Candy giant Hershey Co (NYSE:HSY) this morning posted better than expected third quarter earnings results and lifted its full-year outlook.
The Hershey, PA-based company reported Q3 EPS of $1.29 easily topping Wall Street’s view for $1.18. Revenue rose 2.2% from last year to $2 billion, edging out analyst estimates of $1.99 billion.
Looking ahead, HSY boosted its full-year outlook. The company now expects 2016 EPS to range from $4.28 to $4.32, up from a prior view of $4.24 to $4.28. Analysts are looking for $4.26 per share for the year. Hershey also expects full-year revenues to rise 1% to $7.459 billion, slightly ahead of Wall Street’s $7.45 billion estimate.
The company commented via press release:
“Throughout 2016, our top priority has been to restore consistency across the business. Against a backdrop of continued snacks competition, we experienced improvements in key aspects of our business. Our brands responded positively to the marketplace investments we discussed last quarter, which is why we continue to believe that candy, mint and gum is an attractive category capable of solid growth over the long term when supported with the right mix of customer and consumer marketing.”
Hershey shares rose $1.88 (+1.97%) to $97.39 in premarket trading Friday. Prior to today’s report, HSY had gained 6.99% since the start of 2016, versus a 4.55% return for the benchmark S&P 500 during the same period.