Candy maker The Hershey Company (HSY) on Thursday posted lower-than-expected fourth quarter earnings results, despite a solid uptick in revenue.
The Hershey, PA-based company reported fourth quarter net income of $150 million, or 66 cents per share, compared with $142 million, or 62 cents per share, in the year-ago period. Excluding special items, adjusted profit was 74 cents per share.
Revenue rose more than 11% from last year to $1.75 billion.
On average, Wall Street analysts expected a higher profit of 76 cents per share, albeit on lower revenue of $1.71 billion.
Looking ahead, HSY raised its full-year 2013 adjusted earnings outlook to a range of $3.56 to $3.63 per share. That range straddles the average Wall Street estimate of $3.59 per share for the year.
Hershey shares were mostly flat in premarket trading Thursday. The stock has gained nearly 28% in the past year.
The Bottom Line
Shares of HSY currently offer a 2.15% dividend yield, based on last night’s closing price of $78.28 and the company’s annualized dividend payout of $1.68 per 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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