Calpine (NYSE: CPN) is expected to report Q1 earnings on March 27. 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 Calpine's revenues will grow 0.8% and EPS will remain in the red.

The average estimate for revenue is $1.25 billion. On the bottom line, the average EPS estimate is -$0.07.

Revenue details
 Last quarter, Calpine chalked up revenue of $1.37 billion. GAAP reported sales were 7.4% lower than the prior-year quarter's $1.42 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 -$0.19. GAAP EPS were $0.21 for Q4 compared to -$0.03 per share for 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 15.8%, 680 basis points worse than the prior-year quarter. Operating margin was 5.0%, 670 basis points worse than the prior-year quarter. Net margin was 7.6%, 850 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $6.31 billion. The average EPS estimate is $0.55.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 213 members out of 232 rating the stock outperform, and 19 members rating it underperform. Among 76 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Calpine a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Calpine is outperform, with an average price target of $21.54.

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