The 10-second takeaway
For the quarter ended March 31 (Q1), McMoRan Exploration beat expectations on revenues and exceeded expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly. Non-GAAP loss per share expanded. GAAP earnings per share grew.
Gross margins shrank, operating margins dropped, net margins increased.
McMoRan Exploration reported revenue of $81.4 million. The two analysts polled by S&P Capital IQ anticipated a top line of $68.6 million on the same basis. GAAP reported sales were 26% lower than the prior-year quarter's $110.6 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 -$0.10. The four earnings estimates compiled by S&P Capital IQ anticipated -$0.15 per share. Non-GAAP EPS were -$0.10 for Q1 versus -$0.01 per share for the prior-year quarter. GAAP EPS were $0.29 for Q1 versus -$0.03 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 59.9%, 520 basis points worse than the prior-year quarter. Operating margin was -16.1%, much worse than the prior-year quarter. Net margin was 77.3%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $73.2 million. On the bottom line, the average EPS estimate is -$0.14.
Next year's average estimate for revenue is $337.5 million. The average EPS estimate is -$0.53.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 492 members out of 513 rating the stock outperform, and 21 members rating it underperform. Among 119 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 115 give McMoRan Exploration 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 McMoRan Exploration is outperform, with an average price target of $16.08.
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