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.
17 March 2010
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.
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.
09 March 2010
CSCO: Financial Gauge Analysis for the January 2010 Quarter
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.
08 March 2010
TDW: Financial Gauge Analysis for the December 2009 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)
06 March 2010
COP: Financial Gauge Analysis for the December 2009 Quarter
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)
01 March 2010
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.
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.
27 February 2010
PRGN: Income Statement Analysis for the December 2009 Quarter
Non-GAAP Adjusted Net Income, which excludes certain non-cash items, fell 38.9 percent and Adjusted EPS slid 67.3 percent.
This post reviews Paragon's Income Statement for the quarter. The principal sources for the analysis were the earnings announcement and the conference call presentation [pdf].
In a second article, we will provide updated figures for the financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
26 February 2010
KG: Income Statement Analysis for the December 2009 Quarter
King Pharmaceuticals, Inc. (NYSE: KG) earned $0.09 per share in the fourth quarter of 2009, which ended 31 December 2009. 
In the year-earlier quarter, King lost $2.25 per share, in large part due to charges associated with the company's $1.6 billion acquisition of Alpharma.
Non-GAAP "adjusted" earnings fell from $0.29 to $0.23 per share. A $41 million pretax charge for the amortization of intangible assets was the most substantial item excluded from the adjusted results in the December 2009 quarter.
This post examines King's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Our EPS target was $0.22 per share, which was $0.13 more than King actually reported.
The principal source for the income statement analysis was the earnings announcement. We did not have access to a conference call transcript.
In a second article, we will report King'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.
Non-GAAP "adjusted" earnings fell from $0.29 to $0.23 per share. A $41 million pretax charge for the amortization of intangible assets was the most substantial item excluded from the adjusted results in the December 2009 quarter.
This post examines King's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Our EPS target was $0.22 per share, which was $0.13 more than King actually reported.
The principal source for the income statement analysis was the earnings announcement. We did not have access to a conference call transcript.
In a second article, we will report King'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.
24 February 2010
WPI: Income Statement Analysis for the December 2009 Quarter
Watson Pharmaceuticals, Inc. (NYSE: WPI) earned $0.51 per share in the fourth quarter of 2009, which ended 31 December, up from $0.50 in the same quarter of 2008. 
The latest quarter was unusual in that it included about one month of Arrow Group results. Watson's acquisition of Arrow, which closed on 2 December 2009, added about 20 generic drugs to Watson's growing product line.
Adjusted, non-GAAP earnings increased from $0.64 to $0.85 per share in the fourth quarter.
This post examines Watson's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Our estimate did not include any Arrow Group results, and it is difficult to determine what Watson might have earned had the acquisition not been made.
In a second article, we will report Watson'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.
The latest quarter was unusual in that it included about one month of Arrow Group results. Watson's acquisition of Arrow, which closed on 2 December 2009, added about 20 generic drugs to Watson's growing product line.
Adjusted, non-GAAP earnings increased from $0.64 to $0.85 per share in the fourth quarter.
This post examines Watson's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Our estimate did not include any Arrow Group results, and it is difficult to determine what Watson might have earned had the acquisition not been made.
The principal sources for the income statement analysis were the earnings announcement and the ensuing conference call (transcript available from Seeking Alpha).
In a second article, we will report Watson'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.
23 February 2010
HD: Income Statement Analysis for the January 2010 Quarter
The Home Depot, Inc. (NYSE: HD) earned $0.20 per share in the fourth quarter of fiscal 2009, which ended 31 January 2010. The company lost $0.03 in the same quarter of the previous year. 
The fourth-quarter results included a number of unusual items. On a non-GAAP "adjusted" basis, which excludes write-downs and discontinued operations, earnings increased from $0.19 to $0.24 per share.
This post examines Home Depot's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Home Depot surpassed our EPS target of $0.17 by $0.03 per share on a GAAP basis on $0.07 per share on an adjusted basis.
In a second article, we will report Home Depot'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.
The fourth-quarter results included a number of unusual items. On a non-GAAP "adjusted" basis, which excludes write-downs and discontinued operations, earnings increased from $0.19 to $0.24 per share.
This post examines Home Depot's Income Statement for the quarter and compares the entries on each line to our "look-ahead" estimates. Home Depot surpassed our EPS target of $0.17 by $0.03 per share on a GAAP basis on $0.07 per share on an adjusted basis.
The principal sources for the income statement analysis were the earnings announcement and the ensuing conference call (transcript available from Seeking Alpha).
In a second article, we will report Home Depot'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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