HERSHEY, Pa. - The Hershey Co. said its first-quarter profit rose 24% as higher prices and cost-cutting helped offset higher ingredient costs.
Most food makers have been increasing prices to offset rising ingredient costs.
Hershey said higher prices spurred an 11% gain in revenue, offset by slightly lower volume. The Hershey, Pa.-based company has also been boosting advertising spending in the U.S. and abroad.
The candy maker said net income rose to nearly $199 million, or 87 cents per share, for the quarter ended April 1. That is up from $160 million, or 70 cents per share, a year ago.
Excluding one-time items, earnings totaled 96 cents per share. Analysts expected 81 cents per share.
Revenue rose 11% to $1.73 billion. Analysts predicted revenue of $1.66 billion.
- Weather Forecast Discussion Windy and much cooler today, but seasonable for late February
- Lehigh Valley 'Light the Way' celebration recognizes trailblazers in the community
- News N.J. Rep. Leonard Lance holds second town hall meeting
- Lehigh Valley Local vineyard owners wary of warm weather
- Updated Berks Man shot, killed by Reading police after allegedly pointing shotgun at officers
- Lehigh Valley - Local vineyard owners wary of warm weather
- Updated Berks - Man shot, killed by Reading police after allegedly pointing shotgun at officers
- News - Strong storms move through the region
- Berks - Police investigating morning shooting in Reading
- Pennsylvania - Judge: Man charged in deadly stabbing will remain jailed