Hershey Lowers 2011 Adjusted EPS Outlook To $2.70-$2.76/Share (HSY)

The Hershey Company

today announced an increase in wholesale prices across the majority of its U.S., Puerto Rico and export portfolio. In 2010, the Company recorded GAAP charges of $53.9 million, or $0.14 per share-diluted, attributable to the Project Next Century program. Additionally, in the second quarter of 2010, the Company recorded a non-cash goodwill impairment charge of $44.7 million, or $0.20 per share-diluted, related to the Godrej Hershey Ltd. joint venture. In 2011, the Company expects to record total GAAP charges of about $45 million to $55 million, or $0.13 to $0.16 per share-diluted, attributable to Project Next Century. Below is a reconciliation of GAAP and non-GAAP items to the Company's 2010 adjusted earnings per share-diluted and projected adjusted earnings per share-diluted for 2011: Adjusted EPS diluted: $2.70-$2.76/Share