US: Hershey ups forecast as Q2 sales jump
By: just-food.com | 23 July 2009
- Hershey raises FY sales and EPS guidance
- Advertising spend buoys Q2 sales
- FY EPS expected above target of 8%
US confectioner Hershey today (23 July) upped its full-year sales and earnings forecasts after seeing second-quarter revenues climb almost 6%.
Net turnover rose 5.9% to US$1.17bn for the three months to 5 July as a hike in advertising spending and price increases boosted sales.
Second-quarter net income reached US$71.3m, up from US$41.5m a year earlier.
Half-year sales climbed 6.2% to US$2.41bn, helping net income rise to US$147.2m. In 2008, first-half net income reached US$104.7m.
CEO Dave West expects Hershey's annual adjusted earnings per share growth to be "slightly above our long-term objective of 6-8%".
Annual net sales growth will be "within" Hershey's target of 3-5%, West added.
For the full Hershey release, click here; or for just-food's in-depth look at Hershey's second quarter numbers, click here.
Sectors: Confectionery
Companies: Hershey
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