AMP JOINS THE CLUB WITH A MISS

Ameriprise Financial reports Q3 (Sep) results, misses on revs  (42.86 +0.81)

Reports Q3 (Sep) earnings of $1.12 per share, may not be comparable to the Capital IQ Consensus Estimate of $1.21; revenues rose 8.4% year/year to $2.51 bln vs the $2.56 bln consensus. Third quarter results were impacted by a negative $106 million, or $0.42 per diluted share, year-over-year change from the unfavorable market impact on deferred acquisition costs (DAC) and deferred sales inducement costs (DSIC), as well as the company’s annual review of insurance and annuity valuation assumptions and models (unlocking). The negative unlocking impact in the third quarter of 2011 primarily reflects lower near-term interest spread assumptions. “We are maintaining our investments for future growth while managing expenses and our financial foundation prudently. Our financial strength continues to enable us to return significant capital to shareholders. In fact, our excess capital position remains above $2.0 billion even after we accelerated our share repurchase activity, allocating $447 million for share repurchases in the quarter.”

Education Mgmt beats by $0.03, beats on revs; guides DecQ and FY12 EPS below consensus  (19.52 -0.05)

Reports Q1 (Sep) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 2.4% year/year to $682.1 mln vs the $677.7 mln consensus. Co issues downside guidance for Q2 (Dec), sees EPS of $0.45-0.47 vs. $0.56 Capital IQ Consensus Estimate. Co issues downside guidance for FY12, sees EPS of $1.34-1.40, excluding non-recurring items, vs. $1.51 Capital IQ Consensus Estimate. “Our guidance for fiscal 2012 reflects lower new student enrollment results leading up to our October start and a greater than expected increase in the number of student drops from the Argosy University Online transition to a non-term academic calendar. While lower enrollment will impact our financial expectations for the remainder of the fiscal year, we believe that we will likely experience improving new student enrollment trends in calendar year 2012.”

Equinix misses by $0.24, reports revs in-line  (97.44 +0.67)

Reports Q3 (Sep) earnings of $0.20 per share, $0.24 worse than the Capital IQ Consensus Estimate of $0.44; revenues rose 26.4% year/year to $417.6 mln vs the $416.3 mln consensus. Co expects 2011 revenue to be greater than $1.6 bln vs $1.604 bln consensus. Adjusted EBITDA for the year is expected to be greater than $730.0 mln. Capital expenditures for 2011 are expected to be in the range of $645-$665 mln, comprised of approximately $115 mln of ongoing capital expenditures and $530-$550 mln for expansion capital expenditures. For FY12, co expects revenue to be greater than $1.87 bln vs. $1.877 bln consensus and adjusted EBITDA to be greater than $850 mln.

Symetra Financial reports EPS in-line, misses on revs; guides FY11 EPS in-line  (9.49 +0.33)

Reports Q3 (Sep) earnings of $0.35 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.35; revenues fell 6.3% year/year to $454.7 mln vs the $483.9 mln consensus. Co issues in-line guidance for FY11, sees EPS of $1.35-1.40 vs. $1.39 Capital IQ Consensus Estimate.

Adjusted book value per share, as converted was $16.51 per share as of Sept. 30, 2011, compared with $16.49 per share as of June 30, 2011. Symetra Life Insurance Company ended third quarter 2011 with an estimated risk-based capital (RBC) ratio of 455% and statutory capital and surplus, including asset valuation reserve (AVR), of $1,996.7 million. The estimated RBC ratio for third quarter 2011 reflected the decline in equity investments and the AUL transaction. On Jan. 1, 2012, the company will retrospectively adopt the new DAC accounting standard. The adoption of this standard is expected to reduce Symetra’s Dec. 31, 2010 book value by 0.8% to 1.2% and adjusted book value by 1.3% to 1.7%. This new accounting standard is not applicable to the company’s statutory capital and surplus nor will it affect Symetra’s RBC or holding company liquidity position.

Capstead Mortgage misses by $0.02, misses on revs  (12.31 +0.04)

Reports Q3 (Sep) earnings of $0.43 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.45; revenues rose 54.5% year/year to $62.9 mln vs the $63.8 mln consensus.

Selective Insurance beats by $0.11, misses on revs  (15.74 +0.48)

Reports Q3 (Sep) loss of $0.34 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of ($0.45); revenues rose 1.1% year/year to $394.1 mln vs the $399.6 mln consensus.

