Hershey Co., Penn National, PREIT report Q1 earnings
Dauphin County chocolate giant The Hershey Co. and Berks County-based Penn National Gaming Inc. reported first-quarter earnings today, while the Pennsylvania Real Estate Investment Trust, based in Philadelphia, reported its first-quarter earnings Wednesday.
Hershey reported an increase over last year's first quarter, but the numbers were below expectations. The Derry Township-based company reported net income of $252.5 million, or $1.11 per diluted share, compared to $241.9 million, or $1.06 per diluted share, in the comparable period of 2013.
Net sales were up 2.4 percent.
Hershey cited softness in Latin America sales, and said U.S. retail trends varied and were impacted by lower consumer trips in the instant consumable channels and irregular purchasing patterns within the traditional food and mass channels.
Officials are still expecting 5 to 7 percent net sales growth this year and a 9 to 11 percent increase in adjusted earnings per diluted share.
Penn National, which operates Hollywood Casino at Penn National Race Course in East Hanover Township, reported net income of $4.5 million, or 5 cents per diluted share, compared to $65.3 million, or 63 cents per diluted share, in the first quarter of 2013.
In November, the company completed its spin-off of Gaming and Leisure Properties Inc., a real estate investment trust company.
PREIT, which owns the Capital City Mall in Cumberland County, reported net loss income of $12.1 million, or 18 cents per diluted shared, compared to net income of $20.8 million, or 37 cents per diluted share, in the first quarter of 2013.
The latter included gains on property sales of $33.3 million.
Shares of PREIT are traded on the NYSE under the ticker symbol PEI.