Waters (NYSE: WAT) is expected to report Q2 earnings around July 23. 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 Waters' revenues will expand 2.7% and EPS will expand 8.3%.

The average estimate for revenue is $459.6 million. On the bottom line, the average EPS estimate is $1.17.

Revenue details
Last quarter, Waters logged revenue of $420.5 million. GAAP reported sales were 1.7% lower than the prior-year quarter's $427.6 million.

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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 $1.00. GAAP EPS of $0.98 for Q1 were 3.0% lower than the prior-year quarter's $1.01 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 60.2%, 10 basis points worse than the prior-year quarter. Operating margin was 26.2%, 90 basis points worse than the prior-year quarter. Net margin was 21.1%, 100 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $1.90 billion. The average EPS estimate is $5.09.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 313 members out of 328 rating the stock outperform, and 15 members rating it underperform. Among 94 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 92 give Waters 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 Waters is outperform, with an average price target of $92.88.

Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.