Calumet Specialty Products Partners (Nasdaq: CLMT) reported earnings on May 8. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Calumet Specialty Products Partners beat expectations on revenues and missed estimates on earnings per share.

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

Gross margins increased, operating margins dropped, net margins dropped.

Revenue details
 Calumet Specialty Products Partners booked revenue of $1.32 billion. The three analysts polled by S&P Capital IQ expected revenue of $1.28 billion on the same basis. GAAP reported sales were 13% higher than the prior-year quarter's $1.17 billion.

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 $0.27. The six earnings estimates compiled by S&P Capital IQ anticipated $0.98 per share. Non-GAAP EPS of $0.27 for Q1 were 41% lower than the prior-year quarter's $0.46 per share. GAAP EPS of $0.66 for Q1 were 32% lower than the prior-year quarter's $0.97 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 10.2%, 300 basis points better than the prior-year quarter. Operating margin was 4.1%, 200 basis points worse than the prior-year quarter. Net margin was 3.5%, 90 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $1.41 billion. On the bottom line, the average EPS estimate is $1.27.

Next year's average estimate for revenue is $5.38 billion. The average EPS estimate is $4.27.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 469 members out of 496 rating the stock outperform, and 27 members rating it underperform. Among 139 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 135 give Calumet Specialty Products 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 Calumet Specialty Products Partners is outperform, with an average price target of $39.00.

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