Consumer products behemoth Proctor & Gamble (NYSE: PG) will be announcing earnings results tomorrow before market open. Here’s what to look for.

Procter & Gamble missed analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $21.74 billion, flat year on year. It was a mixed quarter for the company, with a decent beat of analysts’ EPS estimates but gross margin in line with analysts’ estimates.

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

This quarter, analysts are expecting Procter & Gamble’s revenue to be flat year on year at $21.6 billion, slowing from the 3.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.86 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. Procter & Gamble has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Procter & Gamble’s peers in the consumer staples segment, some have already reported their Q4 results, giving us a hint as to what we can expect. WD-40 delivered year-on-year revenue growth of 9.3%, beating analysts’ expectations by 4.1%, and Cal-Maine reported revenues up 82.5%, topping estimates by 27%. WD-40 traded down 5.8% following the results while Cal-Maine’s stock price was unchanged.

Read our full analysis of WD-40’s results here and Cal-Maine’s results here.

Inflation has progressed towards the Fed’s 2% goal as of late, leading to strong stock market performance. Recent rate cuts and the 2024 Presidential election's conclusion added further sparks to the market, and while some of the consumer staples stocks have shown solid performance, the group has generally underpeformed, with share prices down 2.3% on average over the last month. Procter & Gamble is down 4.2% during the same time and is heading into earnings with an average analyst price target of $179.61 (compared to the current share price of $161.13).

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