W&T Offshore (NYSE: WTI) reported earnings on July 30. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 30 (Q2), W&T Offshore met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue shrank and GAAP earnings per share dropped.

Gross margins contracted, operating margins grew, net margins grew.

Revenue details
 W&T Offshore chalked up revenue of $215.5 million. The four analysts polled by S&P Capital IQ predicted revenue of $216.2 million on the same basis. GAAP reported sales were 15% lower than the prior-year quarter's $252.9 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 $0.28. The nine earnings estimates compiled by S&P Capital IQ forecast $0.26 per share. GAAP EPS of $0.70 for Q2 were 4.1% lower than the prior-year quarter's $0.73 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 69.5%, 920 basis points worse than the prior-year quarter. Operating margin was 46.0%, 50 basis points better than the prior-year quarter. Net margin was 24.9%, 310 basis points better than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $216.9 million. On the bottom line, the average EPS estimate is $0.25.

Next year's average estimate for revenue is $901.2 million. The average EPS estimate is $1.22.

Investor sentiment

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 $23.00.

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