Western Refining (NYSE: WNR) reported earnings yesterday. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Dec. 31 (Q4), Western Refining beat expectations on revenues and whiffed on earnings per share.

Compared to the prior-year quarter, revenue increased significantly, and GAAP loss per share expanded.

Gross margins increased, operating margins expanded, and net margins contracted.

Revenue details
Western Refining logged revenue of $2.28 billion. The five analysts polled by S&P Capital IQ predicted revenue of $2.08 billion on the same basis. GAAP reported sales were 22% higher than the prior-year quarter's $1.87 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $0.48. The seven earnings estimates compiled by S&P Capital IQ anticipated $0.60 per share on the same basis. GAAP EPS were -$0.72 for Q4 compared to -$0.08 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 20.7%, 1,530 basis points better than the prior-year quarter. Operating margin was 18.0%, 1,570 basis points better than the prior-year quarter. Net margin was -2.8%, 240 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $2.22 billion. On the bottom line, the average EPS estimate is $0.74.

Next year's average estimate for revenue is $9.17 billion. The average EPS estimate is $2.90.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,113 members rating the stock outperform and 51 members rating it underperform. Among 294 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 283 give Western Refining a green thumbs-up, and 11 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Western Refining is outperform, with an average price target of $18.94.

Over the decades, small-cap stocks, like Western Refining have provided market-beating returns, provided they're value priced and have solid businesses. Read about a pair of companies with a lock on their markets in "Too Small to Fail: Two Small Caps the Government Won't Let Go Broke." Click here for instant access to this free report.