Verizon Communication (VZ): The 2Q09 earning per share was $0.52 (vs. $0. in 1Q09).

• The key highlight was reduced earnings on y-o-y basis (vs. $0.66 in 1Q08).
• There was y-o-y growth in operating revenue (11.3%) and free cash flow.
• Quarterly dividend of $0.46/share is barely getting covered with earnings. This quarter’s payout ratio is at 88%.

Kellogg Company (K): The 2Q09 earning per share was $0.92 (vs. $0.84 in 3Q09).

• The highlight was 12% increase in EPS on y-o-y basis.
• Increased EPS seems to be due to controlled operating expenses that includes cost cutting initiatives.
• Quarterly dividend of $0.375/share is well covered with earnings. This quarter’s payout ratio is 40%.

Medtronic (MDT): The year 2009 earnings per share was $1.93 (vs. $1.95 in 2008).

• The highlights were increased revenue (8%), and free cash flow.
• Annual dividend of $0.82/share is well covered with earnings. The annual payout ratio is 42%.
• MDT is a dividend achiever. The most recent dividend increase was 9% in July 2009.

John Wiley & Sons (JA.A): The year 2009 earnings per share was $2.15 (vs. $2.49 in 2008).

• The key highlights were growth in revenue (3.4%), free cash flow (40%), and EPS (22%) with currency neutral. The reduction in EPS was due to currently fluctuations. Decreased debt by 10%.
• Annual dividend of $0.56/share is very well covered. The annual payout ratio is 26%.
• JA.A is dividend achiever. The most recent dividend increase was 8% in July 2009 and is its 16^th consecutive dividend increase.

These are few ones that I will be presenting my analysis in next few weeks. In this John Wiley and Sons gave me a surprise by low payout ratio, 8% increase, and 16^th consecutive increase.