The 10-second takeaway
For the quarter ended March 31 (Q1), Midstates Petroleum whiffed on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share grew. GAAP loss per share dropped.
Gross margins shrank, operating margins increased, net margins increased.
Midstates Petroleum notched revenue of $71.0 million. The four analysts polled by S&P Capital IQ wanted to see revenue of $91.3 million on the same basis. GAAP reported sales were 81% higher than the prior-year quarter's $50.4 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 $0.02. The seven earnings estimates compiled by S&P Capital IQ predicted $0.01 per share. Non-GAAP EPS of $0.02 for Q1 were 100% higher than the prior-year quarter's $0.01 per share. GAAP EPS were -$0.18 for Q1 against -$0.37 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 84.8%, much worse than the prior-year quarter. Operating margin was -2.3%, much better than the prior-year quarter. Net margin was -8.7%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $118.1 million. On the bottom line, the average EPS estimate is $0.04.
Next year's average estimate for revenue is $540.3 million. The average EPS estimate is $0.18.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Midstates Petroleum is outperform, with an average price target of $12.11.
Is Midstates Petroleum the right energy stock for you? Read about a handful of timely, profit-producing plays on expensive crude in "3 Stocks for $100 Oil." Click here for instant access to this free report.
- Add Midstates Petroleum to My Watchlist.
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.