KG: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined King Pharmaceuticals' (NYSE: KG) Income Statement for the third quarter of 2009 and compared the entries on each line to our "look-ahead" estimates.  Earnings in this period, which ended 30 September 2009, fell from $0.34 to $0.17 per share.  Non-GAAP earnings per share slipped from $0.39 to $0.29.

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated our usual set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.

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NVDA: Financial Gauge Analysis for the October 2009 Quarter

In a previous article, we examined NVIDIA's (NASDAQ: NVDA) Income Statement for the third quarter of fiscal 2010 and compared the entries on each line to our "look-ahead" estimates.  Earnings in this period, which ended on 25 October 2009, increased from $0.11 to $0.19 per share. 

On a non-GAAP basis, Net Income fell from $0.20 per share to $0.19.

Using the financial statements in the earnings announcement and the more detailed 10-Q , we have now updated our usual set of Cash Management, Growth, Profitability and Value metrics.  This post reports on the metrics and the associated financial gauge scores.

NVIDIA Corporation designs powerful Graphics Processing Units that rapidly perform the intensive calculations required to produce hyper-realistic images for computers and video games.  Some background information about NVIDIA and the business environment in which it is currently operating can be found in the look-ahead.

In summary, NVIDIA's latest quarterly results produced the following changes to the GCFR gauge scores:

• Cash Management: 15 of 25 (up from 7 in July)
• Growth: 2 of 25 (up from 0)
  
• Profitability: 10 of 25 (up from 6)
  
• Value: 9 of 25 (up from 5)

• Overall: 39 of 100 (up from 20)
  

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

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WPI: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Watson Pharmaceuticals' (NYSE: WPI) Income Statement for the third quarter of 2009 and compared the entries on each line to our "look-ahead" estimates.  Earnings in this period, which ended 30 September 2009, fell from $0.60 to $0.54 per share.  [Note: our per-share numbers are slightly different than the official results because we don't adjust for interest expenses on convertible contingent senior debentures (CODES).]

Using the financial statements in the earnings announcement and the more detailed 10-Q , we have now updated our usual set of Cash Management, Growth, Profitability and Value metrics.  This post reports on the metrics and the associated financial gauge scores.

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CSCO: Financial Gauge Analysis for the October 2009 Quarter

In a previous article, we examined Cisco Systems' (NASDAQ: CSCO) Income Statement for the first quarter of fiscal 2010 and compared the entries on each line to our "look-ahead" estimates.  GAAP earnings in this period, which ended 24 October 2009, fell from $0.37 to $0.30 per share.

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated a set of Cash Management, Growth, Profitability and Value metrics.  This post reports on the metrics and the associated financial gauge scores.

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BR: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Broadridge Financial's (NYSE: BR) Income Statement for the first quarter of fiscal 2010 and compared the entries on each line to our "look-ahead" estimates.  Earnings in this period, which ended 30 September 2009, fell from $0.25 per share to $0.19.

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated a set of Cash Management, Growth, Profitability and Value metrics.  This post reports on the metrics and the associated financial gauge scores.

Broadridge Financial Solutions provides investor communication, securities processing, and clearing services to financial companies.  Some background information about Broadridge and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Broadridge's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 15 of 25 (down from 19 in June)
  
• Growth: 5 of 25 (down from 6)
• Profitability: 16 of 25 (up from 15)
• Value: 2 of 25 (down from 10)

• Overall: 35 of 100 (down from 51)

Broadridge's relatively short existence as an independent entity, plus the ongoing turmoil in the financial industry, has caused its scores to vary more from quarter to quarter than most other companies.  Automatic Data Processing, Inc. (NASDAQ: ADP) spun off Broadridge on 30 March 2007. 

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

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PRGN: Income Statement Analysis for the September 2009 Quarter

Paragon Shipping, Inc., (NASDAQ: PRGN) earned $0.40 per share in the third quarter of 2009, down from $0.69 in the same quarter of last year.  The steepness of the earnings-per-share decline was more due to the 64-percent increase in the weighted average number of diluted shares, after two equity offerings, than the 4.9-percent decrease in Net Income.

This post reviews each row of the Income Statement for the quarter in the earnings announcement.  We also consulted the separately issued Management's Discussion and Analysis of Financial Condition and Results.

We did not issue a "look-ahead" estimate in advance of the earnings release.

In a second article, we will report Paragon's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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ADP: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Automatic Data Processing's (NASDAQ: ADP) Income Statement for the first quarter of fiscal 2010 and compared the figures on each line to our "look-ahead" estimates.  Earnings in this period, which ended 30 September 2009, rose from $0.54 to $0.56 per share.

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated our usual set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.

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HD: Income Statement Analysis for the October 2009 Quarter

The Home Depot, Inc. (NYSE: HD) earned $0.41 per share in the third quarter of fiscal 2009, which ended 1 November 2009, down from $0.45 in the same quarter of last year. 

This post examines the Income Statement for the quarter in the earnings announcement and compares the entries on each line to our "look-ahead" estimates.  Our target for Home Depot's Net Income in the latest quarter was $0.39 per share, $0.02 less than the reported amount.

