Hershey Company Updates Guidance; Q1 Profit Beats Estimates - Quick Facts

(RTTNews) - The Hershey Company (HSY) announced the company expects full year increase in adjusted earnings per share to be around the high end of its outlook of $4.72 to $4.81, a 7% to 9% increase from last year. Reported earnings per share are expected to be in the $3.31 to $3.55 range.

The Hershey Company estimates full-year 2017 net sales growth will most likely be around the low end of its 2.0% to 3.0% outlook, including a net benefit from acquisitions of about 0.5 points.

"We expect non-seasonal U.S. CMG trends to improve over the remainder of the year, although the growth rate is expected to be slightly lower than our previous forecast. Additionally, macroeconomic challenges persist in China and we expect net sales for the full year to be lower there than 2016," said Michele Buck, President and CEO, The Hershey Company.

First-quarter adjusted net income was $282.1 million, or $1.31 per share compared to $238.9 million, or $1.10 per share, for the same period of 2016. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.25 for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales were $1.88 billion compared to $1.83 billion for the first quarter of 2016. Analysts expected revenue of $1.89 billion for the quarter. Excluding favorable foreign currency translation, a 0.1 point benefit, net sales increased 2.7% versus the year ago period.