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 Chart

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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.