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Hershey sales beats estimates, raises FY revenue forecast

Credit: REUTERS/Mike Segar

Hershey Co reported third-quarter sales above Wall Street estimates on Thursday and raised its full-year revenue forecast, boosted by price increases and investments in snacking brands.

Oct 24 (Reuters) - Hershey Co HSY.N reported third-quarter sales above Wall Street estimates on Thursday and raised its full-year revenue forecast, boosted by price increases and investments in snacking brands.

The company now expects sales to rise about 2.5% in fiscal 2019 from its previous growth forecast of about 2%, helped by its $397 million acquisition of One Brands, a maker of healthy snacks.

Net income attributable to the company rose to $325.3 million, or $1.54 per share, in the third quarter ended Sept. 29 from $263.7 million, or $1.25 per share, a year earlier.

Sales rose 2.6% to $2.13 billion, narrowly beating the average analyst estimate of $2.12 billion, according to IBES data from Refinitiv.

(Reporting by Praveen Paramasivam in Bengaluru)

((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 0422))

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