Transocean (NYSE: RIG) reported earnings on May 8. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Transocean missed estimates on revenues and missed estimates on earnings per share.

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

Gross margins were steady, operating margins expanded, net margins grew.

Revenue details
Transocean notched revenue of $2.20 billion. The 22 analysts polled by S&P Capital IQ predicted a top line of $2.36 billion on the same basis. GAAP reported sales were 6.0% lower than the prior-year quarter's $2.34 billion.

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 $0.93. The 25 earnings estimates compiled by S&P Capital IQ predicted $1.01 per share. Non-GAAP EPS of $0.93 for Q1 were 45% higher than the prior-year quarter's $0.64 per share. GAAP EPS of $0.88 for Q1 were much higher than the prior-year quarter's $0.03 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 37.4%, much about the same as the prior-year quarter. Operating margin was 21.8%, 250 basis points better than the prior-year quarter. Net margin was 14.6%, much better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $2.42 billion. On the bottom line, the average EPS estimate is $1.10.

Next year's average estimate for revenue is $9.88 billion. The average EPS estimate is $4.65.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Transocean is outperform, with an average price target of $60.17.

Is Transocean 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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.