Hershey Co (NYSE:HSY) reported on Thursday market beating third quarter results and announced a fresh stock repurchase programme.
The maker of Reese’s Peanut Butter Cups and Hershey’s Kisses said net income in the quarter came in at US$273.3mln, or US$1.28 per share, up from US$227.4mln, or US$1.06 per share, for the same period last year, the company said in a statement on Thursday.
READ: Hershey's second quarter earnings beat forecasts, full-year outlook reaffirmed despite retail industry challenges
Adjusted EPS was US$1.33, ahead of the US$1.29 per share that the market had pencilled in.
Revenue during the period increased to US$2.03bn, up from US$2.00bn last year and above Wall Street’s expectations for US$2.01bn.
Hershey said it sees its full-year adjusted EPS coming in at the high-end of its outlook of US$4.72 to US$4.81, still below the market’s hopes for US$4.82.
New stock repurchase programme
In addition, the company also announced in a separate statement that the board had approved a new US$100mln stock repurchase programme.
Purchases under the new authorisation will start after the current programme is completed.
In premarket trade, its shares were up 0.83% at US109.50.