Hershey president and CEO J.P. Bilbrey said today (30 January) the US confectionery giant had “ended 2013 strongly” after fourth-quarter sales and underlying earnings beat internal expectations.
Fourth quarter net sales increased 11.7% to US$1.96bn. Adjusted earnings per share, excluding items including M&A costs, as well as pension and restructuring charges were $0.86, compared to $0.72 in 2012.
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The consensus forecasts among Wall Street analysts were for net sales to grow 8% and earnings to hit $0.86.
Bilbrey said “solid volume growth in North America and in international markets” helped Hershey’s quarterly sales.
Net income in the quarter to the end of December was up 24.1% at $186m.
In 2013, net sales rose 7.6% to $7.15bn. Adjusted earnings per share were $3.72, up from $3.24 in 2012.
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By GlobalDataNet income for the year was also up 24.1%, rising to $820.4m.
Bilbrey said Hershey had “reclaimed leadership” of the US candy, mint and gum sector. He also pointed to Hershey’s share of China’s chocolate market growing above 10%.
Hershey has forecast a 5-7% increase in net sales and a 9-11% rise in adjusted earnings per share in 2014.
