Reports Q1 (Jan) earnings of $0.83 per share, $0.07 better than the First Call consensus of $0.76; revenues rose 18.0% year/year to $755 mln vs the $782.3 mln consensus.
Co reaffirms guidance for FY09, sees EPS of $3.60-4.00 vs. $3.51 consensus; sees FY09 revs of $3.5-3.7 bln vs. $3.45 bln consensus. Bookings in the first quarter were $538 million compared to $870 million in last year's first quarter.
Although co continues to believe that the path toward industrialization of emerging markets will drive high rates of commodity demand over the long term, it also expects the near-term markets to remain uncertain and volatile.
Co continues to take precautionary steps to reduce its risk exposure through expense controls and reduction of operating costs.
These efforts include hiring freezes, control of discretionary expense, aggressive management of its supply chain, and more critical reviews of the financial stability of its operating partners, including suppliers, subcontractors and customers.
Just as the Company expects the conditions of uncertainty and volatility to persist through 2009, it also expects the booking rates for its original equipment during this period to remain substantially below the comparable booking levels of 2008.
The Company believes that lower demand for its original equipment could persist for a period longer than that covered by its current backlog, and is therefore developing plans to ensure it fulfills its commitments to customers and investors during 2009 while reducing the scale and scope of the business to be appropriate for the range of market conditions that could exist in fiscal 2010.