Hershey Co (NYSE:HSY) stock is up following the release of its earnings report for the third quarter of 2016.
Hershey Co reported earnings per share of $1.29 for the third quarter of 2016. This is an increase over the earnings per share of $1.17 that it reported during the same time last year. It also came in above the $1.19 that Wall Street was expecting for the quarter.
Revenue reported by Hershey Co for the third quarter of 2016 was $2.0 billion. The chocolate company’s revenue from the third quarter of 2015 was $1.96 billion. Analysts were expecting the company to report revenue of $2.0 billion in the third quarter of 2016.
Hershey Co reported net income of $227.35 million for the third quarter of 2016. This is an increase over the net income of $257.24 million that it reported during the same time of the year prior.
“”I’m pleased with Hershey’s third-quarter operating results, which were relatively in line with our estimates across all markets,” John P. Bilbrey, Chairman, President and CEO of Hershey Co, said in a statement.” Our U.S. business benefited from performance within key retail channels and Halloween programming and merchandising in the marketplace.”
Hershey Co also updated its outlook for 2016 in its most recent earnings report. It is now expecting earnings per share for the full year of 2016 to range from $4.28 to $4.32. This is an increase over its previous earnings per share guidance range of $4.24 to $4.28. Wall Street is looking for HSY’s earnings per share for the year to be $4.26.
HSY stock was up 6% as of Noon Friday and 13% year-to-date.
