The Hershey Company said its normalized net income for the fourth quarter came to 63 cents per share, compared with the S&P Capital IQ consensus estimate of $1.08 per share.
EPS decreased 31.0% year over year from 92 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $135.2 million, a decline of 32.4% from $200.0 million in the year-earlier period.
The normalized profit margin declined to 6.9% from 10.5% in the year-earlier period.
Total revenue climbed year over year to $1.97 billion from $1.91 billion, and total operating expenses grew 12.4% year over year to $1.73 billion from $1.54 billion.
Reported net income declined 46.0% from the prior-year period to $115.0 million, or 54 cents per share, from $213.1 million, or 98 cents per share.
For the year, the company's normalized net income totaled $3.58 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.32.
EPS declined from $3.84 in the prior year.
Normalized net income was $771.6 million, a decrease from $846.3 million in the prior year.
Full-year total revenue totaled $7.44 billion, compared with $7.39 billion in the prior year, and total operating expenses increased year over year to $6.12 billion from $5.93 billion.
The company said reported net income increased on an annual basis to $719.1 million, or $3.34 per share, in the full year, from $511.9 million, or $2.32 per share.
