PG: Look Ahead to March 2010 Quarterly Results

This post describes our model of Procter & Gamble's (NYSE: PG) Income Statement for the third quarter of fiscal 2010, which will end on 31 March 2010.

The purpose of the model is to establish a baseline for identifying surprises, positive or negative, in the quarterly results the company will report.  Estimates for each line of the Income Statement are derived from management's guidance, the company's historical financial results, and other publicly available data.

We begin by reviewing background information about P&G and the business environment in which it is currently operating.

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TDW: Look Ahead to March 2010 Quarterly Results

This post describes our model of Tidewater's (NYSE: TDW) Income Statement for the fourth quarter of fiscal 2010, which will end on 31 March 2010.

The purpose of the model is to establish a baseline for identifying surprises, positive or negative, in the quarterly results that the company will report.  Estimates for each line of the Income Statement are derived from management's guidance, the company's historical financial results, and other publicly available data.

We begin by reviewing background information about Tidewater and the business environment in which it is currently operating.

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COP: Look Ahead to March 2010 Quarterly Results

This post describes our model of ConocoPhillips's (NYSE: COP) Income Statement for the first quarter of 2010, which will end on 31 March.

The purpose of the model is to establish a baseline for identifying surprises, positive or negative, in the quarterly results that will soon be reported.  Estimates for each line of the Income Statement are derived from management's guidance, the company's historical financial results, and other publicly available data.

We begin by reviewing background information about ConocoPhillips and the business environment in which it is currently operating.

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BP: Look Ahead to March 2010 Quarterly Results

This post describes our model of BP's (NYSE: BP and LON: BP) Income Statement for the first quarter of 2010, which will end on 31 March.

The purpose of the model is to establish a baseline for identifying surprises, positive or negative, in the quarterly results that will soon be reported.  Estimates for each line of the Income Statement are derived from management's guidance, the company's historical financial results, and other publicly available data.

We begin by reviewing background information about BP and the business environment in which it is currently operating.

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PEP: Look Ahead to March 2010 Quarterly Results

This post describes our model of PepsiCo's (NYSE: PEP) Income Statement for the 12-week first quarter of fiscal 2010, which ended on 20 March.

The intent of our look-ahead exercises is to produce a baseline for identifying surprises, positive or negative, in the reported data.  GCFR estimates are derived from guidance provided by company management, when available, and the company's historical financial results.

In this case, the model is especially uncertain because PepsiCo is in a state of transition, as described below.

First, we set the stage with some background information about PepsiCo and the business environment in which it is currently operating.

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MSFT: Look Ahead to March 2010 Quarterly Results

This post describes our model of Microsoft's (NASDAQ: MSFT) Income Statement for the third quarter of fiscal 2010, which will end on 31 March.

The intent of our look-ahead exercises is to produce a baseline for identifying surprises, positive or negative, in the reported data.  GCFR estimates are derived from guidance provided by company management, when available, and the company's historical financial results.


First, we present some background information about Microsoft and the business environment in which it is currently operating.

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NOK: Look Ahead to March 2010 Quarterly Results

This post describes our model of Nokia's (NYSE: NOK) Income Statement for the quarter that will end on 31 March 2010.  GCFR estimates are derived from guidance provided by company management, when available, and the company's historical financial results.

The intent of our look-ahead exercises is to produce a baseline for identifying surprises, positive or negative, in the reported data. 


First, we present some background information about Nokia and the business environment in which it is currently operating.

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INTC: Look Ahead to March 2010 Quarterly Results

This post describes our model of Intel Corporation's (NASDAQ: INTC) Income Statement for the quarter that will end on 27 March 2010.  GCFR estimates are derived from guidance provided by company management, when available, and the company's historical financial results.

The intent of our look-ahead exercises is to produce a baseline for identifying surprises, positive or negative, in the reported data. 


First, we present some background information about Intel and the business environment in which it is currently operating.

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CSCO: Financial Gauge Analysis for the January 2010 Quarter

This post provides updated Cash Management, Growth, Profitability and Value metrics and our Financial Gauge scores for Cisco Systems (NASDAQ: CSCO).  The metrics were calculated using data in Cisco's financial reports, including the latest earnings announcement and the formal 10-Q report.

