Diamond Offshore Drilling (NYSE: DO) is expected to report Q2 earnings on July 25. 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 Diamond Offshore Drilling's revenues will grow 4.1% and EPS will grow 13.8%.

The average estimate for revenue is $768.2 million. On the bottom line, the average EPS estimate is $1.24.

Revenue details
 Last quarter, Diamond Offshore Drilling logged revenue of $729.7 million. GAAP reported sales were 7.3% lower than the prior-year quarter's $755.2 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, EPS came in at $1.27. GAAP EPS of $1.27 for Q1 were 4.5% lower than the prior-year quarter's $1.33 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 46.4%, 100 basis points worse than the prior-year quarter. Operating margin was 30.2%, 160 basis points worse than the prior-year quarter. Net margin was 25.1%, 60 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $3.05 billion. The average EPS estimate is $4.65.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,902 members out of 1,946 rating the stock outperform, and 44 members rating it underperform. Among 366 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 352 give Diamond Offshore Drilling a green thumbs-up, and 14 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Diamond Offshore Drilling is hold, with an average price target of $74.97.

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