Pioneer Energy Services Beats on Both Top and Bottom Lines
Pioneer Energy Services (NYS: PES) reported earnings on July 30. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended June 30 (Q2), Pioneer Energy Services beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share contracted significantly. GAAP earnings per share dropped to a loss.
Margins dropped across the board.
Pioneer Energy Services booked revenue of $248.4 million. The seven analysts polled by S&P Capital IQ looked for sales of $233.2 million on the same basis. GAAP reported sales were 8.1% higher than the prior-year quarter's $229.8 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 $0.02. The 10 earnings estimates compiled by S&P Capital IQ forecast -$0.04 per share. Non-GAAP EPS of $0.02 for Q2 were 87% lower than the prior-year quarter's $0.15 per share. GAAP EPS were -$0.42 for Q2 against $0.15 per share for 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 35.7%, 150 basis points worse than the prior-year quarter. Operating margin was 7.1%, 300 basis points worse than the prior-year quarter. Net margin was -10.4%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $241.3 million. On the bottom line, the average EPS estimate is -$0.01.
Next year's average estimate for revenue is $940.2 million. The average EPS estimate is -$0.10.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 583 members out of 609 rating the stock outperform, and 26 members rating it underperform. Among 106 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 99 give Pioneer Energy Services 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 Energy Services is outperform, with an average price target of $9.36.
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The article Pioneer Energy Services Beats on Both Top and Bottom Lines originally appeared on Fool.com.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 of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool has no position in any of the stocks mentioned. 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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