US: Hershey lifts FY sales, earnings targets
By: just-food.com | 22 April 2010
- Hershey net sales up 13.9%
- Net income rises from US$75.9m to to $147.4m
- Forecast net sales growth in 2010 of “at least” 6%
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Hershey "pleased" with start to 2010 |
US chocolate giant Hershey said today (22 April) it was targeting higher annual sales and profits after seeing first-quarter revenues and earnings rise.
The company booked a near-doubling in net income for the three months to 4 April, which jumped from US$75.9m a year ago to $147.4m.
Net sales climbed 13.9% to $1.41bn thanks to a mix of volume gains and "carry-over seasonal pricing".
The performance prompted Hershey to forecast "a low-to-mid-teens" percentage increase in diluted, adjusted earnings per share.
The company is now targeting annual sales growth of at least 6%, including an around "one-point" benefit from foreign exchange. Hershey's long-term objective for sales growth is 3-5%.
Click here for the quarterly statement from Hershey; check back later for comment from the company's conference call with analysts.
Sectors: Confectionery, Financials
Companies: Hershey
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