Hershey announced quarterly sales and profit on Thursday, riding on benefits from higher prices of its chocolates and candies at a time when demand has slowed.
Hershey beat Wall Street expectations for quarterly sales and profit on Thursday, riding on benefits from higher prices of its chocolates and candies at a time when demand has slowed. Shares of the 129-year-old company slipped and have fallen over 17% this year.
Overall organic prices rose by 9.8% in the third quarter, while organic volumes increased by only 0.9%. Hershey still expects to see a sales boost from major holidays like Halloween when customers stock up on Reese's peanut butter cups and milk duds for trick-or-treat events. CEO Michele Buck said consumers were buying Halloween candy closer to the holiday this year, unlike last year when inventory unavailability spurred earlier purchases.
Hershey's net sales rose to $3.03 billion in the quarter ended Oct. 1 from $2.73 billion a year earlier. Analysts on average had expected $2.95 billion, according to LSEG data. Excluding one-off items, it earned $2.60 per share, topping estimates of $2.45 per share. GET FOX BUSINESS ON THE GO BY CLICKING HERE The company also reaffirmed its annual profit forecast of $9.46 to $9.54 per share and sales expectations for an 8% rise.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Consumer Reports finds 'concerning' lead levels in chocolate — calls on HersheyProducts found to contain excessive metal content included a dark chocolate bar and hot chocolate mix from Walmart and semi-sweet chocolate chips from Target.
Les mer »
Hershey looking for fourth boys basketball team to play in its tip-off tourneyThe tournament is slated for Dec. 7-Dec. 8 at Hershey High.
Les mer »
Hershey’s product flagged by Consumer Reports for high levels of heavy metalsThe non-profit consumer group tested a variety of chocolate products from different manufacturers in seven categories.
Les mer »
Top-seeded Palmyra field hockey shuts out Twin Valley in District 3, 2A first round gameThe Cougars will host Hershey in a quarterfinal round game Saturday morning.
Les mer »
Hershey beats quarterly sales estimates on higher pricingHershey (HSY.N) beat Wall Street expectations for quarterly sales on Thursday, riding on benefits from higher prices of its chocolates and candies.
Les mer »
Stocks making the biggest moves before the bell: Hasbro, Southwest, Hershey, Royal Caribbean and moreThese are the stocks posting the largest moves in premarket trading.
Les mer »