Hershey Foods (HSY) Tops Q3 EPS by 4c; Sees FY EPS at 'Low End'

Hershey Foods (NYSE: HSY) reported Q3 EPS of $1.17, $0.04 better than the analyst estimate of $1.13. Revenue for the quarter came in at $1.96 billion versus the consensus estimate of $1.98 billion.

Hershey Foods sees FY2015 adjusted earnings per share-diluted towards the low end of the previously provided 3% to 5% range, or approximately $4.10, versus the consensus of $4.13.

In the third quarter Hershey’s efforts were focused on ensuring successful execution of our seasonal plans, which are on track and should result in good Halloween and Holiday seasons,” said John P. Bilbrey, Chairman, President and Chief Executive Officer, The Hershey Company. “Net sales increased 2.0% in the third quarter, excluding unfavorable foreign currency translation. We were very pleased with North America gross margin expansion that resulted in solid operating profit growth. U.S. net sales were below expectations due to lower than expected candy, mint and gum (CMG) retail takeaway in the third quarter. This softness also impacted broader mainstream snacks, where consumption trends during the quarter were less than the June year-to-date increase. It appears that CMG and broader snacks marketplace performance in the quarter was pressured by lower consumer trips and a decline of in-store merchandising and programming at some retailers. However, in October, CMG in-store merchandising and programming has been executed which, while preliminary, should result in Hershey share gains in the important Halloween season.”

For earnings history and earnings-related data on Hershey Foods (HSY) click here.

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