Plains Exploration & Production
The 10-second takeaway
For the quarter ended June 30 (Q2), Plains Exploration & Production missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue improved and GAAP earnings per share grew significantly.
Margins expanded across the board.
Plains Exploration & Production reported revenue of $566.7 million. The seven analysts polled by S&P Capital IQ expected a top line of $579.8 million on the same basis. GAAP reported sales were 10% higher than the prior-year quarter's $514.8 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 $0.35. The 15 earnings estimates compiled by S&P Capital IQ forecast $0.66 per share. GAAP EPS of $1.70 for Q2 were 95% higher than the prior-year quarter's $0.87 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 74.2%, 200 basis points better than the prior-year quarter. Operating margin was 63.1%, 2,330 basis points better than the prior-year quarter. Net margin was 39.4%, 1,510 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $597.6 million. On the bottom line, the average EPS estimate is $0.50.
Next year's average estimate for revenue is $2.37 billion. The average EPS estimate is $2.19.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 393 members out of 406 rating the stock outperform, and 13 members rating it underperform. Among 81 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 79 give Plains Exploration & Production a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains Exploration & Production is outperform, with an average price target of $54.67.
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