The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Goodrich Petroleum whiffed on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly and GAAP earnings per share dropped.
Gross margins dropped, operating margins dropped, net margins grew.
Goodrich Petroleum notched revenue of $46.0 million. The 10 analysts polled by S&P Capital IQ foresaw revenue of $66.6 million on the same basis. GAAP reported sales were 17% lower than the prior-year quarter's $55.5 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 19 earnings estimates compiled by S&P Capital IQ predicted -$0.05 per share. GAAP EPS of $0.30 for Q3 were 9.1% lower than the prior-year quarter's $0.33 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 75.4%, 810 basis points worse than the prior-year quarter. Operating margin was -26.8%, 7,500 basis points worse than the prior-year quarter. Net margin was 27.0%, 250 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $71.2 million. On the bottom line, the average EPS estimate is $0.12.
Next year's average estimate for revenue is $254.1 million. The average EPS estimate is -$0.41.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 198 members out of 223 rating the stock outperform, and 25 members rating it underperform. Among 48 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 41 give Goodrich Petroleum a green thumbs-up, and seven give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Goodrich Petroleum is outperform, with an average price target of $18.69.
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