Starbucks (NASDAQ:SBUX) has been in the news quite a bit this year, but, usually, for the wrong reasons. That’s kept a lid on SBUX stock for much of 2018.

Earlier this year, two African-American men were wrongfully removed from a Philadelphia Starbucks by police, and the company attempted to save face by holding a day of sensitivity training and introducing a new “open bathroom” policy. Then, in June, the coffee purveyor said it would close 150 of its locations that were not bringing in sufficient revenue.

This news was amid a generally underwhelming second-quarter report.

Finally, Howard Schultz, who has been the guiding force behind the firm’s success for its whole history, first as its longtime CEO and most recently as its executive chairman, stepped down as chairman.

But guess what? Despite all the bad news, Starbucks just reported record revenue and profits in its third-quarter earnings report issued last week, with sales increasing 11% over the same period the year before. That brings Starbucks’ earnings to a record $853 million for the quarter, up from $693 a year ago. CEO Kevin Johnson announced the company will be increasing the share-buyback program by $10 billion to a total of $25 billion by 2020.

The bumpy year has been reflected in the price of SBUX stock — nudged just 1% higher in hours after the earnings news and down about 16% from its highs in January.

With its price-earnings ratio down to around 16, is this a good time to make a Starbucks run?

Moving Into New Markets

Starbucks, long known for having a brick-and-mortar outlet on just about every corner, has been trying to move further into the digital space. It added 5 million new digitally registered customers since April and gained 2 million new active Starbucks Rewards members, as compared to the previous year.

Like so many companies, Starbucks has cast an envious eye on the fast-growing Chinese market. It has established a relationship with tech giant Alibaba (NYSE:BABA), which is a rival to both Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG)(NASDAQ:GOOGL) in the Asian market.

Schultz recently promised “news coming that will relate to our plans for accelerating and integrating mobile commerce at a higher level into our core business.” Starbucks currently has about 3,000 stores in China. The plan is to double that number by 2022, while expanding the company’s reach to 230 cities.

In an effort to appear more environmentally friendly, Starbucks said it would stop using plastic straws within two years. Starbucks has always aimed for a somewhat educated and sophisticated clientele — relative to rivals like Dunkin’ Donuts (NASDAQ:DNKN) and McDonald’s (NYSE:MCD) — and the new straws policy could help improve the company’s image with those customers, especially after the racial controversy earlier this year.

Some environmentalists were quick to point out that, even without plastic straws, Starbucks will still be generating a lot of plastic waste through cups and containers. This could put pressure on the company to develop new options in those areas, which could raise costs.

Despite all the controversies, the firm’s financial numbers still look strong. The dividend yield is just under 3%, well above average for the S&P 500. With forward earnings of about $2.50 per share, the payout ratio is quite strong at more than 55%.

Even as it moves to adapt to changing times, Starbucks still commands brand loyalty that puts it in the top rank of the consumer-driven sector. Bolstered by its strong Q3 earnings and solid growth plans for China, it may well be the beginning of another upswing for SBUX stock.