Beer company Molson Coors (NYSE:TAP) will be announcing earnings results tomorrow before the bell. Here’s what to look for.

Molson Coors beat analysts’ revenue expectations by 2.2% last quarter, reporting revenues of $3.25 billion, flat year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a decent beat of analysts’ gross margin estimates.

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

This quarter, analysts are expecting Molson Coors’s revenue to decline 5.1% year on year to $3.13 billion, a reversal from the 12.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.67 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). Molson Coors has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Molson Coors’s peers in the beverages, alcohol and tobacco segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Vita Coco’s revenues decreased 3.7% year on year, missing analysts’ expectations by 4.3%, and Coca-Cola reported flat revenue, topping estimates by 2.9%. Vita Coco traded down 3.9% following the results while Coca-Cola was also down 3.1%.

Read our full analysis of Vita Coco’s results here and Coca-Cola’s results here.

Investors in the beverages, alcohol and tobacco segment have had steady hands going into earnings, with share prices up 1.2% on average over the last month. Molson Coors is up 4.5% during the same time and is heading into earnings with an average analyst price target of $60.18 (compared to the current share price of $56.40).

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