-=Hershey Foods (HSY) reported Q1 earnings on Tue 26 Apr 2016 (b/o)

Hershey Foods beats by $0.03, misses on revs; guides FY16 EPS below consensus  :

• Reports Q1 (Mar) earnings of $1.10 per share, $0.03 better than the Capital IQ Consensus of $1.07; revenues fell 5.6% year/year to $1.83 bln vs the $1.9 bln Capital IQ Consensus. As expected, first-quarter net sales declined 5.6%; unfavorable foreign currency exchange rate a 1.2 point headwind, resulting in a constant currency net sales decline of 4.4%.
• Co issues downside guidance for FY16, sees EPS of $4.24-4.28 vs. $4.34 Capital IQ Consensus Estimate. Constant currency net sales growth expected to be around 2.5%, including a net benefit from acquisitions, primarily barkTHINS, of about 0.5 points; unfavorable foreign currency exchange rates estimated to be a 1.0 point headwind. This is less than the previous estimate of about 3.0%, primarily due to lower than expected non-seasonal CMG growth over the remainder of the year.