Plains All American Pipeline (NYSE: PAA) reported earnings on May 7. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Plains All American Pipeline beat slightly on revenues and beat expectations on earnings per share.

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

Gross margins contracted, operating margins contracted, net margins improved.

Revenue details
Plains All American Pipeline booked revenue of $9.22 billion. The six analysts polled by S&P Capital IQ expected a top line of $9.09 billion on the same basis. GAAP reported sales were 20% higher than the prior-year quarter's $7.69 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 $1.58. The 15 earnings estimates compiled by S&P Capital IQ predicted $1.51 per share. GAAP EPS of $1.02 for Q1 were 13% higher than the prior-year quarter's $0.90 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 5.1%, 30 basis points worse than the prior-year quarter. Operating margin was 3.4%, 40 basis points worse than the prior-year quarter. Net margin was 2.5%, 10 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $7.71 billion. On the bottom line, the average EPS estimate is $1.11.

Next year's average estimate for revenue is $33.60 billion. The average EPS estimate is $4.99.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains All American Pipeline is outperform, with an average price target of $83.21.

Are you missing a major story in the energy space? Read about "One Stock to Own Before Nat Gas Act 2011 Becomes Law." Click here for instant access to this free report.