US confectionery giant Hershey Foods has reaffirmed the long-term financial goals that it established in October 2001.
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These goals include 3-4% annual organic net sales growth, 7-9% EBIT (earnings before interest and taxes) growth and 9-11% annual growth in earnings per share.
Specifically, the company said it expects 2005 full-year net sales growth to be 6-7% after including the first year impact of the Mauna Loa and Grupo Lorena acquisitions. EBIT growth in 2005 is expected to be in line with its stated long-term goal and full-year earnings per share, on a pro forma basis excluding the 2004 tax provision adjustment, are expected to be within the company’s stated objective of 9-11% growth.
