Today Estee Lauder (EL) reported its second quarter earnings. The earnings release fell short of expectations as the company warned about a revenue slowdown for the second half of its fiscal 2012. Shares opened down 6% but recovered intra-day to end the day down 2.5% in a very bullish market. Despite the fall today the shares remain within reach of their all time high of $60.

Second quarter resultsThe second quarter, which includes the holiday season, is traditionally the company's strongest quarter. Sales increased 10% to $2.74 billion, net earnings were up 15% to $397 million with earnings per share coming in at $1.00 in line with expectations. Revenues grew 8% in the US, 5% in Europe and 21% in Asia. Earnings for first half year came in at $1.70, up from $1.34 last year. Traditionally Estee Lauder makes about 80% of its profit in the first half of

Kellogg (K) is the worldwide leading manufacturer and marketer of ready-to-eat cereals and the second largest biscuits maker in the US. Currently, Kellog has a market share of 33% in the US RTE Cereal market.

Compared to rivals, the company is late to the game of expanding into emerging markets. Its sales exposure to emerging markets is only about 15%, which is reflected in its moderate organic growth rates. Forex plays a relatively small role due to its heavy dependence on North America (>70% of EBIT).

The company introduced a cast savings program called "K-Lean" for the period 2008-2010. In line with this program, Kellogg took out millions of dollars form the supply chain. But the company apparently has cut too deep and eliminated some necessary safe guards, which affected businesses. Weak Q3 2011 results and a profit warning in November for both 2011 and 2012 were the consequence.

Since

Cisco Systems, Inc. (CSCO) is expected to report earnings for last fiscal quarter after the closing bell on February 08, 2012. Cisco Systems, Inc. designs, manufactures, and sells Internet protocol-based networking and other products related to the communications and information technology industry worldwide. The company was founded in 1984 and is headquartered in San Jose, California. Cisco Systems trades an average of 38.2 million shares per day and has a market cap of $106.4 billion.

52 Week High: $22.15 52 Week Low: $13.30 Book Value: $8.79 Float Short: 1.13%

According to EDGAR Online, on average, 12 analysts are expecting the same in earnings as the last quarter of $0.43. Wall Street is expecting $0.43 per share based on earnings estimates. The current trailing twelve months P/E ratio is 14. The forward P/E ratio is 12.59. From a month ago, the stock has increased in price 4.65%, and moving in price

It's no secret that Big Pharma companies live and die with their pipeline and their ability to drive sales from patent-protected branded drugs. Unfortunately, these two major drivers are both working against UK-based AstraZeneca (AZN). Although current results weren't bad and the company's valuation looks compelling by some metrics, management has a lot of work ahead of it in refilling its pipeline and maintaining its earnings base.

An All-Around Decent Q4, For What It Matters

AstraZeneca actually reported a respectable fourth quarter. Revenue was up slightly, beating the averaged expectation of a modest decline. Revenue in the U.S. was up 5%, offsetting a 15% decline in Western Europe tied in part to generic competition for Nexium. While total Nexium sales did decline 13% this quarter, other major products like Seroquel, Crestor, and Symbicort delivered double-digit sales growth, with Seroquel especially strong relative to expectations.

AstraZeneca also did well on its

Carefusion (CFN) has disappointed investors recently, but the long-term potential of this company is still quite a bit more than is reflected in the stock today.

Not Many Surprises In The Second Quarter

Given that CareFusion warned about this quarter's results, there weren't a lot of surprises in store when the final results came out. Revenue rose a bit more than 3%, with organic revenue up a little less than 3%. Growth was led by a fine performance in Medical Systems; revenue rose more than 9% on solid growth across dispensing, infusion, and respiratory. Procedural was the problem child - sales fell 2%

The February 3 Wall Street Journal has a story reporting that large U.S. banks are running out of excess reserves to take into income. That process of taking excess reserves into income, the Journal reports, has accounted for up to 25% of the recent earnings at such banks.

