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.
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