The 10-second takeaway
For the quarter ended March 31 (Q1), W&T Offshore missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue grew and GAAP earnings per share dropped significantly.
Gross margins expanded, operating margins shrank, net margins dropped.
W&T Offshore tallied revenue of $235.9 million. The three analysts polled by S&P Capital IQ expected a top line of $244.6 million on the same basis. GAAP reported sales were 12% higher than the prior-year quarter's $210.9 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 $0.40. The eight earnings estimates compiled by S&P Capital IQ averaged $0.47 per share. GAAP EPS of $0.04 for Q1 were 84% lower than the prior-year quarter's $0.25 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 73.6%, 70 basis points better than the prior-year quarter. Operating margin was 6.7%, 1,110 basis points worse than the prior-year quarter. Net margin was 1.4%, 740 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $228.0 million. On the bottom line, the average EPS estimate is $0.38.
Next year's average estimate for revenue is $978.8 million. The average EPS estimate is $1.77.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on W&T Offshore is hold, with an average price target of $24.11.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Motley Fool newsletter services have recommended buying shares of W&T Offshore. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.