Mastercard (MA) posts $3.38, vs. $1.57, first quarter GAAP EPS on 29% higher net revenue. Says currency fluctuations (driven by movement of the euro and the Brazilian real relative to the U.S. dollar) contributed 5.1% of the increase in net revenue for quarter.
Visa (V) posts $0.52 second quarter adjusted EPS (Class A) on revenue of $1.5 billion. It says its financial outlook over the next three years includes the following metrics: annual net revenue growth of 11%-15%; annual adjusted operating margin in the low 40% range; annual adjusted EPS growth of 20% or greater; and annual free cash flow in excess of $1 billion.
Biogen Idec (BIIB) and Genentech (DNA) announce that a Phase II/III study of Rituxan(R) (rituximab) for systemic lupus erythematosus (SLE, commonly called lupus) did not meet its primary endpoint defined as the proportion of Rituxan treated patients who achieved a major clinical response (MCR) or partial clinical response (PCR) measured by BILAG, a lupus activity response index, compared to placebo at 52 weeks.
Energizer Holdings (ENR) posts $1.03, vs. $1.14, second quarter EPS as higher costs offset 30% sales rise.
Merck & Co. (MRK) receives a Not Approvable action letter from the FDA for its New Drug Application (NDA) for MK-0524A for the treatment of primary hypercholesterolemia or mixed dyslipidemia. Also reaffirms '08 financial guidance. Bear Stearns trims estimates, but keeps outperform.
Questar (STR) posts $1.05, vs. $0.86, first quarter EPS. The company grew natural gas, oil and natural gas liquids (NGL) production 13% to 39.5 billion cubic feet of natural gas equivalent (Bcfe) compared to 34.9 Bcfe for the 2007 period. Raises 2008 EPS view to $3.25-$3.40 from $3.05-$3.20. Also raises E&P 2008 production range to 166-169 Bcfe from previous guidance of 160-163 Bcfe. S&P maintains buy.
Microchip Technology (MCHP) posts $0.42, vs. $0.37, fourth quarter non-GAAP EPS on slightly higher revenue. Sees $0.43-$0.45 first quarter non-GAAP EPS on 2%-6% higher sales vs. fourth quarter levels. Sets $0.33 quarterly cash dividend. S&P reiterates hold.
JDA Software Group (JDAS) posts $0.33, vs. $0.28, first quarter non-GAAP adjusted EPS on 3.5% revenue rise. Results ahead of $0.30 consensus view.
Gildan Activewear (GIL) cuts $0.42 second quarter EPS guidance to $0.35 due to lower-than-projected unit sales growth in activewear as result of shortfall in production for Dominican Republic textile facility, write-down of inventories of discontinued retail product-lines pursuant to rationalization of the company's product-mix within the sock category, additional costs incurred to service mass-market retailers during integration of retail information systems. Cuts $1.85-$1.90 fiscal year 2008 EPS forecast to $1.45-$1.50.
Fresh Del Monte Produce (FDP) posts $1.07, vs. $0.84 a year ago, first quarter EPS (excluding items) on 7% sales rise. Says gross profit for the first quarter decreased due to a $10.2 million negative impact for forex as compared to last year, as currencies in its producing countries strengthened against the dollar.
McGraw-Hill Companies (MHP) posts $0.25, vs. $0.40, first quarter EPS on 6.1% revenue drop. Says if current trends in financial markets continue for balance of year, it would expect 2008 EPS of $2.65-$2.75. (McGraw-Hill is the parent company of BusinessWeek and Standard & Poor's.
Office Depot (