Williams Partners (NYSE: WPZ) reported earnings on Feb. 22. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Dec. 31 (Q4), Williams Partners missed estimates on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue improved significantly and GAAP earnings per share grew.

Gross margins contracted, operating margins expanded, and net margins expanded.

Revenue details
Williams Partners recorded revenue of $1.81 billion. The five analysts polled by S&P Capital IQ predicted a top line of $2.00 billion on the same basis. GAAP reported sales were 13% higher than the prior-year quarter's $1.60 billion.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $1.05. The nine earnings estimates compiled by S&P Capital IQ predicted $1.00 per share on the same basis. GAAP EPS of $1.35 for Q4 were 13% higher than the prior-year quarter's $1.19 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 31.6%, 120 basis points worse than the prior-year quarter. Operating margin was 26.1%, 210 basis points better than the prior-year quarter. Net margin was 21.7%, 60 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $2.01 billion. On the bottom line, the average EPS estimate is $0.91.

Next year's average estimate for revenue is $7.89 billion. The average EPS estimate is $3.75.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 251 members out of 264 rating the stock outperform, and 13 members rating it underperform. Among 98 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 92 give Williams Partners a green thumbs-up, and six give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Williams Partners is hold, with an average price target of $59.25.

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