US confectionery firm Hershey Foods has reported a rise in third-quarter net income, boosted by new products.
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The company reported net income of US$166.2m, or 66 cents per share, for the third quarter to 3 October, compared with $143.6m, or 55 cents per share, for the comparable period of 2003.
Consolidated net sales for the third quarter were $1.25bn, compared with $1.19bn for the third quarter of 2003, reflecting unit volume growth associated with the introduction of new products and limited edition items, as well as net price realisation.
“Our performance during the third quarter was very strong,” said Richard H. Lenny, chairman, president and chief executive officer.
“As we look to the fourth quarter and into early 2005, we’ll continue to leverage our scale brands by providing meaningful benefits to consumers and ensuring profitable growth opportunities for our customers. I’m pleased with our progress to date, and the company is committed to building upon this strong foundation. For the full year, net sales growth is expected to be above our 3-4% long-term objective, and diluted EPS growth will exceed our long-term 9-11% range,” Lenny concluded.
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