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Jun 30, 2024
Hershey Q2 2024 Earnings Report
Hershey's financial performance in Q2 2024 was impacted by consumer pullback on discretionary spending and planned inventory reductions, but saw growth in the confection category and momentum in Salty Snacks.
Key Takeaways
Hershey's Q2 2024 results showed a decrease in consolidated net sales by 16.7% to $2,074.5 million, and a decrease in reported net income of 55.1% to $180.9 million, or $0.89 per share-diluted. Adjusted earnings per share-diluted decreased by 36.8% to $1.27. The company is updating its full-year outlook, expecting net sales growth of approximately 2% and a slight decrease in adjusted earnings per share.
Consolidated net sales decreased by 16.7% to $2,074.5 million.
Organic, constant currency net sales decreased by 16.8%.
Reported net income decreased by 55.1% to $180.9 million, or $0.89 per share-diluted.
Adjusted earnings per share-diluted decreased by 36.8% to $1.27.
Hershey
Hershey
Hershey Revenue by Segment
Hershey Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is updating its net sales growth, reported earnings per share and adjusted earnings per share outlook for the year.
Positive Outlook
- Net sales growth ~2%
- A reported and adjusted effective tax rate of approximately 13%
- Advancing Agility & Automation Initiative savings of $100 million.
Challenges Ahead
- Reported earnings per share growth Down 3% to Down 1%
- Adjusted earnings per share growth Down slightly
- Other expense of approximately $220 million to $230 million
- Interest expense of approximately $165 million to $175 million
- Capital expenditures of approximately $600 million to $625 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income