Lockheed Martin (NYSE: LMT) is expected to report Q2 earnings on July 23. 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 Lockheed Martin's revenues will contract -6.7% and EPS will drop -7.6%.

The average estimate for revenue is $11.12 billion. On the bottom line, the average EPS estimate is $2.20.

Revenue details
Last quarter, Lockheed Martin recorded revenue of $11.07 billion. GAAP reported sales were 2.0% lower than the prior-year quarter's $11.29 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 $2.25. GAAP EPS of $2.33 for Q1 were 15% higher than the prior-year quarter's $2.03 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 9.7%, 80 basis points better than the prior-year quarter. Operating margin was 9.8%, 100 basis points better than the prior-year quarter. Net margin was 6.9%, 100 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $44.92 billion. The average EPS estimate is $9.01.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,796 members out of 1,920 rating the stock outperform, and 124 members rating it underperform. Among 494 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 476 give Lockheed Martin a green thumbs-up, and 18 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Lockheed Martin is hold, with an average price target of $95.00.

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