General Motors (GM) posts $0.62 adjusted first quarter loss from continuing operations, vs. $0.01 loss a year ago, on 1.7% revenue drop. Notes improved adjusted automotive operating performance, rapid growth in emerging markets, continued cost performance in GM North America, liquidity of nearly $24 billion, despite impact of AXL strike on North American operations and weakness in U.S. auto industry.
Procter & Gamble (PG) posts $0.82, vs. $0.74 a year ago, third quarter EPS on 9% sales rise. Sees $0.76-$0.78 fourth quarter EPS. Expects 2008 organic volume, sales to both grow about 5%. Raises 2008 EPS forecast to $3.48-$3.50 from $3.46-$3.50 due to strong January-March quarter results.
Citigroup (C) announces the pricing of its offering of $4.5 billion, or 178,076,770 shares, of common stock. Last night, the company announced it commenced offering of $3 billion. It cites strong demand. The transaction includes an over-allotment option for up to 17.8 million additional shares of common stock. The offering was priced at $25.27 per share.
Colgate-Palmolive (CL) posts $0.86, vs. $0.89 a year ago, first quarter GAAP EPS as $21.2 million of after-tax restructuring charges offset a 16% sales rise. Says, excluding restructuring charges, gross profit margin decreased 10 basis points to 57.3%, reflecting meaningful increases in raw and packaging material costs worldwide, especially oil-related costs and agricultural commodities. Expects 2008 gross margin, excluding restructuring charges, to be flat to slightly up vs. 2007. Sees double-digit EPS growth in 2008. S&P reiterates strong buy.
International Paper (IP) posts $0.41, vs. $0.45 a year ago, first quarter non-GAAP EPS despite 8.6% rise in sales, as price gains fail to offset escalation in raw materials costs. S&P reiterates hold.
Cummins (CMI) posts $0.97, vs. $0.71, first quarter EPS on 23% higher sales. Sees 2008 revenue rising at least 12% from a year ago. S&P reiterates buy.
Beckman Coulter (BEC) posts $0.68, vs. $0.65, first quarter adjusted EPS on 19% revenue rise. Based on first quarter performance, it expects 2008 revenue growth of 11%-13%, raises the low end of EPS outlook, now sees $3.55-$3.65. S&P maintains hold. Leerink Swann reportedly upgrades to outperform from market perform.
SPX Corp. (SPW) posts $1.13, vs. $0.49, first quarter GAAP EPS on 37% higher revenue. Raises 2008 EPS guidance to $6.20-$6.40 from $6.00-$6.20. S&P reiterates hold.
Buffalo Wild Wings (BWLD) posts $0.36 (including $0.02 in charges), vs. $0.31, first quarter EPS on 4.1% higher company-owned same-store sales and 22% higher total revenue. It says five new company-owned and 10 franchised locations are expected to open in the second quarter. Cowen upgrades to outperform from neutral. KeyBanc reportedly upgrades to buy from hold.
FTD Group (FTD) agrees to be acquired by United Online (UNTD). Terms: holders will get $7.34 in cash, 0.4087 of UNTD share and $3.31 principal amount of UNTD 13% sr. secured notes due 2013 for each FTD share held, for a total value of $15.08 per FTD share.
Garmin Ltd. (GRMN) posts lower-than-expected $0.67, vs. $0.64 a year ago, first quarter EPS (including forex) on 35% revenue rise.
SAP AG (SAP) posts €0.21, vs. €0.26, first quarter EPS (US GAAP) from continuing operations 14% revenue rise.