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.
- Updated Lehigh Valley Safe travels, Ed: A new generation honors the Greatest
- Updated Lehigh Valley Allentown's Police Athletic League keeping kids on the right track
- Lehigh Valley Easton man charged with homicide in fatal shooting
- Lehigh Valley Woman loses more than half her body weight after 140-pound mass is removed
- Berks Al Boscov's daughters, lifelong friend to speak at service
- Lehigh Valley - Woman loses more than half her body weight after 140-pound mass is removed
- Berks - Al Boscov's daughters, lifelong friend to speak at service
- - Union Township woman accused of stealing from Parent Teacher Association
- Lehigh Valley - "Mascots for a Cure" get down in Pottstown
- Lehigh Valley - Black Bass Hotel becomes Hollywood movie set