Hershey Tops 4Q Profit Forecasts

HERSHEY, Pa. (AP) — Hershey Co. (HSY) on Thursday reported fourth-quarter earnings of $213.4 million.

On a per-share basis, the Hershey, Pennsylvania-based company said it had net income of 98 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to $1.08 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.

The chocolate bar and candy maker posted revenue of $1.91 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.97 billion.

For the year, the company reported profit of $513 million, or $2.32 per share. Revenue was reported as $7.39 billion.

Hershey expects full-year earnings in the range of $4.36 to $4.38 per share.

Hershey shares have fallen slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased almost 8 percent. The stock has fallen 23 percent in the last 12 months.