Ito En shares rose more than 8% Wednesday after the Japanese beverage maker reported fiscal first-quarter operating profit of ¥10.2 billion, up 22% year on year and well above Citi’s ¥7.7 billion forecast. Revenue for the May-through-July period increased 3.3% to ¥135.18 billion. More than half of the ¥2.5 billion profit beat was attributed to the vending machine business, which posted a 4% operating margin after Ito En integrated related operations in May. The tea leaves and beverages segment increased operating profit 23.5% to ¥8.99 billion on lower promotional expenses and depreciation, which offset higher costs. Ito En plans to expand its overseas business to more than 60 countries and regions by the fiscal year ending April 2029, from 52 currently.