Today I am running the rule over three hot growth picks.

Diversified darling

I believe support services provider Bunzl (LSE: BNZL) is one of the best stocks out there for those seeking solid earnings growth year after year.

The firm’s broad reach across a variety of essential areas — from manufacturing plastic cutlery and mops through to gloves and hard hats — provides its sales profile with that little added protection regardless of broader economic conditions.

And Bunzl’s acquisition strategy provides its earnings picture with additional fuel — the company snapped up an 80% stake in Turkish packager Bursa Pazari for £32m just this month.

The City expects Bunzl to enjoy earnings bumps of 5% and 3% in 2015 and 2016 respectively, resulting in P/E ratings of 20.6 times and 19.9 times. I reckon this is decent value for a firm with such strong defensive characteristics.

Medicines mammoth

In previous years, investors seeking stocks with sterling growth prospects would have been wise to steer well clear of pharmaceuticals giant GlaxoSmithKline (LSE: GSK).

A relentless stream of exclusivity losses on key labels has led to a flurry of ‘generics’ producers staging an attack on the company’s top line. As a result GlaxoSmithKline has seen earnings dip during each of the past four years.

However, the huge sums GlaxoSmithKline has chucked at its in-house R&D team, not to mention the cash splurged on acquisitions in hot growth areas, suggest that the tide is finally turning. The company expects to submit 40 major labels by 2025, 80% of which the company believes “have the potential to be first in class.”

Consequently the City expects GlaxoSmithKline to return to growth from this year onwards, an expected 13% earnings advance leaving the firm dealing on a reasonable P/E ratio of 16.2 times. And the multiple drops to a mere 15.5 times for next year thanks to predictions of a 6% bottom-line advance.

I believe this is a great level to get in on GlaxoSmithKline, and expect the firm’s ever-improving product pipeline — not to mention surging healthcare spend in emerging markets — to blast earnings higher in the years ahead.

Drink it in

Like GlaxoSmithKline, drinks leviathan Diageo (LSE: DGE) has also been forced on the backfoot in recent times.

A combination of cooling sales in key markets like Asia and severe currency headwinds has seen earnings slide by 7% in each of the past two years, and a further 1% dip is pencilled in by City brokers for the year to June 2016.

But I believe Diageo has the muscle to overcome these problems. Few drinks companies can compete with the splendid product portfolio of the London business, whose labels include the likes of Guinness, Captain Morgan and Smirnoff.

And Diageo is boosting investment in these popular labels to get sales rocketing in the years ahead. Indeed, the company announced earlier this month that it is rolling out its Johnnie Walker Green Label whisky across the globe.

With the company also boosting its presence in lucrative developing regions, Diageo is expected to get earnings moving again from next year — a 9% rise is currently forecast, resulting in a P/E rating of 19.6 times. I believe this is decent value for a stock of Diageo’s obvious quality.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended Diageo and GlaxoSmithKline. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.