Plains Exploration & Production (NYSE: PXP) reported earnings on May 3. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Plains Exploration & Production missed estimates on revenues and missed estimates on earnings per share.

Compared with the prior-year quarter, revenue increased significantly and GAAP earnings per share contracted to a loss.

Gross margins improved, operating margins expanded, net margins dropped.

Revenue details
Plains Exploration & Production logged revenue of $524.3 million. The six analysts polled by S&P Capital IQ anticipated a top line of $547.2 million on the same basis. GAAP reported sales were 22% higher than the prior-year quarter's $430.3 million.

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 $0.58. The 14 earnings estimates compiled by S&P Capital IQ anticipated $0.62 per share. GAAP EPS were -$0.64 for Q1 compared to $0.49 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 76.8%, 520 basis points better than the prior-year quarter. Operating margin was 32.7%, 1,350 basis points better than the prior-year quarter. Net margin was -14.0%, 3,050 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $573.8 million. On the bottom line, the average EPS estimate is $0.67.

Next year's average estimate for revenue is $2.39 billion. The average EPS estimate is $3.09.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 401 members out of 415 rating the stock outperform, and 14 members rating it underperform. Among 88 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 85 give Plains Exploration & Production a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains Exploration & Production is outperform, with an average price target of $53.88.

How did Plains Exploration & Production treat you during the oil spike in 2008 and the subsequent bust? More importantly, what are you doing to prepare for the next spike that some experts believe another spike may be just around the corner? Prepare yourself with a well-positioned energy stock we profile in "The Only Energy Stock You'll Ever Need." Get instant access to this free report.