Japanese beverage maker Ito En saw its shares surge over 8% Wednesday after reporting first-quarter fiscal results. Operating profit reached 10.2 billion yen ($63.7 million) for the May-through-July period, up 22% year-over-year, well above Citi’s forecast of 7.7 billion yen. Revenue rose 3.3% to 135.18 billion yen. More than half of the 2.5 billion yen profit beat was driven by the vending machine business, which posted a 4% operating profit margin versus the bank’s expectations for a loss. Ito En aims to expand its overseas business to over 60 countries and regions by the fiscal year ending April 2029, up from 52 currently.
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