Candy maker The Hershey Company (HSY) on Thursday posted a 4% rise in second quarter earnings, as revenue gained from last year — just not quite as much as analysts expected.
The Hershey, PA-based company reported second quarter net income of $135.7 million, or 59 cents per share, compared with $130 million, or 56 cents per share, in the year-ago period. Excluding special items, adjusted profit was 66 cents per share.
Revenue rose 6% from last year to $1.41 billion.
On average, Wall Street analysts expected a smaller profit of 61 cents per share, albeit on slightly higher revenue of $1.42 billion.
Looking ahead, HSY forecast full-year earnings to range from $2.88 to $2.98 per share, including one-time charges. Wall Street analysts expect $3.21 per share for the year, but their estimates exclude special items.
Hershey shares were unchanged in premarket trading Thursday.
The Bottom Line
Shares of Hershey Co. (HSY) have a 2.16% dividend yield, based on last night’s closing stock price of $70.33. The stock has technical support in the $66-$68 price area. The shares are trading near all-time highs.
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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