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Boardwalk Pipeline Partners Misses on Revenues but Beats on EPS

By Seth Jayson - Updated Apr 10, 2017 at 12:34PM

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Just the facts, Fool.

Boardwalk Pipeline Partners (NYSE: BWP) reported earnings on April 29. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Boardwalk Pipeline Partners missed slightly on revenues and beat expectations on earnings per share.

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

Gross margins dropped, operating margins grew, net margins increased.

Revenue details
Boardwalk Pipeline Partners recorded revenue of $328.5 million. The 11 analysts polled by S&P Capital IQ expected revenue of $333.5 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 $0.49. The 13 earnings estimates compiled by S&P Capital IQ forecast $0.39 per share. Non-GAAP EPS of $0.49 for Q1 were 7.5% lower than the prior-year quarter's $0.53 per share. GAAP EPS of $0.42 for Q1 were 2.4% higher than the prior-year quarter's $0.41 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 80.9%, 120 basis points worse than the prior-year quarter. Operating margin was 43.2%, 20 basis points better than the prior-year quarter. Net margin was 30.9%, 130 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $303.2 million. On the bottom line, the average EPS estimate is $0.30.

Next year's average estimate for revenue is $1.28 billion. The average EPS estimate is $1.34.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 468 members out of 491 rating the stock outperform, and 23 members rating it underperform. Among 168 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 162 give Boardwalk Pipeline Partners a green thumbs-up, and six give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Boardwalk Pipeline Partners is hold, with an average price target of $28.50.

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