Ultra Petroleum (NYSE: UPL) reported earnings on May 3. Here are the numbers you need to know.

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

Compared to the prior-year quarter, revenue was unchanged. Non-GAAP earnings per share grew significantly. GAAP earnings per share dropped significantly.

Gross margins expanded, operating margins shrank, net margins dropped.

Revenue details
Ultra Petroleum tallied revenue of $225.6 million. The 11 analysts polled by S&P Capital IQ wanted to see revenue of $212.0 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 $0.38. The 20 earnings estimates compiled by S&P Capital IQ forecast $0.27 per share. Non-GAAP EPS of $0.38 for Q1 were 19% higher than the prior-year quarter's $0.32 per share. GAAP EPS of $0.11 for Q1 were 80% lower than the prior-year quarter's $0.55 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 67.8%, 130 basis points better than the prior-year quarter. Operating margin was 38.0%, much worse than the prior-year quarter. Net margin was 7.3%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $222.6 million. On the bottom line, the average EPS estimate is $0.35.

Next year's average estimate for revenue is $916.5 million. The average EPS estimate is $1.42.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,523 members out of 1,579 rating the stock outperform, and 56 members rating it underperform. Among 290 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 277 give Ultra Petroleum a green thumbs-up, and 13 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Ultra Petroleum is hold, with an average price target of $21.55.

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