Legacy Reserves Lp
The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Legacy Reserves Lp missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue was unchanged and GAAP earnings per share contracted to a loss.
Margins shrank across the board.
Legacy Reserves Lp recorded revenue of $84.2 million. The seven analysts polled by S&P Capital IQ expected sales of $86.5 million on the same basis. GAAP reported sales were 0.2% lower than the prior-year quarter's $84.4 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 $0.23. The eight earnings estimates compiled by S&P Capital IQ predicted $0.42 per share. GAAP EPS were -$0.49 for Q3 compared to $2.87 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 57.4%, 1,020 basis points worse than the prior-year quarter. Operating margin was 19.6%, 13,650 basis points worse than the prior-year quarter. Net margin was -28.0%, 17,630 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $92.2 million. On the bottom line, the average EPS estimate is $0.44.
Next year's average estimate for revenue is $339.5 million. The average EPS estimate is $1.92.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 277 members out of 285 rating the stock outperform, and eight members rating it underperform. Among 93 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 92 give Legacy Reserves Lp a green thumbs-up, and one give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Legacy Reserves Lp is buy, with an average price target of $31.38.
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