Pepsi (PEP) Just Hit An All Time High After This

PepsiCo Inc. shares took off like a rocket after the company reported better than expected profits for Q2.

Higher demand for Frito-Lay snacks and new beverages in North America had something to do with this and investors were loving it.

The stock rose to an all time high of $109 in morning trading on the NYSE.

“The North American strength is a big driver behind raising guidance for the year because North America really is performing strongly right now,” said Hugh Johnston, PepsiCo’s chief financial officer.

The company also boosted its forecast for adjusted profit for the year.

Excluding items, PepsiCo earned $1.35 per share, beating the average analyst estimate of $1.30, according to Thomson Reuters I/B/E/S.

Net revenue for the beverage giant fell 3.3 percent to $15.395 billion, but was still better than the average analyst estimate of $15.37 billion.

Net revenue in the North America Beverages unit rose 1 percent and revenue from the Frito-Lay business grew 3 percent.

PepsiCo now expects 2016 adjusted earnings of $4.71 per share. This is higher than its previous forecast of $4.66 per share.

Disclaimer: We have no position in PepsiCo Inc. (NYSE: PEP) and have not been compensated for this article.