What happened

Shares of SodaStream International (NASDAQ:SODA) have been bubbling higher as the DIY soda machine company continues to top Wall Street estimates with blowout earnings growth. According to data from S&P Global Market Intelligence, the stock has gained 34% so far this year.

A sample of SodaStream beverages

Image source: SodaStream.

As the chart below shows, SodaStream shares have climbed fairly steadily as momentum from last year's comeback continues.

SODA data by YCharts

So what 

SodaStream stock soared 142% last year as the company's countertop soda-makers made a surprising sales comeback, and the gains have continued this year as the company continues to beat expectations.

In its fourth-quarter report, which came out in February, SodaStream showed off 17% revenue growth of $131.8 million, which led to earnings per share more than tripling to $0.71 thanks to the operating leverage in the company's "razor and blades" model, as well as efficiencies from its new factory. The stock jumped 5% on the report as the bottom-line result nearly doubled the consensus expectation of $0.36 per share, and the company also beat revenue estimates of $124.8 million.

Momentum kept pushing the stock higher in the following months, but it pulled back after SodaStream's Q1 earnings report in May. Despite strong results -- revenue rose 14% to $115.3 million, and earnings per share more than doubled to $0.66 -- the market was cool to management's guidance. The company forecast that its growth rates in the coming quarters would slow as comparisons become more difficult, projecting full-year revenue growth of 7% and operating income growth in the low 20% range. 

Now what

The key summer selling season is heating up, and SodaStream's Q2 earnings report is less than a month away. The next round of results should shed light on whether the company's strong growth will continue. SodaStream has historically given conservative guidance, so I wouldn't be surprised to see it again fly past analysts' estimates. 

The stock is trading at a modest P/E of 21. If the company can continue to beat its own guidance, the stock will surely rev higher again.