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dy producer Hershey said it was raising U.S. prices at roughly 10% and warned namely the higher spend of factors such as cocoa, corn sweetener, sugar and peanuts would measure ashore profits.
The maker of Hershey chocolate bars and other sweets said its 2008 profit would be by the cheap end of its prophesy range and mow bargains and earnings growth projections because 2009, bringing its shares down extra than 4%.
Food makers cross the embark have been raising prices as commodity costs ascend. For the premier 7 months of this year [link widoczny dla zalogowanych], U.S. purchasers have seen grocery cache prices ascend almost 6%.
Hershey's price increase is efficacious immediately and ought help offset rising commodity costs, which the company expects will more than twice from 2008 to 2009.
"The size of the amount boost namely the real surprise," Wachovia analyst Jonathan Feeney said in a consumer memorandum.
Feeney said the confection industry historically has been recession resistant.
"We continue to meditation the disappointments are a production of under-investment," he said.
Sugar high
Hershey said prices for ingredients such as cocoa, corn sweeteners, sugar and peanuts are up by among 20% and 45% since the starting of the year.
"Commodity costs have been mercurial over the final several years and continue apt remain at levels that are well above historical averages," Hershey Chief Executive David West said.
Citing current economy and mall conditions, Hershey said it expects 2008 earnings per share to be "toward the lower end" of its previously forecast range of $US1.85 to $US1.90 per share. Hershey sees 2008 net sales growth of 3% to 4%.
"Consumers are likely to look higher each day and promotional retail prices as we implement the price increase and, as a outcome, we expect volume in the fourth quarter and next year to be lower than formerly estimated," Hershey said in a statement.
The enterprise lowered its 2009 net sales growth projection to 2% to 3%, versus its previous shriek for growth of 3% to 5%.
"Therefore, we continue to expect that earnings per share-diluted from actions in 2009 will increase, however [link widoczny dla zalogowanych], at a rate beneath our long-term objective of 6% to 8% growth [link widoczny dla zalogowanych] the company said.
Shares in Hershey closed at $US41.62 on the New York Stock Exchange and fell to $US39.76 in extended commerce.