Packaged foods company Kraft Heinz (NASDAQ:KHC) will be reporting results this Wednesday before market open. Here’s what investors should know.

Kraft Heinz met analysts’ revenue expectations last quarter, reporting revenues of $6.00 billion, down 6.4% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ EBITDA estimates but full-year EPS guidance missing analysts’ expectations.

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 decline 3.1% year on year to $6.27 billion, in line with the 3.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.64 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 4 downward revisions over the last 30 days (we track 10 analysts).

Looking at Kraft Heinz’s peers in the shelf-stable food segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Lamb Weston delivered year-on-year revenue growth of 4%, beating analysts’ expectations by 5.7%, and McCormick reported flat revenue, in line with consensus estimates. Lamb Weston traded up 19.3% following the results while McCormick was also up 3.6%.

Read our full analysis of Lamb Weston’s results here and McCormick’s results here.

There has been positive sentiment among investors in the shelf-stable food segment, with share prices up 3.8% on average over the last month. Kraft Heinz is up 9.3% during the same time and is heading into earnings with an average analyst price target of $30.18 (compared to the current share price of $28.22).

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