Global music entertainment company Warner Music Group (NASDAQ:WMG) will be reporting earnings tomorrow morning. Here’s what to expect.

Warner Music Group beat analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $1.63 billion, up 2.8% year on year. It was a strong quarter for the company, with a decent beat of analysts’ adjusted operating income and EPS estimates.

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

This quarter, analysts are expecting Warner Music Group’s revenue to decline 4.8% year on year to $1.66 billion, a reversal from the 17.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.33 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. Warner Music Group has missed Wall Street’s revenue estimates four times over the last two years.

Looking at Warner Music Group’s peers in the consumer discretionary segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Disney delivered year-on-year revenue growth of 4.8%, meeting analysts’ expectations, and The New York Times reported revenues up 7.5%, in line with consensus estimates.

Read our full analysis of Disney’s results here and The New York Times’s results here.

There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 2.5% on average over the last month. Warner Music Group is up 6% during the same time and is heading into earnings with an average analyst price target of $35.56 (compared to the current share price of $32.89).

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