Teekay Offshore Partners
The 10-second takeaway
For the quarter ended March 31 (Q1), Teekay Offshore Partners beat expectations on revenues and missed estimates on earnings per share.
Compared to the prior-year quarter, revenue contracted. Non-GAAP earnings per share dropped significantly. GAAP earnings per share dropped significantly.
Gross margins shrank, operating margins grew, net margins dropped.
Teekay Offshore Partners booked revenue of $224.4 million. The seven analysts polled by S&P Capital IQ anticipated revenue of $213.6 million on the same basis. GAAP reported sales were 8.2% lower than the prior-year quarter's $244.6 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 $0.24. The six earnings estimates compiled by S&P Capital IQ forecast $0.25 per share. Non-GAAP EPS of $0.24 for Q1 were 35% lower than the prior-year quarter's $0.37 per share. GAAP EPS of $0.25 for Q1 were 64% lower than the prior-year quarter's $0.70 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 47.8%, 270 basis points worse than the prior-year quarter. Operating margin was 22.9%, 90 basis points better than the prior-year quarter. Net margin was 9.0%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $236.1 million. On the bottom line, the average EPS estimate is $0.32.
Next year's average estimate for revenue is $995.3 million. The average EPS estimate is $1.25.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 109 members out of 121 rating the stock outperform, and 12 members rating it underperform. Among 30 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 28 give Teekay Offshore Partners 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 Teekay Offshore Partners is outperform, with an average price target of $30.79.
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