Transocean (NYSE: RIG) is expected to report Q2 earnings on Aug. 1. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Transocean's revenues will improve 6.9% and EPS will contract -30.8%.

The average estimate for revenue is $2.49 billion. On the bottom line, the average EPS estimate is $0.45.

Revenue details
Last quarter, Transocean reported revenue of $2.33 billion. GAAP reported sales were 8.7% higher than the prior-year quarter's $2.14 billion.

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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
Last quarter, non-GAAP EPS came in at $0.64. GAAP EPS of $0.12 for Q1 were 88% lower than the prior-year quarter's $0.97 per share.

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

Recent performance
For the preceding quarter, gross margin was 39.5%, 290 basis points better than the prior-year quarter. Operating margin was 21.5%, 450 basis points better than the prior-year quarter. Net margin was 1.8%, 1,270 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $10.01 billion. The average EPS estimate is $2.89.

Investor sentiment
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Transocean is outperform, with an average price target of $65.85.

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