Hershey Co HSY reported a 22% rise in its first-quarter profit and lifted its forecast for the year.
Hershey now projects full-year earnings of $3.61 to $3.65 per share, versus $3.56 to $3.63 per share.
Hershey's quarterly profit surged to $241.9 million, or $1.06 per share, from $198.7 million, or $0.87 per share, in the year-earlier period. Excluding one-time items, it earned $1.09 per share.
Its sales gained 5.5% to $1.8 billion. However, analysts were expecting earnings of $1.04 per share on sales of $1.8 billion.
Hershey's gross margin widened to 46.5% from 42.9%.
Hershey shares rose 1.32% to $90.50 in pre-market trading.
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