Hershey and Procter & Gamble released their latest earnings reports before opening bell this morning. Hershey posted adjusted earnings of $1.31 per share on $1.88 billion in sales, compared to the analyst estimates of $1.25 per share and $1.9 billion. In the same quarter a year ago, the chocolate maker reported $1.8 billion in revenue.
Procter & Gamble posted adjusted earnings of 96 cents per share on $15.6 billion in revenue. Analysts had been looking for $15.73 billion in revenue and 94 cents per share in adjusted earnings. In the same quarter a year ago, the company reported $15.76 billion in revenue.
Hershey’s earnings fall
Hershey’s GAAP earnings came in at 58 cents per share, compared to $1.06 per share last year. North America segment sales grew 2.5%, while sales in the International and Other segment grew 4.2% in constant currency year over year.
“Net sales increased 2.8%, slightly less than our forecast and reflective of the broader soft U.S. food-industry retail trends to start the year,” President and CEO Michele Buck said in a statement. “Gross margin expansion was solid, which contributed to strong operating profit growth. First quarter U.S. retail takeaway was primarily impacted by the timing of Easter, however, our market share gains were solid.”
The company now expects full-year revenue to rise at the low end between 2% and 3% year over year. It expects full-year GAAP earnings to be between $3.31 and $3.55 per share and non-GAAP earnings to be between $4.72 to $4.81 per share.
Shares of Hershey rose by as much as 0.64% to $109.15 in premarket trades this morning.
Procter & Gamble shares fall
Proctor & Gamble’s GAAP earnings per share fell to 93 cents from 97 cents per share a year ago. The company’s beauty sales fell 2% year over year to $2.68 billion, missing the consensus of $2.72 billion. Fabric and home care sales fell 1% to $4.96 billion, while Wall Street wanted to see $4.95 billion. Baby, feminine and family care sales declined 1% to $4.47 billion, coming out just ahead of the consensus a $4.46 billion.
Shares of Procter & Gamble edged lower by as much as 0.78% to $89.30 in premarket trades this morning.