NEW YORK (
shares charged higher Tuesday after the consumer stocks beat quarterly profit expectations.
Stanley Black & Decker
also traded higher ahead of its earnings report, due after the closing bell.
Hershey booked a profit of $160.1 million, or 70 cents per share, up 8.5% from earnings of $147.4 million, or 64 cents per share, in the year-earlier quarter.
Adjusted for one-time items, Hershey would have earned 72 cents per share, topping expectations for a profit of 70 cents per share.
Hershey said sales jumped 11% to $1.56 billion, higher than the $1.48 billion analysts had been looking for.
For Lorillard, increased market share of cigarette sales helped the Greensboro, N.C.-based company top expectations with earnings of $248 million, or $1.71 per share, up 6.9% from a year-earlier profit of $232 million, or $1.50 per share.
Revenue soared 13% to $1.5 billion.
Analysts had expected Lorillard to earn $228.8 million, or $1.57 per share, on revenue of $960.6 million.
Lorillard said its market share grew 1.5% to 14.1% of cigarette sales in the recent quarter.
Hershey shares rose 1.2% to $57.33 in afternoon trading Tuesday while Lorillard's stock jumped 3.9% to $103.52.
Stanley Black & Decker gained 0.7% to trade at $77.11 ahead of its earnings report.
Analysts expect the power tool maker to earn $169.7 million, or $1.01 per share, on revenue of $2.37 billion.
-- Written by Miriam Marcus Reimer in New York.
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