Hershey Foods’ third-quarter results exceeded Wall Street analysts’ estimates, thanks to pricing increases and the company’s expanded portfolio of healthier snacks, Reuters reports.
The company said it expects sales for fiscal 2019 to be up about 2.5% over its prior growth forecast of about 2%. It also reported net income of $325.3 million or $1.54 per share for the quarter, up from $263.7 million or $1.25 per share a year earlier.
In August, Hershey acquired One Brands, maker of low-sugar, high-protein nutrition bars, for $397 million. Over the past two years, the company has spent about $2 billion on the acquisition of better-for-you snack companies, including Skinny Pop maker Amplify Snack Brands and Pirate Brands, maker of Pirate’s Booty baked snacks. The company has also implemented price increases, most recently in July.
According to a new survey of 1,000 American adults conducted by the International Food Information Council (IFIC), change in healthfulness perceptions of dietary fats is mixed.
The recovery of U.S. restaurant customer transactions has stalled for the second week in a row as COVID-19 cases continue to increase in several states, reported The NPD Group.
As part of its focus on Turkey, the Middle East, and North Africa, Bunge Loders Croklaan (BLC), a leader in edible oils and fats, is expanding its worldwide innovation network with its first Creative Studio in the region.
General Mills has reported results for the fourth quarter and fiscal year that ended May 31, 2020.
Customer transactions at major U.S. restaurant chains declined by 13% in the week ending June 21 versus the same week one year ago, which is slightly softer than the 12% decline in the previous week, reported The NPD Group.
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