Venoco Beats Expectations but Takes a Step Back Anyway

Venoco (NYSE: VQ  ) filed its 10-K on Feb. 16. Here are the numbers you need to know.
The 10-second takeaway
For the quarter ended Dec. 31 (Q4), Venoco missed slightly on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly and GAAP earnings per share increased significantly.
Margins grew across the board.
Revenue details
Venoco recorded revenue of $83.4 million. The seven analysts polled by S&P Capital IQ foresaw a top line of $84.7 million on the same basis. GAAP reported sales were 16% higher than the prior-year quarter's $72.1 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $0.35. The 10 earnings estimates compiled by S&P Capital IQ averaged $0.11 per share on the same basis. GAAP EPS of $0.50 for Q4 were much higher than the prior-year quarter's $0.07 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 68.0%, 140 basis points better than the prior-year quarter. Operating margin was 46.9%, 6,080 basis points better than the prior-year quarter. Net margin was 36.5%, 3,030 basis points better than the prior-year quarter.
Looking ahead
Next quarter's average estimate for revenue is $99.4 million. On the bottom line, the average EPS estimate is $0.10.
Next year's average es! timate f or revenue is $432.8 million. The average EPS estimate is $1.08.
Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 133 members out of 152 rating the stock outperform, and 19 members rating it underperform. Among 51 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 47 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 $12.93.
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Romney Tops Iowa Poll

Mitt Romney is at the top of the Des Moines Register's latest Iowa poll, although Rick Santorum made a surprise jump into third place, pushing out Newt Gingrich.

Sen. Ron Paul of Texas came in second among the contenders for Republican presidential nomination.
The results of the poll of likely Republican caucus-goers were announced Saturday, just days away from Tuesday's Iowa caucuses, which kick off the Republican primary season.
In four days of polling, from Dec. 27-30, former Massachusetts Gov. Romney came away with 24%, while Paul had 22% and former Sen. Santorum (R., Penn.) had 15%, according to a Des Moines Register report on the poll.
Former House speaker Newt Gingrich had 12%, while Texas Gov. Rick Perry had 11% and Rep. Michele Bachmann (R., Minn.) had 7%, the report said.But a look at the last two days of polling shows how quickly Santorum is gaining in popularity. If only those days are used, Santorum edges out Paul for second place, the Des Moines Register said.
And in the final day of polling, Santorum had 22% support, just one point away from Romney 23% on that day, the newspaper added.
The poll was conducted by Selzer & Co. of Des Moines and was based on telephone interviews with people likely to attend the Republican caucuses, the Register reported.
The margin of error for the full four days is plus or minus 4 percentage points, the newspaper said. For the last two days, it's plus or minus 5.6 percentage points, it added.