The 10-second takeaway
For the quarter ended Sep. 30 (Q3), McMoRan Exploration beat expectations on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly and GAAP loss per share grew.
Margins contracted across the board.
McMoRan Exploration tallied revenue of $91.8 million. The four analysts polled by S&P Capital IQ predicted a top line of $88.0 million on the same basis. GAAP reported sales were 34% lower than the prior-year quarter's $138.2 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at -$0.35. The six earnings estimates compiled by S&P Capital IQ predicted -$0.13 per share. GAAP EPS were -$0.40 for Q3 against -$0.06 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 47.8%, 790 basis points worse than the prior-year quarter. Operating margin was -51.4%, 3,710 basis points worse than the prior-year quarter. Net margin was -58.5%, 5,920 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $93.8 million. On the bottom line, the average EPS estimate is -$0.11.
Next year's average estimate for revenue is $380.2 million. The average EPS estimate is -$0.41.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 510 members out of 530 rating the stock outperform, and 20 members rating it underperform. Among 123 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 116 give McMoRan Exploration a green thumbs-up, and seven give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on McMoRan Exploration is outperform, with an average price target of $15.14.
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