HERSHEY, Pa. (AP) -- Hershey Co. on Thursday reported first-quarter earnings of $271.1 million.
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On a per-share basis, the Hershey, Pennsylvania-based company said it had profit of $1.29. Earnings, adjusted for non-recurring costs and asset impairment costs, were $1.63 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.
The chocolate bar and candy maker posted revenue of $2.04 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.08 billion.
Hershey shares have dropped 2% since the beginning of the year, while the Standard & Poor's 500 index has declined 13%. The stock has climbed 23% in the last 12 months.