Zacks #1 Rank Top Performers: Western Refining Inc., Perini Corp., Libbey Inc., Companhia Paranaense de Energia and DryShips Inc

Business Wire, June 5, 2007

CHICAGO -- Zacks.com announces the latest list of top performing Zacks #1 Rank ("strong buy") stocks. The stocks on the prestigious list with the highest returns last week were Western Refining Inc. (NYSE: WNR), Perini Corp. (NYSE: PCR), Libbey Inc. (NYSE: LBY), Companhia Paranaense de Energia (NYSE: ELP) and DryShips Inc. (NASDAQ: DRYS). Each of these stocks easily outperformed the S&P 500.

Stocks ranked #1 (Strong Buy) by Zacks have produced an average annual return of 31.9% since inception in 1988. During the 2000-2002 bear market, Zacks #1 Rank stocks gained 43.8% while the S&P 500 tumbled 37.6%. To learn more about the Zacks Rank, go to http://at.zacks.com/?id=3172.

Here is a synopsis of the last week's best performing Zacks #1 Rank stocks.

Western Refining Inc. (NYSE: WNR), an independent oil refiner and marketer of refined products, gained 21.1% last week to become the top-performing Zacks #1 Rank company. Over the past two months, full-year consensus earnings estimates have risen by $1.00 to $3.79.

For the most recent quarter, earnings rose to 93 cents per share, above year-ago results of two cents. Driving the earnings growth, revenue jumped almost 13% to $994 million from $881.5 million. Chief executive Paul Foster mentioned that the upgrades and capital projects completed last year have positioned WNR to capitalize on a strong refining environment.

Perini Corp. (NYSE: PCR) offers general contracting, construction management and design-build services to private clients and public agencies worldwide. The company was one of the better-performing Zacks #1 Rank companies last week with an advance of 13.3%. Earnings estimates for this year are currently at $2.64, up 47 cents over the past 30 days.

On May 8, Perini Corp. reported first-quarter earnings of 84 cents per share, up from 30 cents in the year-ago period and 30 cents above expectations. Revenues soared 61% to $987.4 million, also surpassing forecasts of $947.2 million. Highlights included the building division, which reported a revenue increase of 83%, offsetting declines in the civil segment and management services segment of 19% and 26%, respectively. According to company officials, overall revenues were aided by an increase in the amount of work in the hospitality and gaming market.

Libbey Inc. (NYSE: LBY) reported better-than-expected first quarter results on Apr 24, largely due to strong performance from the company's North American Glass business. Earnings per share fell to a 12-cent loss, down from a profit of four cents per share in the year-ago period. Despite the loss, earnings were better than analysts' expectations of a 31-cent loss. Overall revenues rose by 33% to $179.5 million. Consolidation of the sales of Crisa, the company's former joint venture in Mexico, a 30% increase in export shipments and an 18% increase in shipments to retail glassware customers spurred the revenue growth.

Libbey engages in the design, manufacture, marketing and supply of tableware products in the US and Canada, as well as in Latin America, Asia and Europe. The company was a top-performing Zacks #1 Rank company last week as shares increased 12.2%.

Companhia Paranaense de Energia (NYSE: ELP) was a top-performing Zacks #1 Rank company last week with a rise of 12.2%. ELP engages in the generation, transmission and distribution of electricity in the state of Parana in Brazil. On May 15, ELP reported first quarter net income of R$ 283 million, 65.8% higher than last year's earnings of R$ 171 million. Driving the earnings growth, revenues rose by 6.4% to R$ 1,236 million.

The following factors contributed to the increase in revenues: A 4.3% increase in power consumption, a 6.4% increase in supply revenue due to new agreements from the first energy auction, 8.9% growth in telecommunication revenue, increases in gas sale revenue and higher leasing and rental revenues.

DryShips Inc. (NASDAQ: DRYS), a leading dry bulk carrier, announced record first-quarter results on May 29. The company reported earnings of $1.01 per share, up from 60 cents last year and seven cents above expectations. Also reported, voyage revenue increased to $86.7 million from $54.8 million, beating analysts' estimates of $82.9 million. The company benefited from higher freight rates and from entering a portion of its fleet into time charters of less than one year.

Shares of DryShips gained 10.9% last week. Full-year earnings estimates currently stand at $4.91, up four cents in the last week and $1.22 over the last 60 days.

About the Zacks Rank

Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank stocks have generated an average annual return of 31.9%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained 43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have underperformed the S&P 500 by 131.8% annually ( 5.2% vs. 11.9%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.