Hershey Q3 net sales -1.4%, EPS $2.20; cuts 2024 outlook on cocoa costs

HERSHEY CO

Consolidated net sales $2,987.5M (-1.4%); adjusted EPS $2.34 (-10.0%); reported EPS $2.20 (-12.7%).
North America Confectionery net sales +0.8% but segment income -14.5% on higher cocoa costs; Salty Snacks net sales -15.5% due to ERP inventory lap.
Full-year 2024 guidance cut: net sales growth flat (prior ~2%), adjusted EPS growth down mid-single-digits (prior down slightly).
Management cites historically high cocoa prices and challenging consumer environment as key headwinds.
International segment net sales -3.9% to $218.4M; segment profit down $17.5M to $14.2M.

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