Hershey reported better-than-expected quarterly results on Friday, with a price increase in the United States adding to sales volume growth.

The American confectionery group said it had posted net earnings excluding exceptional items of $628 million for the first three months of the year, compared with a profit of around $609 million a year earlier.

On a per-share basis, earnings came to $3.07, compared with the market consensus of $2.89 for EPS.

Net sales rose by 8.9% to $3.25 billion, including organic growth (at constant exchange rates) of 8.6%.

In the United States, prices for its confectionery products rose by 5.9% on an organic basis in the first quarter, but this did not prevent sales from rising by 4.5% on an organic basis.

For 2024, the group based in Hershey (Pennsylvania) still expects sales growth of 2% to 3%, but stable earnings per share (EPS) on a reported basis.

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