The 10-second takeaway
For the quarter ended Sep. 30 (Q3), W&T Offshore beat slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue shrank significantly and GAAP earnings per share shrank to a loss.
Margins dropped across the board.
W&T Offshore reported revenue of $185.9 million. The six analysts polled by S&P Capital IQ expected revenue of $183.7 million on the same basis. GAAP reported sales were 24% lower than the prior-year quarter's $245.4 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 $0.19. The eight earnings estimates compiled by S&P Capital IQ anticipated $0.17 per share. GAAP EPS were -$0.02 for Q3 against $0.70 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 69.0%, 440 basis points worse than the prior-year quarter. Operating margin was 4.1%, 3,490 basis points worse than the prior-year quarter. Net margin was -0.8%, 2,240 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $238.9 million. On the bottom line, the average EPS estimate is $0.33.
Next year's average estimate for revenue is $876.2 million. The average EPS estimate is $1.21.
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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