Hershey Reaffirms FY19 Adj. EPS Outlook - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Thursday, Hershey Co. (HSY) slashed adjusted earnings guidance for the full-year 2019, while raising annual net sales growth outlook to reflect the acquisition of ONE Brands.

For fiscal 2019, the company now projects adjusted earnings in a range of $5.54 to $5.66 per share, down from the prior guidance range of $5.68 to $5.74 per share.

Full-year net sales are now expected to increase 2.5 percent, compared to the previous guidance of around 2 percent, driven by the acquisition of ONE Brands. On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.76 per share on sales growth of 2.0 percent to 7.95 billion for the year. Analysts' estimates typically exclude special items.

Separately, the board of directors of Hershey declared quarterly dividends of $0.773 on the Common Stock and $0.702 on the Class B Common Stock, payable on December 16, 2019 to stockholders of record November 22, 2019.

"And we continue to execute against our broader snacking ambition with the acquisition of ONE Brands and its portfolio of high-growth, better-for-you nutrition bars. We remain confident in our strategies and ability to deliver our financial commitments for the year," said Michele Buck, The Hershey Company President and Chief Executive Officer.