Plains All American Pipeline
The 10-second takeaway
For the quarter ended March 31 (Q1), Plains All American Pipeline missed estimates on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly. Non-GAAP earnings per share grew significantly. GAAP earnings per share expanded significantly.
Margins grew across the board.
Plains All American Pipeline notched revenue of $10.62 billion. The 10 analysts polled by S&P Capital IQ foresaw revenue of $11.42 billion on the same basis. GAAP reported sales were 15% higher than the prior-year quarter's $9.22 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 $1.26. The 17 earnings estimates compiled by S&P Capital IQ anticipated $0.97 per share. Non-GAAP EPS of $1.26 for Q1 were 59% higher than the prior-year quarter's $0.79 per share. GAAP EPS of $1.27 for Q1 were 149% higher than the prior-year quarter's $0.51 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 7.9%, 280 basis points better than the prior-year quarter. Operating margin was 6.2%, 280 basis points better than the prior-year quarter. Net margin was 5.0%, 250 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $10.13 billion. On the bottom line, the average EPS estimate is $0.62.
Next year's average estimate for revenue is $40.98 billion. The average EPS estimate is $2.82.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Plains All American Pipeline is outperform, with an average price target of $55.66.
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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.