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Hershey (NYSE: HSY) reported earnings for the fourth quarter, and investors seemed to think they were rich and delicious. As I was writing this, shares were up 5%. Why were they up so high?
Well, earnings beat estimates. Hershey managed to deliver an adjusted $0.59 per share. Wall Street wanted $0.54, so there you go. Also, that was four pennies better than the previous year's performance. While that was good, it should be noted that Hershey had an overall problematic year, as it saw earnings per share decline a little under 10% to $1.88 per share. Currency changes are hampering sales growth, so Hershey will need to keep marketing activities as strong and efficient as possible. Margins are also being addressed, as management is hunkering down to wring out every conceivable saving in the supply chain.
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