Semiconductor testing company FormFactor (NASDAQ:FORM) will be reporting results tomorrow after market close. Here's what to look for.

FormFactor beat analysts' revenue expectations by 1.7% last quarter, reporting revenues of $168.2 million, up 1.3% year on year. It was a mixed quarter for the company, with a significant improvement in its gross margin. On the other hand, its revenue guidance for next quarter slightly missed analysts' expectations and its EPS missed Wall Street's estimates.

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

This quarter, analysts are expecting FormFactor's revenue to be flat year on year at $165.8 million, improving from the 15.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.19 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. FormFactor has missed Wall Street's revenue estimates twice over the last two years.

Looking at FormFactor's peers in the semiconductor manufacturing segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Teradyne's revenues decreased 2.9% year on year, beating analysts' expectations by 5.2%, and Lam Research reported a revenue decline of 2%, topping estimates by 1.7%. Teradyne traded up 8.2% following the results while Lam Research was also up 1.9%.

Read our full analysis of Teradyne's results here and Lam Research's results here.

Investors in the semiconductor manufacturing segment have had fairly steady hands going into earnings, with share prices down 1.1% on average over the last month. FormFactor's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $44.2 (compared to the current share price of $46.42).

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