Hershey Co. on Wednesday reported a steep slide in first-quarter profit on a hefty charge, but the results still topped Wall Street expectations.
The Hershey, Pennsylvania-based company saw profit fall 45 percent to $125 million, or 58 cents per share. The drop was due to a $208.7 million charge for property and equipment writedowns.
Earnings, adjusted for one-time gains and costs, were $1.31 per share, which topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.