Spansion (NYSE: CODE) is expected to report Q1 earnings around April 24. 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 Spansion's revenues will compress -10.8% and EPS will decrease -71.4%.

The average estimate for revenue is $195.1 million. On the bottom line, the average EPS estimate is $0.02.

Revenue details
Last quarter, Spansion recorded revenue of $224.0 million. GAAP reported sales were 1.8% higher than the prior-year quarter's $220.0 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 $0.34. GAAP EPS were $0.11 for Q4 compared to -$1.25 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 32.1%, much better than the prior-year quarter. Operating margin was 6.7%, much better than the prior-year quarter. Net margin was 3.1%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $943.2 million. The average EPS estimate is $1.13.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 23 members out of 25 rating the stock outperform, and two members rating it underperform. Among six CAPS All-Star picks (recommendations by the highest-ranked CAPS members), six give Spansion a green thumbs-up, and give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Spansion is outperform, with an average price target of $15.40.

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