Hershey reports earnings and sales that beat expectations

Hershey Co. reported first-quarter net income of $350.2 million, or $1.65 per share, up from $125.0 million, or 58 cents, for the same period last year. Adjusted EPS was $1.41, ahead of the $1.40 FactSet consensus. Sales totaled $1.97 billion, up from $1.88 billion year-over-year and exceeding the $1.94 billion FactSet consensus. Hershey expects 2018 sales to come in on the low end of the previously announced 5%-to-7% range. Sales in 2017 totaled $7.52 billion. Full-year EPS is expected to be $4.73 to $4.98, and adjusted EPS is expected to total $5.33 to $5.43. The FactSet consensus is $5.36. Hershey shares are down 17.6% for the year so far while the S&P 500 index is down 1.3% for the period.