Waters (NYSE: WAT) is expected to report Q3 earnings around Oct. 22. 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 Waters's revenues will compress -0.9% and EPS will expand 3.5%.

The average estimate for revenue is $450.6 million. On the bottom line, the average EPS estimate is $1.18.

Revenue details
 Last quarter, Waters tallied revenue of $451.5 million. GAAP reported sales were 0.9% higher than the prior-year quarter's $447.6 million.

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 $1.17. GAAP EPS of $1.09 for Q2 were 1.9% higher than the prior-year quarter's $1.07 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 60.3%, 40 basis points worse than the prior-year quarter. Operating margin was 27.3%, 40 basis points better than the prior-year quarter. Net margin was 21.6%, 80 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.85 billion. The average EPS estimate is $4.93.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 316 members out of 331 rating the stock outperform, and 15 members rating it underperform. Among 90 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 87 give Waters a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Waters is outperform, with an average price target of $92.06.