Hershey profit climbs 5.4 percent
HERSHEY (AP) – Hershey Co. (HSY) on Thursday reported net income that rose by 5.4 percent in its second quarter. The results matched analysts’ expectations.
The Hershey-based company said net income increased to $168.2 million, or 75 cents per share, from $159.5 million, or 70 cents per share, in the same quarter a year ago.
Earnings, adjusted for non-recurring costs, were 76 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.
The chocolate bar and candy maker said revenue rose 4.6 percent to $1.58 billion from $1.51 billion in the same quarter a year earlier. The results matched Wall Street forecasts.
Hershey shares have declined $3.23, or 3.3 percent, to $94 since the beginning of the year, while the Standard & Poor’s 500 index has risen 7.5 percent. However, the stock has increased $1.13, or 1.2 percent, in the last 12 months.