Read Larry Connors' blog – Short Term Trading Strategies
The company offered this forward-looking statement, "Management now expects full-year comparable 2009 earnings per diluted common share to be in the range of $1.54 to $1.57. This range includes an expected negative currency impact of 16 cents per share and excludes nonrecurring items. Excluding the impact of currency, revenue is expected to increase in a low to mid single-digit range and decline slightly on a reported basis. The company also expects strong free cash flow of approximately $800 million and capital expenditures of approximately $900 million... Free cash flow will continue to be used for debt reduction, although the company is evaluating methods for returning additional cash to shareowners. The effective tax rate for 2009 is expected to be approximately 25 percent." Analysts, on average, were projecting full-year 2009 EPS of $1.52 on revenues of $21.97 billion.
Write to Chip Brian at cbrian@tradethetrend.com
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