Sales sweeten 4Q Hershey results

Hershey Foods Corp. said on Thursday that fourth-quarter earnings before items rose as higher sales sweetened results for the chocolate giant.

The maker of Hershey chocolate bars and Reese's peanut butter cups reported earnings before items of $126.9 million (€144.6m), or 92 cents a share, for the quarter, compared with $116.0 million(€132m), or 84 cents a share, a year earlier.

Analysts' estimates ranged from 88 to 93 cents a share, with a consensus at 90 cents per share, according to market research firm Thomson Financial/First Call.

Hershey reported a net loss of 33 cents a share in the quarter including charges for restructuring and a reduction in raw inventory levels. The company announced in October it would restructure, including job cuts, and focus on its main products.

Quarterly net sales rose to $1.27 billion (€1.44bn) from $1.19 billion(€1.35bn) in the prior year.