Hershey Updates 2017 Outlook - Quick Facts

(RTTNews) - The Hershey Company (HSY) announced the company continues to expect full year increase in adjusted earnings per share to be around the high end of its outlook of $4.72 to $4.81, or a 7% to 9% increase versus last year. The company reaffirmed its full-year constant currency net sales growth of around 1.25% and expects foreign currency exchange rates to be about neutral, versus a prior estimate of 0.25 points unfavorable. For the full year, the company expects adjusted gross margin to increase about 25 basis points versus its previous outlook of about a 50 basis point increase.

Adjusted net income was $283.6 million, or $1.33 per share, for the third quarter of 2017, compared with $277.3 million, or $1.29 per share, for the same period of 2016. Consolidated net sales were $2.03 billion compared with $2.00 billion for the third quarter of 2016.

The Hershey Company also announced that its Board has approved an additional $100 million stock repurchase authorization to repurchase shares of its common stock. Purchases under the new authorization will commence after the current program is completed.