Packaged foods company Hormel (NYSE:HRL) will be reporting results tomorrow before the bell. Here’s what investors should know.

Hormel Foods missed analysts’ revenue expectations by 2.2% last quarter, reporting revenues of $2.90 billion, down 2.2% year on year. It was a slower quarter for the company, with full-year revenue guidance missing analysts’ expectations.

Is Hormel Foods a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Hormel Foods’s revenue to decline 1.8% year on year to $3.14 billion, in line with the 2.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.42 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Hormel Foods’s peers in the shelf-stable food segment, some have already reported their Q3 results, giving us a hint as to what we can expect. BellRing Brands delivered year-on-year revenue growth of 17.6%, beating analysts’ expectations by 2%, and J. M. Smucker reported revenues up 17.2%, in line with consensus estimates. BellRing Brands’s stock price was unchanged after the results, while J. M. Smucker was up 3.8%.

Read our full analysis of BellRing Brands’s results here and J. M. Smucker’s results here.

There has been positive sentiment among investors in the shelf-stable food segment, with share prices up 7.3% on average over the last month. Hormel Foods is up 5.4% during the same time and is heading into earnings with an average analyst price target of $31.95 (compared to the current share price of $32.39).

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