LSI (Nasdaq: LSI) is expected to report Q1 earnings on April 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 drop -10.7% and EPS will decrease -40.0%.

The average estimate for revenue is $556.0 million. On the bottom line, the average EPS estimate is $0.12.

Revenue details
 Last quarter, LSI booked revenue of $600.1 million. GAAP reported sales were 15% higher than the prior-year quarter's $523.1 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 $0.18. GAAP EPS of $0.04 for Q4 were much higher than the prior-year quarter's $0.00 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 50.1%, 340 basis points better than the prior-year quarter. Operating margin was 7.8%, 520 basis points better than the prior-year quarter. Net margin was 3.8%, 410 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.42 billion. The average EPS estimate is $0.60.

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 $8.49.

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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 no position in any of the stocks mentioned. 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.