HERSHEY, Pa. (AP) — Hershey Co. on Thursday reported first quarter profit of $304.4 million. On a per-share basis, the Hershey, Pennsylvania-based company said it had net income of $1.45. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were $1.59 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.48 per share. The chocolate bar and candy maker posted revenue of $2.02 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $1.99 billion.
Hershey shares have risen nine percent since the beginning of the year, while the Standard & Poor's 500 index has risen 17 percent. The stock has risen 26 percent in the last 12 months.
