Hershey’s second quarter earnings beat analysts’ expectations. However, the chocolate maker provided a full-year guidance lower than expected by Wall Street.
The company’s adjusted earnings came in at $1.31 a share for the quarter, ahead of the FactSet consensus estimate of $1.17.
Total revenue increased to $1.77 billion, up from $1.75 billion, and in line with the $1.77 billion that analysts’ estimated (based on FactSet poll).
For the full-year, Hershey now expects earnings of $5.54 to $5.56 a share – compared to the Street expectation of $5.75 a share. Hershey forecasts adjusted earnings increase of +6% to +7% for the year.
The company now projects full-year sales growth of +2%, compared to a prior guidance for an increase of +1% to +3%. FactSet survey is guiding for sales of $7.95 billion, up about 2.1% from 2018.