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The company said that its 2008 profit would be at the low end of its forecast range and cut sales and earnings growth projections for 2009, sending its shares down more than four percent.
Hershey said that the price increase is effective immediately and should help offset rising commodity costs, which it expects will more than double from 2008 to 2009.
Hershey said prices for ingredients such as cocoa, corn sweeteners, sugar and peanuts are up by between 20 percent and 45 percent since the beginning of the year. Hershey said, citing current economic and market conditions, it expects 2008 earnings per share to be toward the lower end of its previously forecast range of $1.85 to $1.90 per share. Hershey sees 2008 net sales growth of three percent to four percent.
The company lowered its 2009 net sales growth projection to two percent to three percent, versus its previous call for growth of three percent to five percent. Shares in Hershey rose 43 cents to close at $41.62, but fell to $39.76 in extended trade.
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