Shares in snack products group Hershey (HSY:NYSE) have risen 22% to $261.40 since late January, propelled by well-received results in early February which beat market expectations at both the revenue and earnings per share lines.Importantly, demand remained ‘steady’ despite pushing up prices, according to the company. It guided for 9% to 11% adjusted earnings per share growth in 2023, with sales growth and gross margin expansion expected to more than offset increased spending on marketing and technology, as well as higher pension and interest expenses.

Investors liked what they heard and the stock has continued to tick up since the results, with the next quarterly figures set to be published on 27 April.

Hershey continues to expand its breadth of products and production capacity. Earlier this month it bought two US-based popcorn manufacturing plants to support its SkinnyPop brand which was central to the $1.6 billion acquisition of Amplify Snack Brands in 2017.

It has also expanded into the US vegan chocolate market with dairy-free alternatives of its iconic brands, Reese’s and Hershey’s.

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