q2 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus of $0.46.
    • Adjusted EBITDA increased 5.6% to $227 million, up 7.1% in constant currency.
    • Comparable systemwide RevPAR increased 2.3%, including an increase of 4.5% at comparable owned and leased hotels.
    • Comparable owned and leased hotels segment operating margins were stable at 27.6%.
2016 OUTLOOK
  • The Company is reaffirming the following information for the 2016 fiscal year:
    • The Company expects to open more than 60 hotels in 2016.
    • Interest expense is expected to be approximately $75 million.
    • In addition to the capital expenditures described below, the Company intends to continue a strong level of investment spending.
  • The Company is revising the following information for the 2016 fiscal year:
    • Comparable systemwide RevPAR is expected to increase approximately 2% to 3% (compared to previous expectation of approximately 3% to 5%), as compared to fiscal year 2015.
    • Adjusted selling, general, and administrative expenses are expected to be approximately $280 million (compared to previous expectation of approximately $290 million).
    • Capital expenditures are expected to be approximately $260 million (compared to previous expectation of approximately $275 million)

>>> Procter & Gamble beats by $0.05, beats on revs; guides FY17 EPS below consen

Procter & Gamble beats by $0.05, beats on revs; guides FY17 EPS below consensus
  • Reports Q4 (Jun) earnings of $0.79 per share, $0.05 better than the Capital IQ Consensus of $0.74; revenues fell 2.7% year/year to $16.1 bln vs the $15.83 bln Capital IQ Consensus.
    • Core EPS results declined due to increased marketing investments, lower gains from minor brand divestitures, and a higher core effective tax rate versus the comparison period. Excluding the impact of foreign exchange, currency-neutral core earnings per share decreased eight percent. P&G delivered 145% adjusted free cash flow productivity for the quarter.
  • Co issues downside guidance for FY17, sees EPS of $3.67 vs. $3.97 Capital IQ Consensus Estimate. P&G said it is projecting organic sales growth of approximately 2% for fiscal 2017. The Company expects the combined headwinds of foreign exchange and minor brand divestitures to reduce sales growth by about one percentage point. As a result, P&G estimates all-in sales growth of about 1% for fiscal 2017.
    • P&G noted that core EPS growth in the first quarter of fiscal 2017 will be disproportionately affected by foreign exchange headwinds, which do not fully annualize until later in the year, and the impact of lost finished product sales to its Venezuelan subsidiaries.

>>> Mosaic misses by $0.06, misses on revs; updates F716 guidance

Mosaic misses by $0.06, misses on revs; updates F716 guidance
  • Reports Q2 (Jun) earnings of $0.06 per share, excluding $0.09 non-recurring items, $0.06 worse than the Capital IQ Consensus of $0.12; revenues fell 32.7% year/year to $1.67 bln vs the $1.75 bln Capital IQ Consensus.
For calendar year 2016, Mosaic updated its guidance as follows:
  • SG&A expense to range from $330-350 mln, down from the initialguidance of $350-370 mln.
  • Brine management costs to range from $150-170 mln, down from $160-180 mln.
  • Capital expenditures to range from $750-850 mln, down from the Company's most recent guidance of $800-900 mln. E
  • CRT to range from $95-110 mln; the Company will no longer provide CRT rate guidance.
  • The effective tax rate to be approximately 10%, down from priorguidance of upper teens.
All other full year 2016 guidance remains unchanged
  • Phosphates sales volumes to range from 9-9.75 mln tonnes.
  • Potash sales volumes to range from 7.5-8 mln tonnes.
  • International Distribution sales volumes to range from 6-7 mln tonnes.

>>> Pfizer beats by $0.02, beats on revs; reaffirms FY16 guidance

Pfizer beats by $0.02, beats on revs; reaffirms FY16 guidance
  • Reports Q2 (Jun) earnings of $0.64 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.62; revenues rose 10.9% year/year to $13.15 bln vs the $13.01 bln Capital IQ Consensus, which reflects operational growth of $1.6 billion, or 13%, partially offset by the unfavorable impact of foreign exchange of $302 million, or 3%. Ex-the contribution of legacy Hospira operations of $1.1 billion and FX, Pfizer-standalone revenues increased by $458 million operationally, or 4%.
    • Revenues in developed markets grew $1.5 billion, or 17%, operationally, driven primarily by the inclusion of $1.1 billion of revenues from legacy Hospira operations and continued strong performance of several key products, notably Ibrance in the U.S., Eliquis, as well as Xeljanz and Lyrica, both primarily in the U.S. Operational revenue growth in developed markets was partially offset primarily by lower revenues for Prevnar 13 in the U.S., the loss of exclusivity and associated generic competition for Zyvox, primarily in the U.S. and certain developed Europe markets, and Lyrica in certain developed Europe markets, as well as the December 31, 2015 expiration of the collaboration agreement to co-promote Rebif in the U.S.
    • In emerging markets, revenues increased $116 million, or 4%, operationally, reflecting the favorable impact of the addition of legacy Hospira operations, which contributed $78 million and the performance of certain Essential Health products primarily in China partially offset primarily by lower revenues for Prevenar 13.
  • Co reaffirms guidance for FY16, sees EPS of $2.38-2.48, excluding non-recurring items, vs. $2.45 Capital IQ Consensus Estimate; sees FY16 revs of $51-53 bln vs. $52.6 bln Capital IQ Consensus Estimate.

>>> Avon Products misses by $0.05, beats on revs

Avon Products misses by $0.05, beats on revs
  • Reports Q2 (Jun) loss of $0.02 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.03; revenues fell 8.3% year/year to $1.43 bln vs the $1.4 bln Capital IQ Consensus.
    • Gross margin was 60.6%, down 40 basis points while Adjusted gross margin was 60.6%, down 70 basis points. These year-over-year comparisons were negatively impacted by an approximate 290 basis point impact from foreign exchange, partially offset by pricing actions, favorable mix and lower supply chain costs.
    • Operating margin was 6.6% in the quarter, up 90 basis points while Adjusted operating margin was 7.3%, up 100 basis points. These year-over-year comparisons benefited from the favorable net impact of price/mix, as well as continued benefits from cost savings initiatives, partially offset by approximately 350 basis points of unfavorable impact of foreign exchange.

>>> Molson Coors [SABMiller (SBMRY), Molson Coors (TAP): JV] reports Q2 results

Molson Coors [SABMiller (SBMRY), Molson Coors (TAP): JV] reports Q2 results
  • Underlying net income, a non-GAAP measure, decreased 3.8 percent to $468.8 million. U.S. GAAP net income was $429.5 million, down 11.8 percent, driven by special items related to the closure of the Eden Brewery, as well as the timing of shipments due to year-over-year calendar shifts.
    • IFRS EBITA decreased 3.3 percent to $492.9 million.
  • Total net sales decreased 3.5 percent to $2.127 billion. Domestic net revenue per barrel grew 0.7 percent for the quarter as a result of favorable net pricing and positive sales mix. Total company net revenue per barrel, including contract brewing and company-owned distributor sales, increased 0.6 percent for the quarter.
    • Third-party contract brewing volumes were down 1.3 percent for the quarter. Domestic net revenue per barrel, excluding contract brewing and company-owned distributor sales, increased 0.7 percent. Domestic sales-to-retail volume (STRs) decreased 1.7 percent. Domestic sales-to-wholesalers volume (STWs) decreased 4.4 percent.