Odyssey Marine Exploration Beats on the Top Line

Odyssey Marine Exploration (Nasdaq: OMEX  ) reported earnings on May 4. Here are the numbers you need to know.

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

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

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

Revenue details
Odyssey Marine Exploration logged revenue of $2.9 million. The two analysts polled by S&P Capital IQ foresaw a top line of $2.7 million on the same basis. GAAP reported sales were 38% higher than the prior-year quarter's $2.1 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 -$0.08. The two earnings estimates compiled by S&P Capital IQ anticipated -$0.04 per share. GAAP EPS were -$0.08 for Q1 compared to -$0.09 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 -78.8%, 180 basis points worse than the prior-year quarter. Operating margin was -160.1%, 2,050 basis points better than the prior-year quarter. Net margin was -189.0%, 5,810 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $5.5 million. On the bottom line, the average EPS estimate is -$0.04.

Next year's average estimate for revenue is $16.3 million. The average EPS estimate is -$0.17.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 148 members out of 195 rating the stock outperform, and 48 members rating it underperform. Among 42 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 23 give Odyssey Marine Exploration a green thumbs-up, and 19 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Odyssey Marine Exploration is buy, with an average price target of $5.00.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


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  • Report this Comment On May 08, 2012, at 10:14 AM, tincupinhand wrote:

    Once again meaningless analysis "in a box" which is a disservice to the Fool Community.

    OMEX is clearly an event driven business model which doesn't fit quarter to quarter P&L analytics.

    That said Q3 is about all the marbles...the events of the summer of 2012 may allow OMEX to make history...or become history.

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