Hershey's profit rises 20% in Q3

Earnings Reuters

Hershey's candy bars are displayed at a gas station in Phoenix, Arizona October 27, 2011. Hershey Co said sales and earnings growth would slow next year, as costs for ingredients remain high, sending its shares down 4 percent. The company, whose ... shares have outperformed its peers this year, forecast 2012 sales and earnings growth in line with its long-term targets, which call for increases of 3 percent to 5 percent for sales and 6 to 8 percent for earnings. REUTERS/Joshua Lott (UNITED STATES - Tags: BUSINESS FOOD) (REUTERS)

Oct 26 (Reuters) - Hershey Co's profit rose 20 percent in the third quarter, as the maker of Reese's Peanut Butter Cups and Hershey's Kisses benefited from cost-cutting efforts as well as lower cocoa prices.

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Net income rose to $273.3 million or $1.28 per share in the quarter ended Oct. 1, from $227.4 million or $1.06 per share, a year earlier.

Net sales rose slightly to $2.03 billion from $2 billion. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Supriya Kurane and Sai Sachin Ravikumar)

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