On November 7, 2024, The Hershey Company reported its financial results for the third quarter ending September 29, 2024. The company announced a decrease in consolidated net sales by 1.4% to $2,987.5 million, with organic, constant currency net sales decreasing by 1.0%. Hershey's reported net income fell by 12.7% to $446.3 million, or $2.20 per share-diluted, and adjusted earnings per share-diluted saw a 10.0% decrease to $2.34. The company also revised its full-year financial outlook for 2024, projecting flat net sales growth and a decrease in reported earnings per share growth to between (9)% and (6)%, with adjusted earnings per share expected to be down mid-single-digits. Factors contributing to the financial results include historically high cocoa prices, a challenging consumer environment, and increased investment in tax credits leading to...Show More

On November 7, 2024, The Hershey Company reported its financial results for the third quarter ending September 29, 2024. The company announced a decrease in consolidated net sales by 1.4% to $2,987.5 million, with organic, constant currency net sales decreasing by 1.0%. Hershey's reported net income fell by 12.7% to $446.3 million, or $2.20 per share-diluted, and adjusted earnings per share-diluted saw a 10.0% decrease to $2.34. The company also revised its full-year financial outlook for 2024, projecting flat net sales growth and a decrease in reported earnings per share growth to between (9)% and (6)%, with adjusted earnings per share expected to be down mid-single-digits. Factors contributing to the financial results include historically high cocoa prices, a challenging consumer environment, and increased investment in tax credits leading to a lower tax rate. Hershey's President and CEO Michele Buck emphasized the company's focus on driving top-line and market share growth despite these challenges. The company's North America Confectionery segment saw a slight increase in net sales, while the North America Salty Snacks and International segments experienced declines. Hershey's full-year outlook also anticipates an adjusted effective tax rate of approximately 11%, interest expense of around $170 million, and capital expenditures between $575 million to $600 million.