We have already examined the Income Statement for fiscal 2010's second quarter, which ended 23 January 2010.  Cisco Systems earned $0.30 per share, on a GAAP basis, in this quarter, up 23 percent from $0.26 in the second quarter of the previous year.  On a non-GAAP basis, Cisco's earnings rose from $0.32 to $0.40 per share. 

Cisco Systems, the proud plumber of the Internet, has a dominant position in the market for enterprise networking products and services.  Additional background information about Cisco and the business environment in which it is currently operating can be found in the look-ahead.

The latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 9 of 25 (unchanged from October)
• Growth: 0 of 25 (unchanged)
• Profitability: 12 of 25 (unchanged)
• Value: 1 of 25 (unchanged)

• Overall: 23 of 100 (unchanged) 

A statistical rarity: all gauges unchanged.

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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TDW: Financial Gauge Analysis for the December 2009 Quarter

This post provides updated Cash Management, Growth, Profitability and Value metrics and our Financial Gauge scores for Tidewater (NYSE: TDW).  The metrics were calculated using data in Tidewater's financial reports, including the latest earnings announcement and the formal 10-Q report for the December quarter.

We have already examined the Income Statement for the three months that ended on 31 December 2009.  Tidewater earned $1.16 per diluted share in this period, which was the third quarter of Tidewater's fiscal 2010.  This result was 49 percent below the record-high $2.28 earned in the December 2008 quarter.

Tidewater owns the world's largest fleet of vessels serving the global offshore energy industry.  Headquartered in New Orleans for more than 50 years, Tidewater first serviced drillers in the Gulf of Mexico.  Additional background information about Tidewater and the business environment in which it is currently operating can be found in the look-ahead.

The latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 10 of 25 (unchanged from June)
• Growth: 1 of 25 (down from 4)
• Profitability: 6 of 25 (down from 9)
• Value: 8 of 25 (down from 17)

• Overall: 28 of 100 (down from 47)

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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COP: Financial Gauge Analysis for the December 2009 Quarter

This post provides updated Cash Management, Growth, Profitability and Value metrics and our Financial Gauge scores for ConocoPhillips (NYSE: COP).  The metrics were calculated using data in Conoco's financial reports, including the latest earnings announcement and the 10-K for 2009.

We have already examined the Income Statement for the quarter that ended on 31 December 2009.  Conoco earned $0.81 per diluted share, on a GAAP basis, compared to a massive $21 per share loss in the year-earlier quarter.

ConocoPhillips, a major Integrated Oil and Gas firm, was created in its current form in 2002 when Conoco, Inc., merged with Phillips Petroleum.  Burlington Resources, with its extensive natural gas operations, was added in March 2006.  Additional background information about ConocoPhillips and the business environment in which it is currently operating can be found in the look-ahead.

The latest quarterly results produced the following changes to the gauge scores:

• Cash Management: 14 of 25 (up from 13 in September)
• Growth: 3 of 25 (up from 0)
• Profitability: 2 of 25 (down from 5)
• Value: 1 of 25 (down from 4)

• Overall: 16 of 100 (down from 23)

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

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EIX: Income Statement Analysis for the December 2009 Quarter

Edison International (NYSE: EIX) earned $0.65 per share in the fourth quarter of 2009, which ended 31 December.  Edison made $0.66 per share in the same period of 2008.

On a non-GAAP ("pro forma," "ex-items," or, Edison's preferred term, "Core") basis, earnings fell from $0.66 to $0.59 per share.  Core earnings in the latest quarter exclude gains attributed to "revised interest costs related to the global tax settlement."  This agreement  with the IRS resolved issues involving cross-border leases and various other items.

This post examines Edison's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates.  Our EPS target was $0.45, which is $0.20 less than the reported GAAP amount and $0.14 less than Core earnings.

The principal sources for the income statement analysis were the earnings announcement, the 10-K, the conference call presentation, and the call transcript.  The latter is made available by SeekingAlpha.

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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