The 10-second takeaway
For the quarter ended March 31 (Q1), Western Refining beat slightly on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue contracted. Non-GAAP earnings per share grew significantly. GAAP earnings per share grew.
Margins grew across the board.
Western Refining notched revenue of $2.19 billion. The five analysts polled by S&P Capital IQ wanted to see sales of $2.15 billion on the same basis. GAAP reported sales were 6.5% lower than the prior-year quarter's $2.34 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 $0.94. The 10 earnings estimates compiled by S&P Capital IQ averaged $0.96 per share. Non-GAAP EPS of $0.94 for Q1 were 16% higher than the prior-year quarter's $0.81 per share. GAAP EPS were $0.81 for Q1 versus -$0.60 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 10.2%, much better than the prior-year quarter. Operating margin was 7.9%, much better than the prior-year quarter. Net margin was 3.8%, 610 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $2.36 billion. On the bottom line, the average EPS estimate is $1.40.
Next year's average estimate for revenue is $10.26 billion. The average EPS estimate is $4.36.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,090 members out of 1,143 rating the stock outperform, and 53 members rating it underperform. Among 251 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 242 give Western Refining a green thumbs-up, and nine give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Western Refining is outperform, with an average price target of $40.80.
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