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Oct 01, 2023
Hershey Q3 2023 Earnings Report
Hershey's Q3 2023 financial results were reported, reaffirming the 2023 net sales and earnings outlook.
Key Takeaways
Hershey reported strong third-quarter seasonal sell-in, with consolidated net sales increasing by 11.1% to $3,030.0 million. The company reaffirmed its full-year sales and earnings commitments, with organic, constant currency net sales increasing by 10.7%.
Consolidated net sales increased by 11.1% to $3,030.0 million.
Organic, constant currency net sales increased 10.7%.
Reported net income increased 29.9% to $518.6 million, or $2.52 per share-diluted.
Adjusted earnings per share-diluted increased 19.8% to $2.60.
Revenue by Geographic Location
Forward Guidance
The Company is reiterating its net sales growth, reported earnings per share, and adjusted earnings per share outlook for the year.
Positive Outlook
- Net sales growth of approximately 8%
- Reported earnings per share growth between 13% and 15%
- Adjusted earnings per share growth between 11% and 12%
- Reported and adjusted effective tax rate of approximately 15%
- Capital expenditures of approximately $800 million to $850 million
Challenges Ahead
- Other expense, which primarily reflects the write-down of equity investments that qualify for a tax credit, of approximately $225 million to $230 million
- Interest expense of approximately $155 million
- An overall tax outlook that reflects a higher investment in tax credits
- Complications with the design or implementation of our new enterprise resource planning system
Historical Earnings Impact
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Avg. Return Before/After Earnings
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