US chocolate manufacturer Hershey reported that its net income decreased 10.16%to$176.7m for the third quarter ended 30 September 2012,compared to$196.7m in 2011,due to acquisition and realignment efforts.
The quarter included charges of$68.4m,which were related to the acquisition of Canadian company Brookside Foods as well as the company's realignment efforts,compared to$21.4m in 2011.
Excluding these charges,adjusted net income was$199.45m,up 2.83%compared to$193.95m in the previous year.
Sales increased 7.5%to$1.75bn,compared to$1.62bn in 2011.
Hershey president and chief executive officer John P Bilbrey said the company reported strong results despite macroeconomic challenges and has delivered on its financial commitments.
"Organic volume trends should continue to improve into the fourth quarter and our Halloween and Holiday seasonal businesses are off to a good start,"Bilbrey added.
For the full year 2012,Hershey anticipates adjusted net earnings to increase 14%-15%,in the range of$3.22 to$3.25 a share,up from the estimate of 12%to 14%the company projected in July.
