Williams Partners (NYSE: WPZ) reported earnings on Feb. 20. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended Dec. 31 (Q4), Williams Partners met expectations on revenues and missed estimates on earnings per share.

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

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

Revenue details
 Williams Partners recorded revenue of $1.85 billion. The six analysts polled by S&P Capital IQ predicted a top line of $1.87 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

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 $0.42. The 13 earnings estimates compiled by S&P Capital IQ anticipated $0.49 per share. GAAP EPS of $0.42 for Q4 were 69% lower than the prior-year quarter's $1.35 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 38.0%, 640 basis points better than the prior-year quarter. Operating margin was 19.7%, 530 basis points worse than the prior-year quarter. Net margin was 15.7%, 600 basis points worse than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $2.09 billion. On the bottom line, the average EPS estimate is $0.60.

Next year's average estimate for revenue is $8.09 billion. The average EPS estimate is $2.23.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 263 members out of 276 rating the stock outperform, and 13 members rating it underperform. Among 100 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 96 give Williams Partners a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Williams Partners is outperform, with an average price target of $59.91.

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