The 10-second takeaway
For the quarter ended June 30 (Q2), McMoRan Exploration missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly and GAAP loss per share expanded.
Margins contracted across the board.
McMoRan Exploration reported revenue of $90.3 million. The three analysts polled by S&P Capital IQ foresaw a top line of $97.1 million on the same basis. GAAP reported sales were 43% lower than the prior-year quarter's $158.3 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 -$0.46. The five earnings estimates compiled by S&P Capital IQ averaged -$0.11 per share. GAAP EPS were -$0.47 for Q2 versus -$0.32 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 64.4%, 280 basis points worse than the prior-year quarter. Operating margin was -71.3%, 4,080 basis points worse than the prior-year quarter. Net margin was -72.2%, 4,700 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $93.6 million. On the bottom line, the average EPS estimate is -$0.14.
Next year's average estimate for revenue is $394.0 million. The average EPS estimate is -$0.38.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 520 members out of 539 rating the stock outperform, and 19 members rating it underperform. Among 123 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 116 give McMoRan Exploration a green thumbs-up, and seven give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on McMoRan Exploration is outperform, with an average price target of $13.44.
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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. 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.