Legacy Reserves Beats on Both Top and Bottom Lines
Legacy Reserves (NAS: LGCY) reported earnings May 2. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended March 31 (Q1), Legacy Reserves beat expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue expanded significantly and GAAP earnings per share improved.
Margins grew across the board.
Legacy Reserves notched revenue of $92.6 million. The seven analysts polled by S&P Capital IQ hoped for a top line of $87.8 million on the same basis. GAAP reported sales were 27% higher than the prior-year quarter's $72.8 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 $0.55. The seven earnings estimates compiled by S&P Capital IQ averaged $0.46 per share. GAAP EPS were $0.15 for Q1 against -$1.39 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 67.5%, 300 basis points better than the prior-year quarter. Operating margin was 35.9%, 11,530 basis points better than the prior-year quarter. Net margin was 8.0%, 9,100 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $88.3 million. On the bottom line, the average EPS estimate is $0.59.
Next year's average estimate for revenue is $365.3 million. The average EPS estimate is $2.22.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 261 members out of 267 rating the stock outperform, and six members rating it underperform. Among 83 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 83 give Legacy Reserves a green thumbs-up.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Legacy Reserves is buy, with an average price target of $33.43.
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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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