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Hershey sees 72 pct profit jump, raises projection

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[July 23, 2009]  HARRISBURG, Pa. (AP) -- Hershey, the nation's second-largest candymaker, says first-quarter profit leaped 72 percent because of a price increase and a muscular new advertising effort.

The results beat Wall Street expectations, while The Hershey Co. raised its previous sales and earnings expectations for the year.

Hershey said Thursday it earned $71.3 million, or 31 cents a share, in the three months ended July 5.

Excluding charges to streamline its operations, Hershey says it would have earned $98 million, or 43 cents a share. That beat the 35 cents-per-share average estimate of analysts.

The Hershey, Pa.-based maker of Hershey's Kisses and Reese's says revenue rose almost 6 percent to $1.17 billion.

[Associated Press; By MARC LEVY]

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




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