Williams Partners (NYSE: WPZ) is expected to report Q1 earnings on May 7. 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 Williams Partners's revenues will grow 16.6% and EPS will contract -42.4%.

The average estimate for revenue is $1.96 billion. On the bottom line, the average EPS estimate is $0.49.

Revenue details
 Last quarter, Williams Partners booked revenue of $1.85 billion. GAAP reported sales were 9.5% lower than the prior-year quarter's $2.79 billion.

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 $0.42. GAAP EPS of $1.19 for Q4 were 34% lower than the prior-year quarter's $1.80 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 55.5%, 760 basis points better than the prior-year quarter. Operating margin was 21.7%, 90 basis points better than the prior-year quarter. Net margin was 18.0%, 80 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $8.01 billion. The average EPS estimate is $1.82.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 262 members out of 276 rating the stock outperform, and 14 members rating it underperform. Among 96 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 92 give Williams Partners a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Williams Partners is outperform, with an average price target of $59.91.

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