Hershey reinstates full-year outlook after strong third-quarter sales

FILE PHOTO: Containers of Hershey’s chocolate syrup are seen on display in a shop in New York City, U.S., July 20, 2017. REUTERS/Mike Segar

(Reuters) – Hershey Co HSY.N on Friday beat quarterly sales estimates and reinstated its full-year outlook boosted by strong Halloween sales and demand for chocolate chips and cocoa powder from people taking up baking while stuck at home due to virus-driven lockdowns.

Net sales rose 4% to $2.22 billion in the third quarter ended Sept. 27, beating analysts expectations of $2.16 billion, according to IBES data from Refinitiv data.

The company also reinstated its full-year outlook that it had pulled in April saying it expects full-year net sales to rise about 1% and adjusted earnings per share to rise between 7% to 8%.

Source: Read Full Article