Pepsi (PEP) will report third quarter fiscal 2020 earnings results before the opening bell Thursday. The snack and beverage giant has taken a hit during the pandemic, in part due to the lockdown restrictions and the effect restaurant closures has had on the company’s soda and overall beverage sales.
In that same vein, however, with more people working and learning from home, Pepsi’s Frito-Lay brands snack business has taken off as shoppers stocked both their pantries and refrigerators with several Pepsi prepared-food brands such as Quaker Foods and Rice-A-Roni. While the company reported an 2% decline in Q2 organic revenue, this was nonetheless better than expected as overall demand took a hit at the height of the pandemic — an issue that also impacted rivals Coca-Cola (KO) and Keurig Dr. Pepper Snapple (KDP).
Nonetheless, Pepsi’s diversified food and beverage portfolio was a notable asset to the company, unlike its