Packaged food company Campbell Soup (NASDAQ:CPB) will be reporting results tomorrow before market open. Here's what to look for.

Last quarter Campbell Soup reported revenues of $2.52 billion, down 2.2% year on year, inline with analyst expectations. It was a mixed quarter for the company, with revenue inline with expectations. On the other hand, its operating margin, EPS, and free cash flow missed Wall Street's estimates.

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

This quarter analysts are expecting Campbell Soup's revenue to decline 1.8% year on year to $2.44 billion, a further deceleration on the 12.5% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.77 per share.

The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing three downward revisions over the last thirty days. The company missed Wall St's revenue estimates three times over the last two years.

Looking at Campbell Soup's peers in the packaged food segment, some of them have already reported Q2 earnings results, giving us a hint of what we can expect. Mondelez delivered top-line growth of 8.7% year on year, beating analyst estimates by 0.2% and Kellanova reported revenues up 0.3% year on year, exceeding estimates by 3.1%. Mondelez traded down 3.1% on the results, Kellanova was up 2.1%.

Read our full analysis of Mondelez's results here and Kellanova's results here.

There has been positive sentiment among investors in the packaged food segment, with the stocks up on average 2.5% over the last month. Campbell Soup is down 1% during the same time, and is heading into the earnings with analyst price target of $46.5, compared to share price of $43.3.

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