HERSHEY, Pa. - The Hershey Company said its 2014 profit will be around the low end of its earlier forecast, and it's raising prices as costs rise.
The company said prices for ingredients such as cocoa, dairy and nuts have risen since the beginning of the year, and it expects increases for packaging, fuel and other costs.
It's raising prices for most of its products about eight percent, on average. The price hike will take time to work into the market, and so the company doesn't expect it will help 2014 results much.
"During the transition period, we will support our brands with higher levels of investment, including merchandising, programming, advertising and innovation, that will benefit Hershey and the category," said Michele G. Buck, president, North America, The Hershey Company.
The company said it expects earnings, excluding one-time items, of $4.05 to $4.13 per share, at the low end of its previous forecast. Analysts were expecting $4.10 per share, according to a FactSet survey.
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