The 10-second takeaway
For the quarter ended March 31 (Q1), BP met expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue was unchanged. Non-GAAP earnings per share shrank. GAAP earnings per share increased significantly.
Margins grew across the board.
BP notched revenue of $94.11 billion. The two analysts polled by S&P Capital IQ wanted to see a top line of $93.58 billion on the same basis. GAAP reported sales were 14% higher than the prior-year quarter's $94.04 billion.
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 $1.32. The six earnings estimates compiled by S&P Capital IQ predicted $1.10 per share. Non-GAAP EPS of $1.32 for Q1 were 12% lower than the prior-year quarter's $1.50 per share. GAAP EPS of $0.88 for Q1 were 193% higher than the prior-year quarter's $0.30 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 24.6%, much better than the prior-year quarter. Operating margin was 18.4%, much better than the prior-year quarter. Net margin was 15.8%, 950 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $93.24 billion. On the bottom line, the average EPS estimate is $1.21.
Next year's average estimate for revenue is $339.83 billion. The average EPS estimate is $4.95.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 4,903 members out of 5,230 rating the stock outperform, and 327 members rating it underperform. Among 1,052 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,004 give BP a green thumbs-up, and 48 give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on BP is outperform, with an average price target of $48.03.
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Seth Jayson owned shares of the following at the time of publication: BP. 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.