Hospitality company Travel + Leisure (NYSE:TNL) will be announcing earnings results tomorrow before market hours. Here’s what you need to know.

Travel + Leisure met analysts’ revenue expectations last quarter, reporting revenues of $985 million, up 3.8% year on year. It was a mixed quarter for the company, with a decent beat of analysts’ earnings estimates but a miss of analysts’ conducted tours estimates. It reported 192,000 attendance, up 12.9% year on year.

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

This quarter, analysts are expecting Travel + Leisure’s revenue to grow 2.5% year on year to $1.01 billion, slowing from the 5.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.49 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Travel + Leisure has missed Wall Street’s revenue estimates five times over the last two years.

Looking at Travel + Leisure’s peers in the consumer discretionary segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Carnival delivered year-on-year revenue growth of 15.2%, meeting analysts’ expectations, and Delta Air Lines reported revenues up 1.2%, topping estimates by 2.5%. Carnival traded down 2.8% following the results while Delta Air Lines’s stock price was unchanged.

Read our full analysis of Carnival’s results here and Delta Air Lines’s results here.

Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices flat over the last month. Travel + Leisure’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $52.17 (compared to the current share price of $45.47).

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