This report requires both some explanation and some expansion. First, the explanation:

Under standard accounting rules (GAAP), banks must establish an accounting entry called the Allowance for Loan and Lease Losses (ALLL). This accounting entry is required to be an amount considered adequate to cover estimated losses inherent in the current portfolio of loans and leases. The ALLL often is referred to as a "reserve" for loan losses. It is what the Journal story is discussing. (Banks do not establish reserves for possible losses on securities that they own because the possibility of losses on securities is supposed to be captured by

Similar to Canadian Solar's (CSIQ) large quarterly earnings per share("EPS") loss, LDK Solar's (LDK) third quarter 2011 loss overshadows continual improvements which should ensure its survival in the industry. Often a controversial company due to its high debt load, even analysts who pegged LDK for bankruptcy have come to realize because of the company's large scale, revolving its debt would unlikely be an issue due to continual support from local and provincial banks. While LDK Solar has sought additional financing through various channels for capacity expansion, its management has repeatedly stressed in quarterly earnings conference calls that extending current credit facilities from domestic sources has never been a problem. Nevertheless, those less familiar with LDK's financial situation may continue to question the company's survivability. For those who do not view the company's debt as an issue, then its ability to generate earnings and cash flow under normalized conditions should be

National Oilwell (NOV) is a stable company that my warrent an investment. However, the price seems a bit high at the moment for it to be a good opportunity. Even with the consensus beating earnings the company reported for Q4 of last year, which sent shares up 3.2%, the trailing P/E is still 16.2.

Valuation: National Oilwell's trailing 5 year valuation metrics suggest that the stock is fairly valued as there is a mixed message about the three valuation metrics compared to their 5 year ranges. National Oilwell's current P/B ratio is 1.85 and it has traded in a range of 0.8 to 4.1 over the past 5 years. National Oilwell's current P/S ratio is 2.33 and it has traded in a range of 0.8 to 3.3 over the past 5 years. National Oilwell's current P/E ratio is 16.2 and it has traded in a range of 5 to 20.9

Expected earnings reports and the whisper number impact for February 3rd, 2012, before market open.

Many investors believe that beating or missing the whisper number has the greatest impact on stock movement. If the number is exceeded, the stock is rewarded and prices move higher. If the number is missed, the stock is punished and prices move lower. Unlike the analysts estimate, the 'whisper number' from WhisperNumber.com has actually been proven to have a greater impact on stock movement.

Tyson Foods (TSN): The whisper number is $0.33, one cent short of the analysts estimate. Tyson has a 55% positive surprise history (having topped the whisper in 11 of the 20 earnings reports for which we have data). The average price movement (starting at next market open) within ten trading days of these twenty earnings reports is +0.1%. The strongest price movement of +2.6% comes within twenty trading days when the

Just as Kellogg (K) investors were getting used to the idea that 2012 was going to be a year of somewhat depressed results and necessary reinvestment, Kellogg posted a rather curious quarter. Though this company is still one of the best names in food to own for the long haul, investors with more short-term concerns had best be ready for some potentially choppy results this year.

Surprising Strength To Start The Fiscal Year

Revenue at Kellogg was a little stronger than expected, growing about 6% on an internal basis. Arguably the biggest surprise is that the company was able to balance a better than 6% boost in prices with less than 1% volume erosion. Growth was strong in both North America (up nearly 7%) and Latin America (up more than 10% in constant currency), while Europe was down about 1%. Internal growth of more than 8% in Asia was likewise

Now that earnings season is nearly over it's time to take a closer look at some of the reports. Several big name corporations have been able to make substantial gains in the face of increasing headwinds. The estimated GDP growth, both domestic and worldwide, are lower for 2012 than 2011. So far, new data is actually worse than previously feared. The IMF has issued a string of downward revisions to its own estimates, further sapping hope of a strengthening recovery. The European recession, which is still unfolding, is now expected to impact US and global growth more directly. The release of US 2011 GDP last week did very little to support the market. Slower-than-expected growth in 2011 is now making me wonder if 2012 could be worse than feared? I don't think so. A close inspection of the US market will show increasing amounts of cash in the form of

Yum! Brands, Inc. (YUM) is due to report earnings after the closing bell on February 06, 2012. Yum! will also have a conference call the next day in the morning. Below we can see the results of Yum! Brands over the last few earnings periods.

