Transocean (NYSE: RIG) is expected to report Q3 earnings on Aug. 6. 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 increase 16.2% and EPS will improve 1114.3%.

The average estimate for revenue is $2.61 billion. On the bottom line, the average EPS estimate is $0.85.

Revenue details
Last quarter, Transocean reported revenue of $2.58 billion. GAAP reported sales were 10% higher than the prior-year quarter's $2.33 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 $0.72. GAAP EPS were -$0.86 for Q2 compared to $0.48 per share for the prior-year quarter.

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 8.5%, 2,760 basis points worse than the prior-year quarter. Operating margin was -8.0%, 2,590 basis points worse than the prior-year quarter. Net margin was -11.8%, 1,840 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $10.02 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 $65.17.

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