Chocolate maker Hershey Co reported a 31% slump in quarterly profit.
The company was hurt from many different angles as North Americans slowed their consumption of everything from candy and mint to gum.
The company’s net income fell to $154.8 million, or 70 cents per share, in the third quarter ended October. 4, from $223.7 million, or $1 per share, a year earlier. Earnings, adjusted for non-recurring costs and asset impairment costs, came to $1.17 per share.
Despite the declines, the company topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
Net sales were nearly flat at $1.96 billion.
Hershey expects full-year earnings in the range of $4.10 to $4.18 per share.