YUM! Brands, Inc., together with its subsidiaries, operates as a quick service restaurant company in the United States and internationally. The company was founded in 1997 and is headquartered in Louisville, Kentucky.

52 Week High: $64.20 52 Week Low: $47.15 Book Value: $4.32 Float Short: 1.24%

On average, 17 analysts are expecting a drop of $-0.09 in earnings per share compared to last quarter's results of $0.83. The number to beat is $0.74 per share, based on the estimated mean earnings. Analyst estimates range between $0.73 and $0.76 per share.

The current trailing twelve months P/E ratio is 23.2. The forward P/E ratio is 19.74.

Green Mountain Coffee Roasters (GMCR) reported robust first-quarter 2012 results with its adjusted earnings of 60 cents per share, which surged 233% year on year from 18 cents in the prior-year quarter. The adjusted earnings also exceeded the Zacks Consensus Estimate of 36 cents per share.

The adjusted earnings exclude the acquisition-related expenses, expenses related to SEC inquiry, amortization of identifiable intangibles, and gain on sale of subsidiary. Including these one-time items, earnings soared to 66 cents per share as compared to 2 cents per share in the prior-year quarter.

The year-on-year upswing came on the back of success of Keurig Single-Cup Brewing System, supported by owned and non-owned beverage brands in K-Cup packs coupled with strong holiday sales.

In comparison with the first quarter results, Green Mountain projects second quarter 2012 adjusted earnings per share in the range of 60 cents to 65 cents and the ensuing fiscal 2012

Novellus (NVLS) is expected to report Q4 earnings after the market close on Thursday, February 2, with a conference call scheduled for 4:30 pm ET.

Guidance

The consensus estimate is 47c for EPS and $277.24M for revenue, according to First Call. Consistent with recent reports from KLA-Tencor (KLAC), TE Connectivity (TEL), Lam Research (LRCX), and ASML Holding (ASML), most analysts expect strong Q4 results from Novellus and strong Q1 bookings guidance. Company guidance from the Dec. 5 mid-quarter update was for Q4 GAAP EPS 42c-46c on revenue of $260M-$290M. Bookings for Q4 were guided to be up 20%-30%, with shipments ranging from $270M-$300M. Novellus saw strength towards the NAND side of the business, and said that foundry had bounced back. The company said 2012 should be a "good year" for NAND.

Analyst Views

Deutsche Bank forecasts Q4

Electronic Arts Inc. (EA) reported third-quarter 2012 non-GAAP earnings (excluding one-time items but including stock-based compensation) of 87 cents per share, which beat the Zacks Consensus Estimate of 83 cents. The reported EPS came in at the lower end of the management’s guided range of 85 cents to 95 cents.

See the full EA earnings call transcript

Revenue

Revenue, including deferred revenue of $590.0 million, increased 17.0% year over year to $1.65 billion, way ahead of the Zacks Consensus Estimate of $1.15 billion and was in line with management’s high point of the guided range of $1.55 billion to $1.65 billion.

The strong year-over-year growth was driven by robust digital revenue and strong performances from "Battlefield 3," "Star Wars: The Old Republic" (which were launched during the holiday season) and "FIFA 12."

