Warren Resources (Nasdaq: WRES) reported earnings on May 7. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Warren Resources met expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share didn't move. GAAP earnings per share contracted.

Gross margins dropped, operating margins expanded, net margins shrank.

Revenue details
 Warren Resources booked revenue of $30.8 million. The three analysts polled by S&P Capital IQ expected revenue of $31.0 million on the same basis. GAAP reported sales were 8.7% higher than the prior-year quarter's $28.4 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 $0.06. The four earnings estimates compiled by S&P Capital IQ predicted $0.06 per share. Non-GAAP EPS of $0.06 were the same as the prior-year quarter. GAAP EPS of $0.04 for Q1 were 20% lower than the prior-year quarter's $0.05 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 68.2%, 180 basis points worse than the prior-year quarter. Operating margin was 16.7%, 60 basis points better than the prior-year quarter. Net margin was 9.2%, 420 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $32.9 million. On the bottom line, the average EPS estimate is $0.08.

Next year's average estimate for revenue is $137.8 million. The average EPS estimate is $0.35.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 321 members out of 336 rating the stock outperform, and 15 members rating it underperform. Among 73 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Warren Resources a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Warren Resources is outperform, with an average price target of $4.75.

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