UPDATE: Hershey Posts In-Line Q2 Earnings, Lifts Dividend
The Hershey Company (NYSE: HSY) reported in-line earnings for the second quarter.
Hershey's quarterly profit surged to $168.2 million, or $0.75 per share, versus a year-ago profit of $159.5 million, or $0.70 per share. Excluding non-recurring items, its earnings came in at $0.76 per share, versus analysts' estimates of $0.75 per share.
Its sales climbed 4.6% to $1.58 billion, versus estimates of $1.59 billion.
For 2014, Hershey projects adjusted earnings to rise around the low end its long-term target of 9% to 11% and sales to increase around the low end of long-term target of 5% to 7%.
John P. Bilbrey, President and Chief Executive Officer, The Hershey Company said, “Second quarter net sales sequentially improved, as expected, versus the first quarter and we continued to make good progress against the initiatives that will drive strong results over the remainder of the year.”
Hershey lifted its quarterly dividend by 10% to 53.5 cents per share.
Hershey shares gained 0.52% to close at $94.00 yesterday.
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