EA’s digital revenue surged 79.0% year over year to $377.0 million in the third quarter and contributed 23.0%

Simon Property Group (SPG)

Q4 2011 Earnings Call

February 03, 2012 11:00 am ET

Executives

Shelly J. Doran - Vice President of Investor Relations

David E. Simon - Chairman, Chief Executive Officer and Chairman of Executive Committee

Richard S. Sokolov - President, Chief Operating Officer, Director and Member of Executive Committee

Stephen E. Sterrett - Chief Financial Officer and Executive Vice President

Analysts

Quentin Velleley - Citigroup Inc, Research Division

Michael Bilerman - Citigroup Inc, Research Division

Jonathan Habermann - Goldman Sachs Group Inc., Research Division

David Harris

Christy McElroy - UBS Investment Bank, Research Division

Steve Sakwa - ISI Group Inc., Research Division

Paul Morgan - Morgan Stanley, Research Division

Alexander David Goldfarb - Sandler O'Neill + Partners, L.P., Research Division

Ki Bin Kim - Macquarie Research

Jeffrey J. Donnelly - Wells Fargo Securities, LLC, Research Division

Carol L. Kemple - Hilliard Lyons, Research Division

Cedrik Lachance - Green

Macerich (MAC)

Q4 2011 Earnings Call

February 3, 2012 1:30 p.m. ET

Executives

Art Coppola - CEO and Chairman of the Board of Directors

Ed Coppola - President

Tom O’Hern - Senior Executive VP and Chief Financial Officer

Randy Brant - Executive VP, Real Estate.

Analysts

Craig Schmidt – Bank of America Merrill Lynch

Quentin Velleley – Citi

Paul Morgan – Morgan Stanley

Christy McElroy – UBS

Todd Thomas – KeyBanc Capital Markets

Vincent Chao – Deutsche Bank

Steve Sakwa - ISI

Cedrik Lachance - Green Street Advisors

Alexander Goldfarb – Sandler O’Neill

Wes Golladay - RBC Capital Markets

Ben Yang – KBW

Tayo Okusanya - Jefferies & Co.

Michael Mueller – JPMorgan

Presentation

Operator

Welcome to the Macerich Company fourth quarter 2011 earnings conference call. Today’s call is being recorded. [Operator instructions.] would now like to turn the call over to Jean Wood, Vice President of Investor Relations. Please

The Clorox (CLX)

Q2 2012 Earnings Call

February 03, 2012 1:30 pm ET

Executives

Steve Austenfeld - Former Vice President of Investor Relations

Lawrence S. Peiros - Chief Operating Officer and Executive Vice President

Stephen M. Robb - Chief Financial Officer and Senior Vice President

Donald R. Knauss - Chairman, Chief Executive Officer and Chairman of Executive Committee

Analysts

William Schmitz - Deutsche Bank AG, Research Division

Christopher Ferrara - BofA Merrill Lynch, Research Division

Jason Gere - RBC Capital Markets, LLC, Research Division

Constance Marie Maneaty - BMO Capital Markets U.S.

Lauren R. Lieberman - Barclays Capital, Research Division

Timothy A. Conder - Wells Fargo Securities, LLC, Research Division

John A. Faucher - JP Morgan Chase & Co, Research Division

Nik Modi - UBS Investment Bank, Research Division

Ali Dibadj - Sanford C. Bernstein & Co., LLC., Research Division

Javier Escalante - Consumer Edge Research, LLC

Leigh Ferst -

Dr. Reddy's Laboratories (RDY)

Q3 2012 Earnings Call

February 03, 2012 8:00 am ET

Executives

Kedar Upadhye - Former Director

Gunupati Venkateswara Prasad - Executive Vice Chairman, Chief Executive Officer, Member of Management Council, Chairman of Investment Committee, Member of Strategy Committee, Member of Shareholders Grievance Committee and Member of Management Committee

Umang Vohra - Chief Financial Officer, Chief Compliance officer, Senior Vice President and Member of Management Council

Kallam Satish Reddy - Managing Director, Chief Operating Officer, Executive Director, Member of the Management Council, Chairman of Management Committee, Member of Shareholders Grievance Committee, Member of Investment Committee and Member of Strategy Committee

