Hershey looking to cut about 300 jobs, lowers 2015 revenue guidance

Markets Associated Press

Hershey is expected to cut about 300 jobs by the end of the year as it looks to simplify its operations.

Continue Reading Below

The company has approximately 13,000 employees globally.

Manufacturing operations are not included in the plans.

Hershey Co. also announced Friday that it is lowering its full-year revenue outlook. The Hershey, Pennsylvania-based company said that it now foresees revenue rising around 2.5 percent to 3.5 percent. It previously predicted a 4.5 percent to 5.5 percent increase.

Excluding foreign currency fluctuations, Hershey now anticipates full-year revenue climbing about 4 percent to 5 percent. Its prior guidance was for a 6 percent to 7 percent rise.

Hershey expects 2015 adjusted earnings in a range of $4.10 to $4.18 per share. Analysts polled by FactSet had predicted $4.31 per share.