Hershey reports $396.3 million net income in Q4

FILE – This July 25, 2011 file photo shows Hershey’s chocolate in Overland Park, Kan. The cost of the ingredients in chocolate is rising, and the…

FILE – This July 25, 2011 file photo shows Hershey’s chocolate in Overland Park, Kan. The cost of the ingredients in chocolate is rising, and the nations biggest candy makers have already warned that shoppers are going to see price hikes in 2015. (AP Photo/Charlie Riedel, File)

by: AP

Posted: Feb 2, 2023 / 10:41 AM EST

Updated: Feb 2, 2023 / 10:41 AM EST

HERSHEY, Pa. (AP) – Hershey Co. on Thursday reported a fourth-quarter net income of $396.3 million.

The Hershey, Pennsylvania-based company said it had a profit of $1.92 per share. Earnings, adjusted for non-recurring costs, were $2.02 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.78 per share.

The chocolate bar and candy maker posted revenue of $2.65 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $2.58 billion.

For the year, the company reported profit of $1.64 billion, or $7.96 per share. Revenue was reported as $10.42 billion.

Hershey expects full-year earnings in the range of $9.29 to $9.46 per share.