US confectionery firm Hershey Foods has reported higher quarterly net income, helped by new products and a focus on higher margin items.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The company posted net income of US$107.1m, or 82 cents per share, for the first quarter to 4 April, compared to income of $97.6m, or 73 cents per share, in the same period of the previous year.
Consolidated net sales for the first quarter were $1.01bn compared with $953.2m for the first quarter of 2003, an increase of 6.3%.
“The combination of higher margin, on-trend new items and continued cost control, yielded strong sales growth, market share expansion, and record profitability. We continue to gain momentum in our areas of strategic focus from both a consumer and customer standpoint,” said CEO Richard Lenny.
“As we look ahead, innovative new products and packaging, within core confectionery and the broader snack market, will play a key role in delivering profitable, organic growth,” Lenny concluded.
For 2004, the company backed its target of sales growth of 3-4% and diluted earnings per share growth of 9-11%.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
