The 10-second takeaway
For the quarter ended March 31 (Q1), Abraxas Petroleum beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share increased. GAAP earnings per share stayed the same.
Gross margins expanded, operating margins expanded, net margins shrank.
Abraxas Petroleum booked revenue of $21.2 million. The eight analysts polled by S&P Capital IQ looked for a top line of $19.7 million on the same basis. GAAP reported sales were 29% higher than the prior-year quarter's $16.4 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 $0.03. The eight earnings estimates compiled by S&P Capital IQ predicted $0.01 per share. Non-GAAP EPS of $0.03 for Q1 were 50% higher than the prior-year quarter's $0.02 per share. GAAP EPS of $0.01 were the same as 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 60.4%, 570 basis points better than the prior-year quarter. Operating margin was 10.5%, 260 basis points better than the prior-year quarter. Net margin was 2.8%, 220 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $22.8 million. On the bottom line, the average EPS estimate is $0.02.
Next year's average estimate for revenue is $92.9 million. The average EPS estimate is $0.07.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 724 members out of 757 rating the stock outperform, and 33 members rating it underperform. Among 95 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 88 give Abraxas Petroleum a green thumbs-up, and seven give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Abraxas Petroleum is outperform, with an average price target of $3.48.
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