ON Semiconductor (Nasdaq: ONNN) is expected to report Q1 earnings on May 2. 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 ON Semiconductor's revenues will decrease -10.6% and EPS will shrink -41.7%.

The average estimate for revenue is $665.7 million. On the bottom line, the average EPS estimate is $0.07.

Revenue details
 Last quarter, ON Semiconductor recorded revenue of $680.2 million. GAAP reported sales were 11% lower than the prior-year quarter's $767.9 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 $0.08. GAAP EPS were -$0.31 for Q4 compared to -$0.02 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 28.5%, 330 basis points worse than the prior-year quarter. Operating margin was 0.0%, 580 basis points worse than the prior-year quarter. Net margin was -20.3%, much worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.87 billion. The average EPS estimate is $0.54.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 473 members out of 489 rating the stock outperform, and 16 members rating it underperform. Among 75 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 73 give ON Semiconductor a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ON Semiconductor is outperform, with an average price target of $8.00.

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