News

The Hershey Company sees mixed third-quarter results

Written by The Associated Press | Oct 30, 2014 7:26 AM
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Photo by The Hershey Company

(Hershey) -- The Hershey Company's third-quarter net income fell 4 percent as costs rose.

The chocolate bar and candy maker's adjusted profit missed analysts' expectations, while revenue met Wall Street's view.

The company lowered its 2014 forecasts for adjusted earnings per share and revenue. 

Hershey earned $223.7 million, or $1 per share, for the period ended September 28th, down from $233 million, or $1.03 per share, a year ago.

Excluding certain items, earnings were $1.05 per share.

Analysts surveyed by FactSet predicted earnings of $1.08 per share.

Total costs and expenses climbed to $1.6 billion from $1.48 billion.

Revenue increased 6 percent to $1.96 billion from $1.85 billion, matching Wall Street's estimates.

Sales in North America rose 4.2 percent on new products and strong sales tied to Halloween. International sales climbed 18.4 percent.

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