National Instruments (Nasdaq: NATI) is expected to report Q2 earnings on July 29. 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 National Instruments's revenues will expand 6.5% and EPS will grow 14.3%.

The average estimate for revenue is $311.3 million. On the bottom line, the average EPS estimate is $0.24.

Revenue details
 Last quarter, National Instruments reported revenue of $286.5 million. GAAP reported sales were 9.7% higher than the prior-year quarter's $261.1 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 $0.21. GAAP EPS of $0.15 were the same as 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 75.5%, 100 basis points worse than the prior-year quarter. Operating margin was 6.4%, 310 basis points worse than the prior-year quarter. Net margin was 6.5%, 60 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $1.24 billion. The average EPS estimate is $1.03.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 371 members out of 391 rating the stock outperform, and 20 members rating it underperform. Among 166 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 163 give National Instruments a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on National Instruments is outperform, with an average price target of $34.80.

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