Consumer products behemoth Proctor & Gamble (NYSE:PG) will be announcing earnings results tomorrow before the bell. Here's what investors should know.

Last quarter Procter & Gamble reported revenues of $21.44 billion, up 3.2% year on year, missing analyst expectations by 0.3%. It was a mixed quarter for the company: Volume and organic growth missed, leading to a slight revenue miss. However, EPS beat and full year guidance was raised and now stands above Consensus expectations.

Is Procter & Gamble buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Procter & Gamble's revenue to grow 1.9% year on year to $20.44 billion, slowing down from the 3.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.41 per share.

The analysts covering the company have been growing increasingly bearish  about the business heading into the earnings, with revenue estimates seeing seven downward revisions over the last thirty days. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 1.6%.

Looking at Procter & Gamble's peers in the consumer staples segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. WD-40 delivered top-line growth of 6.8% year on year, missing analyst estimates by 0.8% and General Mills reported revenue decline of 0.5% year on year, exceeding estimates by 2.7%. WD-40 traded down 8.7% on the results, and General Mills was up 2.9%.

Read our full analysis of WD-40's results here and General Mills's results here.

Tech stocks have been under pressure since the end of last year and while some of the consumer staples stocks have fared somewhat better, they have not been spared, with share price declining 6.2% over the last month. Procter & Gamble is down 3.1% during the same time, and is heading into the earnings with analyst price target of $169.6, compared to share price of $156.89.

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