Hershey Co. recently reported an increase in its earnings for the first quarter compared to the same duration last year, ultimately exceeding Wall Street's expectations. For this quarter, the company's net income was $797.45 million, or $3.89 per share, a considerable rise compared to the $587.19 million or $2.85 per share registered in the first quarter of the previous year.
When special items are excluded, Hershey Co.'s adjusted earnings for the period were $628.29 million, or $3.07 per share. Financial analysts, on average, expected the company to produce a net income of $2.76 per share, utilizing data gathered by Thomson Reuters. These estimates predominantly exclude any special items.
In terms of revenue, Hershey Co. experienced growth of 8.7% for the quarter, generating $3.25 billion, compared to $2.99 billion over the same period last year.
To summarize key figures, the company's GAAP earnings were:
- First-quarter earnings: $797.45 million, compared to last year's $587.19 million.
- First-quarter earnings per share (EPS): $3.89, compared to $2.85 last year.
- First-quarter revenue: $3.25 billion, an increase from last year's $2.99 billion.
Additionally, the company's EPS guidance for the full year stands at $9.59.
