Cramer: PepsiCo Is A Snack Company, Not A Soda Seller

Shares of PepsiCo, Inc. PEP were trading higher by around 1.5 percent Thursday after the company reported an impressive third quarter earnings print, including a top-and-bottom-line beat and a guidance raise.

CNBC's Jim Cramer said Pepsi's strong results, along with those of ConAgra Foods Inc CAG and Accenture Plc ACN, is a welcome development at a time when "everyone is so negative."

Commenting on Pepsi's earnings report, Cramer hinted that the stock may be more attractive than The Coca-Cola Co KO given its lower exposure to soda sales. Specifically, Cramer noted that only 12 percent of PepsiCo's business is soda versus Coca-Cola's exposure, which is around five times higher.

PepsiCo is the parent company of many well known snacks, including Doritos and non-soda beverages such as Gatorade.

Cramer added that PepsiCo is a worldwide, snack-food seller and people "love it" because "that's where the money is." He even highlighted strong sales of Sabra's hummus and other Mediterranean salads, dips and spreads as PepsiCo owns a 50 percent stake in the Israeli-based food and processing company.

"Hummus sales big," Cramer said. "These are almost billion-dollar brands. The sustainability side of PepsiCo is really unbelievable and no one is talking about it. But we will today."