Hershey said prices for ingredients such as cocoa, corn sweeteners, sugar and peanuts are up by between 20 percent and 45 percent since the beginning of the year.
"Commodity costs have been volatile over the last several years and continue to remain at levels that are well above historical averages," Hershey Chief Executive David West said.
Citing current economic and market conditions, Hershey said it expects 2008 earnings per share to be "toward the lower end" of its previously forecast range of $1.85 to $1.90 per share. Hershey sees 2008 net sales growth of 3 percent to 4 percent.
"Consumers are likely to see higher every day and promotional retail prices as we implement the price increase and, as a result, we expect volume in the fourth quarter and next year to be lower than previously estimated," Hershey said in a statement.
The company lowered its 2009 net sales growth projection to 2 percent to 3 percent, versus its previous call for growth of 3 percent to 5 percent.
"Therefore, we continue to expect that earnings per share-diluted from operations in 2009 will increase, however, at a rate below our long-term objective of 6 percent to 8 percent growth," the company said.
Shares in Hershey closed at $41.62 on the New York Stock Exchange and fell to $39.76 in extended trade.
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