Nestle climbs to a record high after its exclusive deal with Starbucks boosts earnings

Shares rose to a record high on the news.

The quarter was boosted by growth in pet care and coffee, following Nestle's deal with Starbucks to sell its branded packaged coffee exclusively., the packaged-foods company behind brands such as Nespresso and Perrier, rose more than 2.27% to a record high Friday after the company reported second-quarter results that exceeded analyst expectations, driven by sales of coffee and pet-care products.

The strong earnings were led by growth in the United States and Brazil. Organic growth was up 3.6%, and total reported sales increased by 3.5% to roughly $45 billion. The company also confirmed its full-year outlook for 2019. It expects organic sales growth of about 3.5% and the full-year operating profit margin at or more than 17.5%.

"Across our categories increased investment behind our brands and in innovation is clearly paying off, as reflected in our strong momentum in PetCare and the return to mid single-digit growth in coffee," said CEO Mark Schneider

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