Heinz (NYSE: HNZ), famous maker of thick-and-rich ketchups and other foodstuffs, is due to report first-quarter results on Thursday. So, what might be in store for the company? Are we looking at a lot of growth for the bottom line?

Well, according to Earnings.com, analysts aren't looking for much growth at all. Last year at this time, Heinz served up 63 cents per share. Wall Street seems to be looking for three measly pennies of growth! Can Heinz beat the 66 cents per share that analysts believe it will report?

Looking at some past price history, I can't say that I'm overly optimistic that Heinz will beat the expectations by too much (if it beats at all, that is). Remember that consumer-products companies are having one heck of a time with inflation. Raising prices is key to survival, but those higher price-tags must be accepted by the consumer base.

Increased marketing spending also is important during times like these since many businesses want to see if they can capture some market share while the competition is hurting.

So investors will want to carefully evaluate the margins and volume of sales when Heinz issues its earnings release. This has been par for the course for businesses such as Hershey (NYSE: HSY), Kraft (NYSE: KFT), Campbell Soup (NYSE: CPB), PepsiCo (NYSE: PEP), and General Mills (NYSE: GIS).

We do have some potential clues to what may be in store. Back in February, I wrote about Heinz's Q3 and found that bottom-line growth wasn't exciting. Then, in May, Aaron Katsman took a look at Heinz's fourth quarter, during which the company beat expectations. Aaron also mentioned that price adjustments seemed to be accepted by shoppers. Plus, the dividend was raised 9%.

So, I would think that Heinz will still be doing well in terms of managing inflationary pressures. Hiking the dividend also shows confidence on the part of management. I just don't think anyone should be taking a big gambling trade ahead of the report with the idea that Heinz will definitely go way beyond analyst expectations.

Heinz's shares have been strong according to the snapshot. I'm not necessarily looking to pick up Heinz this week, but if I were playing it, I would wait for the report to come and go and see if it pulls back enough to enter into a position.

Of course, you do have to wonder how much of the stock's strength is dependent on a safe-haven premium. The dizzying market volatility is indeed making some defensive-type names attractive. For now, though, Heinz seems to be in a decent position, considering its yield and recent dividend expansion.

Disclosure: I don't own any company mentioned; positions can change at any time.