By Emily Dattilo
Shares of Hershey were rising after the chocolate maker easily beat quarterly earnings estimates but issued disappointing guidance because of higher cocoa prices.
Hershey stock gained 6.2% to $155 in premarket trading Thursday. Over the last 12 months, shares have declined about 28%.
For its fourth quarter, the company reported adjusted earnings of $2.69 per share, beating Wall Street's call for $2.37, according to FactSet. Net sales of $2.89 billion were above the consensus estimate of $2.84 billion.
"While we continue to expect the surge in cocoa prices to put significant pressure on 2025 earnings, we will focus on driving top-line and share momentum, executing our transformation and productivity programs, and positioning ourselves to deliver peer-leading performance over the long-term," said CEO Michele Buck in a statement.
For fiscal 2025, Hershey forecasts adjusted earnings of $6 to $6.18 per share, while analysts had penciled in $7.33.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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February 06, 2025 09:22 ET (14:22 GMT)
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