Hershey / PA. (thc) The Hershey Company announced net sales and earnings for the fourth quarter and full-year ended December 31, 2022. «In 2022, the Hershey Company delivered one of its strongest years in history despite record inflation, continued supply chain disruptions and macroeconomic uncertainty for many consumers,» said Michele Buck, The Hershey Company Chairman and Chief Executive Officer. «It took tremendous hard work, perseverance, and agility from every one of our employees and partners, and I couldn’t be prouder of what we have accomplished or more excited for what lies ahead. We expect to deliver another year of strong sales and earnings growth in 2023 as we invest in our amazing portfolio of brands, additional capacity and capabilities.»
Fourth-Quarter 2022 Financial Results Summary
- Consolidated net sales of USD 2,652.3 million, an increase of 14.0 percent.
- Organic, constant currency net sales increased 10.7 percent.
- The impact of acquisitions on net sales was a 3.6-point benefit while foreign currency exchange was a 0.3-point headwind.
- Reported net income of USD 396.3 million, or USD 1.92 per share-diluted, an increase of 18.5 percent.
- Adjusted earnings per share-diluted of USD 2.02, an increase of 19.5 percent.
2022 Full-Year Financial Results Summary
- Consolidated net sales of USD 10,419.3 million, an increase of 16.1 percent.
- Organic, constant currency net sales increased 12.0 percent.
- The net impact of acquisitions on net sales was a 4.3-point benefit while foreign currency exchange was a 0.2-point headwind.
- Reported net income of USD 1,644.8 million, or USD 7.96 per share-diluted, an increase of 12.0 percent.
- Adjusted earnings per share-diluted of USD 8.52, an increase of 18.5 percent.
2023 Full-Year Financial Outlook Summary
The company expects net sales growth of 6 percent to 8 percent driven primarily by net price realization as consumer demand remains steady behind higher advertising levels and increased capacity. Sales growth and gross margin expansion are expected to more than offset increased brand, capability and technology investments, as well as higher pension and interest expenses, to drive projected reported earnings per share growth of 11 percent to 15 percent and adjusted earnings per share growth of 9 percent to 11 percent.
For additional information please read the Company’s PDF file below (285 KB):20230205-HERSHEY-Q4-2022