LSI (Nasdaq: LSI) reported earnings on April 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended March 31 (Q1), LSI beat expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue contracted. Non-GAAP earnings per share shrank significantly. GAAP earnings per share dropped significantly.

Gross margins increased, operating margins grew, net margins dropped.

Revenue details
LSI reported revenue of $568.6 million. The 14 analysts polled by S&P Capital IQ predicted net sales of $555.1 million on the same basis. GAAP reported sales were 8.6% lower than the prior-year quarter's $622.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.17. The 15 earnings estimates compiled by S&P Capital IQ anticipated $0.12 per share. Non-GAAP EPS of $0.17 for Q1 were 15% lower than the prior-year quarter's $0.20 per share. GAAP EPS of $0.03 for Q1 were 77% lower than the prior-year quarter's $0.13 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 54.4%, 830 basis points better than the prior-year quarter. Operating margin was 5.0%, 80 basis points better than the prior-year quarter. Net margin was 3.2%, 890 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $582.1 million. On the bottom line, the average EPS estimate is $0.13.

Next 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 $8.41.

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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.