In a second article, we will report Home Depot's scores as measured by the GCFR financial gauges.  The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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EIX: Income Statement Analysis for the September 2009 Quarter

Edison International (NYSE: EIX) earned $1.22 per share in the third quarter of 2009, down from $1.34 in the same quarter of last year.

On a non-GAAP ("pro forma," "ex-items," or, Edison's preferred term, "Core") basis, earnings fell from $1.46 to $1.09 per share.  The $45 million difference between GAAP and Core Net Income in the latest quarter was mostly due to "the non-cash accounting benefit from the final regulatory approval to transfer [SCE's] Mountainview power plant to utility rate base."

This post examines the Income Statement for the quarter in the earnings announcement and the more detailed 10-Q and compares the entries on each line to our "look-ahead" estimates.  Our target for Edison's Net Income in the latest quarter was $1.19 per share.

In a second article, we will report Edison's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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COP: Financial Gauge Analysis (Updated) for the September 2009 Quarter

We previously posted ConocoPhillips's (NYSE: COP) preliminary financial gauge scores for the third quarter of 2009.  To obtain those results, the financial statements in Conoco's latest earnings announcement were used to calculate Cash Management, Growth, Profitability and Value metrics.

Conoco later filed a more detailed 10-Q report, which included an updated Balance Sheet, and we have now revised the metrics and scores to take advantage of the latest information. 


The net effect of the changes was to trim one point each from the Cash Management and Overall gauge scores:

• Cash Management: 8 of 25 (down from 10 in June) -- initial estimate was 9
• Growth: 0 of 25 (unchanged)
  
• Profitability: 5 of 25 (down from 6)
  
• Value: 4 of 25 (down from 8)
  

• Overall: 18 of 100 (down from 27) -- initial estimate was 19

For the record, current and historical figures for the financial metrics that determine the gauge scores are listed below.  Numbers that changed from the preliminary analysis are highlighted.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

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WMT: Income Statement Analysis for the October 2009 Quarter

Wal-Mart Stores (NYSE: WMT) earned $0.84 per share in the third quarter of fiscal 2010, which ended on 31 October 2009, up from $0.80 in the same quarter of last year.

This post examines Walmart's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Our target for Net Income in the latest quarter was $0.83 per share, $0.01 less than the reported amount.  Fewer shares outstanding caused the difference.


In a second article, we will report Walmart's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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INTC: Financial Gauge Analysis (Updated) for the September 2009 Quarter

We previously posted Intel Corporation's (NASDAQ: INTC) preliminary financial gauge scores for the third quarter of 2009.  To obtain those results, the financial statements in Intel's latest earnings announcement were used to calculate Cash Management, Growth, Profitability and Value metrics.

Intel later filed a more detailed 10-Q report, which included an updated Cash Flow statement.  We have now adjusted the metrics and scores to take advantage of the latest information.

The net effect of the changes was to trim two points each, compared to the preliminary estimates, from the Profitability and Overall gauge scores:

• Cash Management: 13 of 25 (unchanged from June)
  
• Growth: 1 of 25 (up from 0)
• Profitability: 9 of 25 (down from 10) -- initial estimate was 11
  
• Value: 0 of 25 (down from 3)

• Overall: 22 of 100 (down from 27) -- initial estimate was 24
  

For the record, current and historical figures for the financial metrics that determine the gauge scores are listed below.  Numbers that changed from the preliminary analysis are highlighted.  Readers are encouraged to verify these figures and calculate others as they see fit using the filings available at the SEC's web site and elsewhere.

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TDW: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Tidewater's (NYSE: TDW) Income Statement for the September quarter and compared the figures to our "look-ahead" estimates.  Earnings in this period, the second quarter of fiscal 2010, rose from $1.85 to $1.90 per share.  Earnings would have been $0.66 lower, or a disappointing $1.24, without the benefit of a $34.4 million favorable resolution to tax litigation.

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.

Tidewater owns the world's largest fleet of vessels serving the global offshore energy industry.   Some background information about Tidewater and the business environment in which it is currently operating can be found in the look-ahead.

In summary, Tidewater's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 14 of 25 (unchanged from June)
• Growth: 4 of 25 (down from 6)
  
• Profitability: 9 of 25 (unchanged)
  
• Value: 17 of 25 (down from 21)
  

• Overall: 51 of 100 (down from 59)
  

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.  Readers are encouraged to verify the figures and calculate any other metrics they find meaningful.  The SEC's web site is great source of data.

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NVDA: Income Statement Analysis for the October 2009 Quarter

NVIDIA (NASDAQ: NVDA) earned $0.19 per share in the third quarter of fiscal 2010, which ended on 25 October 2009, up from $0.11 in the same quarter of last year.

On a non-GAAP ("pro forma" or "ex-items") basis, earnings fell from $0.20 to $0.19 per share.  The net difference between GAAP and non-GAAP Net Income in the latest quarter was only $2.75 million.  However, this small figure masks a couple of substantial items that nearly canceled each other.

