Hershey Q2 2024 Earnings Report
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
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