Analysts

Ashwin Agarwal

Nimish Mehta - MP Advisors

Manoj Garg - Edelweiss Capital Ltd., Research Division

Sonal Gupta - UBS Investment Bank, Research Division

Bino Pathiparampil - IIFL Research

Nitin Agarwal - IDFC Securities Ltd., Research Division

Anubhav Aggarwal - Crédit Suisse AG, Research Division

Abhay Shanbhag

Domtar Corporation (UFS)

Q4 2011 Earnings Conference Call

February 3, 2012 11:00 AM EST

Executives

Pascal Bossé – VP, Corporate Communications and IR

John Williams – President and CEO

Daniel Buron – CFO

Mike Edwards – SVP, Pulp and Paper Manufacturing

Analysts

Anthony Pettinari – Citi

George Staphos – Bank of America Merrill Lynch

Chip Dillon – Vertical Research Partners

Phil Gresh – JP Morgan

Marks Connelly – CLSA

Bill Hoffman – RBC Capital Markets

Mark Wilde – Deutsche Bank

Steve Chercover – D.A. Davidson

Ali Kabili – Credit Suisse

Robert Howard – Prospector Partners

Sean Steuart – TD

Paul Quinn – RBC Capital Markets

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Domtar Corporation fourth quarter 2011 financial results conference call.

At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions). As a reminder, this

MoneyGram International, Inc. (MGI)

Q4 2011 Earnings Call

February 03, 2012 9:00 AM ET

Executives

Alex Holmes – SVP, Corporate Strategy and IR

Pamela Patsley – Chairman and CEO

Jim Shields – EVP and CFO

Analysts

Sara Gubins – Bank of America Merrill Lynch

Glenn Fodor – Morgan Stanley

Roman Leal – Goldman Sachs

Robert Napoli - William Blair

Jim Kissane – Credit Suisse

Tim Willi – Wells Fargo

Tien-Tsin Huang – J.P Morgan

Presentation

Operator

Good day ladies and gentlemen. Welcome to today’s MoneyGram International Fourth Quarter 2011 Earnings Conference Call. Today's conference is being recorded. At this time, all participants have been placed in a listen-only-mode and the floor will be open for your questions following the presentation.

It is now my pleasure to turn the floor over to your host, Alex Holmes

Camden Property Trust (CPT)

Q4 2011 Earnings Call

February 3, 2012 12:00 pm ET

Executives

Kim Callahan – Vice President, Investor Relations

Richard J. Campo – Chairman of the Board and Chief Executive Officer

D. Keith Oden – President

Dennis M. Steen – Senior Vice President - Finance and Chief Financial Officer

Analysts

Jana Galan – Bank of America/Merrill Lynch

Eric Wolfe – Citigroup

Robert Stevenson – Macquarie Research Equities

Alexander Goldfarb – Sandler O'Neill & Partners L.P.

Karin Ford – Keybanc Capital Markets

Richard Anderson – BMO Capital Markets

Paula Poskon – Robert W. Baird & Co., Inc.

Michael Salinsky – RBC Capital Markets

Presentation

Operator

Welcome to the Camden Property Trust Fourth Quarter 2011 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions)

Please note, this event is being recorded. I would now like to turn the conference over to Kim Callahan. Please go ahead.

Health Net, Inc. (HNT)

Q4 2011 Earnings Conference Call

February 3, 2012 11:00 AM ET

Executives

Angie McCabe – Vice President of Investor Relations

Jay Gellert - Chief Executive Officer

Analysts

Ana Gupte - Sanford Bernstein

Kevin Fishbeck – Bank of America Merrill Lynch

Christine Arnold - Cowen

Josh Raskin - Barclays Capital

David Windley - Jefferies

Peter Costa - Wells Fargo Securities

Carl McDonald - Citigroup

Charles Boorady - Crédit Suisse

Presentation

Operator

Good morning, and welcome to the Health Net, Incorporated Fourth Quarter and Year-End 2011 Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Angie McCabe, Vice President of Investor Relations. Please go ahead, ma'am.

