Carrizo Oil & Gas (Nasdaq: CRZO) reported earnings on May 7. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Carrizo Oil & Gas beat expectations on revenues and beat 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.

Revenue details
 Carrizo Oil & Gas reported revenue of $118.2 million. The nine analysts polled by S&P Capital IQ predicted net sales of $112.9 million on the same basis. GAAP reported sales were 46% higher than the prior-year quarter's $80.7 million.

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 $0.54. The 12 earnings estimates compiled by S&P Capital IQ forecast $0.45 per share. Non-GAAP EPS of $0.54 for Q1 were 20% higher than the prior-year quarter's $0.45 per share. GAAP EPS of $0.65 for Q1 were 171% higher than the prior-year quarter's $0.24 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 87.6%, 190 basis points better than the prior-year quarter. Operating margin was 33.9%, 250 basis points better than the prior-year quarter. Net margin was 22.1%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $120.3 million. On the bottom line, the average EPS estimate is $0.51.

Next year's average estimate for revenue is $494.3 million. The average EPS estimate is $2.14.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 259 members out of 289 rating the stock outperform, and 30 members rating it underperform. Among 59 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 50 give Carrizo Oil & Gas 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 Carrizo Oil & Gas is outperform, with an average price target of $29.00.

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