Hershey (HSY) Announces Wholesale Price Increase; Sees Low End of FY EPS Guidance
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The Hershey Company (NYSE: HSY) announced an increase in wholesale prices across its U.S., Puerto Rico and export chocolate and sugar confectionery lines.
A weighted average 11% increase on the Company's instant consumable, multi-pack and packaged candy lines is effective today. These changes approximate a 10% increase over Hershey's entire domestic product line and will help offset a portion of the significant increases in the Company's input costs, including raw materials, packaging materials, fuel, utilities, and transportation.
"...We anticipate 2008 earnings per share-diluted from operations within the $1.85 to $1.90 range we previously projected. Given current economic and market conditions, it appears that full-year 2008 earnings per share-diluted will be toward the lower end of this range." (Consensus is $1.85)[SM]
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