Consolidated net sales were $1,407,843,000 compared with $1,236,031,000 for the first quarter of 2009. Reported net income for the first quarter of 2010 was $147,394,000 or $0.64 per share-diluted, compared with $75,894,000 or $0.33 per share-diluted for the comparable period of 2009.
In the first quarter of 2009, these results, prepared in accordance with US generally accepted accounting principles (GAAP), include net pre-tax charges of $19.0m, or $0.05 per share-diluted, associated with the Global Supply Chain Transformation (GSCT) programme.
Adjusted net income, which excludes these net charges, was $85,992,000 or $0.38 per share-diluted in the first quarter of 2009. Excluding GSCT charges, adjusted earnings per share-diluted increased 68% in the first quarter of 2010 vs 2009.
During 2009, the GSCT programme concluded. Except for possible non-cash pension settlement charges, the company doesn’t expect any significant charges related to the GSCT programme in 2010.
Source: Hershey Foods Corporation
© FoodBev Media Ltd 2024