AFLAC misses by $0.01, reports revs in-line; guides Q4 EPS below consensus; guides FY11 EPS in-line  (43.03 +1.29)

Reports Q3 (Sep) earnings of $1.59 per share, $0.01 worse than the Capital IQ Consensus Estimate of $1.60; revenues rose 11.0% year/year to $5.99 bln vs the $5.95 bln consensus. Co issues downside guidance for Q4, sees EPS of $1.45-1.52 vs. $1.55 Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, sees EPS of $6.30-6.37, excluding non-recurring items, vs. $6.34 Capital IQ Consensus Estimate.

Although we have not yet completed our statutory financial statements for the third quarter, we estimate our RBC ratio will be within the range of 500% and 540% at the end of September. Despite our expectation for higher spending in the fourth quarter, I am confident we will achieve our 2011 objective of growing operating earnings per diluted share at 8%, excluding the impact of the yen. If the yen averages 75 to 80 to the dollar for the last three months of the year, we would expect reported operating earnings for the fourth quarter to be in the range of $1.45 to $1.52 per diluted share. Under that exchange rate assumption, we would expect full year operating earnings of $6.30 to $6.37 per diluted share.  “Looking ahead, I want to reiterate our expectation that 2012 operating earnings per diluted share will increase 2% to 5% on a currency neutral basis. Furthermore, once the effects of our proactive investment derisking program and low interest rates have been integrated into our financial results, we believe the rate of earnings growth in future years should improve.”

Hanger Orthopedic beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus; guides FY11 EPS below consensus, revs below consensus  (21.14 -0.23)

Reports Q3 (Sep) earnings of $0.46 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 13.8% year/year to $235.3 mln vs the $238.5 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.49-$0.52 vs. $0.58 Capital IQ Consensus Estimate; sees Q4 revs of $243-$247 vs. $262.11 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY11, sees EPS of $1.59-$1.62 vs. $1.67 Capital IQ Consensus Estimate; sees FY11 revs of $914-$918 mln vs. $939.73 mln Capital IQ Consensus Estimate.

AXT beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs below consensus  (5.92 +0.37)

Reports Q3 (Sep) GAAP earnings of $0.19 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 5.6% year/year to $28.3 mln vs the $30.4 mln consensus. Gross margin was 43.2% of revenue for the third quarter of 2011. Co issues downside guidance for Q4, sees EPS of $0.08-0.12 vs. $0.17 Capital IQ Consensus Estimate; sees Q4 revs of $20-23 mln vs. $30.40 mln Capital IQ Consensus Estimate.

Town Sports Intl reports EPS in-line, revs in-line; guides Q4 EPS below consensus, revs below consensus  (8.91 +0.49)

Reports Q3 (Sep) earnings of $0.08 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.08; revenues rose 2.7% year/year to $116.1 mln vs the $116.9 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.07-0.09 vs. $0.10 Capital IQ Consensus Estimate; sees Q4 revs of $114.5-115.5 vs. $116.95 mln Capital IQ Consensus Estimate. The co expects their 2012 capital expenditures to be similar to or less than the 2011 levels, as they are currently targeting up to three openings of smaller “fitness-only” clubs in 2012.

TriQuint Semi beats by $0.02, beats on revs; guides Q4 EPS below consensus, revs below consensus  (7.17 +0.29)

Reports Q3 (Sep) earnings of $0.11 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.09 and inline with preannouncement of $0.09-0.11; revenues fell 8.9% year/year to $216 mln vs the $212.4 mln consensus and ahead of preannouncement of $210-215 mln. Co issues downside guidance for Q4, sees EPS of $0.06-0.08, excluding non-recurring items, vs. $0.13 Capital IQ Consensus Estimate; sees Q4 revs of $215-225 mln vs. $229.66 mln Capital IQ Consensus Estimate. “TriQuint’s long term growth story remains intact. Mobile broadband and high performance RF are some of the most exciting growth markets in the world today. At TriQuint we are helping customers define the next generation of RF solutions. Additionally, we are investing in the capacity and capability required for future growth. I firmly believe these investments will lead to superior and sustainable long term financial performance for the company.”

