UPDATE: Hershey Posts Downbeat Q4 Results, Issues Weak Outlook

Hershey Co. (NYSE: HSY) reported downbeat results for the fourth quarter and lowered its 2015 forecast.For 2015, Hershey now projects earnings of $4.30 to $4.38 per share, versus analysts' estimates of $4.46 per share. It now projects sales growth of 5.5% to 7.5%.The Hershey, Pennsylvania-based company posted a quarterly profit of $202.5 million, or $0.91 per share, versus a year-ago profit of $186.1 million, or $0.82 per share. Excluding special items, the company earned $1.04 per share.Its sales gained 2.7% to $2.01 billion. However, analysts were projecting earnings of $1.06 per share on revenue of $2.07 billion.Adjusted gross margin for the quarter widened 30 basis points.Hershey also agreed to acquire KRAVE Pure Foods.“In 2014 Hershey made progress against its strategic initiatives as the U.S. business increased its overall candy, mint and gum (CMG) market share to 31.4 percent, we acquired Shanghai Golden Monkey, more than doubling the company's presence in China, we expanded into snacks and adjacencies with the launch of Hershey's Spreads Snacksters Graham Dippers and we sourced 30 percent of our cocoa needs from certified and sustainable cocoa farms, putting us in solid position to deliver on our goal to source 100 percent certified cocoa by 2020,” said John P. Bilbrey, President and Chief Executive Officer, The Hershey Company.Hershey shares closed at $107.68 yesterday.