Angie McCabe

Thank you, David and thank you all for joining for a discussion of Health Net's fourth quarter and year-end 2011 results. During this call, we will make forward-looking statements are

Tyson Foods (TSN)

Q1 2012 Earnings Call

February 03, 2012 9:00 am ET

Executives

Jon Kathol - Vice President of Investor Relations and Assistant Secretary

Donnie Smith - Chief Executive Officer and President

James V. Lochner - Chief Operating Officer

Dennis Leatherby - Chief Financial Officer and Executive Vice President

Analysts

Kenneth Goldman - JP Morgan Chase & Co, Research Division

Christina McGlone - Deutsche Bank AG, Research Division

Vincent Andrews - Morgan Stanley, Research Division

Farha Aslam - Stephens Inc., Research Division

Christine McCracken - Cleveland Research Company

Diane Geissler - Credit Agricole Securities (USA) Inc., Research Division

Ryan Oksenhendler - BofA Merrill Lynch, Research Division

Timothy S. Ramey - D.A. Davidson & Co., Research Division

Heather L. Jones - BB&T Capital Markets, Research Division

Akshay S. Jagdale - KeyBanc Capital Markets Inc., Research Division

Lindsay Mann - Goldman Sachs Group Inc., Research Division

Kenneth B. Zaslow - BMO

Weyerhaeuser (WY)

Q4 2011 Earnings Call

February 03, 2012 10:00 am ET

Executives

Kathryn F. McAuley - Vice President of Investor Relations

Daniel S. Fulton - Chief Executive Officer, President, Director and Member of Executive Committee

Patricia Bedient - Chief Financial Officer and Executive Vice President

Analysts

Anthony Pettinari - Citigroup Inc, Research Division

Chip A. Dillon - Vertical Research Partners Inc.

Gail S. Glazerman - UBS Investment Bank, Research Division

Mark Wilde - Deutsche Bank AG, Research Division

George L. Staphos - BofA Merrill Lynch, Research Division

Steven Chercover - D.A. Davidson & Co., Research Division

Mark W. Connelly - Credit Agricole Securities (USA) Inc., Research Division

Paul C. Quinn - RBC Capital Markets, LLC, Research Division

Joshua A. Barber - Stifel, Nicolaus & Co., Inc., Research Division

Mark A. Weintraub - Buckingham Research Group, Inc.

Presentation

Operator

Good morning, my name is Carrie, and I will be your

Estee Lauder Companies (EL)

Q2 2012 Earnings Call

February 03, 2012 9:30 am ET

Executives

Dennis D'Andrea - Vice President of Investor Relations

Fabrizio Freda - Chief Executive Officer, President and Director

Thia Breen - Global President of Estee Lauder Brand

Richard W. Kunes - Chief Financial Officer, Principal Accounting Officer And Executive Vice President

Analysts

Wendy Nicholson - Citigroup Inc, Research Division

Lauren R. Lieberman - Barclays Capital, Research Division

Nik Modi - UBS Investment Bank, Research Division

Alice Beebe Longley - Buckingham Research Group, Inc.

Christopher Ferrara - BofA Merrill Lynch, Research Division

Caroline S. Levy - CLSA Asia-Pacific Markets, Research Division

Constance Marie Maneaty - BMO Capital Markets U.S.

