Spectra Energy Partners (NYSE: SEP) reported earnings on May 4. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Spectra Energy Partners missed estimates on revenue and beat expectations on earnings per share.

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

Gross margin shrank, operating margin improved, and net margin dropped.

Revenue details
Spectra Energy Partners reported revenue of $61.9 million. The six analysts polled by S&P Capital IQ anticipated sales of $64.2 million on the same basis. GAAP-reported sales were 21% higher than the prior-year quarter's $51.2 million.

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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
EPS came in at $0.48. The 13 earnings estimates compiled by S&P Capital IQ forecast $0.46 per share. GAAP EPS of $0.54 for Q1 were 8.0% higher than the prior-year quarter's $0.50 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 53.5%, 1,720 basis points worse than the prior-year quarter. Operating margin was 53.5%, 450 basis points better than the prior-year quarter. Net margin was 84.7%, 1,080 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $58.8 million. On the bottom line, the average EPS estimate is $0.39.

Next year's average estimate for revenue is $257.1 million. The average EPS estimate is $1.70.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Spectra Energy Partners is hold, with an average price target of $32.46.

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