Hershey Q2 net sales up 5.0%, adjusted EPS $2.01; raises 2023 adj. EPS guidance

HERSHEY CO

Q2 net sales $2,490M (+5.0% YoY); organic constant currency +5.0% on price realization.
Reported net income $407M ($1.98 EPS), +29.4%; adjusted EPS $2.01, +11.7% YoY.
Updated FY2023 outlook: net sales growth ~8%, adj. EPS growth raised to 11-12% (from ~11%), reported EPS growth lowered to 13-15% (from ~15%).
NA Confectionery segment net sales +4.4% to $1,993M; NA Salty Snacks +6.3% to $272M; International +8.5% to $225M.
Dividend increased 15% as part of earnings release; gross margin expanded 340 bps reported (130 bps adjusted).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HERSHEY CO reported second quarter ended July 2, 2023 results: revenue $2,490.3 million, net income $407.0 million, EPS $1.98 per share-diluted. Guidance raised.

Period: second quarter ended July 2, 2023
Revenue: $2,490.3 million
Net income: $407.0 million
EPS: $1.98 per share-diluted
Guidance: raised
Result: reported results

Exact text from the filing

Consolidated net sales of $2,490.3 million, an increase of 5.0%. • Organic, constant currency net sales increased 5.0%. • Reported net income of $407.0 million, or $1.98 per share-diluted, an increase of 29.4%.

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Source: SEC EDGAR

accession 0000047111-23-000055

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