Hershey Foods (NYSE:HSY) shares rose nearly 5% since the company reported its Q1 results last week, with EPS of $2.96 coming in better than the Street estimate of $2.67. Revenue was $2.99 billion, compared to the Street estimate of $2.9 billion.
Given the strong start to the year and increased visibility into customer demand and supply chain costs (although cocoa and sugar prices have started to go up), the company was able to raise its guide to the top end of its initial range.
The company expects full 2023-year EPS to be in the range of $9.29-$9.46, compared to the Street estimate of $9.41.