Sweet success as Hershey doubles profit
October 16, 2008
Harrisburg, Pennsylvania - Hershey, the second-largest American candymaker, says it doubled profit in the third quarter as major costs to restructure its operations subsided.
The Hershey Company said on Thursday that it earned almost $125-million, or 54 cents a share, on revenue of nearly $1.5-billion for the three months ended September 28.
Discounting one-time charges of $31-million to streamline operations, Hershey met the 64 cents per share consensus estimate of Thomson Reuters.
Sales rose more than 6 percent, partly due to a price increase in August.
However, the Harrisburg, Pennsylvania-based company says it continues to be squeezed by higher commodity costs as it ramps up promotional spending to revive last year's flat sales. - Sapa-AP
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