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Integrated circuit maker National Semiconductor Corporation (NYSE: NSM) is down slightly today ahead of Friday’s first quarter earnings announcement. With the California-based company having lost 10% of its value over the last three months, there is a lot of pressure on earnings – further increased by National Semiconductor being the only company of note announcing earnings tomorrow. Here’s what to expect:

Earnings per share: Expected at 34 cents with 21 analysts offering coverage with estimates ranging from 32 cents to 36. If on target at 34 cents, earnings will have grown more than 13% from the same quarter of last year.

Revenue: A weak-point for National Semiconductor this quarter, revenues are expected at $468.89 million – a slight 0.6% drop from its previous first quarter.

Earnings track record: National Semiconductor is one of the consummate earnings winners – the company has exceeded expectations in four out of the last four quarters, by 20%, 6.5%, 16.7% and 30.8% respectively.

Analyst recommendation: National Semiconductor basically sits at a “hold,” though the average price target for the company remains at $26.63 per share – a hefty premium above its current trading price of $19.81.

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