Business Services Industry
Hershey Foods Stock Slips after Earnings Report.
Knight Ridder/Tribune Business News, January, 1999 by Dochat, Tom
Knight Ridder/Tribune Business News
Jan. 30 -- Hershey Foods Corp. stock plummeted 12 percent Friday after the candy giant posted fourth-quarter 1998 earnings that were lower than expected.
The stock closed at a 52-week low of $56.25 a share, down $7.69. Most of the drop came in the last hour of trading after Hershey reported its earnings.
The company attributed the earnings decline to higher prices for raw materials, packaging and distribution.
Quarterly earnings totaled $110 million, or 76 cents a share, considerably less than the 85 cents a share analysts had estimated. A year earlier, Hershey had reported earnings of $116.1 million, or 80 cents a share.
Hershey had warned last October that fourth-quarter earnings would...
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