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.
Frequent restroom closures irritate LIRR commuters ... Races that are too close to call ... Sitting down with 'Tulsa King' star ... Previewing Jets vs. K.C.
Frequent restroom closures irritate LIRR commuters ... Races that are too close to call ... Sitting down with 'Tulsa King' star ... Previewing Jets vs. K.C.
