Western Refining (NYSE: WNR) reported earnings on May 3. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Western Refining beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share shrank to a loss.

Margins shrank across the board.

Revenue details
 Western Refining reported revenue of $2.34 billion. The four analysts polled by S&P Capital IQ expected a top line of $2.26 billion on the same basis. GAAP reported sales were 27% higher than the prior-year quarter's $1.84 billion.

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

EPS details
 EPS came in at $0.81. The five earnings estimates compiled by S&P Capital IQ forecast $0.78 per share. GAAP EPS were -$0.60 for Q1 compared to $0.13 per share for the prior-year quarter.

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 -0.6%, 690 basis points worse than the prior-year quarter. Operating margin was -2.6%, 590 basis points worse than the prior-year quarter. Net margin was -2.3%, 300 basis points worse than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $2.52 billion. On the bottom line, the average EPS estimate is $1.38.

Next year's average estimate for revenue is $10.41 billion. The average EPS estimate is $3.99.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,116 members out of 1,167 rating the stock outperform, and 51 members rating it underperform. Among 257 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 248 give Western Refining a green thumbs-up, and nine give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Western Refining is outperform, with an average price target of $21.07.

Over the decades, small-cap stocks, like Western Refining have provided market-beating returns, provided they're value priced and have solid businesses. Read about a pair of companies with a lock on their markets in "Too Small to Fail: Two Small Caps the Government Won't Let Go Broke." Click here for instant access to this free report.