Hershey (HSY) posted better-than-expected results for the first quarter on higher prices and demand for 🧜sweets in its North American market.

Earnings, Revenue Beat Analysts' Estimates

The maker of Hershey Kisses, Milk Duds, and Skinny Pop popcorn reported first-quarter 澳洲幸运5官方开奖结果体彩网:diluted earnings per share (EPS) of $3.89, an increase of 36.5% from the year-ago period, with revenue rising 8.9% to $3.25 billion. Both were above analyst estimates compiled by Visible Alpha.

North American confectionary sales jumped 10.🙈4%, while sales of salty snacks in North America climbed 1.9%. International sales advanced 1.8%.

Volumes were up for North American confectionaries and salty snacks, but fell internationally. Organic volume/mix in North American confectionary snacks jumped 4.5%, while it rose 0.2% for salty s🅺nacks. By contrast, organic volume/mix fell 4.8% internationally.

Hershey said prices were 5.2% h𓆉igher overall than they were a y𝔍ear ago.

Cocoa Market Volatility

CEO Michele Buck said Hershey was “off to a strong start” of the year, and addressed the 澳洲幸运5官方开奖结果体彩网:volatile cocoa market, saying Hershey has “dedicated resources and strong investments in place to ensure we have a resilient 澳洲幸运5官方开奖结果体彩网:supply chain for the future.”

“We are well covered for 2024 and do not expect recent volatility to affect our financial outlook for the year,” she said.

Hershey Maintains Full-Year Outlook

Despite the better-than-expected first-quarter performance, Hershey did not change its full-year outlook, maintaining its projection of a 2% to 3% increase in sales and unchanged adjusted EPS from 2023. 

Hershey shares were little changed in early trading Friday following the release at $196.01 as of 11 a.m. ET. They've gained about 5% so far this year.