The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Comstock Resources missed estimates on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue contracted slightly and GAAP earnings per share shrank to a loss.
Margins dropped across the board.
Comstock Resources tallied revenue of $117.1 million. The five analysts polled by S&P Capital IQ predicted sales of $120.7 million on the same basis. GAAP reported sales were 1.9% lower than the prior-year quarter's $119.4 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 -$0.50. The 15 earnings estimates compiled by S&P Capital IQ forecast -$0.26 per share. GAAP EPS were -$0.56 for Q3 compared to $0.03 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 78.0%, 460 basis points worse than the prior-year quarter. Operating margin was -14.8%, 2,490 basis points worse than the prior-year quarter. Net margin was -22.2%, 2,330 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $130.2 million. On the bottom line, the average EPS estimate is -$0.10.
Next year's average estimate for revenue is $476.0 million. The average EPS estimate is -$1.10.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 280 members out of 302 rating the stock outperform, and 22 members rating it underperform. Among 60 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 52 give Comstock Resources a green thumbs-up, and eight give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Comstock Resources is outperform, with an average price target of $22.19.
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