UPDATE: Hershey Posts Higher Q2 Profit, Lifts Forecast

Hershey Co

reported an 18% rise in its second-quarter profit and lifted its earnings view for the year. Hershey now expects full-year adjusted earnings of $3.68 to $3.71 per share, versus its earlier forecast of $3.61 to $3.65 per share. The company's board also increased its quarterly dividend to 48.5 cents per share, from 42 cents per share. Hershey's quarterly profit surged to $159.5 million, or $0.70 per share, from $135.7 million, or $0.59 per share, in the year-ago period. Excluding one-time items, its earnings rose to $0.72 per share from $0.66 per share. Its sales climbed 6.7% to $1.51 billion. However, analysts were expecting earnings of $0.71 per share on sales of $1.51 billion. Hershey's gross margin rose to 47.6% from 43.7%. Hershey shares closed at $92.87 yesterday.