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PepsiCo, Conagra, Constellation Brands beat on earnings

Yahoo Finance's Jared Blikre wraps up the big earnings beats for Pepsico, Conagra and Constellation Brands.

Video Transcript

ADAM SHAPIRO: Jared Blikre, what other stocks do you watch today? Because we got some earnings.

JARED BLIKRE: Yes, we do. We got three in the food space. We're going to start with PepsiCo. Those-- that stock is up about 7/10 of a percent right now. Their sales rose 5.3% to 18.1 billion. That's compared to estimates of 17.2 billion from analysts. And they were one of the first to provide guidance after the pandemic outbreak, and they forecast organic revenue growth of about 4% for the full year.

The CEO Ramon Laguarta said the results showed continued resilience in the company's snacking and food business-- businesses. And Hugh Johnston, the CFO, spoke to-- to Yahoo earlier today. He said, "The gains were remarkably strong. We feel really good about the snack food business." Globally, it was about 6%. The beverage business grew 3%. And where there was a big surprise was in Gatorade, which grew in the high single digits on the strength of Gatorade Zero.

Also checking out Constellation Brands, that stock is down about 2 and 1/2% right now, and that's after a beat on both its top and bottom lines. Second quarter, comparable EPS came at 276 versus 272 a year ago, and that compares with estimates for 253 by Wall Street analysts. Also there, Canopy Growth equity earnings and related activities for the second quarter totaled a loss of 34.1 million.

On a comparable basis, continues to be an albatross around their neck. Fiscal 2021 guidance is unavailable, and they're saying unavailable at this time due to the uncertainty and potential impacts on the business from COVID-19. And we're also checking out Conagra. That is down 1.2% even though it did beat on its top and bottom lines here. Sales appreciated in all areas except for food service, which suffered from the shutdowns and also from capacity constraints at restaurants and institutional cafeterias.

They did boost their quarterly cash dividend by 29%, and the CEO Sean Connolly saying in a statement, "Now that customers have begun rebuilding inventories and we have increased production capacity in certain areas of our business, we are selectively increasing our marketing support for the business where the capacity permits." Adam.