PepsiCo shares jumped to a record high on Tuesday after the company easily beat quarterly earnings estimates and raised its full-year outlook.

PepsiCo’s net sales for the second quarter rose 20.5% to $19.22 billion as the reopening of the economy fueled restaurant demand for its drinks. Net income increased 43% to $1.65 billion.

Excluding items, the company earned $1.72 per share. Analysts had expected earnings of $1.53 per share on revenue of $17.96 billion.

“A lot of the things we did through the pandemic, continuing to invest in the business, are now paying dividends now that mobility has increased and consumers are getting out more,” CFO Hugh Johnston told CNBC.

PepsiCo shares rose 2.3% to an all-time high of $152.96 as the company also said earnings per share for the full year to increase by 11% in constant currency earnings per share, up from its prior forecast of high-single digit growth. Analysts were expecting growth of 7.2%.

The North American beverage business was PepsiCo’s top performer in the second quarter, reporting organic revenue growth of 21%. Volume for its drinks soared 15%, and food service revenue, which includes sales to restaurants, stadiums and college campuses, doubled during the quarter.

A year ago, amid pandemic shutdowns, the division’s organic revenue fell 7%.

“The return of restaurants and other activities away from the home was a big boon to PepsiCo,” The New York Times said.

The Frito-Lay North America division, which includes brands like Doritos and Cheetos, saw organic revenue growth of 6% amid increased traffic at convenience stores and food service channels as consumers became more mobile. Only the Quaker Foods North America business reported a decline in organic revenue.

“Consumers are still adjusting to a post-pandemic environment in some parts of the world, but executives at PepsiCo said they expected several behavioral changes to remain, including the search for healthier, lower-sugar options in drinks and snacks and the ability to shop online versus going into stores,” according to the Times.

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