Hershey Foods’ third-quarter results beat analysts’ forecast
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.
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.
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