Teekay Offshore Partners (NYSE: TOO) reported earnings on Feb. 21. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended Dec. 31 (Q4), Teekay Offshore Partners beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue was unchanged. Non-GAAP earnings per share expanded. GAAP earnings per share expanded.

Margins grew across the board.

Revenue details
 Teekay Offshore Partners recorded revenue of $238.3 million. The five analysts polled by S&P Capital IQ foresaw revenue of $214.2 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.36. The four earnings estimates compiled by S&P Capital IQ predicted $0.28 per share. Non-GAAP EPS of $0.36 for Q4 were 5.9% higher than the prior-year quarter's $0.34 per share. GAAP EPS were $0.86 for Q4 against -$0.64 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 49.2%, 60 basis points better than the prior-year quarter. Operating margin was 22.0%, 160 basis points better than the prior-year quarter. Net margin was 28.8%, much better than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $222.9 million. On the bottom line, the average EPS estimate is $0.24.

Next year's average estimate for revenue is $1.00 billion. The average EPS estimate is $1.38.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Teekay Offshore Partners is outperform, with an average price target of $30.20.

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