Shares of Hershey (HSY) - Get Hershey Company (HSY) Report fell 1.1% to $145.10 Thursday after the candy company beat Wall Street's second-quarter earnings forecasts but issued full-year guidance below expectations.
The Hershey, Pennsylvania-based company reported net income of $312.8 million, or $1.48 a share, up from $226.9 million, or $1.08 a share a year ago. Adjusted earnings came to $1.31 a share. Revenue totaled $1.8 billion, up from $1.75 billion a year ago.
Analysts surveyed by FactSet expected the company to report net income of $1.17 a share, on sales of $1.8 billion.
Looking ahead, Hershey said it now expects full-year sales to rise 2% compared with earlier guidance for an increase of 1% to 3%. Hershey said it expects full-year earnings of $5.54 to $5.56 a share and adjusted earnings are expected to increase 6% to 7% from the previous year.
Wall Street is calling for full-year earnings of $5.75 a share and sales of $7.95 billion.
"We are pleased with our second quarter results and the momentum we are seeing behind our key initiatives for this year," Michele Buck, president and CEO, said in a statement "We continue to deliver differentiated results by growing both top and bottom line while investing in our brands and capabilities. We are on track to deliver our financial commitments for the year driven by accelerated U.S. performance, a strengthened international business and continued operational excellence."