PepsiCo (PEP) is scheduled to report Q3 earnings with a conference call following at 8:15 a.m E.T.  For the quarter, analysts are expecting PEP to report EPS and revenue of $1.49 and $17.2 bln, respectively.

PEP Advantages:

  • PEP has a strong snack business which has helped insulate the company from restaurant and entertainment venue closures.

    • Last quarter, the Frito-Lay business (~27% of Q2 revenue) generated organic revenue growth of 6% compared to a 7% drop for the PepsiCo Beverages segment.

    • CEO Ramon Laguarta also noted that the company gained market share in the snack food business last quarter.

  •  PEP's away-from-home channel is relatively light at 10-20% of its total business, compared to about 50% for KO. This favorable mix for PEP has helped offset headwinds related to business closures.

TECHS:


The company's recent performance versus quarterly expectations is solid. Over the past six quarters, PEP has met or exceeded the top and bottom-line consensus estimates each time.

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