Cruise ship company Carnival (NYSE:CCL) will be announcing earnings results tomorrow before the bell. Here’s what investors should know.

Carnival beat analysts’ revenue expectations by 1.9% last quarter, reporting revenues of $5.78 billion, up 17.7% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ earnings and operating margin estimates. It reported 24.3 million passenger cruise days, up 11.5% year on year.

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

This quarter, analysts are expecting Carnival’s revenue to grow 14.1% year on year to $7.82 billion, slowing from the 59.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.15 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. Carnival has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Carnival’s peers in the consumer discretionary segment, only Scholastic has reported results so far. It beat analysts’ revenue estimates by 1.6%, delivering year-on-year sales growth of 3.8%. The stock traded up 6% on the results.

Read our full analysis of Scholastic’s earnings results here.

There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 4.9% on average over the last month. Carnival is up 14.6% during the same time and is heading into earnings with an average analyst price target of $28 (compared to the current share price of $18.72).

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