The 10-second takeaway
For the quarter ended March 31 (Q1), Western Refining beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share shrank to a loss.
Margins shrank across the board.
Western Refining reported revenue of $2.34 billion. The four analysts polled by S&P Capital IQ expected a top line of $2.26 billion on the same basis. GAAP reported sales were 27% higher than the prior-year quarter's $1.84 billion.
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 $0.81. The five earnings estimates compiled by S&P Capital IQ forecast $0.78 per share. GAAP EPS were -$0.60 for Q1 compared to $0.13 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 -0.6%, 690 basis points worse than the prior-year quarter. Operating margin was -2.6%, 590 basis points worse than the prior-year quarter. Net margin was -2.3%, 300 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $2.52 billion. On the bottom line, the average EPS estimate is $1.38.
Next year's average estimate for revenue is $10.41 billion. The average EPS estimate is $3.99.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,116 members out of 1,167 rating the stock outperform, and 51 members rating it underperform. Among 257 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 248 give Western Refining a green thumbs-up, and nine 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 $21.07.
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