Midstates Petroleum (NYSE: MPO) reported earnings on May 6. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Midstates Petroleum whiffed on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share grew. GAAP loss per share dropped.

Gross margins shrank, operating margins increased, net margins increased.

Revenue details
 Midstates Petroleum notched revenue of $71.0 million. The four analysts polled by S&P Capital IQ wanted to see revenue of $91.3 million on the same basis. GAAP reported sales were 81% higher than the prior-year quarter's $50.4 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 $0.02. The seven earnings estimates compiled by S&P Capital IQ predicted $0.01 per share. Non-GAAP EPS of $0.02 for Q1 were 100% higher than the prior-year quarter's $0.01 per share. GAAP EPS were -$0.18 for Q1 against -$0.37 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 84.8%, much worse than the prior-year quarter. Operating margin was -2.3%, much better than the prior-year quarter. Net margin was -8.7%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $118.1 million. On the bottom line, the average EPS estimate is $0.04.

Next year's average estimate for revenue is $540.3 million. The average EPS estimate is $0.18.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Midstates Petroleum is outperform, with an average price target of $12.11.

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