Hershey Reports 20% Jump in Profit

Candymaker Hershey(HSY Quote) posted a 20% uptick in first-quarter earnings, a figure bolstered by both a price increase and robust Easter sales.

Earnings for the quarter reached $75.9 million, or 33 cents a share, compared with $63.2 million or 28 cents a share in the year prior. Excluding restructuring costs, the company would have earned $86 million, or 38 cents a share, beating analysts' estimates of 34 cents a share.

Hershey says revenue rose 6.5% to nearly $1.24 billion from $1.16 billion a year ago. Higher prices, which were announced in August, and a longer Easter season partially offset unfavorable foreign currency exchange rates and volume declines, the company said in a statement. ...