Diamond Offshore Drilling (NYSE: DO) reported earnings on April 25. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Diamond Offshore Drilling beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped. GAAP earnings per share dropped.

Gross margins grew, operating margins contracted, net margins shrank.

Revenue details
Diamond Offshore Drilling tallied revenue of $729.7 million. The 18 analysts polled by S&P Capital IQ anticipated net sales of $710.0 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 $1.27. The 30 earnings estimates compiled by S&P Capital IQ predicted $1.14 per share. GAAP EPS of $1.27 for Q1 were 4.5% lower than the prior-year quarter's $1.33 per share.

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 48.6%, 120 basis points better than the prior-year quarter. Operating margin was 29.0%, 280 basis points worse than the prior-year quarter. Net margin was 24.1%, 40 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $775.5 million. On the bottom line, the average EPS estimate is $1.26.

Next year's average estimate for revenue is $3.01 billion. The average EPS estimate is $4.59.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,903 members out of 1,947 rating the stock outperform, and 44 members rating it underperform. Among 374 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 359 give Diamond Offshore Drilling a green thumbs-up, and 15 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Diamond Offshore Drilling is hold, with an average price target of $74.97.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.