Legacy Reserves Lp
The 10-second takeaway
For the quarter ended March 31 (Q1), Legacy Reserves Lp missed estimates on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share contracted significantly. GAAP earnings per share dropped to a loss.
Gross margins contracted, operating margins grew, net margins contracted.
Legacy Reserves Lp booked revenue of $108.9 million. The nine analysts polled by S&P Capital IQ expected revenue of $112.0 million on the same basis. GAAP reported sales were 18% higher than the prior-year quarter's $92.6 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 $0.19. The 10 earnings estimates compiled by S&P Capital IQ predicted $0.30 per share. Non-GAAP EPS of $0.19 for Q1 were 65% lower than the prior-year quarter's $0.55 per share. GAAP EPS were -$0.12 for Q1 compared to $0.15 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 61.2%, 840 basis points worse than the prior-year quarter. Operating margin was 17.1%, 750 basis points better than the prior-year quarter. Net margin was -6.2%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $117.1 million. On the bottom line, the average EPS estimate is $0.37.
Next year's average estimate for revenue is $469.8 million. The average EPS estimate is $1.46.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 271 members out of 278 rating the stock outperform, and seven members rating it underperform. Among 82 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 81 give Legacy Reserves Lp a green thumbs-up, and one give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Legacy Reserves Lp is buy, with an average price target of $30.92.
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