Teekay Offshore Partners Beats on Both Top and Bottom Lines

Teekay Offshore Partners (NYSE: TOO  ) reported earnings on Nov. 8. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Teekay Offshore Partners beat expectations on revenues and beat expectations on earnings per share.

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

Gross margins grew, operating margins dropped, net margins grew.

Revenue details
Teekay Offshore Partners booked revenue of $228.0 million. The five analysts polled by S&P Capital IQ hoped for a top line of $204.3 million on the same basis. GAAP reported sales were 5.0% lower than the prior-year quarter's $239.9 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 $0.33. The four earnings estimates compiled by S&P Capital IQ predicted $0.22 per share. GAAP EPS were $0.19 for Q3 versus -$1.18 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 51.8%, 240 basis points better than the prior-year quarter. Operating margin was 22.2%, 30 basis points worse than the prior-year quarter. Net margin was 6.0%, 3,730 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $212.8 million. On the bottom line, the average EPS estimate is $0.32.

Next year's average estimate for revenue is $867.0 million. The average EPS estimate is $1.11.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 106 members out of 119 rating the stock outperform, and 13 members rating it underperform. Among 27 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 24 give Teekay Offshore Partners 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 Teekay Offshore Partners is outperform, with an average price target of $30.45.

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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. The Motley Fool has no positions in the stocks mentioned above. 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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