Summary by Futu AI
Hershey Reports Strong Financial Performance and Business Development in Q1 2024 Hershey has demonstrated robust financial growth in the first quarter of 2024, with net sales increasing by 8.9% to $3.252.7 million compared to $2,987.6 million in the same period of 2023. The company's operating profit surged by 32.3% to $1,058.1 million, and net income saw a significant rise of 35.8% to $797.5 million. Diluted earnings per share also grew by 36.5% to $3.89. The gross margin improved from 46.3% to 51.5%, reflecting favorable price realization, volume increases, and supply chain productivity. Hershey's business development has been marked by the acquisition of Weaver Popcorn Manufacturing's assets, enhancing manufacturing capacity for its SkinnyPop brand. The company has also continued to drive momentum in the U.S. economy, with a notable increase in U...Show More