Reynolds American (NYSE: RAI) is expected to report Q2 earnings on July 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 Reynolds American's revenues will increase 0.8% and EPS will grow 5.1%.

The average estimate for revenue is $2.19 billion. On the bottom line, the average EPS estimate is $0.83.

Revenue details
 Last quarter, Reynolds American recorded revenue of $1.88 billion. GAAP reported sales were 2.6% lower than the prior-year quarter's $1.93 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 $0.72. GAAP EPS of $0.92 for Q1 were 96% higher than the prior-year quarter's $0.47 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 63.1%, much better than the prior-year quarter. Operating margin was 49.3%, much better than the prior-year quarter. Net margin was 27.0%, much better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $8.27 billion. The average EPS estimate is $3.22.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 605 members out of 654 rating the stock outperform, and 49 members rating it underperform. Among 213 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 204 give Reynolds American a green thumbs-up, and nine give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Reynolds American is hold, with an average price target of $45.20.

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