Pepsi vs. Coke — the new cola wars are here

Get ready for a new round of cola wars! Or shall we say tea, water and organic beverage wars?

Pepsi reported its latest results Thursday. And even though it acknowledged “challenges” in its US soda business, Pepsi posted solid sales growth in North America from Lipton and Pure Leaf, LifeWTR and Kevita kombucha and probiotic cleansing drinks.

The company also posted strong gains in beverage sales from China, India, Brazil and other international markets and an increase in revenue from its Frito-Lay snack business, which owns Doritos, as well as its Quaker brand of oatmeal and cereal.

All that added up to a stellar quarter for Pepsi (PEP), which reported sales and profits that topped Wall Street’s forecasts. The stock rose nearly 1% on the news.

Pepsi’s results come just two days after its top rival Coca-Cola (KO) also reported better-than-expected sales and profit, led by the fist increase in volume from the Diet Coke brand in North America in more than seven years.

Coke recently rolled out four new Diet Coke flavors that it clearly was targeting to Millennials — things like Ginger Lime and Feisty Cherry.

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