Hershey Beats Estimates on Price Hikes and Snack Sales
The company reported quarterly net sales of $3.10 billion as price hikes and salty snack demand offset rising costs. Hershey also maintained its annual targets.
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HERSHEY CO/THE reported quarterly net sales of $3.10 billion, beating analyst estimates of $3.03 billion on higher pricing and salty snack demand. Adjusted EPS reached $2.35, surpassing expectations of $2.04 as organic prices rose 10% to offset rising commodity expenses. Diversification into healthier snacks is shielding the confectioner from shifting consumer habits and volatile cocoa input costs.
