CORRECTED – UPDATE 1-Hershey profit beats Street, raises outlook

(Corrects Wall Street EPS forecast in bullet point)

* EPS $0.64 vs Wall St $0.47 view

* Net sales up 13.9 percent

* Sees FY net sales rise 6 pct vs earlier view 3-5 pct

* Sees adj FY EPS up “low-to-mid-teens” pct

NEW YORK, April 22 (BestGrowthStock) – Hershey Co’s
quarterly profit nearly doubled, helped by higher prices for
Valentine’s Day and an early Easter, and the largest U.S.
chocolate company raised its full-year sales and profit
forecast.

The company expects full-year sales to rise to at least 6
percent, up from an earlier range of 3 percent to 5 percent.

Hershey also forecast adjusted earnings per share to rise
by “low-to-mid-teen” percentage points. Earlier it had forecast
an increase of between 6 percent and 8 percent.

Hershey, which faces stepped-up competition after Kraft
Foods Inc (KFT.N: ) bought Cadbury earlier this year, said profit
rose 94.2 percent, hitting $147.4 million, or 64 cents a share,
in the first quarter, compared with $75.9 million, or 33 cents
a share, a year earlier.

Analysts were expecting 47 cents per share, according to
Thomson Reuters I/B/E/S.

Sales rose 13.9 percent to $1.41 billion in the first
quarter, which ended April 4.

Stock Market Report

(Reporting by Phil Wahba; additional reporting by Brad
Dorfman; Editing by Derek Caney)

CORRECTED – UPDATE 1-Hershey profit beats Street, raises outlook