Markets News

Hershey reinstates full-year outlook after strong Q3 sales

Nov 6 (Reuters) - Hershey Co on Friday beat quarterly sales estimates and reinstated its full-year outlook boosted by strong Halloween sales and demand for chocolate chips and cocoa powder from people taking up baking while stuck at home due to virus-driven lockdowns.

Net sales rose 4% to $2.22 billion in the third quarter ended Sept. 27, beating analysts expectations of $2.16 billion, according to IBES data from Refinitiv data.

The company also reinstated its full-year outlook that it had pulled in April saying it expects full-year net sales to rise about 1% and adjusted earnings per share to rise between 7% to 8%. (Reporting by Siddharth Cavale in Bengaluru; Editing by Shailesh Kuber)