2024

America

Strong

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<p class="has-drop-cap">The Hershey Company (NYSE: HSY) has once again demonstrated its resilience and strategic prowess in the face of fluctuating market conditions, as evidenced by its latest <a aria-label="financial results for the first quarter (opens in a new tab)" href="https://www.prnewswire.com/news-releases/hershey-reports-first-quarter-2024-financial-results-reaffirms-2024-net-sales-and-earnings-outlook-302135302.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">financial results for the first quarter</a> ended March 31, 2024. <br><br>Hershey’s consolidated net sales increased by 8.9% to $3.2 billion, with organic, constant currency net sales also rising by 8.6%. This growth was primarily fueled by price realization, which, alongside a 3.4% volume increase, underscores the company’s strong market position and consumer demand for its products.</p>
<p>Notably, Hershey’s reported net income surged by 36.5% to $797.5 million, or $3.89 per share-diluted, significantly outpacing the industry average. <br><br>Adjusted earnings per share diluted also increased 3.7% to $3.07. These figures reflect Hershey’s adept management and strategic investments in innovation, marketing, and in-store execution, which have not only driven consumer engagement but also improved market share performance across segments.</p>
<h3 id="hershey-company-beats-eps-and-revenue-expectations-in-q1">Hershey Company Beats EPS and Revenue Expectations in Q1</h3>
<p>When juxtaposing Hershey’s first-quarter performance against market expectations, the company’s ability to exceed projections becomes evident. <br><br>Analysts had anticipated earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a>) of $2.76 and revenue of $3.11 billion. Hershey’s actual EPS of $3.89 ($3.07 adjusted) and revenue of $3.25 billion not only surpassed these expectations but also underscored the company’s strong operational execution and market demand. <br><br>The significant increase in net income and sales growth highlights Hershey’s effective pricing strategies and volume growth, further bolstered by the successful anticipation of ERP system implementation-related shipments.</p>
<p>Additionally, the company’s performance in various segments, particularly in North America Confectionery, which saw a 10.4% increase in net sales, demonstrates Hershey’s robust market presence and consumer loyalty.</p>
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<h3 id="hershey-s-guidance-for-2024-remains-optimistic">Hershey’s Guidance for 2024 Remains Optimistic</h3>
<p>Looking ahead, Hershey’s guidance for the remainder of 2024 remains optimistic. The company reiterates its net sales growth projection of 2% to 3% and maintains its forecast for reported and adjusted earnings per share growth at approximately 0%. <br><br>The company expects a reported and adjusted effective tax rate of approximately 13%, alongside capital expenditures of $600 million to $650 million, primarily driven by confection capacity expansion and investments in digital infrastructure.</p>
<p>Furthermore, Hershey anticipates realizing savings of $100 million from its Advancing Agility &amp; Automation Initiative, which underscores its commitment to enhancing operational efficiency and profitability. The detailed guidance provided by Hershey affirms its strong financial health and strategic direction, offering investors and stakeholders a clear outlook on the company’s growth trajectory and financial commitments for the year ahead.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/hershey-companys-strong-q1-beats-forecasts-consolidated-net-sales-surged-by-8-9/">Hershey Company’s Strong Q1 Beats Forecasts: Consolidated Net Sales Surged by 8.9%</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Hershey Company’s Strong Q1 Beats Forecasts: Consolidated Net Sales Surged by 8.9%

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