Thursday's Winners & Losers: Hershey
Hershey (HSY) was among the NYSE's losers Thursday, falling 2.4% after the chocolate maker posted mixed second-quarter results and issued full-year earnings guidance below expectations.
The company posted adjusted earnings of $81.7 million, or 35 cents a share, on revenue of $1.05 billion. Analysts polled by Thomson Financial expected earnings of 35 cents a share on revenue of $1.07 billion. During the year-earlier quarter, the company earned $99.7 million, or 42 cents a share, on revenue of $1.05 billion.
Looking ahead, Hershey sees full-year adjusted earnings of $2.25 a share. Analysts project earnings of $2.46 a share. Shares were trading down $1.22 to $48.72.
Knoll (KNL) slumped 10% after the maker of office furniture posted solid second-quarter results but warned that third-quarter results would fall short of expectations. The company posted adjusted earnings of $17.5 million, or 37 cents a share, on revenue of $272.1 million. Analysts expected earnings of 36 cents a share on revenue of $270 million. During the year-earlier period, the company earned $14.8 million, or 28 cents a share, on revenue of $247.5 million.Looking ahead, Knoll sees third-quarter earnings of 33 cents to 36 cents a share on revenue of $243 million to $253 million. Analysts project earnings of 40 cents a share on revenue of $268 million. Shares were trading down $2.34 to $20.14. Shares of Reliance Steel & Aluminum (RS) fell 6.2% after the metal processing services company posted mixed second-quarter results and issued third-quarter earnings guidance below expectations. The company earned $122.8 million, or $1.59 a share, on revenue of $1.9 billion. Analysts expected earnings of $1.57 a share on revenue of $1.93 billion. During the year-earlier period, the company earned $100.5 million, or $1.32 a share, on revenue of $1.56 billion.
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