ITT (NYSE: ITT) is expected to report Q2 earnings on Aug. 3. 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 ITT's revenues will contract -81.2% and EPS will decrease -84.3%.

The average estimate for revenue is $569.7 million. On the bottom line, the average EPS estimate is $0.37.

Revenue details
Last quarter, ITT booked revenue of $577.0 million. GAAP reported sales were 8.3% higher than the prior-year quarter's $533.0 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 $0.39. GAAP EPS of $0.03 for Q1 were 98% lower than the prior-year quarter's $1.31 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 30.0%, 150 basis points worse than the prior-year quarter. Operating margin was 9.5%, 290 basis points worse than the prior-year quarter. Net margin was 0.5%, 2,220 basis points worse than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $2.25 billion. The average EPS estimate is $1.65.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 344 members out of 367 rating the stock outperform, and 23 members rating it underperform. Among 87 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 80 give ITT a green thumbs-up, and seven give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ITT is outperform, with an average price target of $25.25.

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. The Motley Fool has a disclosure policy.