Hershey reports a 'kiss' of profit

HERSHEY, Pa. How sweet is it to be Hershey.

On Thursday, the confectionary giant announced that its first quarter net sales spiked 6.5% compared with the year-ago period. Earnings for the quarter were up almost 17.9% at $0.33 per share, compare with $0.28 per share during the first quarter 2008.

Hershey’s president and CEO David West said the sales boost was attributed to the company’s pricing action in 2008 and the longer Easter season. As for the remainder of the year, West’s outlook is line with the current economic climate.

“Despite the uncertainty related to volume declines due to pricing elasticity, we have confidence that earnings per share-diluted from operations will increase, but less than the long-term objective of 6 to 8%,” West said.