The 10-second takeaway
For the quarter ended June 30 (Q2), Ultra Petroleum whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly and GAAP earnings per share contracted to a loss.
Margins contracted across the board.
Ultra Petroleum logged revenue of $170.3 million. The 12 analysts polled by S&P Capital IQ anticipated a top line of $266.6 million on the same basis. GAAP reported sales were 27% lower than the prior-year quarter's $232.4 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 $0.36. The 21 earnings estimates compiled by S&P Capital IQ forecast $0.32 per share. GAAP EPS were -$7.76 for Q2 against $0.67 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 62.6%, 2,960 basis points worse than the prior-year quarter. Operating margin was -1107.0%, 118,310 basis points worse than the prior-year quarter. Net margin was -697.1%, 74,160 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $262.8 million. On the bottom line, the average EPS estimate is $0.35.
Next year's average estimate for revenue is $1.06 billion. The average EPS estimate is $1.30.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,534 members out of 1,582 rating the stock outperform, and 48 members rating it underperform. Among 289 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 276 give Ultra Petroleum a green thumbs-up, and 13 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Ultra Petroleum is hold, with an average price target of $28.63.
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