Food and beverage supplier MGP Ingredients (NASDAQ:MGPI) will be announcing earnings results tomorrow before the bell. Here’s what you need to know.

MGP Ingredients met analysts’ revenue expectations last quarter, reporting revenues of $190.8 million, down 8.7% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ gross margin estimates.

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

This quarter, analysts are expecting MGP Ingredients’s revenue to decline 23.7% year on year to $161.4 million, a reversal from the 5.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.23 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MGP Ingredients has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 2.7% on average.

Looking at MGP Ingredients’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. Coca-Cola posted flat year-on-year revenue, beating analysts’ expectations by 2.9%, and Boston Beer reported flat revenue, in line with consensus estimates. Coca-Cola traded down 3.1% following the results while Boston Beer was also down 1.8%.

Read our full analysis of Coca-Cola’s results here and Boston Beer’s results here.

Investors in the beverages, alcohol and tobacco segment have had steady hands going into earnings, with share prices flat over the last month. MGP Ingredients is down 32.6% during the same time and is heading into earnings with an average analyst price target of $82.67 (compared to the current share price of $56.02).

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