For the first time after being publicly rebuffed by an acquisition target, Kraft Heinz (KHC - Get Report) reports its earnings Wednesday after the close.

Analysts expect the food giant to report earnings of 86 cents per share on revenues of $6.46 billion. A year ago, Kraft Heinz reported adjusted earnings of 73 cents a share on revenue of $6.57 billion. 

Kraft Heinz's February offer to acquire Unilever (UL) , pulled days later, represented a rare misstep for Kraft Heinz's largest shareholders, Berkshire Hathaway (BRK.B - Get Report) and private equity firm 3G Capital Partners. Berkshire CEO Warren Buffett subsequently said that the offer, while not hostile, may have been interpreted as such: "If people say 'we don't like the price,' that's usually a 'maybe,'" he told CNBC.

While Mondelez (MDLZ - Get Report) , from which Kraft previously spun off before merging with Heinz, had long been considered the likeliest Kraft Heinz target, the Unilever bid offered some new hints to the company's acquisition strategy.

"We learned that Kraft Heinz wants size (no news really) and international exposure," Susquehanna analyst Pablo Zuanic wrote in a recent note, "and might have wanted to develop an HPC [household and personal care] arm (this remains a question)." The desire for international exposure would rule out another potential target, General Mills (GIS - Get Report) . Besides Mondelez, the only natural target according to Zuanic is PepsiCo's (PEP - Get Report)   Frito Lay food and snack business, which he estimates would cost Kraft Heinz $121 billion.

"At the end of the day the main partners (Berkshire and 3G) have a lot vested here (Berkshire $30 billion) and a new large deal is needed for the stock to continue to work," Zuanic added.

The market seems to agree. Shares of Kraft Heinz have only gained 7.8 percent over the past year, lagging the S&P 500's 16 percent gain.

As it scopes out its next acquisition, Kraft Heinz, like many major food producers, is tweaking its products to attract "wellness"-focused millennial customers.

On Monday, for instance, the company announced that it would remove nitrates and artificial preservatives from its Oscar Meyer hot dog brand; Kraft Heinz also previously removed artificial preservatives and synthetic colors from its iconic Kraft Macaroni & Cheese.

Jim Cramer and the AAP team hold a position in PepsiCo for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells PEP? Learn more now.

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