The 10-second takeaway
For the quarter ended March 31 (Q1), Calpine beat expectations on revenues and exceeded expectations on earnings per share.
Compared to the prior-year quarter, revenue was unchanged. Non-GAAP loss per share increased. GAAP loss per share increased.
Margins shrank across the board.
Calpine reported revenue of $1.24 billion. The three analysts polled by S&P Capital IQ expected to see revenue of $1.18 billion 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 came in at -$0.15. The seven earnings estimates compiled by S&P Capital IQ averaged -$0.16 per share. Non-GAAP EPS were -$0.15 for Q1 versus -$0.14 per share for the prior-year quarter. GAAP EPS were -$0.28 for Q1 against -$0.02 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 15.6%, much worse than the prior-year quarter. Operating margin was -0.3%, much worse than the prior-year quarter. Net margin was -10.1%, 940 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $1.26 billion. On the bottom line, the average EPS estimate is -$0.01.
Next year's average estimate for revenue is $5.75 billion. The average EPS estimate is $0.47.
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 212 members out of 232 rating the stock outperform, and 20 members rating it underperform. Among 64 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 59 give Calpine a green thumbs-up, and five give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Calpine is outperform, with an average price target of $22.46.
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