TC PipeLines (NYSE: TCP) reported earnings on July 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), TC PipeLines whiffed on revenues and missed estimates on earnings per share.

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

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

Revenue details
TC PipeLines chalked up revenue of $38.0 million. The two analysts polled by S&P Capital IQ predicted revenue of $61.4 million on the same basis. GAAP reported sales were 19% lower than the prior-year quarter's $47.0 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 $0.40. The nine earnings estimates compiled by S&P Capital IQ anticipated $0.49 per share. GAAP EPS of $0.40 for Q2 were 33% lower than the prior-year quarter's $0.60 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 92.1%, 60 basis points better than the prior-year quarter. Operating margin was 73.7%, 720 basis points worse than the prior-year quarter. Net margin was 60.5%, 970 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $75.9 million. On the bottom line, the average EPS estimate is $0.60.

Next year's average estimate for revenue is $227.6 million. The average EPS estimate is $2.29.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 167 members out of 179 rating the stock outperform, and 12 members rating it underperform. Among 53 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 50 give TC PipeLines a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on TC PipeLines is hold, with an average price target of $46.11.

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