Hershey Ups 2010 Guidance as Net Rises
NEW YORK (TheStreet) -- Hershey Foods (HSY) - Get Hershey Company Report raised its full-year guidance after first-quarter earnings topped the estimates of analysts.
Hershey said it now expects net sales growth in 2010 to be at least 6%, greater than the long-term target and previous outlook of 3% to 5%. Adjusted earnings per share in 2010 are expected to increase by the low-to-mid-teens on a percentage basis vs. 2009, greater than the original 6% to 8% outlook.
Hershey reported first-quarter net income of $147.4 million, or 64 cents a share, on net sales of $1.4 billion compared with $75.9 million, or 33 cents a share, on revenue of $1.2 billion the previous year.
The Wall Street consensus estimate for Hershey's first quarter was 47 cents a share.
The company said that carryover seasonal pricing contributed to top-line performance.
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-- Reported by Andrea Tse in New York
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