Hershey Co. (HSY) posted an increase in first-quarter 2013 reported net income to $241.91 million, or $1.06 per share, from last year's $198.65 million, or $0.87 per share for the comparable period of 2012. Excluding net charges, adjusted net income stood at $248.47 million, or $1.09 per share in the first quarter of 2013. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $1.04 for the quarter. Analysts' estimates typically exclude one-time items.
Consolidated net sales reached $1.83 billion in the quarter, compared with $1.73 billion a year earlier. Analysts estimated revenues of $1.84 billion for the quarter.
For the full year 2013, the company now sees adjusted earnings per share to increase about 12% and be in the $3.61 - $3.65 range, while reported earnings per share is likely to be in the range of $3.52 - $3.58. Analysts project annual earnings of $3.65 per share. The company continues to expect 2013 net sales growth of 5 to 7 percent, including the impact of foreign currency exchange rates, driven primarily by volume.
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