Hershey Maintains FY24 Adj. Earnings View Above Market After Higher Q1 Results - Update

(RTTNews) - Hershey Co. (HSY), while reporting higher first-quarter results, on Friday maintained its fiscal 2024 outlook for earnings and net sales growth.

In pre-market activity on the NYSE, Hershey shares were gaining around 2.2 percent to trade at $200.22.

For fiscal 2024, the company continues to expect earnings per share of $9.00 to $9.11, compared to last year's $9.06.

Adjusted earnings per share is still expected to be $9.59, same as last year.

Analysts on average expect the company to report earnings of $9.57 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company continues to expect net sales to grow 2 percent to 3 percent.

Michele Buck, Hershey President and Chief Executive Officer, "We are off to a strong start and remain on track to deliver our business strategies and financial commitments for the year. …. As we continue to navigate recent volatility in the business, we remain committed to strategies that drive long-term growth and sustainable value creation."

In its first quarter, Hershey's earnings increased from the same period last year and beat the Street estimates.

The company's earnings came in at $797.45 million, or $3.89 per share. This compares with $587.19 million, or $2.85 per share, in last year's first quarter.

Adjusted earnings were $628.29 million or $3.07 per share for the period.

Analysts on average had expected the company to earn $2.76 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.7 percent to $3.25 billion from $2.99 billion last year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.