LSI (Nasdaq: LSI) 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 LSI's revenues will wane -12.0% and EPS will drop -38.1%.

The average estimate for revenue is $580.7 million. On the bottom line, the average EPS estimate is $0.13.

Revenue details
 Last quarter, LSI notched revenue of $568.6 million. GAAP reported sales were 8.6% lower than the prior-year quarter's $622.4 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 $0.17. GAAP EPS of $0.03 for Q1 were 77% lower than the prior-year quarter's $0.13 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 50.9%, 480 basis points better than the prior-year quarter. Operating margin was 4.7%, 50 basis points better than the prior-year quarter. Net margin was 3.2%, 890 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.41 billion. The average EPS estimate is $0.63.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on LSI is outperform, with an average price target of $8.41.

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