Symantec reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs below consensus  (18.49)

Reports Q2 (Sep) earnings of $0.39 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.39; revenues rose 13.6% year/year to $1.68 bln vs the $1.66 bln consensus. Co issues mixed guidance for Q3, sees EPS of $0.40-0.41 vs. $0.41 Capital IQ Consensus Estimate; sees Q3 revs of $1.700-1.715 bln vs. $1.72 bln Capital IQ Consensus Estimate. Deferred revenue is expected to be in the range of $3.685 billion and $3.705 billion, up 8 to 9 percent year-over-year as reported… “Each of our business segments and regions delivered solid growth. We achieved another quarter of strong year-over-year bookings growth and delivered record September quarter revenue, deferred revenue and earnings per share… Our results were driven by growth in enterprise security and backup, while our consumer business continues to perform well. We continue to effectively integrate and grow our acquired assets, as demonstrated by the authentication business once again generating strong results for the fifth consecutive quarter.”

Novellus beats by $0.05, misses on revs  (32.55 -0.20)

Reports Q3 (Sep) earnings of $0.73 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.68; revenues fell 16.5% year/year to $306.7 mln vs the $310.9 mln consensus. Bookings in the third quarter of 2011 were $226.9 million, down $84.7 million or 27.2 percent from second quarter 2011 bookings of $311.6 million.

Plexus reports Q4 (Sep) results, revs in-line; guides Q1 revs below consensus  (27.90 +0.15)

Reports Q4 (Sep) earnings of $0.52 per share, including $0.08 per share of stock-based compensation expense, may not be comparable to the Capital IQ Consensus Estimate of $0.51; revenues fell 3.1% year/year to $538.1 mln vs the $540.5 mln consensus. Co issues guidance for Q1, sees EPS of $0.44-0.49, excluding any restructuring charges and including approximately $0.07 per share of stock-based compensation expense, may not be comparable to $0.54 Capital IQ Consensus Estimate; sees Q1 revs of $510-540 mln vs. $561.03 mln Capital IQ Consensus Estimate.

Owens-Illinois beats by $0.12, misses on revs  (19.46 +0.31)

Reports Q3 (Sep) earnings of $0.84 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $0.72; revenues rose 10.2% year/year to $1.86 bln vs the $1.93 bln consensus.

Commenting on the Company’s outlook for the fourth quarter of 2011, Stroucken said, “The global macroeconomic outlook for the second half of this year has softened. As a result, we expect our fourth quarter shipments will be flat or slightly up compared with prior year levels. Average prices will be up from 2010 levels, but we expect continued cost inflation. Considering the unfavorable foreign currency exchange rate trends we have seen since mid-year, we expect fourth quarter 2011 adjusted earnings to approximate the prior year fourth quarter results. We expect full year 2011 free cash flow to be between $200 and $250 million, which is unchanged from the range provided in the second quarter. Future free cash flow will be used for further debt reduction until our leverage ratio is more comfortably within our target range.” Stroucken continued, “O-I has incurred significant cost inflation in 2011 related to higher raw material, labor and energy prices, which has negatively impacted our margins. Looking to 2012, we will re-focus on our value over volume strategy to repair our margins. Our business that is covered by long-term customer contracts includes pass-through formulas that allow for higher pricing next year as a result of this inflation. For business not covered by pass-through formulas, we expect to increase prices in 2012 where possible to pass along both unrecovered current year and prospective 2012 inflation. As a result of this inflation, depending on the country or region, price increases for these annual agreements can be expected on average to range between high single digit and even double digit percentages in 2012.”

Arris reports EPS in-line, misses on revs; guides Q4 EPS below consensus, revs in-line  (10.92 -0.26)

Reports Q3 (Sep) earnings of $0.21 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.21; revenues were unchanged from the year-ago period at $274.4 mln. Co issues mixed guidance for Q4, sees EPS of $0.18-0.22 vs. $0.24 Capital IQ Consensus Estimate; sees Q4 revs of $270-290 mln vs. $289.12 mln Capital IQ Consensus Estimate. Order backlog at the end of the third quarter 2011 was $155.3 million as compared to $119.6 million and $154.2 million at the end of the third quarter 2010 and the second quarter 2011, respectively. The Company’s book-to-bill ratio in the third quarter 2011 was 1.00 as compared to the third quarter 2010 of 0.80 and the second quarter 2011 of 0.91.