Hershey Earns $1.86 per Share

Good news this morning for Hershey (HSY). The chocolate company earned $1.86 per share for the third quarter. Wall Street had been expecting $1.72 per share.

Quarterly revenues were up 4.2% to $2.22 billion. That beat by $60 million. Organic sales grew by 3.8%. Consensus was for 2.5%.

“We had a strong third quarter, with accelerated reported net sales growth of 4%, adjusted diluted EPS growth of more than 15% and confectionery share gains across markets, including an almost 190 basis point gain in the U.S. Our core U.S. business remains healthy as consumers reach for small treats during the pandemic, and our decision to lean into Halloween ahead of the season supported consumers’ desire to find new and creative ways to celebrate safely. We also saw sequential improvement in the areas of our business hit hardest by COVID-19, including our international markets, owned retail locations and food service business,” said Michele Buck, The Hershey Company President and Chief Executive Officer. “We are continuing to focus on executing with excellence, investing in the business, and advancing our strategic priorities to deliver a strong fourth quarter and position us well for 2021.”

Hershey expects full-year earnings of $6.18 to $6.24 per share. That’s up 7% to 8% over last year. For the first three quarters of this year, Hershey has made $4.80 per share. That implies Q4 earnings of $1.38 to $1.44 per share. Wall Street had been expecting $1.38 per share. The stock is up about 2% in today’s trading.

Posted by on November 6th, 2020 at 10:16 am


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