Hershey beats earnings expectations and raises outlook

Hershey Co. reported second-quarter net income of $315.6 million, or $1.53 per share, up from $301.2 million, or $1.45 per share, last year. Adjusted EPS of $1.80 beat the FactSet consensus for $1.69. Sales of $2.373 billion were up from $1.989 billion and ahead of the FactSet consensus for $2.238 billion. Hershey raised its full-year sales guidance to 12% to 14% growth from 10% to 12% growth previously. The candy company now expects EPS growth of 9% to 12% versus a previous outlook for 8% to 11% growth. And adjusted EPS is expected to increase 12% to 14% versus previous guidance for 10% to 12% growth. The FactSet consensus is for full-year sales of $10.019 billion, implying 11.7% growth, and full-year EPS of $8.07, suggesting a 12.2% increase. Hershey stock rose 1.3% in Thursday premarket trading and is up 12.8% for the year to date.

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