IN BRIEF
HARRISBURG - Higher prices helped Hershey's first-quarter profit surge 20 percent and beat Wall Street's expectations.
Hershey, the nation's second-largest candy maker, said it also benefited from a later first quarter that captured more Easter sales but was hurt by higher commodity costs and a strengthening dollar.
David J. West, the company's president and chief executive officer, acknowledged that beating last year's results will become more difficult for the rest of 2009 because the company has now lapped a February 2008 price increase. Hershey also boosted prices in August.
NEW YORK - PNC Financial Services Group on Thursday reported a surprising 22 percent jump in first-quarter profit, boosted by its purchase of National City Corp. and lower funding costs.The Pittsburgh-based bank said its net income after paying preferred dividends rose to $460 million, or $1.03 per share, for the January-March period. This compares with net income of $377 million, or $1.09 per share, a year earlier.PNC said its acquisition of Cleveland-based National City, which closed at the end of last year, is exceeding its expectations. The bank realized about $400 million in cost savings from the deal in the first quarter.
