Summary Box: Hershey 3rd-quarter income rises

AP News
|
Posted: Oct 27, 2011 1:49 PM
Summary Box: Hershey 3rd-quarter income rises

EARNINGS UP: The Hershey Co. reported a 9 percent increase in its third-quarter profit, citing higher prices and stronger-than-expected Halloween sales. Adjusting for a pre-tax gain on a sale of trademark rights, the results met analysts' expectations of 84 cents per share.

REVENUE UP: Revenue also met Wall Street's expectations, rising 5 percent to more than $1.62 billion.

STOCK REACTION: Share prices dropped nearly 5 percent in afternoon trading. Morningstar analyst Erin Lash said overall sales dropped in the third quarter, and Hershey is predicting higher commodity costs in 2012.