Dell Indirect: How to Sift for Clues in Its Report

Turning Dell(DELL Quote) around is no easy task.

And investors looking to gauge the progress of the undertaking won't get much satisfaction Thursday.

The company's fiscal first-quarter results, slated for release after market's close, are likely to be short on both details and results.

The struggling PC maker has warned investors that growth and profit margins will continue to be under pressure for the next several quarters as Dell focuses on righting its ship.

Wall Street has interpreted this vague guidance to mean that Dell will see its quarterly sales tally lag the year-ago total, the second such decline in a row. On average, analysts expect Dell to record $13.95 billion in revenue, vs. $14.2 billion at this time last year, with EPS of 26 cents, according to Thomson Financial.

The low expectations were reinforced when rival Hewlett-Packard(HPQ Quote) reported a blockbuster quarter earlier this month, which many assume came at Dell's expense.

Estimates about the immediate quarter aside, however, Michael Dell's mission to revive the company he founded 23 years ago remains a mysterious work in progress.

Shares of Dell are up roughly 14% in the past three months, trading near the 52-week high of $27.89, as investor faith in Michael Dell's magic touch trumps any actual evidence of a turnaround at the company.