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Hershey Q1 net income hits $355.2m; posts better-than-forecast sales

Hershey Q1 net income hits $355.2m; posts better-than-forecast sales

Mubasher: Chocolate maker Hershey Company on Thursday reported a 58% year-on-year hike in its net income for the first quarter of 2018, beating analysts’ expectations.

Profits amounted to $350.2 million in Q1-18, compared to $125 million in Q1-17, according to the UAE-based company’s statement.

Earnings per share (EPS) recorded $1.65 for the three-month period ended March 2018, versus $0.58 per share for the same period of the prior year, the maker of Hershey's Kisses and Reese's Peanut Butter Cups said. 

Moreover, sales rose to $1.94 billion during the first three months of this year, exceeding analysts’ forecasts of $1.94 billion, compared to $1.88 billion in Q1-17, the statement showed.

"Hershey expects 2018 sales to come in on the low end of the previously announced 5%-to-7% range. Sales in 2017 totaled $7.52 billion." MarketWatch reported.

As for EPS over 2018, it is expected to reach $4.73 instead of $4.98 a share.