Hershey tops 1Q profit forecasts
HERSHEY (AP) — Hershey Co. on Wednesday reported first-quarter earnings of $125 million.
On a per-share basis, the Hershey, Pennsylvania-based company said it had net income of 58 cents. Earnings, adjusted for one-time gains and costs, were $1.31 per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The chocolate bar and candy maker posted revenue of $1.88 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.9 billion.
Hershey expects full-year earnings in the range of $4.72 to $4.81 per share.
Hershey shares have climbed nearly 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 7 percent. The stock has risen 19 percent in the last 12 months.