Hershey Co. (HSY) reported fourth-quarter net income was $126.78 million or $0.55 per share compared to $82.16 million or $0.36 per share for the comparable period of 2008. Adjusted net income was $144.35 million or $0.63 per share, compared to $133.84 million or $0.59 per share in the fourth quarter of 2008. Analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales were $1.41 billion, up from $1.38 billion for the fourth quarter of 2008. Six analysts had consensus revenue estimate of $1.42 billion for the quarter.
The company said that its board declared a quarterly dividend of $0.32 on the Common Stock, an increase of $0.0225 per share. In addition, the Board declared a dividend of $0.29 on the Class B Common Stock, an increase of $0.0222 per share. The dividends are payable March 15, 2010, to stockholders of record February 25, 2010.
Hershey reaffirmed for 2010 growth outlook in net sales of 3-5% and an increase in adjusted earnings per share-diluted of 6-8%. Analysts expect the company to report earnings of $2.27 per share on revenues of $5.50 billion for fiscal 2010.
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