Atlanta, GA 5/9/12 (StreetBeat) -- Growing demand for SodaStream International Ltd.'s (Nasdaq: SODA) fizzy drink machines propelled first-quarter profit 84 percent. The company lifted its outlook for the year and shares soared.The Israeli company's stock gained $9.06, or 31 percent, to $38.25 in premarket trading Wednesday.
SodaStream said Wednesday that it earned $10.1 million, or 48 cents per share from January through March, compared with $5.5 million, or 28 cents per share, a year earlier. Excluding costs associated with paying employees in stock, earnings were 55 cents per share. Analysts polled by FactSet expected 48 cents per share.
Revenue rose 50 percent to $87.9 million from $58.5 million, topping Wall Street's $74 million.
Unit sales of the company's soda maker starter kits, which include the carbonation machines, rose 15 percent. CO2 refills for the machine rose 29 percent and sales of flavors for making drinks rose 52 percent.
Demand was global. Revenue more than doubled in Asia, rose 93 percent in the Americas and 50 percent in Western Europe. But revenue dropped by a third in the company's Middle East, Africa and Central and Eastern Europe division.
The company brightened its outlook for the year. It now expects 2012 net income of about $41 million from a prior forecast of $39 million. Analysts expect $40 million. Its new revenue prediction of $384 million, from $370 million, surpassed analysts' expectation of $368 million.
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