Hershey Q1 2023: EPS $2.96 adj, +17%; raises full-year outlook to high end

HERSHEY CO

Consolidated net sales $2,987.6M, +12.1% YoY; organic constant currency net sales +12.2%.
Adjusted EPS $2.96, +17.0% YoY; adjusted gross margin 46.6% (+80bps); adjusted operating margin 27.8% (+120bps).
North America Confectionery net sales +10.6% to $2,452.2M; Salty Snacks +19.4% to $270.0M; International +19.0% to $265.5M.
Full-year outlook raised: net sales growth ~8%, reported EPS growth ~15%, adj. EPS growth ~11%.
Segment income: NA Confectionery +13.5% to $887.8M; NA Salty Snacks +119.7% to $46.8M; International +$13.0M to $55.0M.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

HERSHEY CO reported the first quarter ended April 2, 2023 results: revenue $2,987.6 million, net income $587.2 million, EPS $2.85 per share-diluted. Guidance raised.

Period: the first quarter ended April 2, 2023
Revenue: $2,987.6 million
Net income: $587.2 million
EPS: $2.85 per share-diluted
Guidance: raised
Result: reported results

Exact text from the filing

commercial, supply chain, and operational strategies to sustain our momentum into 2024 and beyond.” First-Quarter 2023 Financial Results Summary 1 • Consolidated net sales of $2,987.6 million, an increase of 12.1%. • Organic, constant currency net sales increased 12.2%. • Foreign currency exchange was a 0.1-point headwind. • Reported net income of $587.2 million, or

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Source: SEC EDGAR

accession 0000047111-23-000030

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