Procter & Gamble is set to release its earnings report before open, and here’s what investors should pay attention to.

Last quarter, Procter & Gamble’s revenue met analysts’ expectations, coming in at $20.53 billion, flat compared to the same period last year. While the company slightly exceeded analysts’ earnings per share estimates, it missed on gross margin expectations, making it a mixed performance.

Before the earnings release, investors should consider whether Procter & Gamble presents a buying or selling opportunity. You can read our full analysis here, and it's free.

For this quarter, analysts are expecting Procter & Gamble’s revenue to remain flat year over year at $21.98 billion, with growth slowing compared to the 6.1% increase recorded in the same quarter last year. Adjusted earnings per share are projected to be $1.90.

Heading into the earnings release, analysts have become more cautious, with six downward revisions to revenue estimates over the past 30 days (out of 16 analysts we track). Over the past two years, Procter & Gamble has missed Wall Street’s revenue estimates three times.

Looking at other companies in the consumer staples sector, we can get some insights into what to expect from Procter & Gamble’s upcoming earnings. Lamb Weston reported flat year-over-year revenue, beating analysts' expectations by 6.5%, while General Mills posted a 1.2% decline in revenue, in line with consensus estimates. Lamb Weston’s stock price rose 2.6% after its earnings report, while General Mills’ stock remained unchanged.

Overall, investors in the consumer staples sector have remained steady heading into earnings season, with stock prices showing little movement over the past month. Procter & Gamble’s stock price has similarly remained flat during this period, with analysts' average price target at $175.60 compared to its current price of $172.30.