The Hershey CompanyHSY , one of the largest chocolate manufacturers in North America came out with second-quarter 2018 results. Adjusted earnings of $1.14 surpassed the Zacks Consensus Estimate of $1.10 and jumped 5.6% from the prior-year quarter.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2018 has trended downward in the last 30 days. However, in the trailing four quarters (excluding the quarter under review) the company beat the Zacks Consensus Estimate by an average of 5.2%.
Hershey Company (The) Price and EPS Surprise
Hershey Company (The) Price and EPS Surprise | Hershey Company (The) Quote
Revenues: Consolidated net sales of $1,751.6 million rose 5.3% year over year. Top-line also came ahead of the Zacks Consensus Estimate of $1,747 million.
Key Events: The company raised its quarterly dividend by nearly 10% to 72.2 cents per share for Class A shares and 65.6 cents per share for Class B shares. This is payable on Sep 14, 2018 to shareholders of record as on Aug 24. Also, management authorized a new share buyback plan of about $500 million.
Outlook: Hershey now expects net sales for 2018 to rise towards the low end of the 3.5%-5.5% range. Adjusted earnings per share are expected to grow 14%-16% to $5.33-$5.43.
Zacks Rank: Currently, Hershey has a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on Hershey's earnings report later!
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