The Hershey Company reported unaudited consolidated earnings results for the fourth quarter and full year ended Dec. 31, 2014. Consolidated net sales were $2,010,027,000 compared with $1,956,253,000 for the fourth quarter of 2013. Reported net income for the fourth quarter of 2014 was $202,508,000 or $0.91 per share-diluted, compared with $186,075,000 or $0.82 per share-diluted for the comparable period of 2013. Income before interest and income taxes (EBIT) was $342,309,000 against $308,305,000 reported last year. Income before income taxes was $321,569,000 against $286,435,000 reported last year. Adjusted net income, which excludes these net items, was $231,751,000 or $1.04 per share-diluted in the fourth quarter of 2014, compared with $195,627,000 or $0.86 per share-diluted in the fourth quarter of 2013, an increase of 20.9% in adjusted earnings per share-diluted.

For the full year 2014, consolidated net sales were $7,421,768,000 compared with $7,146,079,000 in 2013, an increase of 3.9%. Reported net income for 2014 was $846,912,000 or $3.77 per share-diluted, compared with $820,470,000 or $3.61 per share-diluted for 2013. Income before interest and income taxes (EBIT) was $1,389,575,000 against $1,339,675,000 reported last year. Income before income taxes was $1,306,043,000 against $1,251,319,000 reported last year. Adjusted net income, which excludes these items, was $895,903,000 or $3.98 per share-diluted in 2014, compared with $844,320,000 or $3.72 per share-diluted in 2013, an increase of 7% in adjusted earnings per share-diluted.

In 2015, the company expects reported gross margin to increase 135 to 145 basis points versus last year and reported earnings per share-diluted of $4.14 to $4.25, including net pre-tax GAAP charges of approximately $45 million to $55 million, or $0.13 to $0.16 per share-diluted. The company estimates full-year 2015 net sales to increase 5.5 to 7.5%, including a net benefit from acquisitions and divestitures of about 2.5 points and unfavorable foreign currency exchange. Excluding the net benefit of acquisitions and divestitures, full-year net sales are expected to increase 3 to 5%, including unfavorable foreign currency exchange. Adjusted earnings per share-diluted expected to increase 8% to 10%, including dilution from acquisitions and divestitures of $0.03 to $0.05 per share, and be in the $4.30 to $4.38 range.