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Zacks Analyst Blog Highlights: Cox Radio, Inc., Halliburton Comany, Eli Lilly and Company, Werner Enterprises, Inc. and Amphenol Corp.
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Chicago, IL – April 21, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Cox Radio, Inc. (CXR), Halliburton Company (HAL), Eli Lilly and Company (LLY), Werner Enterprises, Inc. (WERN) and Amphenol Corp. (APH).
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Here are highlights from Monday’s Analyst Blog:
Cox Radio Lowball Set to Rise Up
Cox Radio, Inc. (CXR) withdrew its recommendation that its shareholders accept Cox Enterprises’ recent tender offer of $3.80 a share. The offer represented a 15% premium over Cox Radio's previous closing price and a 22% premium over the ten-day volume weighted average closing price. Simultaneously, Cox Enterprises extended the deadline to Friday, May 1.
The stock has traded at an average of $4.14 since the March 23rd announcement, reflecting investors’ doubt that the offer would be accepted at the initial price. As of the market’s close last Friday, 457,000 shares, or about 2% of the outstanding shares, were tendered.
Halliburton Hit Hard by Downturn
Halliburton Company’s (HAL) first-quarter earnings were largely inline with expectations, though revenue numbers were modestly off. Results were down significantly from the year-earlier level due to the sharp cyclical downturn, particularly in the all-important North American market.
Management indicated continued lack of visibility with respect to the length and depth of the downturn, though they did mention that the North American margin squeeze may be close to bottoming out. But the slide on the international front, admittedly never as severe as in North America, is just getting underway.
Lilly Reports, Affirms Guidance
This morning Eli Lilly and Company (LLY) reported financial results for the first quarter 2009. Revenue came in at $5.05 billion, up 5% from the first quarter 2008 and slightly below our forecast of $5.0 billion.
Revenue was negatively impacted by 6% due to foreign exchange, which was greater than our expectations. Sales in the U.S. grew 13% to $2.9 billion while international sales fell 4% to $2.2 billion due to the negative impact of foreign exchange.
Werner Reports Declines
After market close yesterday, Werner Enterprises, Inc. (WERN) posted 2009 first quarter diluted EPS of $0.10, down 18% year over year from the $0.12 reported in the prior-year quarter. While this beat consensus of $0.09 by a penny, it was below our $0.12 estimate, largely due to lower gains on asset sales hurt by lower volume and pricing, and worse-than-expected revenues.
Revenues declined 23% year over year to $394.5 million on a 10.7% decrease in total miles. Excluding fuel surcharges, revenues dropped 12% to $308.0 million. This compare to revenue estimates for consensus of $445.5 million and our estimate of $467 million. This performance largely reflected continued erosion in freight shipments, particularly in the company’s largest market, the retail sector, due to the slumping economy.
Amphenol Rating Under Review
Shares of Amphenol Corp. (APH) are seesawing in volatile trading since yesterday following the company's release of fiscal Q1:2009 earnings results. Although the company came comfortably ahead of our and consensus Q1 revenues estimates and beat our EPS estimate by a penny, forward guidance came in weaker than expectations. The company also stated that it will not provide guidance beyond Q2 owing to "significant uncertainty regarding future demand levels" but expects to perform well given its leadership position in the industry.
Q1:FY2009 sales of $660.0 million were down 14% from a year ago and down 12.6% sequentially. The revenue reported was in line with management's guidance of revenues, between $650 million and $665 million. Currency translation effect decreased sales by approximately 3% or by $23.1 million in the first quarter of 2009.
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