Candy maker The Hershey Company (HSY) on Tuesday posted better-than-expected first quarter earnings results and lifted its full-year outlook, sending its shares higher in premarket trading.
The Hershey, PA-based company reported first quarter net income of $198.7 million, or 87 cents per share, compared with $160.1 million, or 70 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 96 cents per share.
Net sales rose nearly 11% from last year to $1.73 billion.
On average, Wall Street analysts expected a much smaller profit of 81 cents per share, on lower revenue of $1.66 billion.
Looking ahead, HSY said it now expects full-year 2012 adjusted earnings to range from $3.11 to $3.17 per share, up from a prior outlook of $3.08 to $3.14. Analysts are currently looking for $3.14 per share for the year.
Hershey shares rose $2.24, or +3.6%, in premarket trading Tuesday.
The Bottom Line
Shares of Hershey (HSY) have a 2.44% dividend yield, based on last night’s closing stock price of $62.29. The stock has technical support in the $56-$58 price area. The stock is trading near all-time highs of $64 a share.
The Hershey Company (HSY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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