ITT (NYSE: ITT) is expected to report Q2 earnings on Aug. 1. 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 ITT's revenues will increase 5.7% and EPS will shrink -12.0%.

The average estimate for revenue is $600.1 million. On the bottom line, the average EPS estimate is $0.44.

Revenue details
Last quarter, ITT recorded revenue of $608.2 million. GAAP reported sales were 7.1% higher than the prior-year quarter's $568.1 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 $0.47. GAAP EPS of $0.22 for Q1 were much higher than the prior-year quarter's $0.03 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 31.3%, 130 basis points better than the prior-year quarter. Operating margin was 10.1%, 140 basis points better than the prior-year quarter. Net margin was 3.4%, 280 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $2.45 billion. The average EPS estimate is $1.91.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 325 members out of 346 rating the stock outperform, and 21 members rating it underperform. Among 103 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 98 give ITT a green thumbs-up, and five give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on ITT is hold, with an average price target of $26.56.

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