Hershey Foods’ third-quarter results exceeded Wall Street analysts’ estimates, thanks to pricing increases and the company’s expanded portfolio of healthier snacks, Reuters reports.
The company said it expects sales for fiscal 2019 to be up about 2.5% over its prior growth forecast of about 2%. It also reported net income of $325.3 million or $1.54 per share for the quarter, up from $263.7 million or $1.25 per share a year earlier.
In August, Hershey acquired One Brands, maker of low-sugar, high-protein nutrition bars, for $397 million. Over the past two years, the company has spent about $2 billion on the acquisition of better-for-you snack companies, including Skinny Pop maker Amplify Snack Brands and Pirate Brands, maker of Pirate’s Booty baked snacks. The company has also implemented price increases, most recently in July.
A new study, conducted by the non-profit Zero Waste organization Eco-Cycle, finds restaurants can play a crucial role in diverting food waste away from U.S. landfills.
Bimbo Bakeries USA has announced that it is committing to 100% sustainable packaging for its entire product portfolio by 2025.
Cornell University is co-leading a $9.95 million, five-year U.S. Department of Agriculture (USDA) grant that aims to transform nutrition and water use in the poultry industry in order to improve its environmental impact and enhance human health.
Maple Leaf Foods claims to be the first major food company in the world to be carbon neutral.
The U.S. Department of Agriculture (USDA), the U.S. Environmental Protection Agency (EPA), and the U.S. Food and Drug Administration (FDA) have announced a new partnership with the Food Waste Reduction Alliance, the latest effort in the Winning on Reducing Food Waste Initiative launched by the three federal agencies in 2018.