The Hershey, Pennsylvania-based company reported $336.8 million, or $1.60 a share, up from $181.1 million, or 85 cents per share, a year earlier. Adjusted earnings were $1.26 a share, missing analysts' forecasts of $1.27.
Revenue for the quarter totaled $1.99 billion, up from $1.94 billion a year ago, but missed Wall Street's expectations of $2 billion. Fourth-quarter 2018 net sales for Hershey's International and other segment decreased 8.9% to $241.4 million.
Hershey reported profit of $1.18 billion, or $5.58 a share, for the year. Revenue totaled $7.79 billion. The company said it expects full-year 2019 net sales to increase in the 1% to 3% range. Full-year adjusted earnings are expected to be in the range of $5.63 to $5.74 a share, an increase of 5% to 7% from 2018.
"The strategic investments we are making in our core confection business have resulted in improved retail trends and margins," Michele Buck, president and CEO said in a statement. "Our recently acquired snacking brands continue to generate strong growth and delivered against our financial objectives. And our International business generated a record year of profitability. We are excited to build on this momentum in 2019."
Hershey makes such products as Hershey's, Reese's, Kisses, Jolly Rancher, and Almond Joy.