KG: Look Ahead to December 2009 Quarterly Results

King Pharmaceuticals, Inc. (NYSE: KG) earned $0.17 per share in the third quarter of 2009, which ended 30 September, down from $0.34 in the same quarter of last year.  Earnings fell from $0.39 to $0.29 per share on a non-GAAP ("pro forma" or "ex-items") basis, which excludes items such as amortization of intangible assets.

In November, we examined King's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of King, which determined that the GCFR Overall gauge slipped negligibly from 18 to 17 of the 100 possible points.

We have now modeled King Pharmaceuticals' Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data the company will announce in February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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WPI: Look Ahead to December 2009 Quarterly Results

Watson Pharmaceuticals, Inc. (NYSE: WPI) earned $63.0 million in the third quarter of 2009, down from $71.1 million in the same quarter of last year.  Good operating results were masked by lower non-operating income and higher non-operating expenses. 

In November, we examined Watson's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of Watson, which determined that the GCFR Overall gauge fell from 38 to 29 of the 100 possible points.

We have now modeled Watson's Pharmaceuticals' Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data the company will announce in February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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WMT: Financial Gauge Analysis for the October 2009 Quarter

We almost forgot about the third-quarter gauge analysis of Walmart!  By 8 December, when Walmart filed its 10-Q, we had already started to gear up for fourth-quarter results.  The quiet of the holidays was an opportunity to dig down into the to-do list.

In a previous article, we examined Wal-Mart Stores (NYSE: WMT) 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 31 October 2009, rose from $0.80 to $0.84 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.

Number 2 on the Fortune 500 list of America's largest corporations, Walmart sold over $400 billion of merchandise last year in its discount stores.  Some background information about Wal-Mart Stores and the business environment in which it is currently operating can be found in the look-ahead.

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

• Cash Management: 3 of 25 (unchanged from July)
  
• Growth: 5 of 25 (up from 1)
• Profitability: 8 of 25 (up from 6)
• Value: 11 of 25 (up from 9)

• Overall: 32 of 100 (up from 25)

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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BR: Look Ahead to December 2009 Quarterly Results

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 the previous year. 

In November, we examined Broadridge's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of Broadridge, which determined that the GCFR Overall gauge fell from 51 to 35 of the 100 possible points.

We have now modeled Broadridge's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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ADP: Look Ahead to December 2009 Quarterly Results

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.

In November, we examined ADP's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of ADP, which determined the GCFR Overall gauge fell from 58 to 52 of the 100 possible points.

We have now modeled ADP's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce on 2 February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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TDW: Look Ahead to December 2009 Quarterly Results

Tidewater (NYSE: TDW) earned $1.90 per share in the second quarter of fiscal 2010, which ended 30 September 2009, up from $1.85 in the same quarter of last year.  The recent quarter included a $34.4 million favorable resolution to tax litigation; earnings would have been $0.66 less, or $1.24, without the tax benefit.

In October, we examined Tidewater's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of Tidewater, which determined that the GCFR Overall gauge fell from 59 to 51 of the 100 possible points.

We have now modeled Tidewater's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data the company will announce in late January or early February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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COP: Look Ahead to December 2009 Quarterly Results

ConocoPhillips (NYSE: COP) earned $1.00 per share during the third quarter of 2009, down sharply from $3.40 in the same period of 2008.

In October, we examined Conoco's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of Conoco, which determined that the GCFR Overall gauge fell from 27 to 18 of the 100 possible points.

We have now modeled Conoco's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in late January or early February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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PG: Look Ahead to December 2009 Quarterly Results

Procter & Gamble (NYSE: PG) surpassed expectations by earning $1.06 per diluted share in the three months that ended 30 September 2009, which was the first quarter of fiscal 2010.  Net income was $1.03 per share in the same quarter last year.

In October, we examined P&G's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of P&G, which determined that the GCFR Overall gauge slipped negligibly from 44 to 43 of the 100 possible points.

We have now modeled P&G's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in late January or early February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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PEP: Look Ahead to December 2009 Quarterly Results

PepsiCo, Inc., (NYSE: PEP) earned $1.09 per share in the 12 weeks that ended 5 September, up from $0.99 last year.

In October, we examined PepsiCo's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of PepsiCo, which determined that the GCFR Overall gauge rose from 44 of the 100 possible points to 50.

We have now modeled PepsiCo's Income Statement for the super-sized, 16-week quarter that will end on 26 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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BP: Look Ahead to December 2009 Quarterly Results

BP (NYSE: BP) earned a profit attributable to shareholders $1.69 per ADR in the third quarter of 2009, which ended 30 September.  The profit in the same period last year was $2.58/ADR.

In October, we examined BP's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of BP, which determined that the GCFR Overall gauge fell from 30 of the 100 possible points to 21 (recalculated).

We have now modeled BP's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce on 2 February 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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MSFT: Look Ahead to December 2009 Quarterly Results

Microsoft (NASDAQ: MSFT) earned $0.40 per share in the first quarter of fiscal 2010, which ended 30 September 2009.  Net income was $0.48 per share in the year-earlier quarter.

In October, we examined Microsoft's Income Statement for the September quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis of Microsoft, which determined that the GCFR Overall gauge slipped from 60 of the 100 possible points to 56.

We have now modeled Microsoft's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce on 28 January 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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NOK: Look Ahead to December 2009 Quarterly Results

Nokia Corp. (NYSE: NOK) lost €0.15 per share in the third quarter of 2009, down from earnings of €0.29 last year.  If Nokia had not written off €900 million of intangible assets, the company would have earned €0.17 per share.

In October, we examined Nokia's Income Statement for the third quarter and compared the entries on each line to our "look-ahead" estimates.  We later performed a financial gauge analysis.

We have now modeled Nokia's Income Statement for the quarter that will end on 31 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in January 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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INTC: Look Ahead to December 2009 Quarterly Results

Intel Corporation (NASDAQ: INTC) earned $0.33 per share in the third quarter of 2009, compared to Net Income of $0.35 last year and our target of $0.27.  Revenue was 8.1 percent less than in the same period of 2008, but Revenue increased from its second quarter 2009 value by a healthy 17 percent.

In October, we examined the Income Statement for the third quarter and compared the entries on each line to our "look-ahead" estimates.  We followed this up with financial gauge analyses.

We have now modeled Intel's Income Statement for the quarter that will end on 26 December 2009.  The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce on 14 January 2010.  GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.

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HD: Financial Gauge Analysis for the October 2009 Quarter

In a previous article, we examined The Home Depot's (NYSE: HD) Income Statement for the third quarter of fiscal 2009 and compared the entries on each line to our "look-ahead" estimates.  Earnings in this period, which ended 1 November, fell from $0.45 to $0.41 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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PRGN: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Paragon Shipping's (NASDAQ: PRGN) Income Statement for the third quarter of 2009.  Earnings in this period, which ended on 30 September, fell from $0.59 to $0.40 per share.  The average number of shares outstanding increased by 64 percent, relative to the same quarter of last year, as a consequence of two dilutive equity offerings earlier this year.

Using the financial statements in the earnings announcement and the separately issued Management's Discussion and Analysis of Financial Condition and Results, we have now updated our usual set of Cash Management, Growth, Profitability and Value metrics.  Paragon does not have a long enough financial record for us to calculate meaningful financial gauge scores.

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EIX: Financial Gauge Analysis for the September 2009 Quarter

In a previous article, we examined Edison International's (NYSE: EIX) 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 $1.34 to $1.22 per share.  Non-GAAP "Core" earnings per share slipped from $1.46 to $1.09.

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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