Western Gas Partners (NYSE: WES) reported earnings on May 1. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Western Gas Partners missed estimates on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue grew. GAAP earnings per share shrank significantly.

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

Revenue details
 Western Gas Partners booked revenue of $229.7 million. The seven analysts polled by S&P Capital IQ looked for revenue of $250.5 million on the same basis. GAAP reported sales were 8.2% higher than the prior-year quarter's $212.2 million.

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 $0.31. The nine earnings estimates compiled by S&P Capital IQ anticipated $0.37 per share. GAAP EPS of $0.31 for Q1 were 35% lower than the prior-year quarter's $0.48 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 47.8%, 110 basis points better than the prior-year quarter. Operating margin was 27.9%, 60 basis points better than the prior-year quarter. Net margin was 22.0%, 70 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $264.0 million. On the bottom line, the average EPS estimate is $0.41.

Next year's average estimate for revenue is $1.09 billion. The average EPS estimate is $1.61.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 235 members out of 241 rating the stock outperform, and six members rating it underperform. Among 61 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 59 give Western Gas Partners a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Western Gas Partners is outperform, with an average price target of $58.96.

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