The 10-second takeaway
For the quarter ended March 31 (Q1), PDC Energy whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped significantly. Non-GAAP earnings per share dropped significantly. GAAP earnings per share contracted to a loss.
Margins contracted across the board.
PDC Energy notched revenue of $71.8 million. The 11 analysts polled by S&P Capital IQ expected a top line of $94.5 million on the same basis. GAAP reported sales were 19% lower than the prior-year quarter's $88.8 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 $0.24. The 13 earnings estimates compiled by S&P Capital IQ predicted $0.20 per share. Non-GAAP EPS of $0.24 for Q1 were 61% lower than the prior-year quarter's $0.62 per share. (The prior-year quarter included $0.61 per share in earnings from discontinued operations.) GAAP EPS were -$1.30 for Q1 versus $0.67 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 58.8%, 670 basis points worse than the prior-year quarter. Operating margin was -69.8%, much worse than the prior-year quarter. Net margin was -54.9%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $94.5 million. On the bottom line, the average EPS estimate is $0.22.
Next year's average estimate for revenue is $402.7 million. The average EPS estimate is $1.01.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 269 members out of 294 rating the stock outperform, and 25 members rating it underperform. Among 65 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 59 give PDC Energy 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 PDC Energy is outperform, with an average price target of $52.85.
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