Hershey: 2Q earnings beat expectations
HERSHEY (AP) — Hershey Co. on Thursday reported second quarter earnings of $312.8 million.
On a per-share basis, the Hershey, Pennsylvania-based company said it had net income of $1.48. Earnings, adjusted for non-recurring gains, were $1.31 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.18 per share.
The chocolate bar and candy maker posted revenue of $1.77 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.76 billion.
Hershey expects full-year earnings in the range of $5.68 to $5.74 per share.
Hershey shares have increased 37% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has increased 59% in the last 12 months.