HSY Exceeds Profit Expectations, Hikes Dividends
The net income for chocolate maker Hershey Co (NYSE: HSY) jumped 54% for the fourth quarter. The company boosted its dividends and confirmed its growth outlook for the year.
HSY said it earned $126.8 million or $0.55 a share in the fourth quarter, up from $82.2 million or $0.36 a share in the year-ago quarter. Excluding special items, HSY reported a profit of $0.63 a share. The company’s revenues for the quarter came in at $1.41 billion, up from $1.38 billion. Analysts had expected the company to earn $0.59 a share on sales of $1.41 billion.
During the earnings call, Hershey announced a hike in its dividends by 7.6% to $0.32 a share. The company also confirmed its revenue growth guidance for 2010 of 3%-5%. HSY continues to expect a 6%-8% rise in adjusted profits per share.
HSY’s share price has moved up 1.71% to $37.44 so far since the markets opened.
