Hershey Co. says 1st Q profit up 24%
A handout photo of the Hershey Co.-owned Hershey's Chocolate World in Hershey, Pa. Credit: Handout
The Hershey Co. says its first-quarter profit rose 24 percent as higher prices and cost cutting helped offset higher ingredient costs. Its shares rose almost 2 percent in premarket trading.
Most food makers have been increasing prices to offset rising ingredient costs. Hershey said higher prices spurred a 11 percent gain in revenue, offset by slightly lower volume. The Hershey, Pa.-based company has also been boosting advertising spending in the U.S. and abroad.
The candy maker said Tuesday that net income rose to $198.7 million, or 87 cents per share, for the quarter ended April 1. That is up from $160.1 million, or 70 cents per share, a year ago. Excluding one-time items, earnings totaled 96 cents per share. Analysts expected 81 cents per share.
Revenue rose 11 percent to $1.73 billion. Analysts predicted revenue of $1.66 billion.
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