PepsiCo (PEP) CEO Hugh Johnson Is Sweet On Q2 Earnings

Hugh Johnson, CEO of

, appeared on CNBC's Squawk Box on Wednesday morning to talk about their Q2 earnings beat, with an EPS $1.31 over $1.19 analyst estimates. Their Q2 revenue came in at $16.807 billion over analysts' estimates of $16.789 billion . "We feel great about the top-line growth in particular. That's the sixth straight quarter of mid-single digit top-line growth, and it's really powered by the developing and emerging markets…All of those countries are really performing well for us, both in the snacks business and in the beverage business," said Johnson.

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According to Johnson, their success comes out of a great portfolio and strength in productivity. He said that their broad range of products allows them to "power through" tough seasons with unpredictable weather, because they have major products that fit those times. Johnson also commented on billionaire Nelson Peltz's proposal that PepsiCo should buy snack company Mondelēz

, saying that the integration of the company would distract them from creating value for shareholders off of their current portfolio. "You'll hear people occasionally advocate for that type of a transaction. The thing they really need to look at is: What's their percentage holdings of Mondelēz, and what's their percentage holdings of PepsiCo," said Johnson. "More often than not it's someone whose got a bigger stake in Mondelēz that advocates for these transactions."