This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates.  Our target for NVIDIA's Net Income in the latest quarter was only $0.05 per share.

Commentary published by the Chief Financial Officer helped us interpret NVIDIA's results.

In a second article, we will report NVIDIA's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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KG: Income Statement Analysis for the September 2009 Quarter

King Pharmaceuticals, Inc. (NYSE: KG) earned $0.17 per share in the third quarter of 2009, down from $0.34 in the same quarter of last year.

On a non-GAAP ("pro forma" or "ex-items") basis, earnings fell from $0.39 to $0.29 per share.  The pretax difference between GAAP and non-GAAP Net Income was $46 million in the latest quarter.  The most substantial item excluded from the non-GAAP results is amortization of intangible assets.

This post examines the Income Statement for the quarter in the earnings announcement and the more detailed 10-Q and compares the entries on each line to our "look-ahead" estimates.  Our target for King's Net Income in the latest quarter was $0.20 per share.

In a second article, we will report King's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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WPI: Income Statement Analysis for the September 2009 Quarter

Watson Pharmaceuticals, Inc. (NYSE: WPI) earned $0.54 per share in the third quarter of 2009, down from $0.60 in the same quarter of last year.  [Note: our per-share numbers are slightly different than the official results because we don't adjust for interest expenses on convertible contingent senior debentures (CODES).]

This post examines the Income Statement for the quarter in the earnings announcement and the more detailed 10-Q and compares the entries on each line to our "look-ahead" estimates.  Our target for Watson's Net Income in the latest quarter was $0.56 per share.

In a second article, we will report Watson's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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ADP: Income Statement Analysis for the September 2009 Quarter

Automatic Data Processing (NASDAQ: ADP) earned $0.56 per share in the first quarter of fiscal 2010, which ended 30 September 2009, up from $0.54 in the same quarter of last year.

This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates.  Our target for ADP's Net Income in the latest quarter was $0.49 per share, which ADP beat by $0.07.

In a second article, we will report ADP's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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CSCO: Income Statement Analysis for the October 2009 Quarter

Cisco Systems (NASDAQ: CSCO) earned $0.30 per share in the first quarter of fiscal 2010, which ended 24 October 2009, down from $0.37 in the same quarter of last year.

On a non-GAAP (i.e., "pro forma" or "ex-items") basis, Cisco's earnings per share slid from $0.42 to $0.36.  The main differences between GAAP and non-GAAP Net Income involved share-based compensation and amortization of acquisition-related intangible assets.

This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates.  Our target for Cisco's GAAP Net Income in the latest quarter was $0.28 per share ($0.02 less than actual earnings).

In a second article, we will report Cisco's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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BR: Income Statement Analysis for the September 2009 Quarter

Broadridge Financial (NYSE: BR) earned $0.19 per share in the first quarter of fiscal 2010, which ended 30 September 2009, down from $0.25 in the same quarter of last year. 

This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates.  Our target for Broadridge's Net Income in the latest quarter was $0.22 per share.

In a second article, we will report Broadridge's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.

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PG: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Procter & Gamble's (NYSE: PG) Income Statement for the September 2009 quarter and compared the figures on each line to our "look-ahead" estimates.  Earnings in this first quarter of fiscal 2010 increased from $1.03 to $1.06 per share. 

Using the financial statements in the earnings announcement and the more detailed 10-Q, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.

Some background information about Procter & Gamble and the business environment in which it is currently operating can be found in the beginning of our look-ahead. Based in Cincinnati, P&G sells well-known consumer products, including Pampers, Tide, Ariel, Always, Pantene, Bounty, Pringles, Charmin, Downy, Iams, Crest, Actonel and Olay.

In summary, P&G's latest quarterly results has produced the following changes to the gauge scores:

• Cash Management: 8 of 25 (up from 5 in June)
  
• Growth: 3 of 25 (up from 1)
  
• Profitability: 8 of 25 (up from 6)
  
• Value: 16 of 25 (down from 20)
  

• Overall: 43 of 100 (down from 44)
  

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COP: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined ConocoPhillips's (NYSE: COP) Income Statement for the third quarter of 2009 and compared the figures on each line to our "look-ahead" estimates.  Earnings in the September quarter fell from $3.40 to $1.00 per share. 

Using the financial statements in the earnings announcement, we have now updated a set of Cash Management, Growth, Profitability and Value metrics.  Because Conoco's press release did not include a Balance Sheet, to compute preliminary gauge scores we assumed the company's various Assets and Liabilities had not changed since June.

We will adjust the metrics and the scores after ConocoPhillips files a 10-Q with the SEC.


Some background information about ConocoPhillips and the business environment in which it is currently operating can be found in the beginning of our look-ahead.

In summary, Conoco's latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 9 of 25 (down from 10 in June)
  
• Growth: 0 of 25 (unchanged)
  
• Profitability: 5 of 25 (down from 6)
  
• Value: 4 of 25 (down from 8)
  

• Overall: 19 of 100 (down from 27)
  

The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.

Read the rest of this article