Beer, wine, and spirits company Constellation Brands (NYSE:STZ) will be announcing earnings results tomorrow before the bell. Here's what you need to know.

Last quarter Constellation Brands reported revenues of $2.47 billion, up 1.4% year on year, missing analyst expectations by 2.6%. It was a weak quarter for the company, with underwhelming earnings guidance for the full year.

Is Constellation Brands buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Constellation Brands's revenue to grow 4.9% year on year to $2.10 billion, improving on the 5% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.09 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.

Looking at Constellation Brands's peers in the consumer staples segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. General Mills's revenues decreased 0.5% year on year, beating analyst estimates by 2.7% and Conagra reported revenue decline of 1.7% year on year, exceeding estimates by 0.1%. General Mills traded up 2.9% on the results, and Conagra was up 6.6%.

Read our full analysis of General Mills's results here and Conagra's results here.

There has been a stampede out of high valuation technology stocks and while some of the consumer staples stocks have fared somewhat better, they have not been spared, with share price declining 2% over the last month. Constellation Brands is up 0.3% during the same time, and is heading into the earnings with analyst price target of $292.3, compared to share price of $262.7.

Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefitting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.