ION Geophysical (NYSE: IO) is expected to report Q1 earnings around May 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 ION Geophysical's revenues will grow 10.0% and EPS will grow 40.0%.

The average estimate for revenue is $122.9 million. On the bottom line, the average EPS estimate is $0.07.

Revenue details
Last quarter, ION Geophysical booked revenue of $173.1 million. GAAP reported sales were 8.2% higher than the prior-year quarter's $159.9 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 $0.16. GAAP EPS of $0.17 for Q4 were 113% higher than the prior-year quarter's $0.08 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 42.0%, 160 basis points better than the prior-year quarter. Operating margin was 17.8%, 490 basis points worse than the prior-year quarter. Net margin was 15.7%, 800 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $607.9 million. The average EPS estimate is $0.49.

Investor sentiment
The stock has a three-star rating (out of five) at Motley Fool CAPS, with 729 members out of 767 rating the stock outperform, and 38 members rating it underperform. Among 162 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 152 give ION Geophysical a green thumbs-up, and 10 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ION Geophysical is outperform, with an average price target of $8.50.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.