The Hershey Company (NYSE:HSY), the nation’s second-largest candymaker today gave an outlook for the full year, predicting that sales and the company’s earning will rise by 6 % and 10 % respectively.
Shares of HSY climbed 0.30% to $58.49 after climbing to multi-year high of $59.45 earlier in the session.
John P. Bilbrey, president and chief executive officer of Hershey’s said that the company’s net sales increased by 7.5% during the 2nd quarter, which was more than what they expected.
The Hershey Co. profit nearly tripled during its second-quarter, as the reconstructing costs weakened the companies profits of the previous year. But due to the better foreign currency exchange rates and earlier expected orders the company posted strong sales.
The company’s earned a 2nd quarter profit of $130 million, or 56 cents per share whereas the Analysts had expected 55 cents per share.
The company recently launched its three new products which are the best-known lines: the Air Delight aerated chocolate bar and Kisses; Reese’s Minis; and Hershey’s Drops.
The company, which is famous for its chocolate bars, Hershey’s Kisses and Reese’s peanut butter cups, reported an earning of $46.7 million, or 20 cents per share, a year ago. However after discounting the restructuring cost the company reported an earning of 51 cents per share last year.
Revenue earned by the company went up by 7.5 % to more than $1.3 billion. Hershey forecasted the sales for the year 2011 to rise by 3 % to 5 % and its profit to rise by 6% to 8%.
The company reported a price hike by nearly 10 % to offset the rising prices for raw materials including sugar, fuel and packaging.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.