Venoco Crushes Earnings Estimates
Venoco (NYS: VQ) reported earnings yesterday. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q1), Venoco missed estimates on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue grew and GAAP loss per share expanded.
Gross margins contracted, operating margins expanded, and net margins shrank.
Venoco recorded revenue of $85.4 million. The five analysts polled by S&P Capital IQ expected to see a top line of $87.6 million on the same basis. GAAP reported sales were 7.8% higher than the prior-year quarter's $79.2 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 $0.65. The eight earnings estimates compiled by S&P Capital IQ predicted $0.12 per share. GAAP EPS were -$0.47 for Q1 compared to -$0.43 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 65.5%, 270 basis points worse than the prior-year quarter. Operating margin was 21.5%, 3,190 basis points better than the prior-year quarter. Net margin was -32.7%, 250 basis points worse than the prior-year quarter.
Next quarter's average estimate for revenue is $91.3 million. On the bottom line, the average EPS estimate is $0.15.
Next year's average estimate for revenue is $376.9 million. The average EPS estimate is $0.75.
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 138 members rating the stock outperform and 18 members rating it underperform. Among 48 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 44 give Venoco a green thumbs-up, and four give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Venoco is hold, with an average price target of $11.50.
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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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