Hershey Boosts Earnings Forecast as CEO West Raises Promotional Budget
Hershey Co. raised its forecast for full-year earnings as it lures more customers through increased advertising.
The forecast is now for earnings excluding some items of $2.52 to $2.56 a share, Hershey said today in a statement. That compares with a previous range of $2.47 to $2.52.
Hershey, led by Chief Executive Officer David West, expects to attract more consumers with new promotional campaigns. The Hershey, Pennsylvania-based confectioner, whose best-selling products include Reese’s peanut butter cups and Kisses, plans to spend 50 percent to 60 percent more on advertising this year, higher than it previously estimated.
Hershey fell $2.10, or 4.1 percent, to $49 at 10:02 a.m. in New York Stock Exchange composite trading. The shares gained 43 percent this year before today.
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