W&T Offshore (NYSE: WTI) reported earnings on May 7. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), W&T Offshore beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue grew. GAAP earnings per share expanded significantly.

Margins expanded across the board.

Revenue details
 W&T Offshore recorded revenue of $259.2 million. The five analysts polled by S&P Capital IQ expected revenue of $243.4 million on the same basis. GAAP reported sales were 9.9% higher than the prior-year quarter's $235.9 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 $0.35. The nine earnings estimates compiled by S&P Capital IQ predicted $0.29 per share. GAAP EPS of $0.35 for Q1 were much higher than the prior-year quarter's $0.04 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 74.7%, 110 basis points better than the prior-year quarter. Operating margin was 23.3%, much better than the prior-year quarter. Net margin was 10.3%, 890 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $233.2 million. On the bottom line, the average EPS estimate is $0.28.

Next year's average estimate for revenue is $940.7 million. The average EPS estimate is $1.13.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on W&T Offshore is hold, with an average price target of $20.50.

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