Hershey posts higher profit, raises full-year view

Hershey posts higher profit, raises full-year view
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First Published: Thu, Jul 23 2009. 05 14 PM IST
Updated: Thu, Jul 23 2009. 05 14 PM IST
New York: Hershey Co posted a higher quarterly profit on Thursday, helped by price increases it made last year, and raised its full-year forecast.
The world’s largest chocolate maker said profit was $71.3 million, or 31 cents a share, for the second quarter, compared with $41.5 million, or 18 cents a share, a year earlier.
Sales rose nearly 6 percent to $1.17 billion.
The maker of Reese’s Peanut Butter Cups and Hershey’s Kisses raised prices 10% last August to help offset rising costs for commodities such as cocoa, though prices for some commodities have since eased.
It now expects adjusted full-year earnings per share slightly above its long-term goal for growth of 6 to 8%, on sales growth of 3 to 5%.
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First Published: Thu, Jul 23 2009. 05 14 PM IST