GLW reaffirms Q1 guidance (GLW) 24.21 : Co reaffirms Q1 guidance of sales of $1.2-$1.25 bln and pro-forma EPS of $0.21-$0.23. Co said that it will begin expensing employee stock options in 2006 and that the EPS range of $0.21-$0.23 includes about $0.01 related to this new expense. Co expects Q1 gross margin to be between 43-45%.
Co expects its total LCD glass volume to increase sequentially in the range of 3-8% and pricing for the qtr will be down more significantly than in previous quarters. In its Telecommunications segment, co expects total sales for Q1 to be flat with Q4 sales and its Environmental segment sales to increase by about 5% in Q1.
* BBY $48~$46~$53 beats by $0.03, beats on revs; reaffirms Y07 EPS guidance (47.77 ) : Reports Q2 (Aug) earnings of $0.47 per share, $0.03 better than the Reuters Estimates consensus of $0.44; revenues rose 13.4% year/year to $7.6 bln vs the $7.54 bln consensus. Co reaffirms guidance for FY07, sees EPS of $2.65-2.80 vs. $2.79 consensus.
Best Buy earnings conf call update (48.69 +0.92) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines. Co is "very bullish on the flat panel Home Theater space" and they are "confident we're making the right investments here".
Best Buy conf call summary (49.26 +1.49) -Update : Co notes that TV business is off to a great start, have not seen any decline in the consumer's interest in this category. With supplies up, BBY continues to expect average selling prices to drop 25-30% year-over-year on identical skews, continue so see customers to trade up to the biggest screen size and best technology they can afford. BBY expects that the lower prices will drive tremendous unit demand, far outweighing the negative impact of any price declines... Asked for color on the LCD market, company LCD availability is solid and good, particularly in the largest screen sizes, which they are most concerned about. On the Appliance biz, the company did see the comps in that business come down this quarter. Clearly seeing an impact based on the housing market overall. From a promotional environment standpoint, see competitors continuing to be promotional in the home appliance space.
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