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Hershey Q2 Net Sales up, Price Hike to Come in Second Half of 2014

Julie Cerullo
7/24/14 1:20 PM EDT
Shares of Hershey (HSY) are getting hit in Thursday's session after lowering guidance for 2014 in its second quarter results. The chocolate maker earned $0.76 per share, meeting Wall Street estimates. Revenue was $1.58 billion - that's a 4.6% increase in net sales year over year. The primary driver was volume with 60% of its growth coming from new products. Looking ahead to the rest of the year, Hershey expects its growth in net sales to fall at the low end of its 5-7% target due to an 8% increase in wholesale costs. Hershey announced the price hike in mid-July as a way to offset increases in input and commodity costs. CEO John P. Bilbrey said, "We expect our seasonal momentum to continue in the second half of the year as retail customer orders for Halloween and Holiday products are solid." Hershey also continues to widen its portfolio with the acquisition of Chinese candy-maker Shanghai Golden Monkey, which is expected to close in the second half of 2014. TheStreet’s Julie Cerullo reports.

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