Teekay Offshore Partners (NYSE: TOO) reported earnings on May 17. Here are the numbers you need to know.

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

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

Margins improved across the board.

Revenue details
Teekay Offshore Partners logged revenue of $244.6 million. The four analysts polled by S&P Capital IQ expected to see sales of $229.7 million on the same basis. GAAP reported sales were 4.6% higher than the prior-year quarter's $233.8 million.

My

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 $0.37. The four earnings estimates compiled by S&P Capital IQ forecast $0.35 per share. GAAP EPS of $0.75 for Q1 were 103% higher than the prior-year quarter's $0.37 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 50.5%, 220 basis points better than the prior-year quarter. Operating margin was 22.0%, 120 basis points better than the prior-year quarter. Net margin was 21.5%, 1,150 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $220.8 million. On the bottom line, the average EPS estimate is $0.27.

Next year's average estimate for revenue is $910.1 million. The average EPS estimate is $1.47.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 105 members out of 117 rating the stock outperform, and 12 members rating it underperform. Among 26 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 23 give Teekay Offshore Partners a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Teekay Offshore Partners is outperform, with an average price target of $30.80.

How did Teekay Offshore Partners treat you during the oil spike in 2008 and the subsequent bust? More important, what are you doing to prepare for the next spike that some experts believe may be just around the corner? Prepare yourself with a well-positioned energy stock we profile in "The Only Energy Stock You'll Ever Need." Click here for instant access to this free report.

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. 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.