The coronavirus pandemic is disrupting nearly every business on the planet, and Keurig Dr Pepper (NASDAQ:KDP) is no exception. The beverage company is scheduled to release its second-quarter results on Thursday, July 30, before the market opens. While stay-at-home mandates have hurt sales of drinks at restaurants, the overall outlook for the company's earnings is positive.

That's because its sales are benefiting from consumers' stocking-up behavior, which is more than offsetting the declines in consumption of drinks at restaurants. Still, the increasing uncertainties caused by the novel coronavirus are making it difficult to get the business firing on all cylinders. Here are a few crucial factors to look at when Keurig Dr Pepper reports earnings on Thursday.

A soda being poured from a bottle into a glass.

The overall outlook for Keurig Dr Pepper's earnings is positive. Image source: Getty images.

Did stockpiling behavior pull sales forward? 

Overall revenue growth is the first thing investors should look at in this report. In its most recent quarter, revenue grew 4.4% mostly because of consumers wanting to stock up on drinks. That was especially true when stay-at-home orders were first implemented in the U.S., causing panic-buying across many nonperishable grocery items. It will be interesting to observe if all the stocking up in Q1 led to lower sales in this quarter.

Next, investors will want to consider management's updates to the expectations for the second half of Keurig Dr Pepper's year. The company initially estimated it would achieve full-year revenue growth of 3% to 4% in 2020. If sales were especially strong in this quarter, management might raise that guidance.

Lastly, it will be essential to consider earnings per share. At the start of the fiscal year, management was optimistic in its projections for 2020, forecasting double-digit earnings growth. Importantly, many other businesses that are experiencing an increase in sales during the pandemic are also reporting surges in expenses -- Home Depot and Amazon being two such examples. Keurig Dr Pepper is not yet experiencing the same growth in costs, so if revenue does continue to rise, a more substantial portion of it will reach the bottom line -- always good news for investors.

Two people each enjoying a coffee with heart-shaped steam rising from the mugs.

Keurig Dr Pepper expects double-digit earnings growth in fiscal 2020. Image source: Getty images.

What this means for investors  

The coronavirus pandemic is wreaking havoc around the world. With cases surging in populous states like Florida, Texas, and California, it looks as though people will still be uncomfortable venturing out of their homes. Keurig Dr Pepper is fortunate enough to be in a business of selling beverages that can be consumed at home.

That isn't to say that it's all good news for the company. Many dine-in restaurants and entertainment venues (like theaters and sports stadiums) where its drinks are sold are still closed, with no definitive reopening dates.

The elevated level of uncertainty caused by COVID-19 makes this earnings report an especially important one. Even though the overall outlook is positive, investors should still prepare for larger-than-usual price movements in Keurig Dr Pepper's stock following the report.