Packaged snacks company Mondelez (NASDAQ:MDLZ) will be reporting earnings tomorrow afternoon. Here’s what to look for.

Mondelez missed analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $8.34 billion, down 1.9% year on year. It was a mixed quarter for the company, with a miss of analysts’ organic revenue growth estimates. On the other hand, operating profits and earnings beat consensus estimates.

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

This quarter, analysts are expecting Mondelez’s revenue to be flat year on year at $9.12 billion, slowing from the 16.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.85 per share.

Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 7 upward revisions over the last 30 days (we track 16 analysts). Mondelez has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3% on average.

Looking at Mondelez’s peers in the shelf-stable food segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Simply Good Foods delivered year-on-year revenue growth of 17.2%, meeting analysts’ expectations, and General Mills reported a revenue decline of 1.2%, in line with consensus estimates. Simply Good Foods traded up 3.8% following the results while General Mills’s stock price was unchanged.

Read our full analysis of Simply Good Foods’s results here and General Mills’s results here.

Growth stocks have seen elevated volatility as investors debate the Fed’s monetary policy, and while some of the shelf-stable food stocks have fared somewhat better, they have not been spared, with share prices down 2.1% on average over the last month. Mondelez is down 5.6% during the same time and is heading into earnings with an average analyst price target of $80.97 (compared to the current share price of $69.51).

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