American motorcycle manufacturing company Harley-Davidson (NYSE:HOG) will be announcing earnings results tomorrow before market hours. Here’s what to expect.

Harley-Davidson beat analysts’ revenue expectations by 27.2% last quarter, reporting revenues of $1.62 billion, up 12% year on year. It was a strong quarter for the company, with a solid beat of analysts’ earnings estimates and a decent beat of analysts’ motorcycles sold estimates. It reported 49,660 total shipments, up 15.7% year on year.

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

This quarter, analysts are expecting Harley-Davidson’s revenue to decline 37% year on year to $976.4 million, a further deceleration from the 6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.81 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 6 downward revisions over the last 30 days (we track 11 analysts). Harley-Davidson has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 22.4% on average.

Looking at Harley-Davidson’s peers in the consumer discretionary segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Nike’s revenues decreased 10.4% year on year, meeting analysts’ expectations, and Scholastic reported revenues up 3.8%, topping estimates by 1.6%. Nike traded down 6.8% following the results while Scholastic was up 6%.

Read our full analysis of Nike’s results here and Scholastic’s results here.

Investors in the consumer discretionary segment have had fairly steady hands going into earnings, with share prices down 1.1% on average over the last month. Harley-Davidson is down 9.3% during the same time and is heading into earnings with an average analyst price target of $40.31 (compared to the current share price of $34.90).

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