Image Source: PixabayEarnings season is always a hectic period for market participants, with an extensive list of companies unveiling quarterly results in the weeks ahead. This cycle will be largely important, particularly following the market’s rebound in 2023 amid shifting sentiment.And soon, we’ll hear from consumer staples titan The Coca-Cola Company (KO). The company’s quarterly print will be closely watched, particularly as investors try to better gauge current consumer spending trends.We can use results from a peer, PepsiCo (PEP), as a small guide. Let’s take a closer look.PepsiCoPepsiCo posted a double beat, exceeding the Zacks Consensus EPS Estimate by 4% and posting a fractional 0.3% revenue surprise relative to consensus expectations. Earnings saw year-over-year growth of 15%, whereas sales improved 7% from the year-ago period.Continued business momentum aided top and bottom line results, with consumers remaining strong throughout the period. Below is a chart illustrating the company’s revenue on a quarterly basis.Image Source: Zacks Investment ResearchIn addition, the company’s operating profit grew 20% year-over-year to $4 billion, primarily driven by favorable net pricing and effective productivity savings. It’s also worth noting that unit volumes decreased slightly from the same period last year.As reflected by the bottom line performance, it’s apparent that the company’s cost-cutting measures have had success. In fact, the company raised its FY23 EPS and maintained its revenue outlook, expecting growth rates of 13% and 10%, respectively.Still, despite the favorable results, PEP shares faced selling pressure post-earnings. Consumer staples stocks have faced adverse price action as a whole amid the recent climb in treasury yields, as many gravitate toward the sector for dividends. Image Source: Zacks Investment ResearchThe Coca-Cola CompanyAnalysts have kept their earnings expectations unchanged for the quarter to be released over the last several months, with the $0.69 Zacks Consensus EPS Estimate suggesting zero change year-over-year.Top line revisions primarily paint the same story, with the $11.5 billion quarterly revenue estimate down a fractional 0.4% since July and suggesting a 3.6% climb year-over-year.Like PEP, Coca-Cola’s latest quarterly results were aided by continued business momentum, causing it to raise its FY23 revenue guidance. Still, despite exceeding quarterly expectations in back-to-back releases, the positivity hasn’t followed through to share performance, with KO shares facing pressure following both prints.Image Source: Zacks Investment ResearchHeading into the release, shares are currently trading at a 20.8X forward earnings multiple (F1), beneath the 24.7X five-year median by a notable margin but still above the average of the Zacks Consumer Staples sector.Many have pointed to the steep valuations among many consumer staples, which have now been taken well lower amid the recent sell-off. In fact, the current multiple reflects the cheapest level of KO shares since the 2020 lows.Image Source: Zacks Investment ResearchBottom LineMany will be tuned into Coca-Cola’s quarterly results, hoping to gauge current sentiment. A peer, PepsiCo, revealed its quarterly results already, with the company posting better-than-expected results and lifting guidance following continued business momentum.Still, shares faced selling pressure following the release, a continuation of the sell-off we’ve seen within the sector amid the recent rise in yields.It’s reasonable to assume Coca-Cola also experienced continued momentum throughout the period, with cost-cutting initiatives expected to provide tailwinds. Heading into the print, Coca-Cola is a Zacks Rank #4 (Sell) with an Earnings ESP score of -1.1%.More By This Author:Microsoft & Alphabet Earnings: What Key Metrics SayFord Lines Up For Q3 Earnings: A Peek At Key Predictions 5 Online Retailers To Buy On Solid Sales In September