Caterpillar (NYSE: CAT) is expected to report Q2 earnings on July 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 Caterpillar's revenues will drop -14.5% and EPS will drop -33.1%.

The average estimate for revenue is $14.86 billion. On the bottom line, the average EPS estimate is $1.70.

Revenue details
Last quarter, Caterpillar reported revenue of $13.21 billion. GAAP reported sales were 17% lower than the prior-year quarter's $15.98 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, EPS came in at $1.31. GAAP EPS of $1.31 for Q1 were 45% lower than the prior-year quarter's $2.37 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 25.6%, 280 basis points worse than the prior-year quarter. Operating margin was 9.3%, 560 basis points worse than the prior-year quarter. Net margin was 6.7%, 320 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $58.52 billion. The average EPS estimate is $6.83.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Caterpillar is outperform, with an average price target of $108.73.

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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.