Packaged foods company Kraft Heinz (NASDAQ:KHC) will be announcing earnings results tomorrow before market hours. Here's what to expect.

Kraft Heinz missed analysts' revenue expectations by 1.8% last quarter, reporting revenues of $6.86 billion, down 7.1% year on year. It was a weaker quarter for the company, with a miss of analysts' revenue estimates.

Is Kraft Heinz a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Kraft Heinz's revenue to be flat year on year at $6.43 billion, slowing from the 7.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Kraft Heinz has missed Wall Street's revenue estimates three times over the last two years.

Looking at Kraft Heinz's peers in the shelf-stable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. McCormick delivered year-on-year revenue growth of 2.4%, beating analysts' expectations by 3.3%, and Simply Good Foods reported revenues up 5.3%, falling short of estimates by 1.3%. McCormick traded up 8.8% following the results while Simply Good Foods was down 1.2%.

Read our full analysis of McCormick's results here and Simply Good Foods's results here.

Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance thanks to mixed inflation data, and while some of the shelf-stable food stocks have fared somewhat better, they have not been spared, with share prices down 3.6% on average over the last month. Kraft Heinz is up 4.3% during the same time and is heading into earnings with an average analyst price target of $40.5 (compared to the current share price of $38.66).

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