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.

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.

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