Hershey restates outlook, expects sales and adjusted profit to rise

Hershey reaffirms full-year outlook

HERSHEY, Pa. — The Hershey Co. reaffirmed its 2010 outlook on Tuesday, saying it expects sales and adjusted profit to increase.

David J. West, the candymaker’s president and CEO, said the company expects an increase of 3 to 5 percent in sales and growth of 6 to 8 percent in adjusted earnings per share. Those expectations are unchanged from the outlook given in Hershey’s fourth-quarter and full-year earnings report earlier this month.

For 2009, profit improved to $436 million, or $1.90 per share, compared with $311.4 million, or $1.36 per share, a year earlier. Adjusted earnings were $2.17 per share, and full-year sales were $5.3 billion.

Based on 2009 figures, the outlook implies full-year adjusted earnings of about $2.30 to $2.34 per share on sales of about $5.46 billion to $5.56 billion.

Hershey has said it will continue to look for potential acquisitions as its competitors get bigger. Earlier this month, Cadbury PLC shareholders approved Kraft Foods Inc.’s roughly $19.5 billion offer to acquire the British candy maker.

West commented on Hershey’s full-year outlook at a Consumer Analyst Group of New York conference.

Shares rose 78 cents to $38.38.