Hershey Q1 net sales up 8.9% to $3.25B; adjusted EPS $3.07 vs $2.96 YoY

HERSHEY CO

Reported net income $797.5M ($3.89 diluted EPS) up 36.5% YoY; adjusted EPS $3.07 up 3.7%.
Organic constant currency net sales +8.6% driven by price (+5.2%) and volume/mix (+3.4%).
Adjusted gross margin 44.9% down 170bps; adjusted operating margin 26.5% down 130bps on commodity costs.
North America Confectionery sales +10.4% lifted by ERP pull-forward shipments expected to reverse in Q2.
Reaffirms FY2024 guidance: net sales growth 2-3%, adjusted EPS ~$9.59 (flat).

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HERSHEY CO reported the first quarter ended March 31, 2024 results: revenue $3,252.7 million, net income $797.5 million, EPS $3.89 per share-diluted. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $3,252.7 million
Net income: $797.5 million
EPS: $3.89 per share-diluted
Guidance: reaffirmed
Result: reported results

Exact text from the filing

we remain committed to strategies that drive long-term growth and sustainable value creation.” First-Quarter 2024 Financial Results Summary 1 • Consolidated net sales of $3,252.7 million, an increase of 8.9%. • Organic, constant currency net sales increased 8.6%. • Reported net income of $797.5 million, or $3.89 per share-diluted, an increase of 36.5%. • Adjusted

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Source: SEC EDGAR

accession 0000047111-24-000020

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