Linda Bolton-Weiser - Caris & Company, Inc., Research Division

Javier Escalante - Consumer Edge Research, LLC

John A. Faucher - JP Morgan Chase & Co, Research Division

William Schmitz - Deutsche Bank AG, Research Division

Presentation

Operator

Good

Beam (BEAM)

Q4 2011 Earnings Call

February 03, 2012 10:00 am ET

Executives

Matthew John Shattock - Chief Executive Officer, President and Director

Robert F. Probst - Chief Financial Officer and Senior Vice President

Analysts

Judy E. Hong - Goldman Sachs Group Inc., Research Division

Ian Shackleton - Nomura Securities Co. Ltd., Research Division

Vivien Azer - Citigroup Inc, Research Division

Bryan D. Spillane - BofA Merrill Lynch, Research Division

Ann H. Gurkin - Davenport & Company, LLC, Research Division

Priya Ohri-Gupta - Barclays Capital, Research Division

Timothy S. Ramey - D.A. Davidson & Co., Research Division

Kenneth Perkins - Morningstar Inc., Research Division

Presentation

Operator

Good morning. My name is Martina, and I will be your conference call operator today. At this time, I'd like to welcome everyone to Beam's Fourth Quarter Full Year Earnings Conference Call. [Operator Instructions] Now I would like to turn the call over to

AB Volvo (VOLVY.PK)

Q4 2011 Earnings Call

February 3, 2012 8:30 AM ET

Executives

Olof Persson – President and CEO

Christer Johansson – IR

Analysts

Fredric Stahl – UBS

Nico Dil – JPMorgan

Kenneth Toll Johansson – Carnegie

Michael Tyndall – Barclays Capital

Yann Benhamou – Exane

Sébastien Gruter – Societe Generale

Laura Lembke – Morgan Stanley

Presentation

Operator

Ladies and gentlemen, welcome to the Volvo year-end report 2011 conference call. Today I’m pleased to present, Olof Persson, President and CEO of Volvo Group. For the first part of this call, all participants will be in listen-only mode and afterwards there will be a question-and-answer session. Speaker, please begin.

Olof Persson

Thank you very much, and good morning and good afternoon to all of you, and welcome to this conference call on the Volvo Group fourth quarter and full-year 2011 report. I’m sitting here with Anders Osberg, our new CFO;

Booz Allen Hamilton Holding Corporation (BAH)

F3Q12 Earnings Call

February 3, 2012 8:00 AM ET

Executives

Curt Riggle – Director, Investor Relations

Ralph Shrader – Chairman, President and CEO

Sam Strickland – Executive Vice President and CFO

Horacio Rozanski – Chief Operating Officer

Kevin Cook – Senior Vice President and Controller

Analysts

Nathan Rozof – Morgan Stanley

Bill Loomis – Stifel Nicolaus

Brian Gesuale – Raymond James

George Price – BB&T Capital Markets

Edward Caso – Wells Fargo Securities

Tim McHugh – William Blair Company

Robert Spingarn – Credit Suisse

Michael Lewis – Lazard Capital

Presentation

Operator

Good morning. Thank you for standing by. And welcome to Booz Allen Hamilton’s Earnings Call covering Third Quarter Fiscal 2012 Results. At this time, all lines are in a listen-only mode. Later, there will be an opportunity for questions.

Right now, I’d like to turn the call to Mr. Curt Riggle. Please proceed.

National Fuel Gas Co. (NFG)

F1Q2012 Earnings Conference Call

February 3, 2012 11:00 AM ET

Executives

Timothy Silverstein – Director of Investor Relations

Dave Smith – Chairman and Chief Executive Officer

Ron Tanski – President and Chief Operating Officer

Matt Cabell – Senior Vice President and President, Seneca Resources Corporation

Dave Bauer – Principal Finance Officer and Treasurer

Analysts

Andrea Sharkey – Gabelli & Company

Kevin Smith – Raymond James & Associates

Craig Shere – Tuohy Brothers

Carl Kirst – BMO Capital Markets

Timm Schneider – Citigroup

John Abbott – Pritchard Capital Partners

Mark Barnett – Morningstar

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the first quarter 2012 National Fuel Gas Company earnings conference call. My name is Fab, and I will be your operator for today.

At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions) As