Pioneer Natural Resources Beats on the Top Line

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Pioneer Natural Resources (NYS: PXD) reported earnings on May 2. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), Pioneer Natural Resources beat expectations on revenues and met expectations on earnings per share.

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


Gross margins improved, operating margins increased, net margins shrank.

Revenue details
Pioneer Natural Resources reported revenue of $882.8 million. The nine analysts polled by S&P Capital IQ wanted to see sales of $741.9 million on the same basis. GAAP reported sales were 76% higher than the prior-year quarter's $501.0 million.

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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 $1.23. The 25 earnings estimates compiled by S&P Capital IQ predicted $1.22 per share. GAAP EPS of $1.68 for Q1 were 43% lower than the prior-year quarter's $2.96 per share. (The prior-year quarter included $3.58 per share in earnings from discontinued operations.)

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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 79.1%, 290 basis points better than the prior-year quarter. Operating margin was 42.5%, 5,610 basis points better than the prior-year quarter. Net margin was 24.3%, 4,530 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $796.1 million. On the bottom line, the average EPS estimate is $1.37.

Next year's average estimate for revenue is $3.33 billion. The average EPS estimate is $5.69.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 284 members out of 310 rating the stock outperform, and 26 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 68 give Pioneer Natural Resources 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 Pioneer Natural Resources is outperform, with an average price target of $125.94.

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At the time this article was published 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 ofMotley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. 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.

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